Coinmate Exchange Review 2024: Features, Fees, and Security Overview

In this article, I will discuss the Coinmate Exchange, a trading platform targeted towards European clients, which allows very easy and safe trade.

Euro and Czech contact currencies, as well as Bitcoin and Ethereum, are among the major cryptocurrencies that Coinmate supports.

The platform is also known for its simple usability and low fees, which makes it easy for Europeans to trade on the platform.

About Coinmate?

Coinmate was established in 2014 and is primarily aimed at European users looking for secure and regulated cryptocurrency trading.

The exchange has its headquarters in the Czech Republic and provides trading pairs that include Bitcoin, Ethereum, and Litecoin, among others.

Coinmate can handle both EUR and CZK deposits at reasonable costs and with quick transaction times.

Coinmate website is accessible to any potential traders with a variety of features tailored to cater to beginner traders and experienced traders — basic and professional accounts are available.

For those who are worried about crypto trading in Europe, Coinmate is a trustworthy platform as it incorporates 2FA and cold storage security features into its platform.

How to Sign Up on Coinmate Exchange?

In order to create an account, go through the following steps below to create an account on the exchange.

Visit the Coinmate Website: Navigate to Coinmate’s official online webpage.

Sign up by selecting this option: On the homepage’s top right corner, under the heading ‘Sign Up’, click the button that says ‘Join In.’ Click the ‘Sign up’ button on the top right corner of the homepage.

Enter details: Fill out the form with an active email address, a new password, and the acceptance of the terms of use.

Confirm your Account: Go to your email and find an email from Coinmate that contains a verification link to verify your account. Click on the link to confirm your account.

Perform ID verification: After the hard login, select different identity verification steps, such as uploading the ID photocopy or the proof of address documents.

Enable 2FA: For 2FA protection, users can turn on two-factor authentication through multiple device settings.

When you have done with these steps, you will be able to start trading on Coinmate.

Coinmate Fees

Trading Costs at Coinmate

In most instances, when trading is done using crypto, there are two distinct categories of trading costs: The taker and maker fees.

The taken is described as an individual who takes an order from an order book that already exists.

In contrast, the maker is an individual who places an order that cannot be filled from the existing order book at that instant.

This is often the opposite case for the remaining portion of trading, where makers are known to be charged a lower fee than takers.

Some exchanges do not differentiate between takers and makers and charge flat fees. In the case of Coinmate, they charge 0.35% for takers and 0.30% for makers.

Based on the research done by Brown et al. based on their study on the largest sample of exchange users, on average, the spot taker fee currently is at 0.22982%, and the average spot for the maker is currently at 18583%.

When contrasted to the aforementioned average trading fees, Coinmate maker fees are low as compared to the range of fees for the industry, which are average, while taker fees, on the other hand, are high in comparison.

Coinmate Withdrawal fees

The exchanges charge a BTC withdrawal fee, which ranges between 0.00006 BTC and 0.00016 BTC.

This is when the user opts to withdraw the BTC through slow (economical) methods. In summary, these types of fees are dependent on how congested the network is and how quickly the client does the withdrawal.

These fees are quite reasonable and are within the global industry average of 0.0004599 BTC.

Advanced Trading fees

Other Fees

How Many Types of Trading Options Available

Coinmate has a selection of products from which its clients can choose, mainly in the following types of trading options:

Market Orders – allow you to buy or sell for the current price quickly and carry out fast transactions.

Limit Orders – allows you to place an order to buy or sell at a certain price, and the system automatically places an order once the market reaches that price.

Stop Orders – defines a condition for buying or selling an asset at a set price, which is useful in loss limitation or profit securing.

Supported Cryptos and US-investors

Coinmate does not permit its investors to trade on its platform since it is only open to a few selected cryptocurrencies.

Hence, if you are a US trader or want to trade on a larger number of altcoins, you may want to check out other popular cryptocurrency exchanges better suited to your requirements.

Coinmate Trading Interface

Each platform possesses a different trading interface and there is no ‘best’ layout, instead rather there is one that is most comfortable for you to use, its preference.

