Coinmotion Review 2023: Pros, Cons and How to Start Trading
Investing in crypto is never as easy as it might sound. There are several considerations to have in mind, top of which include safety and convenience. While there are many exchanges available, clients looking to take on larger positions in Bitcoin's market have minimal OTC (over-the-counter) choices.
Coinmotion, a world-leading bitcoin broker, offers a safe and user-friendly way for traders to buy Bitcoin OTC. They offer top rates, fast delivery, SEPA payments, and an easy-to-navigate interface.
This Europe-based company has been a pioneer in the rapidly growing Bitcoin industry, boasting 100% legal operation, quick turnaround times, and an intuitive interface that makes investing straightforward.
If you are looking to start investing in cryptocurrencies like Bitcoin, this article will review Coinmotion's platform and help you figure out if it is a good fit for your needs.
What is Coinmotion
Founded in 2012, Coinmotion is a broker for digital currency based in Finland. The broker and exchange platform offers a safe and easy way to transfer cash in and out of the crypto market, not to mention easy onboarding as well as a wide variety of deposit and withdrawal options.
Coinmotion also features a simple trading system that you can use to trade Bitcoin against the Euro, US Dollar, or other supported fiat currencies. The company claims that its main goal is to help people have easier access to cryptocurrencies while educating the masses about crypto's emerging market.
At its core, Coinmotion allows individuals and businesses the easiest, safest, and most convenient way to invest in crypto. You can use the platform to buy cryptocurrencies directly from your bank account using SEPA and other online payment methods.
Coinmotion is a crypto exchange well established in the Scandinavian region. Other popular crypto exchanges in the world include Nexo (see our Nexo review here) and Cex.io (full Cex.io review available here).
Is Coinmotion Safe?
Coinmotion's main safety feature lies in its cold storage. The company only holds a small number of coins in online wallets as a reserve for its customers. The rest are stored offline on paper wallets secured in vaults. This means that your funds will not be vulnerable to hackers or malicious actors who may attempt to steal those funds from their centralized servers.
In addition, this broker makes it very easy to transfer cryptos from Coinmotion's secure cold storage into your wallet, thus giving you an alternative if you need even more security for your funds.
The company also has the latest standard two-factor authentication options that you can use to secure your account even further.
See if Coinmotion Is a Good Fit for You
Platform & Features
With Coinmotion, you can buy and sell bitcoin as well as trade with other cryptocurrencies on the platform's desktop and mobile app.
The company offers different deposit options for your account so that you can either use a credit card through its Flexepin service or transfer funds from your bank account using SEPA.
Some of its main features include:
Coinmotion privacy banking
Coinmotion offers a choice between a private or company account. The personal banking option is ideal for individuals and companies who want a more personal buying, selling, storing, or interest investing in cryptocurrencies.
Some of the services through private banking include information on news and events that affect digital assets as well as regular market insights.
As for company banking, this will appeal to businesses or organizations who need access to a private account with its API and wallet.
Coinmotion monthly saving feature
The crypto broker offers a monthly saving feature for investors who want to diversify their investments in cryptocurrencies for the long term. With this feature, you can choose to have a certain amount of money automatically transferred each month into crypto and its distribution into different cryptocurrencies. You can set up automatic payments either with or without limits.
The minimum amount you can set up for your monthly savings plan with Coinmotion is 10€/month. You can also choose to make changes or cancel your plan anytime. The only charge for this service is the bitcoin transaction fee.
Support services of Coinmotion
Coinmotion takes pride in its customer support. A live chat feature operates every Monday to Sunday from 8:00 AM – 6:00 PM (UTC). However, if you prefer an alternative method for raising potential issues or posing questions, the company offers an email and ticketing system.
Fees & Commissions
The company offers a free service for new customers opening an account. The process is easy and fast, although you have to verify your email address before it's activated and submit credit card details for the account verification process.
This is similar to most cryptocurrency broker companies, and it's good practice, especially when dealing with fiat currency transactions on your account.
Coinmotion offers a vault service that allows you to store your bitcoins in its cold storage system. You can use the vault for different purposes, such as trading with bitcoin, depositing funds into your account, and withdrawing them later on when you decide to sell or convert your digital funds back into fiat currency.
The company offers a very competitive fee for using the vault service, with 1% of all your transactions. This is quite low compared to most other cryptocurrency transfer services.
