Last updated January 2023 – Insights on buying and selling bitcoins through the CoinMate.io Exchange
Important: This review reflects the process of selling a smaller quantity of bitcoin for euros. The statistics mentioned may not apply for larger transactions. This review is part of our bitcoin exchange series.
As of January 2023, Coinmate has implemented support for deposits via Revolut. In recent transactions, deposits appeared in my account within 10 to 15 minutes, enabling quick purchases, subject to a 24-hour withdrawal hold. Additionally, they’ve updated their tradeable cryptocurrencies, now including Bitcoin, USDT (Tether), Ethereum, ADA (Cardano), SOL (Solana), Litecoin, and XRP (Ripple), while discontinuing support for DASH and Bitcoin Cash (BCH).
Recently, we received some bitcoin earnings from our mining endeavors while reviewing mining pools. Based in Ireland, we typically focus on European exchanges for our bitcoin transactions. Over several weeks, we needed to both sell and buy bitcoin, leading us to explore the CoinMate.io exchange.
Registered in London, UK, CoinMate is a new exchange offering European users the chance to buy and sell various cryptocurrencies like bitcoin, bitcoin cash, ripple, dash, ethereum, and litecoin. Although the market price is primarily quoted in dollars, the exchange accepts SEPA Euro transfers, Czech Koruna, and Moneypolo.
Here’s an overview of our experience registering, depositing bitcoin, and converting it to real currency, and the reverse.
CoinMate.io operates as a bitcoin exchange accessible via a web browser or API for advanced traders. Like many exchanges, they implement a manual verification process for monetary trading, requiring two forms of photo ID and a utility bill. As a company, we underwent additional verification to confirm our directorship, adequately proven using our registration on duedil.com and our incorporation certificate. It’s worth noting they do not accept traders from the USA.
Once the verification process was completed, I deposited bitcoin into my exchange account, and my funds were available for trading after three confirmations. Selling bitcoin was hassle-free. If you simply desire bitcoin without focusing too much on the price, their quick buy option processes orders starting from the lowest price. You can also input your desired selling prices and gauge market responsiveness. While their trading volume is lower than that of more established exchanges, I managed to sell quite swiftly, with fees previously set at 0.2% on all transactions (it’s now transitioned to a Maker/Taker model, with BTC Maker fees ranging from 0% to 0.05%, and BTC Taker fees from 0.1% to 0.35%). They offer a referral program that shares 50% of fees for 48 months and provide charts which compensate top traders from generated fees. There’s also a chat room for users to interact.
For example, I sold 0.12054028 bitcoin at a trading price of $212.22, receiving $25.58. CoinMate.io charged a $0.05 fee, and I was left with $25.52 after minor rounding adjustments at this trade size. The minimum withdrawal amount is set at $20.00 for dollars and 0.001 BTC for bitcoin.
With funds credited to my account, I proceeded to transfer the amount to my bank account. My balance was available in euros, and I initiated the transfer. CoinMate utilizes the XE.com exchange rate with a 0.5% spread, and the amount was subsequently wire transferred to my account. I executed multiple trades over a few weeks, with transfers taking one to two business days to reflect in my bank account.
Later, I needed to buy some bitcoin, so I explored the reverse process. In this instance, I sent a wire transfer to the exchange, and the following day, I found the funds in my account. I purchased bitcoin, engaged in some trading while prices fluctuated, and subsequently withdrew my coins after entering my bitcoin address and verification code sent to my email. Within a few minutes, the coins appeared in my wallet.
Regarding security, they send you a security code for major actions and encourage enabling two-factor authentication via Google Authenticator. The exchange secures funds in cold storage, utilizing Trezor multi-signature wallets.
In conclusion, CoinMate presents an intuitive platform for efficiently buying and selling bitcoin, litecoin, bitcoin cash, ethereum, ripple, and dash. The verification process was straightforward, and the overall experience was positive. Thus, for European users with SEPA accounts seeking to trade bitcoin within the EU, CoinMate is worth considering. Alternatively, visit our Buy Bitcoin page for immediate transactions using credit or debit cards.
