Coinmerce review (2022)

Coinmerce review: About Coinmerce

Coinmerce B.V. was founded in 2017 in Amstelveen, Netherlands by two brothers and the company later moved to Schiphol-rijk. The brothers found no good way to buy Ethereum for them and their family. This created a common goal; to make buying and selling crypto as accessible as possible for everyone. Easy, fast and reliable. These are the pillars with which they want to distinguish themselves from their competitors and which we substantiate in this Coinmerce review.

“Our focus is on you, the real person using Coinmerce. We welcome all experience levels and focus on safety and turning beginners into professionals.“

In 2018, they launched their multi-based trading platform and in 2020 they updated its design. It now has a more accessible and user-friendly design. The platform can be accessed through the web browser and by downloading the iOS or Android app. With it, users can easily buy crypto from as little as 10 euros, using the most convenient payment methods, including iDEAL. It is also possible to swap crypto for crypto, Staking crypto, Earn crypto by lending it out and trade via trading bots. In addition to the well-known coins and tokens like Bitcoin and Ethereum, they also offer Shiba Inu (SHIBA) and Audius (AUDIO), among others. With a total offering of 195+ different crypto coins and tokens, Coinmerce is the largest provider in the Netherlands based on amount.

The languages supported by the trading platform for both on web and app are Dutch, English and Austrian (German). Their news and blog page changes in these languages. Some articles are available in all three languages and some only in Dutch and English.

Coinmerce review: Coinmerce Broker or exchange?

Not Coinmerce review related, but important to know! There is a big difference between a broker and an exchange. A broker acts as an intermediary and uses the order books of large exchanges like KuCoin and Binance, where an exchange manages its own order books. A broker pays a fee to the exchange for making their order books available. This is the main reason why brokers are often slightly more expensive than exchanges. You end up paying for this. The advantage of a broker is that you are not overwhelmed by the large exchanges, get customer service in your language and can easily buy crypto using iDEAL. More about this on our dedicated crypto exchange page. Coinmerce is a broker and not an exchange. This means that it does not manage its own order books, but uses the order books of exchanges. Thus, the volume of your transactions is not circulated on Coinmerce, but on the exchange where your order was processed. As far as we know, they use the order books at Binance, KuCoin and Bitstamp.

Coinmerce DNB registration

When we published this Coinmerce review, there was still no regulation for crypto in the Netherlands. That came to an end in 2020 and all providers operating in the Netherlands had to register with De Nederlandsche Bank (DNB). The registration had to do with a new law in the Netherlands instructing crypto providers to comply with the terms of the Money Laundering and Terrorist Financing (Prevention) Act (Wwft) and the European Anti-Money Laundering Directive (AMLD5). In November 2020, Coinmerce was successfully registered with De Nederlandsche Bank (DNB) and thus complies with the imposed conditions. It is important to note that registered companies are not subject to prudential supervision by DNB or conduct supervision by the Netherlands Authority for the Financial Markets (AFM). This means that there is no supervision of financial business risks and no specific financial consumer protection. Something that needs to be clear in this Coinmerce review.

Coinmerce review: Coinmerce app

In addition to trading via desktop or laptop, Coinmerce’s trading platform is also accessible via app. The broker has developed a user-friendly iOS and Android app for all new and existing investors. The app is free to download for both operating systems and gives you access to almost the entire range of functions. Only Earn and Bots are not yet available through the app. Are you waiting for the bus or on a break at work, through the Coinmerce app you can access the market to buy crypto anytime, anywhere. The Coinmerce app distinguishes itself partly because it is possible to deposit and withdraw crypto from this crypto app. This is not possible with Bitvavo.

Coinmerce review: Verification and Trading Limits

In order to qualify for a Coinmerce account and use the trading platform, you must be at least 18 years old and live in the European Economic Area (EEA). Given the existing laws and regulations, in this Coinmerce review we describe the three levels of registration, namely “Registered”, “Verified” and “Pro” with each having its own restrictions and capabilities.

Registered

To access the broker’s trading platform you must be at least ‘Registered’. It is not possible to trade at this level. Press the link above and fill out the registration form with your first name, last name and email address. Make sure the details are correct and match the details on your bank account and identification document for a smooth verification. Finally, make sure you create a difficult password and accept their Terms and Conditions and Privacy Policy. Complete the registration by clicking on the link in the email sent to your email address.

Verified

With a ‘Verified’ account you can start trading crypto and have a deposit and withdrawal limit of 20,000 euros per day and 60,000 euros per week. Verification is performed by providing a valid government-issued ID such as passport, driver’s license or identity card. Coinmerce is required to verify your identity to prevent fraud, terrorist financing and money laundering. The process takes about 2 minutes if you use good photos. Registration approval is normally done on the same day.

