Coinmate is a cryptocurrency exchange that lets users trade a range of digital assets against fiat currencies. It has been operating since 2014 and is accessible through its official website, https://coinmate.io/. The platform is aimed at both retail traders and those looking for a straightforward way to buy and sell crypto.

Is Coinmate a centralized exchange?

Yes, Coinmate is a centralized exchange (CEX). This means the platform manages user accounts, custody of funds, and order matching through its own infrastructure. As with any CEX, users typically complete identity verification and rely on the exchange to hold their assets.

When was Coinmate founded?

Coinmate was founded in 2014, which puts it among the earlier generation of crypto exchanges. Its long operating history may be a point of interest for users comparing platforms. You can always verify current details on the official site.

What should users pay attention to when using Coinmate?

As with any centralized exchange, it's worth reviewing the fee structure, verification requirements, and withdrawal options before getting started. Users should also consider the general risks of keeping funds on a CEX and whether the platform's supported markets match their trading needs. Checking the official website for up-to-date terms is always a good idea.

Coinmate coins and stock, cryptocurrencies trade volume

About Coinmate

Brief Introduction

Since its inception in 2014 in the Czech Republic, the Coinmate exchange has prioritized reliability, simplicity, and safety as its core principles. Over the years, it conducted transactions totaling 42 billion Czech crowns in cryptocurrencies, amassing over 30,000 account holders.

Impressively, the exchange has maintained an unblemished security record, having not encountered a single incident. A continuous commitment to service improvement underscores its dedication, with daily efforts aimed at achieving operational excellence.

Established in Prague's Karlín district, the exchange operates within the confines of Czech and European laws, dispelling any association with offshore jurisdictions.

Trading Volume

Recognized among the top 10 euro-dominated exchanges, Coinmate boasts a noteworthy daily trade volume of $1,136,419.59.

Available Assets

The exchange supports 9 digital assets (including BTC, ETH, LTC) and fiat currencies EUR and CZK. Deposit and withdrawal are available through bank transfer.

Compliance

Based in Prague, the Coinmate exchange adheres to European laws and diligently complies with stringent regulations, ensuring the safety of client assets. Since 2014, it has successfully processed transactions exceeding 1.7 billion euros.

Deposit and Withdrawal

At Coinmate, the process of funding your account is flexible, offering various options tailored to your account verification levels:

The initial level, known as the basic account, requires minimal information for activation. By providing an email address and a password, гиуки can swiftly open a basic account. However, to initiate trading, additional details such as name, date of birth, and telephone number are essential. For basic accounts, the deposit options encompass OkCoin, MoneyPolo, and Vouchers. Users of basic accounts can withdraw €1,000/5,000 daily.
Verified and VIP account levels unlock a broader range of funding methods. In addition to OkCoin, MoneyPolo, and Vouchers, users with verified and VIP accounts can use SEPA and Sofort to deposit funds. Verified account users can withdraw €5,000/20,000. The highest withdrawal limit is reserved for VIP users - €12,500/100,000.

Geographical Reach and Restrictions

The exchange is officially registered in the Czech Republic, strategically targeting the Eastern European sector. The platform generally does not imply restrictions on who can register an account. However, Coinmate does not serve clients from the USA due to the restrictions from the U.S. financial regulatory authorities,

Fees

Makers are charged 0.05%, takers - 0.35%. The exchange incentivizes those who add liquidity to the platform, this is why maker’s fees are much lower.

Is Margin Trading Available?

The Coinmate exchange does not allow for margin trading.

Security

Based on 3 account types, the exchange offers 3 levels of verification:

A basic account requires users to provide their names, dates of birth, and telephone number.
Verified account users provide government-issued photo ID, utility bills to prove a user’s address, and a video call.
VIP account user verification includes all stated in the Verified account, plus filling out a questionnaire.

95% of the funds are securely stored in cold storage. To safeguard client data, passwords undergo encryption before storage on the exchange servers. Implementation of firewalls, SSL, and Cloudflare further fortifies the overall security infrastructure.

Coinmate enhances security by offering 2-factor authentication. Additionally, an email confirmation step is mandated for withdrawal transactions, adding an extra layer of verification before transaction execution.

Customer Support

Coinmate offers customer support through email. Despite this limited channel, responses are notably prompt, typically within a few hours.

Conclusion

Coinmate is a reputable, legal, and user-oriented exchange that has proved its reliability over the years of its existence in the market. It’s a go-to option for those who appreciate compliance and plan to trade the most popular assets like BTC. Since the exchange’s trading list includes only a few popular assets, it is not a good choice for those planning to trade new and less-known altcoins.

Roman Valihrach

CEO at Coinmate

Coinmate