Coinmate Review - Exchange for trading in CZK

Coinmate is a leading cryptocurrency exchange that was established in 2014. The exchange is registered in London, but focuses its trading operations on the Eastern European sector. Coinmate, the idea of 2 economics graduates from Prague, has established itself as an ideal cryptocurrency exchange for investors looking to invest in Bitcoin in Euros. The stock exchange offers its clients a cheap and hassle-free way to obtain leading cryptocurrencies. The core of the Coinmate team consists of high-quality developers, financiers and experienced traders who know the market well.

Basic information

Page type	cryptocurrency exchange and exchange office
Easy for beginners	Yes
Mobile application	No
Company headquarters	London, UK
Establishment of a company	2014
Deposit method	cryptocurrencies, fiat (EUR, CZK)
Selection method	Cryptocurrencies, fiat
Number of pairs available	17
Cryptomens on the stock exchange	8
Trust in society	high
Customer support	contact form only
Own cryptocurrency	No
Own wallet	No
Page	HTTPS://WWW.COINMATE.IO/

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Coinmate reviews

Coinmate is a cryptocurrency trading platform designed with user friendliness in mind. This cryptocurrency exchange traded BTC worth more than € 218 million. Coinmate allows its users to buy and sell Bitcoin and other leading cryptocurrencies at advantageous exchange rates. There are opportunities for both advanced trading and quick buying and selling. The platform supports 7 major cryptocurrencies and a wide range of deposit and withdrawal options is also available to users.

When it comes to trading, Coinmate offers its customers its own web platform. The platform comes with 2 interfaces, a "Quick Buy / Sell" mode and an advanced trading mode. The first interface is basically a market orders page that shows the best available price from the order book. All you have to do is enter the amount you want to trade and confirm that the transaction will take place. There is no doubt that this simplified trading interface has been designed to suit those who are new to cryptocurrency trading.

In addition to a simplified trading interface, Coinmate also offers a more advanced trading platform for those who have more experience with cryptocurrency trading or want to trade them more professionally. The advanced trading interface comes with an advanced trading chart and supports limit orders and market orders.

Although there is no special mobile application for the trading platforms provided by Coinmate, the website has already been designed and optimized to suit the small screens of smartphones and other mobile devices. In other words, the web is also suitable for mobile devices.

History

The Coinmate cryptocurrency exchange was established in 2013 in cooperation with the leading development company PROFINIT, which specializes in banking software. The first beta version was unveiled on October 20, 2014. The fully functional alpha version was released on April 15, 2015 and offered two trading pairs (BTC / EUR and BTC / CZK).

Thanks to its long history, Coinmate has built loyal fans and a strong community. This is partly due to the reputation of co-founders Roman Valihrach and Daniel Houška, who have been in the field of investment and cryptocurrencies for more than ten years. They have another successful project under them, a crypto payment gateway called Confirmo.net (bitcoinpay.com). Coinmate is one of the few crypto exchanges that has never been hacked.

In March 2020, the FIO bank canceled Coinmate's bank accounts. In the summer of 2020, Coinmate announced a new partnership with Gopay to secure payments in CZK. Coinmate currently supports 8 cryptocurrencies BTC, BCH, LTC, ETH, DASH, XRP, DAI and ADA.

Coinmate fees

For those who are not familiar with cryptocurrency exchanges, we can say that they charge mainly two types of fees: fees for recipients and fees for creators (maker / taker). In the order book, the recipient is the person who picks up the existing order from it. Unlike a creator who prepares an order, which requires pairing with an existing order in the order book. Platform creators are often rewarded for creating liquidity by receiving a lower fee than the beneficiaries.

Coinmate therefore uses the Maker / Taker model to increase liquidity on the stock exchange. The fee for the creator is from 0 percent, while the fees for the recipient are up to 0.35 percent. The fees are divided depending on your 30 day trading volume.

As you can see, the takera fee is slightly above average in this industry.

The Exchange does not charge fees for deposits in cryptocurrencies and Czech crowns, only for instant bank deposits and SEPA transfers. As for selection, you need to set up two-factor authentication on your account. The stock market is one of the cheaper alternatives.

Coinmate tutorial

Using Coinmate is one of the most attractive benefits because it is incredibly user-friendly. The straightforward interface is one of the main things that makes it easier to use and navigate the trading platform. So even if someone trades for the first time, it will not be difficult to make successful cryptocurrency exchanges.

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Registration

Opening an account on Coinmate is very easy, it is a one-minute process.

• To register at Coinmate, you must go to an official website account or use our link above.
• You must enter some basic information on the login page, such as your email address, the name of your country and a password.
• You must also ensure that you have accepted the company's terms and conditions before proceeding.
• Once you have completed this, you will receive an activation link email.
• Click this link to access your account.

Verification

Coinmate requires verification of your identity to comply with EU anti-money laundering regulations. This process usually takes no more than one business day and can be expedited by contacting support.

