Coinmate cryptocurrency exchange review
Coinmate is a cryptocurrency trading exchange that was released in 2014. The service was created and managed by a team of professionals with many years of experience in the field of electronic commerce. The company is located in the UK.
At the Coinmate exchange, users can exchange cryptocurrencies and fiat money. The site contains tables and graphs that display current exchange rates and other information on various currencies.
Commissions on the service are very low and range from 0.05% to 0.35% for trading operations and from 0.1% to 1.5% for replenishment and withdrawal of funds depending on the currency used.
Coinmate takes customer account security very seriously. All accounts are protected by a two-step authentication mechanism. Most of the coins are constantly stored in cold wallets offline. The exchange website is protected by SSL certificate.
If you have questions regarding the service, you can visit the wiki section of the site, read the articles on the exchange’s blog or contact the support service of the service.
We go to the main site and immediately look for the registration button.
It is located at the top, in the right corner. We click on Sign Up, after which we are transferred to the form that will need to be filled out.
I draw your attention to the fact that users of far from every country will be able to register. For example, access for investors and traders from Ukraine is still closed.
We agree with the rules of the service and then complete the registration by clicking on the blue button below.
How to fund your account
One of the significant advantages of the exchange is that it works with several popular electronic payment systems.
That is, you can replenish your account on Coinmate exchange using cryptocurrencies available on the site (BTC, BCH, LTC), and using services such as:
- Wire transfer
- Money polo
- Also with the help of Vouchers.
To replenish, go to the Deposit section.
Next, select either cryptocurrency or an electronic payment system to replenish your account. Click on it and follow all further instructions.
How to withdraw money
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.
If you withdraw the cue ball from the system, then enter the wallet number to which you want to send the transfer, and then type in the field below the amount you want to withdraw.
Then click on the blue button and the transaction will be carried out, after several confirmations of the BTC network.
Trade and commissions
A significant disadvantage of the Coinmate exchange is the too small number of supported currency pairs. In pairs with cue ball, light and bitcoin cache, you can trade euros and Czech koruna. So the choice is very small.
In order to start buying and selling crypto assets, you should first go to the Trade section.
Then select a currency / cryptocurrency pair to trade and you can use the BUY or SELL form, which are located in the lower right part of the page.
In the middle you can see the price chart for the asset. It is possible to adjust how different time intervals the price moves, starting from one week and ending with a standard five-minute period.
At the top, above the chart, you can observe the rate of the selected currency, and on the right side you can see columns with glasses for buying and selling an asset.
Well, now a little about the commissions.
As for the exchange operations, here commissions range from 0.05% to 0.35%. Well, for replenishing the account and for withdrawing funds from the site system, they will charge you from 0.1% to 1.5%.
Conclusion: advantages and disadvantages
First, let’s talk about the advantages of the Coinmate exchange:
- Very fast transactions (almost lightning fast);
- Good security system and protection (SSL certificate and so on);
- The exchange was created by professionals in the field of Internet business;
- There are many tables and graphs on the site that contain information useful to the trader;
- There are three types of wallets for storing bitcoins;
- The platform works with a number of popular electronic payment systems;
- There are communities and groups on social networks.
It is worth telling about the negative points:
- A limited number of cryptocurrency pairs for trading;
- There is an affiliate program, but not too attractive.
We can say that the Coinmate platform is a mid-level trading crypto platform. It is not so famous, but it has been working steadily since 2014 and does not have any problems with liquidity and payments.
But the exchange is still not so well known, so the site should be worked out more significantly in this direction of the administration. And also add new cryptocurrency pairs for trading.