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Coinmotion Review - is it scam or safe?

Coinmotion Review - is coinmotion.com scam or good cryptocurrency exchange?

RATING: 2 / 1 REVIEWS Coinmotion
Coinmotion is not regulated. We cannot guarantee your money is safe.

RECOMMENDED BITCOIN BROKERS


Trading accounts and conditions

 

Account type Leverage Fees
Standard 1:1 2%

 

 

Coinmotion is a Finnish broker that serves as the middleman between its clients and the major international cryptocurrency exchanges, where clients can instantly buy and sell bitcoin for fiat currencies (EUR). Its services are available in the EU, EEA countries and Switzerland. It only offers trading in Bitcoin. Additionally, it provides a wallet service for storing and transferring bitcoins.

 

Coinmotion advantages

 

- Multiple Deposit methods. Even though Coinmotion does not accept fiat deposits through credit cards, there are several other convenient deposit methods – SEPA, SOFORT (Austria, Belgium, France, Germany, Hungary, Italy, Netherlands, Poland, Spain and Switzerland) and instant electronic payments in Finland.

 

>> See crypto exchanges accepting credit cards <<

 

- Many types of orders. Coinmotion supports two other types of orders, besides the instant ones – limit and stop orders. In the first case the client automatically buys or sells ones bitcoin reaches a set price and in the second case – a sale is automatically launched if the bitcoin price falls below a certain limit.

 

- Own Wallet. Coinmotion also offers its clients a wallet where they can store and transfer their bitcoins.

 

- Tight Security. According to Coinmotion’s site, the company has robust security features that include 2 factor authentication and multisignature cold storage for client funds.

 

- Discounts for more active traders. Coinmotion offers discounts for higher trading volumes. They start at a trading volume of EUR 500 in the past 90 days.

 

Coinmotion disadvantages

 

- High-ish Fees. The trading fee Coinmotion charges as a broker is fairly high for the industry – 2%. additionally, there’s a EUR 0.9 fee for withdrawals to a bank account.

 

- Few Coins. Coinmotion only offers trading in Bitcoin, which is a very limited selection and can hardly cover the general interest in cryptocurrencies of the past few months.

 

- No Anonymity. Coinmotion’s service is not anonymous and the company requires that users send a copy of an ID document and proof of residence.

 

- Manual approval. Clients are verified and onboarded manually, which can sometimes take time, especially in times of high volatility. Additionally, Coinmotion’s staff manually approves the transactions of new clients, in order to prevent fraud.

 

- Buy, Sell, transfer limits. Coinmotion has set maximum buy and sell limits, because the customer transactions are executed in real time, i.e. clients can send bitcoin and withdraw EUR instantly. This is why Coinmotion can only let a client transact as much as they can also transfer immediately. There are also maximum daily send limits in order to prevent misuse.

 

- Platform. We signed up just to have a look at Coinmotion’s trading platform, but were a bit disappointed as it does not offer much of an insight. It is a simple buy and sell form, without price charts, order book or anything of the kind. We also disliked the fact that we could not find information or choose the exchange from which to buy the bitcoins.

 

- No Leverage. As most other cryptocurrency exchanges, Coinmotion does not support leveraged trading in cryptocurrencies. Those who do not need to buy the coins themselves, but only to speculate on their prices, can rather open an account with a reputable regulated forex broker (if they haven’t done so yet) and trade in CFDs on cryptocurrencies instead.

 

 >> See our list of regulated bitcoin forex brokers <<

 

- Bank troubles. Similarly to other small European exchanges (and not only), in recent times Coinmotion has admitted to having bank troubles. To be more precise – one of the major Finnish banks has shut down its bank account, but it has an account in another bank. However, as a result the broker is looking for other European partners. As long as Coinmotion has other bank accounts, clients should not be too worried, but the problem is becoming quite widespread.

 

Conclusion

 

Coinmotion is like most Nordic things – simple, efficient and straightforward, without bells and whistles. Obviously it does what it needs to be done, but, frankly, we do not see much point in dealing with it, unless we clock up significant trading volume and take advantage of the commission discounts. At the time Coinmotion was launched in 2014, its existence was perfectly justifiable, considering that trading in bitcoin was not as easily accessible as now. However nowadays there are hundreds of exchanges with a larger number of coins on offer and for a lower trading fee to choose from.

 

 

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Traders` reviews for Coinmotion

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Horrible Service

I used to have an account in American Crypto Wallet Coinbase
And transfers took 2 days there
I thought I would change to Coinmotion because it is in Finland and I assumed transfers will be faster
for 2 weeks now I am waiting and all I can do is just store bitcoins
they said my account would be open for transfer today but it is not
Every time I email support they answer in 1-2 days and tell me everything is good but I still can not send and receive coins
As soon as my money is available for me I will possibly change to different company
I am having suspicions it is a scam and I am very scared
If my account is not open soon I will contact criminal police

Kerstin 10/12/2018
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