Cryptocurrency is what one would call “the in” for many people that are interested in investing their time and money. And, if you haven’t heard of it yet, you might as well be living under a rock.
Here is a short explanation of what Cryptocurrency is all about.
It is a computerized currency, i.e., digital, which is extremely difficult to forge with the security that cryptography provides. One prominent feature of this currency is that the government does not issue them. This leads to the inability of the governing authority of a state to manipulate or create any interference.
With this cleared up, let’s discuss the article at hand, i.e., Coinmotion. We will be covering on the topics such as the processes that take place in relation to registering, making withdrawals, or depositing. In other words, the ABC’s of Coinmotion. Hopefully, this write-up will help you get a clear picture of Coinmotion.
Now, what is Coinmotion?
So, let’s start off with what Coinmotion is all about.
The service provider was launched in the year 2012 with a vision to give normal people the power to control their cash. They are now serving tens and thousands of customers.
It is later in the year 2019 that the financial authority of Finland FIN-FSA provided the license stating that Coinmotion is a service provider for cryptocurrency.
Prasos Oy is a fintech company in Finland that runs the service Coinmotion, and Henry Brade is the founder. He is also known widely across Finland for his great interest in Bitcoin.
With that covered, let’s take a look at the process of Coinmotion.
- Registration and Depositing
- Purchasing Bitcoin
Registration and Depositing
Here are little tips and guides to help you get through the registration as well as to make deposits.
- It is vital to fill in all the necessary information in the form provided to you. As you fill the requirements, carefully follow the instructions that are provided on your screen.
- In completion of the registration, you will now receive an e-mail for a confirmation. It is necessary to click on the link that has been sent to you in the mail to complete the registration process.
With the completion of the registration, you will also need to ensure that your account is verified before making any trade.
- After the registrations are complete, first, ensure that you deposit some amount of money to begin making purchases of Bitcoin. You need to select the Transfer option in the main menu, which will produce a page where you can type in the amount you will be depositing. The page itself will be easy for you to understand as it contains explanations.
As you fill in the amount you want to deposit, the page loads the amount of Bitcoin (BTC) you will be able to exchange. Please note that making transfers from SEPA usually take about 1-3 banking days for its processes.
The process to purchase Bitcoin from Coinmotion is very simple and quick. Here is what you can do:
- Click on the Trading option present at the top of the menu. In doing so, you will receive a form to fill up on your screen.
- Next step, you need to put in the amount of BTC (Bitcoin) you desire. Thus, you will see that the page will show the cost in Euros. You can also click on the max option to get the maximum amount of Bitcoin your balance is able to purchase.
The default option is set as a market option, and this is the ideal option for any user with no experience in the trading market. The option is to set the price of BTC as the market price. You can pick this option if you decide to make purchases in small amounts.
Another method of buying Bitcoin is through the trading option, i.e., selling.
At the top of the page, you need to click on the Sell option, which will pop up a form for you to choose the amount of Bitcoin or cash you want. All you need to do is put in the amount you wish to sell, and Voila!
Coinmotion also provides additional security. So, if you ever decide to increase your security, simply click on the My Wallets option at the top of the menu. Here, you will see the Vault option if you scroll to the bottom of the list.
The objective of the vault is to provide extra security for all the customers in Coinmotion. You can call it a Virtual Safe for the coins you own.
By placing your coins in the vault, it will be impossible even for you to gain access to it until the lock time reaches. The security makes sure that even if your password or phone is in the hands of a thief, they will not be able to move your coins anywhere.
Coinmotion: Advantages and Disadvantages
Coinmotion is a server in Finland that works as a middleman between the customers and the major cryptocurrency agencies. You can avail of its services in Switzerland, EEA countries, and the EU, and it offers only Bitcoin trading.
There is also the addition of wallet services that Coinmotion provides, which is specifically for transferring and storing your bitcoin.
Advantages of the service
- Numerous Methods for Deposits – Although coinmotion does not accept credit cards for flat deposits, it gives you various convenient options to deposit.
For instance, in Finland, there is the option to use instant electronic payments. Then, we have SOFORT and SEPA for Switzerland, Poland, Italy, Germany, Belgium, Spain, Netherlands, Hungary, France, and Austria.
- Multiple Order Types – In addition to instant orders, coinmotion also supports stop and limit orders. Here, stop orders automatically launch a sale whenever the price of bitcoin decreases to a particular limit.
Furthermore, limit orders will automatically make a purchase or sell when the bitcoin hits the customer’s set limit.
- Personal Wallet – The purpose of the wallet is to provide the coinmotion clients to have a wallet where they can transfer or store their bitcoin.
- Rigid Security – the coinmotion security is said to have multi-signature cold storage and two-factor authentication for the clients’ funds.
- Active Trader’s Discounts – Coinmotion also provides a special offer to their most active clients. You can begin your trade with a volume of 500 euros.
Disadvantages of Coinmotion
- Expensive Fees – As a broker, coinmotion takes a 2% trading fee. There is also the deduction of 0.9 Euros during bank withdrawals.
- Fewer Coins – You only get the option to trade with bitcoin in coinmotion.
- Anonymous – Coinmotion requires you their clients to issue a copy of their ID documents and residence proof.
- Limitations to Transfer, Sell and Buy – There is a limitation set for all the sales and purchases. Coinmotion also has a limit to the maximum of how much a client can send.
- Trouble with the bank – Coinmotion admits that it has bank troubles, and this is not only for the said server but also in other minor European exchanges.
Let Us Summarize
Coinmotion is an efficient and simple server that provides the services it is supposed to. It has been of great use during its first appearance. Today, however, we see that there are more than just tens or twenties of similar servers. And most of them provide better offers with trading fees that are less.
All in all, it is easy to say that you don’t need to invest your time and money in opening an account or using this server. As stated in the aforementioned context, many other brokers today will charge lesser fees for any of your transactions.
This post is also available in: Suomi