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Coinmotion brought the Bitcoin revolution to Finland and since then it has established a robust reputation along with a vast customer base. More than 60,000 Europeans use Coinmotion and the Bitcoin turnover alone in 2017 was around 100 million.
How to Sign Up On Coinmotion
The registration process on Coinmotion doesn’t have any complications. Log on to the website and click on register on the top right which leads you to a registration form. Fill in all the required information in compliance with the given instructions.
Just like any other registration process, you’ll be sent a verification email. Click on the link sent in the email to complete your registration. You’ll need to verify your account prior to trading as well.
How to Buy Bitcoin & Payment Methods
If you want to purchase Bitcoin, you first need to deposit the money. Click on Transfers in the main menu and then follow the instructions which are pretty self-explanatory.
Here you will be required to enter the deposit amount and then you can see how many bitcoin you can purchase at the current exchange rate. If you are depositing through SEPA, it may take 1-3 working days for the payment to be processed.
Now you can input the number of bitcoins you are looking to buy. Click on the Max button to buy as many bitcoins as you can with the deposited amount. The market order option allows you to buy at the current market price and it’s a good start for newcomers who are trading in small amounts.
There are multiple payment methods to buy bitcoin on Coinmotion including Bank transfer which may take up to 5 working days, debit or credit card, Sofort and S-Bank online transfer.
Trading Fee & Charges
Here is a complete guide on how Coinmotion charges its fees through the trading process.
| Opening/Account/Annual Fee | €0.00 |
| Vault service | €1.00/month (charged from the virtual currency stored in the vault) |
| Exchanging virtual/fiat currency | 2% value of exchanged currency (€) |
| Commission (%) & Volume discounts | 90 day volume |
| 1.8% | > €500 |
| 1.6% | > €2,000 |
| 1.4% | > €10,000 |
| 1.2% | > €50,000 |
| 1.0% | > €250,000 |
| Withdrawing fiat currency from customer account to bank account | €0.90 /withdrawal |
| Clearing a deposit without deposit information | €10.00 |
| Clearing changed contact information by Prasos | €10.00 |
| Delivering terms of agreement, service fees and other information to customers via post | €10.00 |
| Delivering terms of agreement, service fees and other information to customers via post | €10.00 |
| Incorrect execution of fiat or virtual currency payments caused by customer per incorrect execution | €20.00 |
| Management fee for aborted orders | 9.90% p.a. (based on managed days when the order has been aborted for 90+ days) |
| Invoice Payment Service (within SEPA) | |
|---|---|
| SEPA payments per invoice Payment is an executed invoice counted in euros in the euro payment zone – Account number of receiver is in IBAN form – BIC/SWIFT code of receiver’s bank is in payment details | €0.90 /transfer |
| SEPA payments per invoice if payment information is incomplete | €30.00 /transfer |
| Money Transfer Service (within SEPA) | |
|---|---|
| Money transfer between Coinmotion customers per transfer | €0.00 |
| Money transfers out of Coinmotion (SEPA) per transfer Payment is an executed transfer counted in euros in the euro payment zone – Account number of receiver is in IBAN form – BIC/SWIFT code of receiver’s bank is in payment details | €0.90 /transfer |
| Money transfers out of Coinmotion per transfer if payment information is incomplete | €30.00 /transfer |
Safety & Security
Using Coinmotion is safe as the funds of the users are stored in an offline and secure multi-signature storage. This means that funds are not accessible or transferrable for a single person, as multiple parties need to provide digital signatures prior to any transfer.
Coinmotion also uses latest encryption standards as well two-factor authentication (2FA) to ensure traders can engage in business securely.
Conclusion
Taking into account everything, from user-friendliness to payment methods to fees and security; Coinmotion is a great crypto service for European customers. It offers a multitude of features that directly benefit European customers.
| Pros of Coinmotion | Cons of Coinmotion |
|---|---|
| • User friendly and intuitive interface | • Customer support not the quickest |
| • Europe centric payment options | • Complex and expensive fee structure |
| • Easy wallet and robust security | • No leveraged trading |
| • Discounts for big volume traders | • Mandatory identification means no anonymity |