The next step is to verify your bank account by transferring 1 cent. Your bank account will then be linked to your Coinmerce account. You may not use a bank account that belongs to someone else. Make the verification payment via iDEAL or SEPA. If you choose iDEAL, the verification will be completed within a few minutes. SEPA transfers take one business day to be received and processed. The reason for linking is done to ensure that your name matches the registered name on your bank account. The bank verification is the final step before you can deposit and withdraw funds and start buying, depositing, withdrawing and selling crypto.

Pro

The final level of verification we’re discussing in this Coinmerce review is called ‘Pro’. With a Pro account, you get customized limits; you then have the ability to deposit, trade and withdraw unlimited money and crypto. Verification is done by providing proof of residence or domicile and a source of money – a receipt, annual statement, tax return or other requested documents. Finally, a video interview is scheduled to discuss your needs and determine specific limits. Planning to trade as a whale? Then contact customer service to request a Pro account.

Coinmerce review: Coinmerce wallet

When you have purchased crypto coins or tokens from the broker they will be stored in your Coinmerce wallet. This wallet is online and is linked to your account. So only you have access to it when you log into your account. The wallet of this broker ensures that you always have access to your crypto with the app, so you can quickly switch when you want to buy and sell. Using it is not required. It is possible to send your purchases to an external wallet.

So you are not dependent on the wallet on the trading platform. Note that it requires a bit more experience and takes away from the ease of use. The broker applies a cool-down of 24 hours before you can withdraw crypto to an external address. This cool-down starts when you have created an account. In addition to depositing, storing and withdrawing, the Coinmerce wallet also allows you to start Staking, Earn and Bots through the crypto you own.

Coinmerce coins

The money you deposit at the broker is shown as Coinmerce coins and represent the same value as your money. The ratio is 1-to-1. These coins serve as credit to buy and sell crypto easily and user-friendly. So you do not buy crypto with iDEAL or other payment methods, but with Coinmerce coins that you have deposited via iDEAL. When you sell crypto you will receive the credit back in Coinmerce coins. If you want to cash out and withdraw money to your bank account then you need to sell the Coinmerce coins. Continue reading how.

Coinmerce fees

We want to make sure you learn as much as possible through our Coinmerce review. Also the Coinmerce costs either trading costs, transaction costs or fees, among the many names. These fees are calculated by the broker during the process of buying crypto by an algorithm and depends on a number of factors:

• Trading volume;
• Order size;
• Transaction costs crypto.

These factors make it difficult to calculate the cost and final price of your order in advance. Remember that the order is processed at an exchange and not at this broker. Typically, Coinmerce fees are between 0.4% and 2.5%. However, the cost can be higher for crypto with very low trading volume. For direct market orders with low trading volume, you are always informed in advance when this is the case. For stop limit orders, it is impossible to indicate in advance whether a higher fee will be applied. It is therefore possible that you will not be informed in advance. On average, Coinmerce fees are 1.57%. Some providers, including Bitvavo and Bitladon, offer discounts or VIP levels on transaction fees the more you trade. This broker has no forms of discounted fees. The prices of this broker on CoinCompare are shown including the transaction fee of ~1.57%.

Did you know that Coinmerce is the Best Deal Provider 2019 and 2020 on CoinCompare?

Money deposit fee

If you want to buy crypto at this broker you need to deposit at least 10 euros. You can do this with iDEAL, Bank transfer (SEPA), SOFORT, Bancontact, EPS, MyBank, Zimpler, Revolut, MasterCard and Visa. All payment methods have their own service fees. The use of SEPA is free, but when using iDEAL 30 cents is charged. See here the complete overview of all costs and limits of the supported payment methods. For most payment methods the money will be in your account within 24 hours. As mentioned before the deposited money is displayed as Coinmerce coins, which you can use to buy crypto:

1. Log into your account;
2. Go to “Wallets”;
3. Press “Coinmerce Coins”;
4. Enter the desired amount and choose payment method;
5. Process the transaction.

Money payout fee

When you have sold your crypto you will also receive the amount in Coinmerce coins in your wallet. To pay out money, you need to sell these coins. The money will then be sent to your verified bank account. When paying out, Coinmerce does not charge any fees as it is processed as a SEPA transaction and usually takes place on the same day.

1. Log into your account;
2. Go to “Wallets”;
3. Then go to “Coinmerce Coins”;
4. Press the three dots on the right and press “Sell”;
5. Enter the desired amount and process the transaction.

Crypto deposit fee

Want to deposit and withdraw crypto? From the 195+ crypto offered, that’s possible for the most! If you have crypto elsewhere, go through the following steps in this Coinmerce review to send the crypto from your external wallet or from another provider to your Coinmerce wallet:

1. Log into your account;
2. Go to “Wallets”;
3. Select “Add new” at the top;
4. Choose the crypto you want to deposit;
5. Copy the address and press “Done”;
6. Enter the copied address and if needed the note from where you want to withdraw.

There is no fee for depositing crypto to your Coinmerce wallet. However, you must charge a sufficient transaction fee for the transaction to succeed on the blockchain.

