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 that was previously registered in the United Kingdom. However, the platform has now moved to Slovakia. The platform took this step to make sure that their customers were not be affected by the Brexit. The migration started on 7 January 2020. The platform did emphasize that all of its services and features will remain unchanged and that all user funds will remain protected.
The exchange focuses on three things: speed, reliability and security. These three factors are naturally extremely important for any cryptocurrency trading platform so it does make sense to emphasize these matters specifically.
You can only trade a few of the biggest cryptocurrencies here and US-investors may not trade on this exchange. So if you are a US-investor and want to trade here, or you would like to trade more exotic altcoins, you’ll have to reconsider your choice of trading venue and choose one of the other top crypto exchanges.
CoinMate Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at CoinMate:
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.
This exchange’s trading fees for takers are 0.25%. This fee is above the global industry average, which has for a long time been around 0.25% but is now around 0.10%-0.15% instead. One of this exchange’s selling points is that the exchange charges lower fee for makers, namely 0.12%. This promotes the liquidity at the exchange.
CoinMate also offers trading fee discounts when you have a large trading volume during the preceding 30 days. Trading fees can become as low as 0.05% for takers if they have a large trading volume (over EUR 15 million). The exact trading fee discounts are set out in the below table:
CoinMate Withdrawal fees
This exchange charges a withdrawal fee amounting to 0.00022 - 0.00006 BTC when you withdraw BTC. The exact withdrawal fee depends on how fast you need the withdrawal to be executed. These fees are way below the global industry average, which is 0.000643 BTC per BTC-withdrawal according to this report, performed by us here at Cryptowisser.
CoinMate previously offered both wire transfer and credit card deposits. However, as of 27 March 2020, they will no longer accept fiat currency deposits. This is since the company's bank (FIO Bank) decided to cancel CoinMate's bank accounts effective as of 30 March 2020. The company announced in an email to its users that:
"We made tremendous efforts in recent months to establish a relationship with another banking institution in the Czech Republic and abroad but also due to the ongoing pandemic of coronavirus and recent Brexit, it is impossible for a British crypto exchange to open bank accounts within the EU under such circumstances."
We hope that CoinMate's fiat currency deposits will be back soon. If you need an exchange accepting fiat currency deposits right now, please go to our Exchange List and use the filters there to find a good alternative for you.