In this article, we will take you through a comprehensive Coinmerce review and key topics about Coinmerce to help you determine if this provider is reliable and suits your needs. This review is a snapshot and we do our best to keep the facts up to date. Do you have any remarks, complains, compliments, ideas or something else you would like to share regarding this Coinmerce review? Please, don’t hesitate to say hi and reach out to us.
Coinmerce B.V. was founded in 2017 in Amstelveen, Netherlands by two brothers who didn’t find a proper way to buy Ethereum for them and their relatives. Therefore, together, the brothers had one goal; to make buying and selling crypto as accessible as possible to everyone. Easy, fast and reliable. These are the pillars with which Coinmerce wants differentiate from their competitors. Coinmerce believes that it should be simple and accessible for everyone to invest in this fast-growing market and technology.
“Our focus is on you, the real person using Coinmerce. We welcome all experience levels and focus on safety and turning beginners into pros.“
In 2018 Coinmerce launched their multi-based broker trading platform and in 2020 they updated their looks. It has now an easy accessible and user-friendly design. The platform can be accessed through the web browser and by downloading the iOS or Android mobile application. This makes them unique as broker, as Coinmerce was one of the first who made it possible to access your wallet and trade through these three applications. Users can easily buy crypto from as little as € 10.- through euro (€) pairs, making use of the most convenient payment methods and swap crypto vs. crypto. Besides the well-known crypto like Bitcoin and Ethereum, they also offer Compound, Basic Attention Token and OMG Network from their wide range of crypto.
In the beginning of November 2020 Coinmerce has successfully been registered at the Dutch central bank (DNB). The registration was needed as a new law in the Netherlands ordered crypto providers to ensure they follow the terms and conditions of the Dutch Money Laundering and Terrorist Financing Prevention Act (Wwft) and the European Anti-Money Laundering Directive (AMLD5). On that notice it is important to know that registered companies are not subject to prudential supervision by the Dutch central bank or conduct supervision by the Authority Financial Markets (AFM). This means that there is no supervision on financial business risks and no specific financial consumer protection.
The Coinmerce app is free for iOS and Android and lets you access the total array of Coinmerce functions whenever, wherever. You can manage, sell and buy the wide array of available crypto through the mobile Coinmerce Wallet. Currently, the app is functionally based of the web app. A copy as you will. The new app shall be launched shortly.
To qualify for a Coinmerce account and use the trading platform, you must be at least 18 years of age and reside in the European Economic Area. Considering extant laws and regulations, Coinmerce uses three levels of verification, namely Registered, Verified and Pro. Each with its own restrictions and possibilities
To do your first crypto trade at Coinmerce, the personal data and identification process follows after Registered. Coinmerce is obligated to verify your identity to prevent fraud, financing terrorism and money laundering. The registration process is supported through the service of Onfido, which works straightforward and perfectly. It takes about 2 minutes, if you use good pictures. You can use a passport, driver’s license or identity card for this purpose. Approval of your registration is normally on the same day.
The next step is to verify your bank account, whereby your bank account shall be linked to your Coinmerce account. You may not use a bank account that belongs to someone else. The link shall be made by conducting a small payment of € 0.01. The amount shall not be added to your Coinmerce funds and can therefore be seen as costs for the verification. Conduct the verification payment by iDEAL or SEPA. When choosing iDEAL, the verification shall be completed within minutes. SEPA transfers take up one working day to receive and to be processed. The reason for linking the accounts is to ensure your name matches the name registered to your bank account. The bank verification is the last step before you can transact crypto or make withdrawals.
When you’re done with your identity and bank verifications, you are able to carry out trades up to € 20,000.- per day or € 60,000.- per week. To do trades beyond these limits requires an account upgrade.
The last verification level is called Pro. With a Pro account you shall receive tailored made-limits; you have the possibility to deposit, trade and withdraw limitless money (€) and crypto. Verification is done by providing proof of address and a source of funds―a payment slip, annual statement, tax return or any other requested documents. Finally a video call will be planned to discuss your needs and determine the specific limits. Feeling like a whale ? Contact their customer service to apply for a Pro verification.
