What is CoinMate?
CoinMate is a cryptocurrency exchange which has been active since 2014 and 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.
Supported Cryptos and US-investors
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
Most crypto exchanges charge two different types of trading fees: taker fees and maker fees. The taker is the person who picks up an existing order from the order book. The maker, on the other hand, is the person who creates an order that is not immediately matched against an existing order on the order book. Makers are often rewarded for creating liquidity on the platform by a lower trading fee than takers. Exchanges that do not make a distinction between takers and makers charge what we call “flat fees”. CoinMate charges 0.35% for takers and 0.30% for makers.
According to the largest and most recent empirical study on crypto exchange trading fees, the average spot trading taker fee is currently 0.229% and the average spot trading maker fee is currently 0.185%.
Compared to those average trading fees, CoinMate's taker fee is above the industry average whereas the maker fee is below the industry average.
CoinMate Withdrawal fees
This exchange charges a withdrawal fee amounting to 0.00023 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 0.00053 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.