Direct online deposits
If you do not have a bank account or would rather use another payment method for buying and selling bitcoin, Coinmotion offers a variety of options.
S-pankki, for instance, is an instant online payment method only available in Finland and is supported on Coinmotion.
You also get SOFORT banking which is an online method of payment available in certain countries, including Germany, Austria, The Netherlands, Switzerland, Italy, Spain, Turkey, Belgium, and Poland. It works with most banks in these countries.
Deposits and withdrawals via bank transfer
Coinmotion offers a very attractive rate when buying cryptos with fiat currency via bank transfer or making a withdrawal. It charges no commission fees for making deposits and 0.90 Euros (or 0.000031 Bitcoin at the time of writing) when withdrawing.
This is perhaps one of the lowest rates on the market, although it does come with some setbacks; for instance, you have to wait 5-7 business days before your funds are credited into your account.
Depositing and withdrawing via wire transfer
Coinmotion offers the same amount of commission-free crypto trading if you deposit with a wire transfer. There is a 10 Euro charge for making deposits without deposit information. The platform also charges a minimum of 200 Euros for reversing erroneous deposits made to the wrong account, for instance, sending BTC to a BCH wallet.
Other Coinmotion fees include:
- A 9.9% account management fee for unfulfilled orders
- A 30 Euro fee for making the transfer of funds out of Coinmotion without completing payment information
- A 0.9Euro fee if the receiver's account is in IBAN form and the BIC/ SWIFT code of the receiver is in payment details.
Coins Supported on Coinmotion
Coinmotion can supply a wide range of popular digital currencies, including bitcoin and Litecoin. The company also supports Ethereum, Ripple, and XLM, to mention a few.
How to Open an Account
To open a Coinmotion account, just head to the homepage and click on "register." This will take you to a form where you need to fill all your contact information in and follow any instructions given.
You may be requested to deliver further identification information before your account is verified. This is because Coinmotion complies with all existing laws and regulations. The company is registered as a Money Service Business (MSB) in the USA, which means it must follow various KYC and AML standards.
Once your account has been verified, you will be able to make a deposit or withdrawal by heading over to the "Account" tab and selecting the "deposit" or "withdraw" button, depending on what you would like to do.
To make a deposit or withdrawal from your Coinmotion account, you need to have funds in one of the following currencies: BTC, LTC, XLM, ETH. The minimum deposit or withdrawal amount is 0.01 BTC, LTC, XLM, or ETH.
After a deposit or withdrawal has been made, it typically takes less than 24 hours to reach your account.
If a withdrawal is requested, it will take approximately 10 minutes for the transaction to process. It should then show up with an orange "unconfirmed" label on your account page – after this, wait until it becomes fully confirmed (usually takes 5-10 minutes).
You can always check the status of your transaction in the "history" tab!
How to Trade Crypto on Coinmotion
Coinmotion has the option to deposit using a bank transfer – this is one of the best ways to fund an account without paying high fees. Click "deposit" in your dashboard, and then select "bank transfer" as the method.
Complete all fields on this page, including your name and bank account number (for wire transfers). It may take some time for the transaction to process, but once it has, you will be able to see how much of a fiat deposit you have made!
Once a deposit has been confirmed, click "trade" in the top menu. This will take you to a page where all trading pairs are listed. Here, select a pair that interests you, and then follow the instructions! You may have to wait for other users to create orders for your desired trade pair before being able to trade.
When the order book is filled, you will be able to see open orders and a trading window on your screen – here, you can place an order or just choose one that suits you!
You are now a trader on Coinmotion!
Coinmotion Customer Support
Coinmotion has a live chat feature that functions from Monday to Sunday from 8:00 AM to 6:00 PM (UTC). If you don’t like the live chat feature, you can ask questions or raise potential issues through the ticketing system or an email. Coinmotion takes pride in its helpful customer support.
Coinmotion is a great crypto exchange for beginners – it has all the information newcomers to the crypto scene might need in one place, and most importantly: it's fast and reliable. Every page of this exchange has been crafted with simplicity in mind while providing enough features to enable easy customization. With a variety of trading pairs available, this exchange and bitcoin broker provides decent levels of liquidity for its users.
What's more, Coinmotion gives its users several tools such as the automated 'Monthly Saving' plan that make trading and investing in crypto easy. If you are looking to buy or sell crypto on an easy and safe platform, Coinmotion is worth checking out!