Coinmate stands out among cryptocurrency exchanges by allowing direct purchases of Bitcoin and Litecoin in Czech Koruna (CZK). This comprehensive review covers its strengths, weaknesses, registration process, trading features, fees, and more.
Coinmate Registration Process
Registering on Coinmate is quick and straightforward:
- Email Verification: Confirm your account via email to enable crypto-to-crypto trading (BTC, LTC, BCH).
- Fiat Trading Activation: For EUR/CZK/PLN deposits/withdrawals, complete additional identity verification.
Key Advantages:
- Beginner-friendly interface with simplified navigation.
- Competitive trading fees compared to platforms like Coinbase.
- Supports direct CZK transactions (rare among global exchanges).
Limitations: No dedicated mobile app (unlike Coinbase's polished application).
Coinmate Account Verification
Step-by-Step Verification:
Basic Verification:
- Submit personal details.
- Complete a video call in English to show ID and face.
- Daily/Monthly Limits: 26,000 CZK/day | 130,000 CZK/month.
Enhanced Verification (Higher Limits):
- Submit bank account statements.
- New Limits: 130,000 CZK/day | 520,000 CZK/month.
Custom Limits:
- Complete KYC (Know Your Customer) questionnaire for tailored withdrawal ceilings.
Pro Tip: Enable Two-Factor Authentication (2FA) under Security Settings for added account protection.
Deposits and Withdrawals on Coinmate
Funding Your Account:
- Bank Transfers: Instant deposits via FIO Bank (CZ) or other Czech banks (1–2 business days).
- Crypto Deposits: BTC, LTC, BCH accepted.
- Zero Deposit Fees for CZK/EUR transfers.
Withdrawing Funds:
- Bank Withdrawals: 10 CZK fee per transaction.
- Crypto Withdrawals: Send BTC/LTC/BCH to external wallets or exchanges (e.g., Binance, Kraken).
Speed: Transfers between FIO Bank accounts process within minutes.
How to Trade on Coinmate
Available Trading Pairs:
- BTC/CZK, BTC/EUR, LTC/EUR, LTC/CZK, BTC/LTC, BTC/BCH.
Trading Methods:
- Quick Trade: Use the Buy/Sell tab for instant transactions.
Advanced Trade:
- Market Order: Execute immediately at current prices.
- Limit Order: Set custom buy/sell prices (executes when conditions match).
Coinmate Fee Structure
Trading Fees:
| Cryptocurrency | Maker Fee | Taker Fee |
|---|---|---|
| Bitcoin (BTC) | 0.05% | 0.35% |
| Litecoin (LTC) | 0% | 0.05% |
| Bitcoin Cash (BCH) | 0.05% | 0.1% |
Deposit/Withdrawal Fees:
- CZK Deposits: Free.
- SEPA Transfers: 1 EUR fee.
- MoneyPolo/Instant Bank: 2 EUR or 1.5% (respectively).
- CZK/EUR Withdrawals: 1 EUR fee.
Company Background
- Parent Company: CONFIRMO LTD (UK-based, founded 2014 by Czech entrepreneurs).
- Security: No recorded hacking incidents; trusted for fast transfers and beginner-friendly UI.
👉 Start trading on Coinmate today
Coinmate Alternatives
- Coinbase: Better mobile app but higher fees.
- Simplecoin/Easycoin: Local CZ exchanges with less competitive rates.
FAQs
1. Is Coinmate safe?
Yes, Coinmate employs 2FA and rigorous KYC checks. No security breaches reported since 2014.
2. How long do withdrawals take?
Bank withdrawals process within 1–3 business days. Crypto withdrawals are faster (typically under 1 hour).
3. Can I trade altcoins on Coinmate?
No, Coinmate supports only BTC, LTC, and BCH. Use exchanges like Binance for altcoins.
Last Updated: May 2024
Coinmate remains a top choice for Czech traders seeking low-cost BTC/LTC purchases in CZK.
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