Besides the regular trading, Coinmerce also offers over-the-counter (OTC) trading. They offer an exclusive personalized service for clients who desire to trade larger amounts with a minimum of € 20,000.-. Over-the-counter trading includes service at every step, from the initial consultation all the way through to trade execution. Coinmerce will work closely with you during the process to answer all your questions with the goal to build a prosperous and long-term relationship.
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 such as 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 a bit more expensive than exchanges. Coinmerce is a broker, which means it doesn’t use its own order books, but uses the order books of large exchanges. The volume of your trades are therefore not circulated on Coinmerce, but at the exchange where your order has been send too. Also as a broker, Coinmerce doesn’t have any crypto in stock.
The trading fee or trading costs on Coinmerce is calculated by an algorithm during your trade and is dependent on a number of factors: volume requested, order size and the cost of transacting particular crypto. Due to these factors it is hard to calculate the fee and the final price of your order upfront. Typically, the fee is between 0.4% and 2.5%. However, the fee can be higher with very low volume cryptocurrencies. With instant orders, you shall always be notified beforehand when this is the case. For limit orders it’s impossible to say in advance whether a higher fee will be used. Therefore, you may not get notified upfront. That being said, on average the maker and taker fee on Coinmerce is 1.57%. Some providers including Bitvavo and Bitladon provide discount or VIP levels on the fee the more you trade. Coinmerce does not provide any sort of discount or VIP levels.
Aside from the regular market orders, which are executed instantly, Coinmerce also supports limit orders. With a limit order, you sett a certain price (rate) you wish to buy or sell crypto. For example, the price of Bitcoin is now € 20,000.-, you think it is too high and wish to buy for € 1,000.- in Bitcoin at a rate € 18,500.-. Your order shall automatically buy the Bitcoin when it reaches the rate of € 18.500.-.
Rates at Coinmerce are displayed without trading fees of 1.57%.
Prices at Coinmerce are displayed with an average trading fee of 1.57%.
Prices at CoinCompare are displayed with an average trading fee of 1.57%.
The difference between the buy and sell price is called spread. The spread is expressed in percentages to indicate how small or large the difference is between the buy and sell prices. The level of spread and trading costs determine whether a provider is cheap or expensive. The trading fee at Coinmerce is on average 1.57% which goes on top of the exchange rate. The spread at Coinmerce is on average 3%. It is higher than Bitvavo, but still one of the best. You don’t see this percentage anywhere at Coinmerce, but you don’t have to. It’s a ‘nice to know’ to find out whether you can quickly earn your purchase back by selling after a price increase. In conclusion, the lower the spread at the provider, the faster you can earn your investment back when the price rises.
To start trading you need either money (€) or crypto in your Coinmerce wallet. If you don’t have any crypto yet, you need to deposit a minimum of € 10.- to be able to start trading. Coinmerce supports several payment methods to wire money from your bank account to your Coinmerce account. The payment methods to choose from are iDEAL, Bank transfer (SEPA), SOFORT, Bancontact, EPS, MyBank, Zimpler, MasterCard and Visa. All payment methods come with their own service costs. When using SEPA your deposit is free, but when using iDEAL an additional € 0.30 is charged. See here the complete overview of all costs and limits of the supported payment methods. Your transaction shall be processed within 24 hours for most of the deposit methods and shall be shown as Coinmerce Coins in your wallet. One Coinmerce Coin equals € 1.- and utilize the payments on the platform.
When you have sold your crypto you shall receive the amount in Coinmerce Coins in your wallet. To withdraw your funds you need to sell your Coinmerce Coins. Your funds will then be sent to your verified bank account. The withdrawal is totally free from any service costs as it is processed as a SEPA transfer and is mostly done on the same day.
