Coinmotion is a Finnish broker that serves as an intermediary between its clients and the main international cryptocurrency exchanges, where customers can buy and sell bitcoins instantly for fiat currencies (EUR). Their services are available in the EU, the EEA countries and Switzerland. Only the bitcoin trade is offered. In addition, it provides a wallet service to store and transfer bitcoins.
- Many types of orders. Coinmotion supports two other types of orders, in addition to the instantaneous orders: limit and stop orders. In the first case, the customer automatically buys or sells the bitcoins and reaches a fixed price and in the second case, a sale starts automatically if the price of bitcoin falls below a certain limit.
- Easy wallet. Coinmotion also offers its customers a wallet where they can store and transfer their bitcoins.
- Tight Security. According to the Coinmotion site, the company has strong security features that include 2-factor authentication and cold storage of multiple signatures for customer funds.
- Discounts for the most active merchants. Coinmotion offers discounts for higher trading volumes. They start at a trading volume of EUR 500 in the last 90 days.
High fees. The trading commission that Coinmotion charges as an agent are quite high for the industry: 2%. In addition, there is a fee of 0.9 EUR for withdrawals in a bank account.
There is no anonymity. The Coinmotion service isn’t anonymous and the company requires users to send a copy of an identification document and proof of residence.
Manual approval. Customers are verified and incorporated manually, which can sometimes take time, especially in times of high volatility. In addition, Coinmotion staff manually approves new customer transactions to prevent fraud.
Buy, sell, and transfer limits. Coinmotion has established maximum limits of purchase and sale because customer transactions are executed in real time, that is, customers can send bitcoins and withdraw euros instantly.
Platform. We signed up just to take a look at Coinmotion’s trading platform, but we were a bit disappointed, as it doesn’t offer much information.
Without leverage. Like most other cryptocurrency exchanges, Coinmotion doesn’t support leveraged trading in cryptocurrencies. Those who don’t need to buy the coins by themselves, but only to speculate about their prices, can open an account with a regulated and reputable currency broker (if they have not already done so) and exchange CFDs in cryptocurrencies.
Bank problems. As in other small European exchanges (and not only), in recent times Coinmotion has admitted to having banking problems. To be more precise, one of the main Finnish banks has closed his bank account but has an account with another bank.
Register a Coinmotion Account
The first thing you should do is locate the Coinmotion website. You can locate it by searching it on Google, or accessing it directly through www.coinmotion.com. Once there, you should look for the “Sing up” option.
Later a tab will open where you’ll be asked for some information. You must make sure to enter all the data correctly and truthfully. Once you have entered the data and have pressed next. You must confirm the registration through a link sent to you by email.
Once you have clicked on the link you have already confirmed your registration and you’ll see some new options on the main page of the Coinmotion site. However, you should still verify your identity to send bitcoins outside of Coinmotion.
You can buy bitcoins immediately after registration, but identity verification is required when initiating any transaction in progress. You verify your identity, going to My Details -> Verification. Click on International Users and upload a copy of a valid passport or other government issued ID. We can’t verify all types of identification, so we strongly recommend using a passport for this. The verification process takes from a few hours to a few days. With a passport, it should not take more than a few hours.
Next, you must link a bank account to your Coinmotion account. You must do this to make withdrawals in euros from your Coinmotion account. Go to My Details -> Bank Account and enter your bank details. Once this is done, click on the Change button.
You are ready to buy some bitcoin! First, you need to make a deposit. Go to the bank -> Deposit. There are two payment methods available for international users.
1. SEPA (usually takes 1 business day)
2. SOFORT (Instant)
Choose the preferred payment method and click on Make Payment. If you chose the SEPA payment method, you’ll be shown the payment details. If you have the payment details, you can make a SEPA transfer and credit it to your own Coinmotion account. If you chose SOFORT, you’ll be redirected to the SOFORT payment page and once the payment process has been completed, your Coinmotion account will be credited.
Now that you have money in your account, you can buy some bitcoins. Go to the purchase page. Enter the amount you wish to buy or click on Max. To buy the maximum amount with your balance in euros. If you receive a message that says the balance is insufficient, click again on Max to update the bitcoin price and click on Buy.
Congratulations! You have bought some bitcoins. From the Send page, you can send bitcoins to other bitcoin addresses. On the Receive page, you can see your bitcoin addresses and generate new ones. Also, if you ever need help, the Coinmotion support team is just a message away.
Coinmotion provides a secure and easy platform for exchanging, storing and using bitcoins. For the first time, users can receive their bitcoins within minutes of registering.
Customers can instantly deposit money into their Coinmotion account using the same methods they use to buy everything online. Then they can buy bitcoins, which can be used instantly.
Coinmotion is like most Nordic things: simple, efficient and direct, without bells or whistles. Obviously, it does what must be done, but, frankly, we don’t make much sense in dealing with it, unless we record a significant volume of transactions and take advantage of the commission discounts. At the time that Coinmotion was launched in 2014, its existence was perfectly justifiable, considering that the bitcoin trade was not as accessible as it is now. However, today there are hundreds of exchanges with a larger number of currencies on offer and for a lower bargaining fee to choose from.