CoinMate, a relatively new Bitcoin exchange, is quickly making strides in the industry and has been able to get quite a lot of coverage online. The UK-based exchange has a huge advantage due to their location.
The company website states that “there’s a reason we’re based in the UK as a cryptocurrency company. It’s here that regulation has been the most proactive. Not only that; transactions have been officially declared exempt from VAT (Value Added Tax). You can’t get much better than that.” This geographical edge has allowed the company to prosper in regards to providing services that are not only cost effective, but secure too.
CoinMate was founded in early 2014, when expert software developers and talented economists merged their skills and decided to build a Bitcoin exchange focused on security and efficiency.
The company takes great pride in showing off their security features and has an entire page dedicated to showcasing their safety efforts. Regarding account security, they offer two-factor authentication and bank-grade SSL encryption on all accounts.
They claim to hold most of their Bitcoins in cold storage using multi-sig wallets. To further secure their systems they also have anti-DDOS protection.
They Bitcoin platform even has a bug bounty program that allows ethical hackers and ordinary users to report vulnerabilities and bugs in the system in exchange for generous rewards.
CEO of Confirmo (CoinMate’s parent company) Roman Valihrach said:
“We have a long experience with financial management and IS/IT development. Security is a top priority for us. Our sister platform BitcoinPay.com came second last year in the 2014 Starcube.cz Accelerator Program and, with that experience, we set out to make a truly user-friendly exchange for Bitcoin fans across Europe and beyond.”
The efficiency aspect of the exchange is worth mentioning, as they claim to be one of the first Bitcoin exchanges using the market maker and market taker model.
In simpler terms, it means that they offer a more favorable fee to the maker (someone that supplies liquidity to the market) than the fee supplied to the yaker (someone that takes liquidity from the market). In this case, the maker fee is 0.05%, while the taker fee is 0.35%.
Other fees that include deposit and withdrawal differ for different types. For SEPA (Single Euro Payments Area) transfers made in the UK, the deposit fee is 0.6% (mininum of €10, maximum of €15) with a withdrawal fee of one euro. For Bitcoin transfers, the exchange changes zero deposit fee and a withdrawal fee of 0.0001 BTC.
The verification process for new users is quicker than with other platforms and can be done with photo identification and proof of address. Users can have their accounts up and ready within 24 hours.
Europeans users living among the SEPA countries can deposit euros and have the money in their accounts within one day. They can also convert the European currency into US dollars.
In a recent update the company changed their primary currency from US dollars to euros, also stating that they now accept CZK (Czech Republic Koruna) and PLN (Polish Zloty) for deposits and withdrawals.
Partnership with MoneyPolo
In the past, CoinMate did not offer services in the United States and many other countries, but thanks to their recent partnership with the leading payment regulator MoneyPolo, they now have the capability to allow cash deposits and withdrawals in more than 100 countries.
Users can create a MoneyPolo account in which they can deposit cash that can then be loaded onto their CoinMate account to buy BTC. They can also withdraw Bitcoin just as easily from their MoneyPolo account.
With this recent partnership, CoinMate is sure to expand quickly since 40% of adults around the world don’t have a bank account, according to a World Bank report .
To celebrate the partnership, CoinMate is going to be giving away €20 worth of BTC to the first users of each country that deposits or withdraws cash using MoneyPolo. Anyone interested in this should keep visiting Coinmate.io for details on this campaign, which is expected to launch in a few days.
Over the next few months, the exchange is also looking to partner with Sofort. CoinMate aims to integrate Sofort’s instant bank deposit method to keep expanding its services.
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