Coinmerce supports deposits and withdrawals for most cryptocurrencies as you can manage those in the wallet in your account. When you have some crypto on an external wallet or at a different provider, you can send those to Coinmerce to trade those for a better price. To deposit, go to your Coinmerce wallet, select add new wallet and choose the cryptocurrency you wish to deposit. Copy the address and use this to send the funds from your external wallet or from a different provider to your Coinmerce wallet. Depositing crypto to your Coinmerce account is free of charge! However, you must include enough fees for the transaction to be processed by the blockchain or else you won’t be able to deposit.
In case you wish to send your crypto stored on Coinmerce to a personal wallet, for example, you can easily withdraw them. This is done by going to your wallets in your account, selecting the cryptocurrency you wish to withdraw and enter the amount. Finally, enter the receiving wallet address you want to send the funds too. Don’t forget to add the tag, memo or note if needed. Once the withdrawal has left the platform, you’ll get a transaction ID so that you can track your transaction while it moves over the blockchain network getting validated.
For withdrawing crypto, a small fee is required. The fee is not set by Coinmerce and they shall not profit from it. Instead, the fee is needed to support miners who verify your transaction on the network. The calculated fee is dependent on the transaction cost Coinmerce has to pay to the blockchain network. The amount of the fee is depending on which crypto, value of transaction, value of the crypto itself and how busy the network is. This means that one crypto can be cheaper to send than the other. The withdrawal fee shall be stated when initiating a withdraw so that you always know what the costs are. Unfortunately, Coinmerce does not provide a clear overview of all the withdrawal fees per crypto.
Don’t have an account yet after reading this Coinmerce review? Coinmerce has a strong community engagement, user friendly interface and platform, support web and app, cheap prices for most of the crypto and have your back 7 days per week if you need them. If that is what you’re into, join the growing and expanding trading platform of Coinmerce!
You’re not just creating an account, you’re joining a community.
Did you know that Coinmerce is the Best Deal provider on CoinCompare since November 2018?
Coinmerce affords you the privilege to deposit or forward crypto to an external wallet. Therewith you can send crypto to mobile, desktop and cold wallets (otherwise called hardware wallets) as well. A hardware wallet, which is not linked to the web, can receive crypto offline but cannot send them back unless online. Cold wallets are by far the safest way to keep your cryptocurrencies, and so are highly advisable. Depending on your purpose of trading it is either convenient to leave the crypto in your Coinmerce wallet or send them to an external wallet. If you’re going to HODL, we than suggest to withdraw your funds to an external wallet. As told at Deposit and Withdrawal Cost, it is unfortunately not known which crypto are or aren’t supported to deposit or withdraw on the platform.
Does Coinmerce support staking?
Currently it is not yet possible to receive Ethereum, GAS, VeChain Thor, Pundi X or any other crypto by means of staking. Do you want to receive rewards for staking? Then withdraw the crypto to an external wallet or a provider who does support it.
Does Coinmerce support hard fork?
Coinmerce looks at every hard fork individually. This has the following reasons: the trade volume of new forks is often too low to be able to offer them. A hard fork can pose unknown safety risks. Do you still want to receive the funds that arise as a result of a hard fork? Then withdraw the appropriate cryptocurrency to an external wallet.
Coinmerce does support airdrops, but it is depending if the exchanges where Coinmerce is linked to supports the airdrop. If the exchange supports the airdrop Coinmerce shall than determine to support it on their platform if safety and service can be ensured.
Trading in crypto comes with a lot of risks. Not only financially, but also think of hackers or traders with too little experience that don’t know what they are doing. These risks lie not only at the trader, but also at the provider. Therefore, Coinmerce does everything in its power to protect its customers, data, assets and funds.
“Providing our users with a high level of security is among our top priorities.”
They use and offer the following measures to secure your account, personal data and crypto storage and to keep you sharp and focused not to share any personal data:
With these measures, the security of Coinmerce is reasonably regulated and guaranteed.
