[vc_row][vc_column][vc_column_text]
Coinmotion Broker Review
Coinmotion is a broker from Finland that offers online traders an easy and convenient way to store, buy and sell bitcoin, as well as fast SEPA payment processing.
Broker is operated by Prasosltd, a leading Scandinavian broker founded in 2012, which also operates Technom4ge, Denarium Bitcoin and Bittirahafi, which has been providing online bitcoin services for the past six years.
Coinmotion’s website has no information about any trading license, although users are promised that all services are protected when it comes to storage or trading.
Account currencies: EUR, Cryptocurrencies
Minimum Deposit: 0.01 BTC, LTC, XLM or ETH
Leverage: –
Legal: Coinmotion is a registered virtual currency service provider, regulated by the Financial Supervision Authority of Finland and holds a payment institution license issued by the Financial Supervision Authority of Finland.
Trading instruments: Cryptocurrencies
Trading instruments
Coinmotion offers investment opportunities in Ethereum, Litecoin and Bitcoin, and its services include cryptocurrency storage, commercial cooperation and private cryptobanking in addition to selling and buying cryptocurrencies.
The following cryptocurrencies are available on the Coinmotio exchange:
- Bitcoin (BTC)
- Litecoin (LTC)
- Ethereum (ETH)
- Ripple (XRP)
- Stellar Lumens (XLM)
Fees and Deposit
The company offers a free service for new customers opening an account. The process is simple and quick, although you will have to verify your email address before activating it and provide credit card details to verify your account.
This is similar to most cryptocurrency brokerages, and it’s good practice, especially when it comes to fiat currency transactions in your account.
Direct online deposits
If you don’t have a bank account or prefer to use another payment method to buy and sell bitcoin, Coinmotion offers many options.
For example, S-pankki is an instant online payment method that is only available in Finland and is supported on Coinmotion.
You also get SOFORT banking, which is an online payment method available in several countries including Germany, Austria, Netherlands, Switzerland, Italy, Spain, Turkey, Belgium and Poland. It works with most banks in those countries.
Deposits and withdrawals via bank transfer
Coinmotion offers a very attractive rate when buying cryptocurrencies for fiat currency via bank transfer or withdrawal. It charges no fee on deposits and 0.90 euros (or 0.000031 bitcoin at the time of writing) on withdrawals.
This is probably one of the lowest rates on the market, though with some drawbacks: for example, you have to wait 5-7 business days before funds are credited to your account.
Depositing and withdrawing by bank transfer
Coinmotion offers the same amount of cryptocurrency trading without commission if you deposit by bank transfer. Deposits without deposit information are charged a fee of 10 euros. The platform also charges a minimum of €200 for refunds of erroneous deposits made to the wrong account, such as sending BTC to a BCH wallet.
Other fees
Other Coinmotion fees include:
– Account management fee of 9.9% for outstanding orders
– Fee of 30 euros for transferring funds from Coinmotion without filling in payment information
– Fee of 0.9 euros if the beneficiary’s account is indicated in IBAN form and the beneficiary’s BIC/SWIFT code is indicated in the payment details.
To deposit or withdraw from Coinmotion you need to have funds in one of the following currencies: BTC, LTC, XLM, ETH. Minimum deposit or withdrawal amount is 0.01 BTC, LTC, XLM or ETH.
Once a deposit or withdrawal is made to your account, it is usually received in less than 24 hours.
CoinMotion’s security
There is no information on Coinmotion’s website about its trading license, although users are promised that all services are secure when it comes to storage or trading. Most of Coinmotion’s customer funds are stored in highly secure vaults, inaccessible to electronic robbers. With five years of experience storing bitcoins, the company ensures users that all funds are kept safe.
Coinmotion’s main security feature is cold storage. The company stores only a small number of coins in online wallets as a reserve for its customers. The rest of the coins are stored offline in paper wallets secured in vaults. This means that your funds will not be vulnerable to hackers or intruders who might try to steal these funds from centralized servers.
In addition, this broker makes it easy to transfer cryptocurrencies from Coinmotion’s secure cold storage to your wallet, 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 protect your account even more.
Coinmotion is a great crypto exchange for beginners – it has all the information that newcomers to the crypto scene might need, and most importantly: it’s fast and reliable.
However, Coinmotion’s investment portfolio is somewhat narrow compared to foreign trading platforms. You also won’t be able to engage in so-called copy-trading on the trading platform, which would allow other investors to copy your portfolio. This way, you have full access to the content that matches your crypto portfolio.
The company is best suited for users from Finland because of its domestic location. It is regulated by the Finnish Financial Supervisory Authority and follows the exact guidelines issued by the authorities.
Are you having trouble successfully requesting a withdrawal from your broker? Tell us about it and add a comment.[/vc_column_text][/vc_column][/vc_row]
