Our experience buying and selling bitcoins on the CoinMate.io Exchange – Note this is a partner post. Find out more in our editorial policy.
Please note: This review is based on selling a relatively small amount of bitcoin into euro. The stats outlined in this review may not apply to larger traders. This review is part of our series of bitcoin exchanges.
We recently had some bitcoin earnings from work mining efforts as we we conduct our mining pool reviews. As we’re in Ireland, we generally focus on European exchanges to buy and sell our bitcoin. In this particular case, we had over the course of a few weeks both requirements to sell bitcoin, and buy it, so we looked at the CoinMate.io exchange.
Registered in London, UK, CoinMate are a brand new exchange that offers European users the ability to buy and sell bitcoin. While the market price is denominated in dollar, the exchange supports SEPA Euro transfers, Polish Zloty and Czech Koruna, as well as EgoPay and OKPay.
So here’s our experience getting registered, lodging bitcoin, and selling it for real money, and vice versa.
CoinMate.io is a bitcoin exchange that can be accessed through a web browser, or API for more advanced traders. Like other exchanges, they have a manual verification system for trading in money which require you to give two photo id and a utility bill. In our case, we’re a company, so we needed some further verification to show that we were directors of the company, and in our case our entry on duedil.com was sufficient as well as our certificate of incorporation. It should be noted they do not accept traders from the USA.
They currently have a $1 bonus which then gets credited to your account when you compete verification. They take one working day to process this, although this can be sped up by contacting them through chat.
Once that was out of the way, I proceeded to lodge bitcoin onto my exchange account, and within three confirmations my coins were available for me to trade. Selling bitcoin is straightforward. If you just want bitcoin and aren’t price conscious, their quick buy option will take the orders from the cheapest up to fill your order. You can also put in prices you want to sell at, and see if the market would take it. There isn’t as much volume as some of the more established exchanges, but I was able to sell relatively quickly, and the fees were 0.2% on all trades. They have a referral system too which passes on 100% of fees, and they have charts which they distribute a portion of fees to their fees with their top traders. They also have a chat room for people to talk.
An example trade is that I sold 0.12054028 bitcoin at a price of $212.22 for $25.58. CoinMate.io took a $0.05 fee and I received $25.52 of this. There’s minor rounding at this trade size. The minimum withdrawal in dollars is $20.00 and in bitcoin it’s 0.001btc.
Once the funds were in my account, I could then choose to withdraw this into my bank account. My balance was in euro, and I set this to transfer. CoinMate uses the XE.com exchange rate plus a 0.5% spread, and this amount was then wire transferred to my account. I did a couple of trades over the course of a few weeks, and this took one or two working days in all cases for it to hit my bank account. One slight criticism here is that you need to manually enter your bank details each time in a particular form, so have this saved to hand so you don’t have to retype it.
Later, I had need to buy some bitcoin, so I thought I’d try the other way around. In this case, I send the wire transfer to the exchange, and the next day, I had the funds in my account. I then bought these, traded a little as the price was volatile at the time, and then withdrew the coins, entering my bitcoin address and then checking my email to enter the code. Within a minute or two, the coins flashed into my wallet, confirming away.
Securitywise, they send you a security code to be entered at any major points, and they also nag you to enable two factor authentication using Google Authenticator. The exchange also holds funds in cold storage, and employs multi-sig wallets.
So CoinMate is a fairly intuitive exchange to use, that really focuses on making it straightforward to quickly buy and sell bitcoin. Verification was straightforward and done promptly, and aside from having to manually enter in bank details at withdrawal time, the rest of the experience was pretty good. So I had a good overall experience with them, and if you’re in Europe with a SEPA account and looking to buy or sell bitcoin within the EU, they’re worth checking out.