There are standard components of the majority of trading interfaces, such as an order book, a chart for the respective cryptocurrency chosen, and boxes for buyers and sellers.

It would be prudent to look at the exchange’s trading window to see whether it matches your trading preferences.

Is Coinmate Safe?

Coinmate is seen as a safe place for exchanging cryptocurrency as it makes use of security measures that protect users’ funds and information.

It employs a two-factor verification system for accessing accounts, keeps most of the assets in cold storage, and uses encryption protocols to protect transactions.

Also mentioned above is that Coinmate is also a licensed operator, which is another plus of trustworthiness.

But as with every exchange, users must take good security measures in order to improve the safety of their accounts further.

Coinmate Exchange Features

User-Friendly Interface

Coinmate’s platform is well suited for novices as well as experienced traders thanks to its responsive design and quick access to tools.

Multitude of Trading Pairs

It has a variety of trading pairs, including big ones like BTC to eur, BTC to CZK, and later, among others, which give traders in Europe options.

Quick Deposits and Withdrawals

Through SEPA bank transfers, now with Coinmate, users can deposit and withdraw euros quickly and at low fees.

Advanced custody

The cryptocurrency custody infrastructure is the most up-to-date one in the world. This puts our security on par with banks.

Separated accounts

They do not trade with your money in any way. They keep operating expenses and clients’ assets separate so you can be sure your money remains safe.

Two-factor authentication

Sometimes, a password is not enough. In crypto, this is doubly true. That’s why they use 2FA to protect both your personal data and crypto assets.

Local institutions

They use the services of leading Czech financial institutions with a solid tradition. Your funds are taken care of at the best level.

Referral Program

Coinmate gives users a chance to provide referrals and make some earnings as they invite people to use the platform.

By signing up through their specific links, the referrers earn a share of the commission paid by the referred user for their trading activity.

The percentage varies, but Coinmate pays up to 20 – 50% of connectivity charges owing to them.

The scheme allows the members to promote the site as they earn a commission for every trade made, the earnings being automatically credited into their accounts.

Security and Regulation

Coinmate has a three-tiered verification system for the basic, VIP, and verified accounts.

The basic account only requires normal details like the consumer’s name, phone number, and date of birth.

For the VIP and verified account, additional government-issued photo IDs and documents can be considered evidence of a residential address, such as utility bills or bank statements.

To further enhance security, Coinmate requires users to conduct a video call where authorities have to take selfies of documents to be shown by themselves.

Although several aspects of Coinmate are relevant and interesting, coinmate is not a regulated trading platform.

Most of the time, this discourages professionals and experts from trading on this particular site.

Coinmate Mobile Application

Coinmate users do not have a specific mobile app available. Nevertheless, the site has been built in a mobile-friendly manner and works well on the compact display of smartphones and even tablets.

Customer Support

Apart from the offered contact BetATM Coinmate wallet available via e-mail at support@coinmate.io, it is also possible to get in touch with customer support through an account’s interface.

Customer Service Team of Coinmate works from Monday to Friday between 9 am and 5 pm.

Coinmate Exchange Alternatives

OKX

A sizable variety of cryptocurrencies are offered at OKX, and advanced trading options are accessible. Spot, margin, and futures trading are also available at OKX at reasonable rates.

Huobi Global

Expect robust security features and a simple user interface, along with a choice of coins and trading services, which include staking and lending.

Bybit

A derivatives trading platform with low fees but with plenty of options in leverage scrutinizes a trader specializing in futures.

Crypto.com

A multi-function platform that allows trades to issue a crypto visa card and staking and has a user-friendly app with benefits for CRO token holders.

Gate.io

Includes many altcoins, numerous pairs to trade, margin trading, lending, liquidity pools for margin openings, and more to increase profit.

Conclusion

To sum up, Coinmate is a trustworthy cryptocurrency exchange that is simple to operate even for novice users.

It is a completeness of options for deposits and transactions in EUR and CZK. The exchange does have some disadvantages.

Which connects it with the region and support of other altcoins, such as the absence of U.S. investors and support for U.S. citizens,

However, the available features, security level, and even rates are pretty good from the perspective of European clients who seek easy services only.