Individuals are required to upload high-resolution copies of IDs - government-issued photo IDs, passports, or driver's licenses. The Exchange also requires either an energy bill or a second ID as well as a copy of the account statement. For companies that want to register, they require a certificate of incorporation and perform additional verification of business accounts to ensure that the nominee is the director of the company.

And now you will be able to start trading cryptocurrencies without further complications.

Trading on Coinmate

Trading on Coinmate is a relatively simple process with opportunities for both new and experienced traders. The site also offers several tools to ensure that users have a seamless experience buying, selling or trading on the platform.

Fast buying / selling

If you don't want to wait and need to buy or sell quickly, this is exactly what the Quick Buy / Sell function offers. You will find this option on the top bar "Buy / Sell". Enter the currencies you want to trade at the top right. Just enter the amount you want to spend and the function will select all orders with the nearest exchange rate, combine them and buy a cryptocurrency for you.

Such a buying strategy works best for smaller amounts that need to be bought quickly. Larger orders could have problems with a rapidly changing exchange rate.

Advanced trading

On the top bar you will find the "Trade" tab through which you will get to the advanced trading interface.

The advanced interface on Coinmate is similar to other platforms. On one page you can see all the necessary information, an exchange rate chart that can be adjusted for different time frames, market volumes for the exact moment of trading history (columns below the chart) and open orders and recent trades on the right side of the screen.

At the bottom of the screen you can find your trading history and current open orders, and the lower right corner occupies the most important part where you can enter your orders and actually trade.

First, select the business pair you want to use in the upper right corner of the screen. You can view its current situation and development depending on how wide the time frame you choose at the top of the graph.

The current exchange rate is displayed on the right side of the screen directly below the ask and bid commands. Below it, you see the fields in which you can place your first order. Buy cryptocurrency on the left and sell on the right.

Market and Limit orders

The most interesting parts are the Market and Limit orders. After pressing the button Market the current market prices are displayed in the relevant sales and purchase options fields. It differs from the exchange rate, sometimes more and sometimes less, this is called a spread.

It simply shows the difference between the ask and bid price derived from the number of orders and their total value of one or the other party in the market. This means trading at the current possible exchange rate and leads to fast trades.

Limit The order is a slightly different approach, allowing you to set the minimum price you are willing to sell and vice versa. These orders may take longer to process, but will be traded at a price you specify.

Limit + Stop the order allows you to set a limit order to buy or sell and a stop loss price. As soon as the price reaches the Stop price you set, a market order will be executed. For example, you can set the required limit sell order above the current market price to limit potential loss if the market moves against you.

Hidden allows you to enter large buy or sell limit orders anonymously without revealing your interest to other merchants. Large orders, when seen by other traders, can cause adverse market movements, making it difficult to complete an order at the requested price. If you enter hidden, you always pay a taker fee.

The trailing stop shifts the stop price according to market movements. For example, if the current market price is 100 and you set the final selling price to 95 and the market rises, then the trailing stop will increase accordingly and always remain 5 below the market price. If the market then starts to move down, then the trailing stop price will remain at the maximum it has reached.

Post-Only (also called Maker-Or-Cancel) the entire order is entered as a macro and if any part of the order can be filled in immediately, the entire order is canceled (thus ensuring that you only pay the Maker fee).

Cancel your order at any time by clicking on the X and the remaining funds will reappear on your balance.

Unfortunately, it is not possible to trade leverage at CoinMate. They are mainly intermediaries selling and buying cryptocurrencies.

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Safety

While most exchanges only require the submission of a scanned copy of documents for KYC, Coinmate goes a step further by requiring you to make a video call that will show you how to take a snapshot of the various documents. A business account must also be provided for companies. The VIP account level requires the same information as a verified account, except that you must complete another questionnaire.

For security on the stock exchange side, 95 % funds are stored in cold repositories. In addition, client passwords are encrypted before being stored on servers. Other security measures include firewalls, SSL and Cloudflare. On the client side, Coinmate provides two-factor authentication security. Withdrawal transactions also require an e-mail confirmation before they can be made.

Overview of other stock exchanges and exchange offices you will find here

Pairing with the Vault hardware wallet

You can pair your account with the Vault wallet. The safe will then be in charge of your login and security settings. For those who own a Vault, this is an opportunity for hassle-free and even more secure account management. It is also possible to easily transfer your cryptocurrencies to Tezor to store them more securely than in an online wallet.

If you want to start using your Vault device in cooperation with Coinmate, you must first pair the device. To do so, connect your wallet and go to Account Settings -> Security menu and click on the Vault button.

Deposits and withdrawals

If you would like to deposit or withdraw money, you must successfully complete the verification before you can begin depositing and withdrawing money. As a European stock exchange, SEPA accepts transfers in euros and Czech crowns. Once logged in, go to the Resources page and select whether you want to deposit or withdraw money.

For verified accounts, the options for depositing and withdrawing funds include OkCoin, MoneyPolo, Vouchers, SEPA, Sofort and standard transfer, or you can use the GoPay platform for Czech crowns, with which the stock exchange cooperates. Of course, you can also add supported cryptocurrencies to CoinMate.

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All content in this article is for informational purposes only and does not in any way serve as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.