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CryptoMate Review - is it scam or safe?

Cryptomate Review - Is scam or good cryptocurrency exchange?

RATING: 3 / 3 REVIEWS ForexBrokerz CryptoMate


Trading Accounts

Account type Daily limit  Leverage Fee
Non-verified £100 None Approximately 7-8%*
Verified £1,000 None Approximately 7-8%*

 *This exchange does not openly reveal its pricing policy. We got this level from ours own calculations. is a company, which provides a gateway into the world of cryptocurrencies for UK enthusiasts. While CoinCorner is one of the other major entry-level services, supporting the British Pound, there are quite a few differences between the two.


The company, security of funds


Company Country Regulation
Cryptomate UK N/A


Cryptomate is registered in the UK, but does not fall under any specific financial regulation, unlike Crypto Facilities. That being said the latter offers derivatives trading, while Cryptomate is more of service, than a trading facility.


The company is basically a peer-to-peer network, connecting buyers and sellers of cryptocurrencies, although not everybody can sell at the website. In order to become a “vendor” one must contact the website and probably meet some volume requirements. The most unique feature at Cryptomate is that only UK bank transfers are accepted as a payment method.


This “exchange” is one of the few which doesn’t offer a wallet, although they provide useful links for beginners, who can read-up on the topic. When making an order at Cryptomate, you have to provide your own external address, to which the coins will be sent. 



Unlike a lot of other companies in the space, Cryptomate has to follow the working hours of UK banks. This is simply due to the fact, each transfer comes has is connected with the Faster Payments Service (FPS). For those of you who are not familiar with it, this is a system connecting British banks, allowing them to make cheaper and faster payments between one another (much like the SEPA system in the EU).


Cryptomate claims around a transaction processing time of aroun 15 minutes. While this is absurd from a trading perspective, it is actually quite fast, when compared to similar services, like CoinTree in Australia. 


There haven’t been any reports on hacks at Cryptomate. The fact the company only connects buyers with vendors and does not store any cryptocurrencies has something to do with this – there are very few things which can be hacked.


When it comes to the user reviews, Cryptomate is generally praised. The few complaints we managed to find were in regard to the lack of transparency on the execution. This is a common theme with such services, as the volatility in the crypto-space is very high.



Trading conditions


Trading instruments (cryptocurrencies)

Despite the service being very different from a traditional exchange, the vendors at Cryptomate do offer a lot of variety. At the time of writing of this review 12 coins are available for purchase, namely: Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, Ethereum Classic, Dash, Ark, Dogecoin, Monero, Zcash and Britcoin.


Maximum daily transaction(s)

Cryptomate has set a daily limit of £100 for unverified clients. After submitting your details, this level will be increased to £1,000. These levels are set as an anti money laundering (AML) measure.  



It should be quite obvious by now, that margin trading is now available at Cryptomate. However one can always transfer her cryptocurrency to a different exchange, like OKEX if speculative trading is the main goal. 


That being said, some forex brokers also offer ceyptocurrency CFDs. As an example, the industry-leading UK broker and spread betting provider IG currently has Bitcoin and Ethereum trading. The margin requirements for the two are 7.5%, meaning an effective leverage ratio of 1:13. 



Cryptomate does not disclose the exact fees, which it charges. User reports claim around 7%. Our manual calculations, which may be a bit faulty revealed a similar, if not slightly worse situation. While these fees are not unheard of, given what the company offers, there are slightly cheaper alternatives. However most of them do not support the Pound as a direct payment currency, with CoinCorner being the major exception.


The forex brokers, offering cryptocurrency trading usually do not charge a deposit fee. When you start trading your costs will be included in the spread. However, when trading CFDs you do not get ownership of the actual coins. As we mentioned previously, this is suitable for short-term speculative trading, but for a full comparison be sure to check out our detailed explanation



Trading platform


When it comes to a “trading platform”, Cryptomate offers basically an order entry form. This is how it is presented to unverified clients:



You have to give them a few details and most importantly, the wallet to which you would like your newly acquired coins to be sent. The information provided on the left side will be useful for newbies in the space. 


Methods of payment


As we mentioned in the beginning, in order to present the service, only UK bank transfers are accepted at Cryptomate. While this guarantees fast executions, due to the FPS, it obviously prevents non-British clients to use the service. Adding an option like Skrill, would open the company to a world-wide client-base.




Cryptomate is a British service, which allows newcomers to enter the world of cryptocurrencies. Their offer is tailor-made to UK residents who have a local bank account, as payments utilize the Faster Payments Service (FPS). While this is obviously a beginner-friendly service, the number of available altcoins is relatively nice. Here is a summary of what Cryptomate has to offer:


Pros Cons
No major hacks yet Relatively high fees
Accepts UK bank transfers Only buying crypto/no selling (for smaller customers)
Easy to use interface Only UK bank transfers accepted
12 coins available No wallets provided by the company
Buying with GBP Does not transparently disclose mark-up


Latest news about CryptoMate
No news about CryptoMate. Check back later.
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Traders` reviews for CryptoMate
















Price feed















Customer service











Have been having interactions with some alledged traders on the
Platform who l beleive are scammers

Adim Jibunoh 08/15/2019


It took numerious attempts and a lot of time throughout the day to upload the docs. It kept stating that the JPG was too small. Even when I enlarged it to nearly half A4. It finally accepted the original size no problem. 3 days later I am still not verified.

Jackie 01/08/2018

pointless waste of time.....

Since August have tried many times to make a purchase without any success for RPX....simply go elsewhere....

steve thomas 12/25/2017

Not got a trade through yet

Never managed to get a trade through yet.

Says it sells Ripple but has no sellers!

Sick of watching that spinning clock then 'timeout'!

Just because it is advertised doesn't mean you'll get it.

Kevin Perkins 12/04/2017

Selling Cryptocurrencies

As a small investor, how do I sell Cryptocurrencies at Cryptomate?

Sherwin Scott 11/28/2017
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