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CoinMate Review - is it scam or safe?

CoinMate Review - Is coinmate.io scam or safe cryptocurrency exchange?

RATING: 3.6 / 0 REVIEWS CoinMate

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

Account type Leverage Maker Fee Taker Fee Deposit Fee
Standard N/A 0.05% 0.35% 1 EUR


CoinMate is a cryptocurrency exchange based in London, which is also very friendly towards Czech clients. This is no wonder, given the fact the founders of the company behind it CONFIRMO LTD are Czech. This is basically an entry-level exchange, which allows one to buy coins with fiat currencies.


 
CoinMate Advantages


No hacks yet – CoinMate has been running since 2014 and we weren’t able to find any reports of a serious accident, causing loss of coins. Of course, this is not a guarantee for the future, but is always a nice sign.


A decent variety of assets
– the main selling point of CoinMate is obviously the EUR and CZK support. Additionally, the crypto offering is also not only limited to Bitcoin – Litecoin and Bitcoin Cash are also present.


 
EU bank transfers supported – the SEPA and SOFORT systems can be used to deposit finds to CoinMate, with Czech domestic transfers and MoneyPolo also being provided. This is a solid lineup, although more can always be asked for.


  
Low deposit fees – here is a preview of the deposit and withdrawal fees at CoinMate. Keep in mind, additional banking costs may be implemented, depending on your local bank.


 


Positive user reviews – while this exchange is not as popular as the market leaders, we weren’t able to find a serious complaint against it.



Decent trading platform – the web-based interface provided by CoinMate has two layouts. One of them is meant for a more experienced and active trader, while the other is as basic as they get. Here are screenshots of both:


The advanced trading view, Click to zoom
 

 


The simple “buy now” view. Click to zoom
 
 

CoinMate Disadvantages


 
 
Only suitable for Europeans – the lack of USD support makes this exchange a EU-centric one. It wouldn’t be correct to say it’s a Czech-only one, because everybody with access to a European bank account can access it.



Volumes are not high – probably the main flaw with this exchange. Despite the fact they appear to be relatively solid (keep in mind nothing in the cryptoverse is actually that stable) it simply isn’t popular. 


Lack of Credit Card support – while the service offered by CoinMate appears to be decent, this is most likely the biggest contributing factor to their relatively low popularity. A lot of newcomers to the world of crypto want an easy and instant way of entering and nothing beats a simple credit card transfer.


 
>>Where can you buy Bitcoin with a Credit Card?<<



Not all assets tradable against each other
– this is quite common occurrence, especially at exchanges which support a lot of altcoins, like Bittrex. The instruments at CoinMate are BTC/EUR, BTC/CZK, LTC/BTC, BCH/BTC i.e. you have to go through Bitcoin, if you wish to access another coin.

Slightly high market taker fees – the majority of exchanges charge something around 0.25%, while the taker fee at CoinMate is 0.35%. These are only the BTC fees, while the other ones are very competitive.


Withdrawal fees present – despite not being that impactful, these can still be annoying. For more details check the screenshot in the top section.


No margin trading
– this is to be expected at an entry-level exchange. If you are looking to be more aggressive with cryptocurrencies, doing so with a forex broker may be preferable.


 
>>The best Bitcoin forex brokers<<



Trading with such a company does not provide you access to the actual coins, but only the ability to speculate with their price. This is done with the so called Contracts For Difference or CFDs. This is the way most people actually deal in commodities, like gold and oil. There are a few specifics which you should know to see if this is right for you. Read all about them here.

 

Conclusion


 
CoinMate is an EU-centric entry-level cryptocurrency exchange and one of the few to provide full support for the Czech koruna. Most of the negatives we found about this exchange are not as significant as their strong sides. The fact this is not an option as popular as Coinbase or Bitstamp is probably due to the lack of Credit Card support and/or a lack of advertising.

 

That being the case, we must reiterate the inherit risks involved in the cryptocurrency space – everything is still very new. While CoinMate seems like a secure exchange, this used to be the case for Mt Gox. A well-regulated forex broker is definitely a more secure alternative.

 

>>Highly regulated Bitcoin forex brokers<<


 
To recap our review of CoinMate, here are the pros and cons:

Pros Cons
No hacks yet Only suitable for Europeans
A decent variety of assets Volumes are not high
EU bank transfers supported Lack of Credit Card support
Low deposit fees Not all assets tradable against each other
Positive user reviews Slightly high market taker fees
  Withdrawal fees present
  No margin trading

 

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Traders` reviews for CoinMate

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