Important Notice!
We have tried to contact CoinMate on multiple occasions, but have not been able to contact them or establish a decent rapport with them. Further, on multiple occasions they have removed our account access to their platform, making reviewing their platform difficult for us. Because of this, we cannot 100% recommend this company, but we also are not able to establish a clear opinion on their products, good or bad. Please proceed at your own risk.
With that said, here are our top reccomended crypto exchanges for 2024:
Best for Beginners
PrimeXBT
PrimeXBT Exchange is a cutting-edge trading platform offering advanced trading tools and leverage options across multiple asset classes.
Best for Advanced Traders
CoinW
CoinW is a world-class crypto exchange providing a secure platform for buying and selling Bitcoin, Ether, and other cryptocurrencies.
Best Overall
KuCoin
KuCoin, a leading cryptocurrency exchange used by every 1 out of 4 crypto traders, offers a diverse range of altcoin trading options and a user-friendly interface.
CoinMate Review
Key takeaways from this CoinMate review:
- Low fees and secure platform.
- Limited coins and payment methods.
- Poor customer support and communication with users.
- Our access to the platform was limited for this review (proceed at your own risk).
CoinMate Pros & Cons
What is CoinMate?
CoinMate is a cryptocurrency exchange based in the Czech Republic where you can easily buy, sell, and trade digital assets. The platform is known for its secure and user-friendly interface, making it simple to navigate. Plus, with features like quick deposits and withdrawals, low transaction fees, CoinMate provides a hassle-free experience for its users.
Is CoinMate a Scam?
No, as far as we can tell, CoinMate is a legitimate cryptocurrency exchange registered in the Czech Republic. It was founded in 2014 and is considered to be among the top ten cryptocurrency exchanges in Europe.
CoinMate is not the same thing as CoinMate Plus, but they are easily confused.
Let's clear up the confusion:
CoinMate Plus Vs CoinMate.io (They are NOT The Same Company)
There is a similarly-named crypto company called Coinmate Plus that has been investigated by the Phillipines SEC - read the warning and advisory here.
As far as I am aware, these companies are not the same and in no way affiliated with each other. If I've got that wrong, please contact us for a correction.
CoinMate.io is a crypto exchange located in the Czech Republic (the company we are reviewing in this article).
According to the Phillipines SEC, CoinMate Plus is an unregistered security that, "has the characteristics of a Ponzi Scheme." I can't say whether that's true or not, so I'll post the full quote from the SEC for you to make up your own mind:
"Further, the scheme employed by COINMATE PLUS EARNINGOPPORTUNITY_COINMATE PLUS/CMP CRYPTO TRADING has the characteristics of a“Ponzi Scheme” where monies from new investors are used in paying “fake profits” toprior investors and is designed mainly to favor its top recruiters and prior risk takers and is detrimental to subsequent members in case of scarcity of new investors."Please be careful, always do your due diligence, and make sure you are only interacting with legitimate companies in a manner legal within your country and state or province.
CoinMate Products & Features
With that out of the way, let's go into some of the main features of CoinMate.io:
- User-friendly interface: CoinMate is designed to be easy to use, even for beginners. The interface is clean and intuitive, and the platform offers a variety of features to help users get started.
- Competitive fees: CoinMate's fees are competitive, and the platform offers a variety of fee options to suit different users. Makers (those who add liquidity to the market) pay a fee of 0.05%, while takers (those who remove liquidity from the market) pay a fee of 0.35%.
- Wide range of supported currencies: CoinMate supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Ripple, Dash, and Cardano. The platform also supports fiat currencies, such as EUR, CZK, and GBP.
- Multiple deposit and withdrawal methods: CoinMate offers a variety of deposit and withdrawal methods, including bank transfers, credit cards, and e-wallets. This makes it easy for users to fund their accounts and withdraw their profits.
- Security: CoinMate is committed to security, and the platform uses a variety of measures to protect user funds. These measures include cold storage, two-factor authentication, and SSL encryption.
CoinMate Customer Support
CoinMate's customer support is considered poor, in comparison with other exchanges. According to their support page, most inquiries will be answered within 24 hours - that can be a long wait if money is on the line.
Is CoinMate Available to US-Investors?
CoinMate is not available to US-investors. It is also not available to residents of certain countries, including Iran, Iraq, North Korea, Syria, and Cuba. However, CoinMate is available to most other countries around the world.
CoinMate Trading Fees
CoinMate offers competitive trading fees for its users, but they are mostly in line with industry averages and nothing special. The platform offers a 0.3% maker fee and a 0.35% taker fee, with no additional fees for deposits or withdrawals.
CoinMate also offers competitive withdrawal fees, with a flat fee of 0.00003 BTC for Bitcoin withdrawals. For other cryptocurrencies, the withdrawal fees vary depending on the coin.
CoinMate Alternatives
Here are three great alternatives to CoinMate:
- Binance is widely available, offers a wider range of trading options and features to Coinmate, including low fees and fast transaction times. It also has a more secure platform and offers a wider variety of trading pairs.
- Kraken is a USA-based exchange and offers a wide range of cryptocurrencies and trading pairs, a secure platform, low fees, and fast transaction times.
- Bitstamp is another solid alternative to CoinMate as it offers a wide range of trading options and features, including low fees and fast transaction times. It also has a secure platform and offers a variety of trading pairs.
How to Sign Up on CoinMate?
Here’s how you can sign up on CoinMate:
- Visit CoinMate Exchange
- Click “Sign Up” in the top right corner
- Enter your email address and create a password
- Click “Create Account”
- Follow the instructions to complete the verification process
- Once you’re verified, you can start trading on CoinMate!
