|Account Currency||EURO, GBP|
Coinmotion is a Finland based broker offering online traders an easy and convenient way to store, buy and sell bitcoin, while it also offers fast SEPA payment processing. Coinmotion is operated by @prasosltd, a leading Nordic broker founded in 2012, which also operates @Technom4ge, @DenariumBitcoin and @Bittirahafi, provides online bitcoin services over the past six years. No licensing details can be found on the website, or any of the social media sites used by Coinmotion including Facebook, Instagram or Twitter.
The Finnish broker basically serves as the middleman during the trading process taking place between major international cryptocurrency exchanges and its registered clients, which get to instantly sell or purchase Bitcoin, Ethereum and Litecoin for fiat currencies. The Coinmotion services are offered to traders in Switzerland, EEA and EU countries. Currently, all trading takes place in bitcoin, while members can also use the wallet service by Coinmotion for transferring and storing bitcoins.
Coinmotion registered members can use four different ways to deposit and also offer pre-approved deposits. The company does charge a fairly high fee of 2% and services are not anonymous as Coinmotion requires new members to provide both proof of residence and a copy of their government issued identification. As with several other smaller exchanges, Coinmotion had bank account problems that resulted in its account being closed by one major bank in Finland. This could be an underlying reason why the online broker is interested in partnering with other investors or partners.
Licensing & Regulation
The Coinmotion website offers no information regarding any trading license, although members are promised that all services are secured when it comes to storage or trading. The majority of all Coinmotion’s client funds are stored in highly secure storage, where it is unreachable for e-burglars. With five years of experience in storing bitcoins, the company ensures users that they do store all funds safely. It is often the easiest way to communicate with an online company, which is also the main reason why clients place great value on live chat assistance and unfortunately in the case of Coinmotion it is not available.
Coinmotion online services started in 2014, and at the moment, offers twenty-three different technologies. The website supports mobile access, although Coinmotion does not offer a mobile app via Google or the iOS App Store. Mobile users can access the website via any one of the major browsers, which enables them to keep track of the latest trading updates, buy or sell cryptocurrencies, such as Ethereum, Litecoin, or Bitcoin.
Brand & Functionality
Before online traders can utilise the services offered by Coinmotion they need to register a new account, provide personal details and then verify the account via email. The verification process also requires the uploading of a few personal documents such as a valid ID, while clients in Finland are also able to use the identification services of the standard bank. Once all documents are received, and the account is active, deposits can be made via several options to allow for the trading in cryptocurrencies.
Coinmotion offers a choice between a private or company account and the list of personal details required includes first & the last name of the applicant, a valid email address, home address, and selecting a password. The account is an electronic agreement available to persons older than 18 years of age. By creating an account with the company, users authorise Coinmotion to use the information, while iSignthis services are used to comply with all AML policies, including ID verification, payment processing, and authentication of payments.
Coinmotion clients get to make deposits in fiat currencies to purchase cryptocurrencies via SEPA transfer, credit card, Sofort or S-Bank. Fiat currency deposits can take up to three working days. The Sofort deposit option can be used in ten different countries in Europa, while S-Pankki is an instant payment option exclusive to clients from Finland. Credit card or debit card deposits are accepted unless the card or owner is located in the following countries: China, Colombia, Ecuador, Algeria, Bangladesh, Indonesia, Kyrgyzstan, Lebanon, Japan, Kuwait, Macau SAR China, Bolivia, Canada, Morocco, Nepal, Pakistan, United States, Vietnam, Qatar, Thailand or Turkey.
Coinmotion offers investment opportunities in Ethereum, Litecoin and Bitcoin, while its services apart from selling and buying cryptocurrencies also include cryptocurrency storing, commercial collaboration and private cryptobanking.
The private banking service is available to both companies and individuals requiring personalised services when it comes to the storing of cryptocurrencies, as well as buying or selling. Coinmotion offers a wide variety of cryptocurrencies as well as different trading pairs apart from storage solutions. The minimum investment is the equivalent of 10,000 EUR.
Commercial collaboration offers white label partnerships solutions and wallets for institutions or companies interested in adding cryptocurrency trading solutions.
Coinmotion offers two different types of orders including stop and limit orders apart from instant orders. With limit orders, the trader can automatically sell or purchase bitcoin via a set price. With stop orders, the sale is launched automatically when the bitcoin price goes below the limit set. All Coinmotion users have access to a wallet where bitcoins can be stored safely, and the robust security systems used by the company also includes multi-signature client storage as well as 2-factor authentications. Active traders can also look forward to higher trading volume discounts, staring once the trading volume reaches 500 EUR across 90 days.
While members can deposit in fiat currencies, Coinmotion also allows cryptocurrency withdrawals from a cryptobalance, although the user is responsible for any errors such as sending to the incorrect address. The withdrawal of cryptocurrencies takes several hours or even a day or two and can be denied should any AML risks be detected. Selling cryptocurrency, fiat money is returned to your balance and the speed at which the funds will be added depends completely on the AML risk involved, the amount of the fiat money part of the withdrawal, information provided, or any other matters related to the withdrawal.
Coinmotion features a few communication options on the website. These include a telephone number that can be used from Monday to Friday from 10 am to 12 pm UTC or 1 pm to 3 pm EEST. Alternatively, members can also contact the support team via email and the website also displays a postal address in Finland. The online FAQ offers answers to a very limited few questions, which includes information on Bitcoin, banking options, account settings and trading such as buying and selling.
Coinmotion is also active on social media via Twitter, Instagram and Facebook, although no communication is offered via any one of the mentioned platforms. The website also lacks tutorials or guides for new traders, which further places importance on a live chat option. The main trading tools are buying, selling and storing of cryptocurrencies.