CoinMate Review: Is This Crypto Exchange A Safe Bet?

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CoinMate is a cryptocurrency exchange founded in 2014 in the Czech Republic. The platform offers favorable fees with a low deposit requirement but is limited in some aspects such as the payment methods and choice of coins.

Our CoinMate Review is an unbiased analysis of the online cryptocurrency exchange. However, we aim to scrutinize the platform in order to give a verdict on whether it is worth your investments. Give it a read before depositing any funds.

Regulated by: Unregulated Crypto Exchange
Is This Company Safe? You May Experience Issues
Known Websites: coinmate.io 
Have Warnings from: N/A
Registered in: Czech Republic
Operating since: 2014
Trading Platforms: Web
Maximum Leverage: 1:1
Minimum Deposit: 0.001 BTC (~ 34 USD)
Deposit Bonus: N/A
Trading Assets: Cryptocurrencies
Free Demo Account: Unavailable
How to  Withdraw from This Company? If you’re experiencing withdrawal issues with this firm, contact your bank or financial regulator, or simply reach out to us for professional assistance in recovering your funds.

Legal Info: Is CoinMate Regulated?

CoinMate AS is headquartered in the Czech Republic. Yet, the company is not registered with the Czech National Bank, which is in charge of regulating the local financial market and securities. This means that the CoinMate exchange is not liable to implement ESMA’s common regulatory laws and rules for the European Economic Area. 

One of the key benefits clients have with ESMA-licensed providers is a compensation contract worth up to 20,000 EUR in case something goes wrong, plus protection for the ombudsman. 

That is the key reason why this platform cannot be considered 100% safe and secure. 

We recommend you trade with providers that are licensed by top-tier financial market authorities such as the FCA (UK), SEC (US), ASIC (Australia), IIROC (Canada), MAS (Singapore), CySEC (Cyprus), etc. 

CoinMate Reviews – Traders Sharing Experiences

At the time of this writing, the crypto exchange had 1,019 reviews and an average score of 4.1 (great) on trustpilot.com. Quite impressive. Traders seem generally satisfied with the platform’s services. However, that does not imply that issues cannot arise while trading and buying/selling cryptocurrencies on this platform. 

Some traders pointed out the withdrawal delays they experienced. In case you want to recover the funds you invested in it, feel free to contact us for help. Read more about how we solve these cases in our Usdt5511 review.    

Who Are CoinMate’s Targets?

According to godaddy.com/whois, the Coinmate.io website domain was created on December 12, 2013. Since then, the crypto trading exchange has mainly been accepting clients who reside in the following countries:

  • United States;
  • United Kingdom;
  • Germany;
  • Slovakia;
  • Czech Republic.

Three out of five are EU members and thus enforce common financial market regulations of ESMA. One rule stipulates that a provider must be licensed to legally operate in the European Economic Area.

The US is an entirely different jurisdiction with even heavier regulations. We have already stressed the fact that if you invest money in this platform, you cannot count on regulatory help or compensation so be cautious.

Coinmate app – Available Trading Platform

The exchange features a web platform designed for the straightforward purchase and sale of digital assets for fiat money. It is based on TradingView for spot cryptocurrency trading that supports limit and market orders. 

Although the platform is exclusively browser-based, some traders would prefer to have CoinMate software for mobile devices, which would enable additional convenience and the option to trade on the go.  

Novices may find the online trading terminal easy to comprehend but trading volatile assets such as cryptocurrencies is extremely risky per se, which is why you’ll need all the tools you can get to ensure you’re on track. We thus recommend providers that support recognized third-party software such as MT4 or MT5. 

Fee Structure

According to the website, the fees for quick buying and selling of cryptocurrencies are included in the exchange’s fees. Trading pair fees, on the other hand, depend on the order type (maker or taker) and the trader’s 30-day trading volume. The structure is the following:

  • For a 30-day trading volume of up to EUR 10,000:
    • Maker fee: 0.3%;
    • Taker fee: 0.35%;
  • If a trader’s trading volume is higher, the fees may vary:
    • Maker fee: 0.15% (minimum) to some maximum value;
    • Taker fee: 0.07% to 0.25%.

Moving on to the deposit and withdrawal fees. The exchange platform has outlined how the payment process is commissioned:

  • Deposit Fees:
    • No fee is charged on deposits in cryptocurrencies and Czech koruna via an internal bank transfer;
    • Deposits via SEPA are charged EUR 1 per transaction;
    • Deposits via MasterCard/VISA cards are charged 1.9%-2.9%.
  • Withdrawal Fees:
    • BTC: 0.00002 – 0.00032 BTC;
    • LTC: 0.0004 LTC;
    • ETH: 0.0030 ETH;
    • Bank transfer: 1 EUR.

Referral Program

If you’re still interested in the entire CoinMate package, there is a referral program available, which allows users to earn commissions off of referrals and achieve passive income.

Per the website, clients can get 20% of the trading fees of users who register on the crypto exchange using their referral link. The referral reward is accrued for a six-month period after the referred user successfully completes the registration process.

The whole concept is presented as a way for the exchange to incentivize users to bring new members to their platform, which is understandable. Just keep in mind that referral programs may be Ponzi schemes in disguise. Think it through before dragging your close ones into it.

Deposit and Withdrawal Process

CoinMate listed three main payment methods that can be used for buying crypto and withdrawing funds:

  • MasterCard/VISA credit/debit cards;
  • Bank transfers;
  • Cryptocurrencies.

The minimum investment is around 35 USD. In case you’re having issues withdrawing your money from the exchange, you should get familiar with the chargeback process.

A chargeback is the reversal of MasterCard and VISA credit/debit card transactions. It can be requested at the issuing bank within 540 days. For bank transfers, you can request a recall to reverse the transaction.

Crypto payments are more complex and require professional assistance. Luckily for you, we specialize in various fund recovery methods so please don’t hesitate to book a consultation with us.

Key Information To Consider About CoinMate

To sum up our review, CoinMate is an unregulated Czech crypto exchange that has been active for about a decade. In the meantime, this firm has accepted numerous clients mainly from the UK, US, Czech Republic, Germany, and Slovakia.

Although the exchange has received considerable positive feedback on Trustpilot, it doesn’t mean that it’s completely safe and secure. It may turn out to be a hoax just like Discovery. Should you experience any issues, be sure to let us know.

If you cannot withdraw your funds from CoinMate on your own, we offer our professional services and assistance. Book your free consultation with Scam Brokers Reviews today!

Book a free consultation with us and start the chargeback process.

FAQ Section

What is CoinMate?

CoinMate is a Czech-based crypto exchange with an online trading platform and low fees.

Is the CoinMate Secure?

Not really. This platform is not regulated by the local financial watchdog so be careful.

What Should I Do If I Get Scammed By a Fake Crypto Exchange?

You should book a consultation with us because we have a team of experts that can help you recover your funds.