Keep in mind that you as a user are ultimately the best defense against account breach and theft! That’s why CoinCompare always recommends to utilize a hard wallet (external) to be completely independent of online wallets.
At Cost, Prices and Fees we explained the difference between a exchange and a broker. Coinmerce as a broker operates as an intermediary and uses the order books of large exchanges. As far known Coinmerce uses the order books of Binance, KuCoin and Bitstamp.
The languages supported on Coinmerce are English, Dutch, and Austrian (German). The entire website can be viewed in these languages to ensure the majority of European citizens can browse through the website and platform. However, their blog page is in English and Dutch only.
It can happen that you need some support with a trade or that you want to know how Coinmerce handles your data. There are a few ways to get an answer to your question or solution to a problem. You can find their live chat icon in the lower-right corner of every page of Coinmerce’s website. Upon clicking on the icon, the live chat opens. Or you can contact them through email. To get a swift satisfactory response, send the email with the email address linked to your Coinmerce account and provide as much details as possible. If you require support regarding a service-related issue, attaching a screenshot will facilitate a quick resolution.
Use the email below Sources and Social media to contact their support team with any question you have as they’re really helpful and can assist you in English and Dutch. The experience of contacting can be different for everyone. Our experience with their customer service is quite good. Response timing is mostly within two days and with a satisfying answer. It rarely happens that we don’t get an answer.
Besides the activities on social media platforms as Facebook and Twitter Coinmerce also has its own active Telegram group. Currently there are around 400 members and growing and with an average of 50 persons online. In the group it is not only about Coinmerce, but also about general market developments and news. You can address Coinmerce related topics or questions and someone will help you with it. You can find the link to their Telegram below the Sources and Social media header.
As seen in this Coinmerce review, the platform is simple, responsive, fast deposits and withdraws and user-friendly and thereby making it one of our favorite provider. Thanks to the wide range of cryptocurrencies and their fair prices they ensure to maintain being the Best Deal provider on CoinCompare. We applaud the sentiment indicators (hot, neutral & not) and the functionality to place stop-loss and limit orders, in addition to the typical buy and sell orders. The combination facilitates profitable trading. We believe that the option of withdrawing crypto is a must at all providers as it gives you control over your purchases. Of course Coinmerce supports that to ensure you as user have the freedom to do what you want with your crypto.
Besides offering trading possibilities, they also provide a ‘Learn’ section on the website to inform and educate their users. These learning articles are going to help you understand the ins and outs of blockchain and cryptocurrencies. Including the different types, how they work, what they are and everything you need to know to get started!
No doubt, after reading this Coinmerce review, that Coinmerce operates transparently with the best intentions. It doesn’t matter if you are a starter or an expert in trading, Coinmerce is a platform that suits both perfectly.
Areas for improvement
Although we are pleased with Coinmerce and their operations, we believe that a couple improvements shall make the platform even better:
||Located: Amstelveen, Netherlands
|Variety crypto: 147
||24h volume: Unknown
|Account needed: Yes||Verification mandatory: Yes|
|Verification levels: 3||Discount tiers / VIP: None|
|Minimum order: € 10.-||Spread: 3% average
|Taker fee: 1.57% average
||Maker fee: 1.57% average
|Payment methods: iDEAL, bank transfer (SEPA), SOFORT, Bancontact, EPS, MyBank, Zimpler, MasterCard and Visa
||Deposit fee: iDEAL – € 0.30, bank transfer (SEPA) – None. See others here.
|Withdraw fee credits (€): None||Wallet support: Yes|
|Deposit crypto: Yes||Withdraw crypto: Yes|
|Deposit fee crypto: None (miner fee applicable through trader)||Withdraw fee crypto: None (miner fee applicable through Coinmerce)|
|Trading through web: Yes||Trading through app: Yes|
|Trading pairs: EUR/crypto, crypto/EUR, BTC/altcoin, altcoin/BTC||Languages: English, Dutch, German
By Jeroen Modified 14/02/2021