A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of CoinMate consists of four parts: general information, fees, deposit methods and security.
CoinMate is a cryptocurrency exchange registered in the United Kingdom. United Kingdom is the country which without a doubt has the most cryptocurrency exchanges in the world. At least that we know of. A non-exhaustive list of exchanges from the UK (in addition to this one) includes Exmo, CEX.io, CoinEgg, Livecoin, DSX, LocalTrade, Bittylicious (funny name by the way), Indacoin, MixCoins, Paybis, Vaultoro, Instant Bitex and eToro.
You can only trade a few of the biggest cryptocurrencies here. Accordingly, you can’t buy or sell any of the smaller cryptocurrencies (Origami Network Token, Pareto Network Token, Rebellious Coin, Sequence Token, Social Send Coin, or any cryptocurrency with a similar market capitalization to those). If you seek to buy or sell any of those, you’ll simply have to choose another exchange.
US-investors may not trade on this exchange. So if you are a US-investor and want to trade here, you’ll have to reconsider your choice of trading venue and choose one of the other top crypto exchanges.
CoinMate Trading fees
The most important lesson to learn when it comes to picking the best cryptocurrency exchange site is that you must always check the fees. Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order.
The exchange’s trading fees for takers are 0.15%. This fee is below the industry average, which is arguably around 0.25%. One of this exchange’s strong offerings is that the exchange charges a very low fee for makers, namely 0.05%. This promotes the liquidity at the exchange and is a strong competitive edge. Maybe this condition even makes CoinMate the best cryptocurrency exchange site for you?
CoinMate Withdrawal fees
This exchange charges a withdrawal fee amounting to 0.001 BTC when you withdraw BTC. This is in line with industry average.
CoinMate offers wire transfer as a deposit method, but you can’t deposit via credit card. This of course negative news to you if you would prefer to use your credit card for any reason. However, as CoinMate accepts deposit of fiat currencies at all, it distinguishes itself from many exchanges that only allows deposits in cryptocurrencies.
CoinMate’s security score is C-, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is in line with industry average when it comes to top crypto exchanges.
The exchange reviewed above is what we call an “entry-level exchange”. This means that this exchange also makes it possible for someone to enter the cryptocurrency market with fiat currency. There are numerous entry-level exchanges out there, including (but not limited to):