CoinMate Review: Find Out Whether You Can Trust This Exchange

You can either find a new place to exchange your altcoins in this Coinmate exchange review or realize that this platform is not the right choice for you. In any case, our pros have tested it thoroughly just to find out that it is safe enough to use.

The British cryptocurrency trading platform Coinmate was founded back in 2014, when not so many people knew about digital assets yet. Bitcoin was not on its peak by then.

The platform was created by professionals in the fields of e-commerce, finance, trading, investment, cryptocurrencies, and online business.

It is interesting that, despite the British registration of the exchange, the creators of the platform are still focused on the Eastern European market. The platform is focused on clients from the countries of this region, and even made corresponding localization updates.

As of fall 2018, the exchange operates with a limited number of crypto assets. However, this list contains only top digital currencies.

 

Overall Impression

So, to test the platform, we moved to the main website of CoinMate and immediately looked up for the registration button or form. 

It is located at the top, in the right corner. We clicked on Sign Up. After that, we were transferred to the form that needs to be filled out by every user who has a will to start exchanging their coins. 

I draw your attention to the fact that users from many countries of Eastern Europe will be able to register. However, some regions remain banned for some reasons. For example, access for investors and traders from Ukraine is still denied. 

You should agree with the rules, as well as terms and conditions of the service before you finish the registration by clicking on the blue button below the form.

How to Top up Your Account

One of the significant advantages of this British crypto exchange is that it works with several popular electronic payment systems. You always have a choice.

That is, you can replenish your account on the Coinmate exchange by using both cryptocurrencies available on the site (currently, those are BTC, BCH, and LTC), and special banking systems and online payment services, such as:

   - Wire transfer

   - OkCoin

   - SEPA

   - Sofort

   - Money polo

   - Different vouchers 

  To replenish, go to the Deposit section. Next, choose either a cryptocurrency or an electronic payment system to replenish your account. Click on it and follow all further instructions carefully. 

How to Withdraw Money at CoinMate

Withdrawing money from the system is also quite simple. In this case, you just need to click on the Withdrawal button and then do all the necessary manipulations. Sure, there are certain withdrawal limits, both lower and upper, but they can be changed.

If you withdraw the cue ball from the system, enter the wallet number to which you want to send the transfer, and then type in the amount you want to withdraw in the field below. Next, click on the blue button and the transaction will be carried out after several verifications of the BTC network.

Trading and Fees

A significant disadvantage of the Coinmate exchange is the rather small number of supported currency pairs. In pairs with cue ball, light and bitcoin cash, you can trade Euro and Czech krona. So the choice is very limited.

In order to start buying and selling crypto assets, you should first go to the Trade section of CoinMate.

Then select a currency/cryptocurrency pair to trade and you can use the BUY or SELL form located at the bottom of the page (to the right).

In the middle of that page, you can see the chart with the asset price. It is possible to set up different time intervals of price movement, starting from one week and ending with a standard five-minute period.

Above the chart, you can observe the rate of the selected currency. On the right side, you can see columns with order books for buying and selling an asset.

Now just a little bit about various types of commissions at CoinMate.

As for exchange operations, here the fees may range from 0.05% to 0.35%. Well, for replenishment of the account and withdrawing funds from the website system, you will be charged from 0.1% to 1.5%.

Conclusion: Pros and Cons of CoinMate

First, let's talk about the advantages of the Coinmate exchange. They include:

   - Very fast transactions (almost lightning fast);

   - Good security level and protection system (SSL certificate and so on);

   - The exchange was created by professionals in the field of finance and trading;

   - There are many tables and charts with analytics on the site that contain information useful for the trader;

   - There are three types of wallets for storing bitcoins;

   - The platform works with a number of popular electronic payments and banking systems;

   - There are communities and groups on social networks.

It is worth talking about the negative aspects too:

   - A limited number of cryptocurrency pairs for trading;

   - The exchange only supports English, Czech, Polish, and German, and it might not be sufficient for the users from Eastern Europe;

   - There is an affiliate program, but it is not very attractive.

It can be said that the Coinmate platform is a mid-range crypto trading platform. It is not so well-known, but it has been operating steadily since 2014 and does not have any problems with liquidity and payments.

However, the exchange is not yet so well known, so the administration of the site should work in this direction more significantly. Also, it would be nice if CoinMate would add new cryptocurrency pairs for trading one day.