Crypto withdraw fee

If you have crypto in your Coinmerce wallet and want to withdraw it, there are fees and wallet verification involved. These are not Coinmerce fees, but fees to support the miners who verify the transaction on the network. The amount of these fees depend per crypto and how busy it is on the network.

1. Log into your account;
2. Go to “Wallets”;
3. Go to the crypto to be withdrawn;
4. Press the three dots on the right and press “Withdraw”;
5. Enter the desired amount to be withdrawn and press “Next”;
6. Press “Verify Address” if you haven’t already done so;
7. Or press the verified address;
8. Follow the steps and review your withdrawal request carefully.

The withdrawal fee is mentioned when initiating a withdrawal, so you always know what the fee is. Unfortunately, they do not have a clear overview of all withdrawal fees per crypto. It may happen that you have enough crypto to pay the fee and meet the minimum amount required and yet the transaction is not initiated. If so, contact customer service or make an appointment through this Coinmerce review.

Is Coinmerce safe?

Trading crypto comes with a lot of risks. That it may be clear through this Coinmerce review. Not only financially, but also think about hackers or traders with too little experience. These risks lie not only with the trader, but also with the provider. Therefore, they do everything possible to protect and secure its customers, data and assets.

“Providing our users with a high level of security is one of our top priorities.“

They use and offer the following measures to secure your account, personal data and crypto storage and keep you sharp not to share personal data:

• Login with email address and personal password;
• 2-Factor Authentication (2FA);
• Device and IP management;
• Application SSL technology;
• Support page dedicated to security.

Is Coinmerce safe? An important question to ask in our Coinmerce review. The answer is yes! With the above measures, security is well taken care of and guaranteed.

Coinmerce contact

It may happen that you need support with a transaction or want to know how the broker handles your data. Don’t worry, the trading platform is easy to reach in all support languages when needed. Did you know that they offer the most contact options for reaching customer service? In fact, there are six different channels you can go to with your question or problem. In this Coinmerce review, we’ll outline where you can contact Coinmerce:

1. Email;
2. Live chat;
3. Telegram;
4. By telephone;
5. Submit callback request;
6. Appointment at Coinmerce store.

When contacting Coinmerce, it is important that you provide as many details as possible. Are you using email for customer service? Then use the same email address you used to create your account. Include any screenshots, so they can quickly provide you with a solution to your question or problem.
Do you have a short question? Then the Coinmerce live chat or their Telegram is a good option. You can start the live chat by clicking on the chat icon on the bottom right of their website. This live chat icon can be found on almost every page.
If urgency is required, it is better to call customer service or drop by their unique physical Crypto Information Center. At Info and Social media in this Coinmerce review you will find all the info and links to the contact options.

We have not had one bad experience with their customer service. The response time is usually within one day and it is rare that it is within two days. Also, 9 times out of 10, the initial response is resolving.

Coinmerce review: Rating

There should be no doubt after reading this Coinmerce review that the broker operates transparently and with the best of intentions. No matter if you are an entry-level starter or a switching expert in crypto trading, the trading platform is a perfect fit for everyone. It is a simple, user-friendly and responsive trading platform where depositing and withdrawing is fast. At the time of writing, they have the largest selection of crypto coins and tokens in the Netherlands. Where the competition also under-performs is that Coinmerce offers many options like Staking, Earn, Bots, swap crypto, sentiment indicators and stop limit orders. It is a true “all-in-one” crypto platform.

In addition to offering trading opportunities, they also offer a “Knowledge Base” on the website to inform and educate their users. These learning articles will help you understand the ins and outs of blockchain and cryptocurrencies.

Coinmerce review: Points of improvement

It is clear in the Coinmerce review that we appreciate the operations of the broker from Schiphol-rijk. Nevertheless, we believe that the following points will take the platform to the next level:

• The information of an order in the app is not consistent with the information of the same order via web. For example, on a sales order in the app, all information is shown, including Status and Date, while via web this is not the case.
• Adding an overview of which coins and tokens are supported to deposit, withdraw, minimum amount including withdrawal fees. This is not available currenlty.

• Transaction costs are not displayed during or after an order. We understand that it is difficult to determine transaction costs with all the variables involved. But as a trader, it is good for your records to understand what you paid for a trade. As Warren Buffet said, “You can turn any investment into a bad deal by overpaying.“
• Translate all pages consistently.
• We believe that they have their security in place just fine. But simple things like an anti-phishing code in email communications or approving a withdraw via email are not yet an option.
• Candlestick charts are missed. They already offer an a lot of options, leaving competitors behind. However, candlestick charts would really excel the platform.

Starting or switching?

Still not convinced to get in or switch after reading this Coinmerce review? Did you already know that you can be verified in less than five minutes? If you have completed all the registration and verification steps and buy crypto for a minimum of 100 euros you will receive 10 euros back as credit.

Receive 10 euro credit after your first trade!