Our experience buying and selling bitcoins on the CoinMate.io Exchange – Note this is a partner post. Find out more in our editorial policy.
Please note: This review is based on selling a relatively small amount of bitcoin into euro. The stats outlined in this review may not apply to larger traders. This review is part of our series of bitcoin exchanges. Last updated: May 2019
We recently had some bitcoin earnings from work mining efforts as we we conduct our mining pool reviews. As we’re in Ireland, we generally focus on European exchanges to buy and sell our bitcoin. In this particular case, we had over the course of a few weeks both requirements to sell bitcoin, and buy it, so we looked at the CoinMate.io exchange.
Registered in London, UK, CoinMate are a brand new exchange that offers European users the ability to buy and sell bitcoin, bitcoin cash, ripple, dash, etherum and litecoin. While the market price is denominated in dollar, the exchange supports SEPA Euro transfers, Czech Koruna, as well as Moneypolo.
So here’s our experience getting registered, lodging bitcoin, and selling it for real money, and vice versa.
CoinMate.io is a bitcoin exchange that can be accessed through a web browser, or API for more advanced traders. Like other exchanges, they have a manual verification system for trading in money which require you to give two photo id and a utility bill. In our case, we’re a company, so we needed some further verification to show that we were directors of the company, and in our case our entry on duedil.com was sufficient as well as our certificate of incorporation. It should be noted they do not accept traders from the USA.
Once that was out of the way, I proceeded to lodge bitcoin onto my exchange account, and within three confirmations my coins were available for me to trade. Selling bitcoin is straightforward. If you just want bitcoin and aren’t price conscious, their quick buy option will take the orders from the cheapest up to fill your order. You can also put in prices you want to sell at, and see if the market would take it. There isn’t as much volume as some of the more established exchanges, but I was able to sell relatively quickly, and the fees were 0.2% on all trades (this has changed in the interim to a Maker/Taker Model. BTC Maker 0% – 0.05%, BTC Taker 0.1% – 0.35% fee). They have a referral system too which passes on 50% of fees for 48 months, and they have charts which they distribute a portion of fees to their fees with their top traders. They also have a chat room for people to talk.
An example trade is that I sold 0.12054028 bitcoin at a price of $212.22 for $25.58. CoinMate.io took a $0.05 fee and I received $25.52 of this. There’s minor rounding at this trade size. The minimum withdrawal in dollars is $20.00 and in bitcoin it’s 0.001btc.
Once the funds were in my account, I could then choose to withdraw this into my bank account. My balance was in euro, and I set this to transfer. CoinMate uses the XE.com exchange rate plus a 0.5% spread, and this amount was then wire transferred to my account. I did a couple of trades over the course of a few weeks, and this took one or two working days in all cases for it to hit my bank account.
Later, I had need to buy some bitcoin, so I thought I’d try the other way around. In this case, I send the wire transfer to the exchange, and the next day, I had the funds in my account. I then bought these, traded a little as the price was volatile at the time, and then withdrew the coins, entering my bitcoin address and then checking my email to enter the code. Within a minute or two, the coins flashed into my wallet, confirming away.
Securitywise, they send you a security code to be entered at any major points, and they also nag you to enable two factor authentication using Google Authenticator. The exchange also holds funds in cold storage, and employs Trezor multi-sig wallets.
So CoinMate is a fairly intuitive exchange to use, that really focuses on making it straightforward to quickly buy and sell bitcoin, litecoin, bitcoin cash, ethereum, rupple and dash. Verification was straightforward and done promptly, with the rest of the experience was pretty good. So I had a good overall experience with them, and if you’re in Europe with a SEPA account and looking to buy or sell bitcoin within the EU, they’re worth checking out. Alternatively, you can visit our Buy Bitcoin page to get bitcoin right now with a credit or debit card.
By The Numbers: The Rate Bitcoin Must Climb To Reach $100K By July
Bitcoin is a numbers game through and through. There are only 21 million BTC. The code and its consensus algorithm are both made up of complex math. The total coins are slashed in half every four years, and so on and so fourth.
Most important of all, here’s the growth rate Bitcoin price must hit steadily to reach $100K per BTC by July 2021 according to one crypto capital manager – as well as the one thing that could get in the way.
Bitcoin Price Growth Rate Should Take Crypto Valuation To $100K By July
Bitcoin’s growth from virtually worthless to more than $60,000 per » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin came to be reads as if it was ripped from a sci-fi film: Mysterious person takes a shot at all money, and takes no credit for the monumental effort.
” href=”https://www.newsbtc.com/dictionary/satoshi/” data-wpel-link=”internal”>Satoshi’s creation is now more than a decade old and has grown far beyond most people’s expectations. Over the last year alone, the leading cryptocurrency by market cap has grown at a daily average rate of 0.65% since April, resulting in a nearly a ten times climb in value.
At the current pace, according to crypto capital manager Timothy Peterson, Bitcoin price would reach $100K by June 30th.
At only a daily growth rate of 0.64% the top crypto should hit $100K by July | Source: BTCUSD on TradingView.com
The One Factor That Could Cause BTC To Fall Short Of Target
Bitcoin price must maintain comparable momentum over the last year to keep climbing at a similar rate and reach more than $100K per » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin. The number is now closer to the current price action than $10K is, and thus potentially more achievable.
Price predictions for the next cycle top reach as much as $400K, with estimates more steeped in reality ranging from $125,000 to $325,000 per BTC.
The rally could really be over if the historically accurate signal is right again | Source: BTCUSD on TradingView.com
There’s a chance, however, the cycle top is in, according to the Pi Cycle Top Indicator. If the historically accurate tool is right yet again, the leading cryptocurrency’s daily growth rate will begin to decline from here on out until another bull market breaks out.
Bitcoin price wouldn’t make it to $100K by July, and a return to prices much lower would follow. If that’s the case, crypto investors would have to wait a while longer for the number one cryptocurrency by market cap to reach that ultimate target.
Featured image from Deposit Photos, Charts from TradingView.com
Bitcoin’s time has come: TIME magazine to hold BTC on balance sheet
Institutional fund manager Grayscale has partnered with acclaimed New York-based magazine TIME to produce an educational video series on the subject of crypto assets.
The partnership was announced on April by Grayscale’s CEO, Michael Sonnenshein, with Sonnenshein revealing that TIME and its president, Keith Grossman, will receive payment in Bitcoin.
Further, TIME does not intend to convert the Bitcoin it receives through the deal into fiat, and will hold the crypto asset on its balance sheet. No further details of the partnership have been revealed so far.
— Michael Sonnenshein (@Sonnenshein) April 12, 2021
TIME was first published on March 3, 1923, with the magazine and online publication having been active in the crypto space of late. In March, TIME cashed in on the NFT mania by dropping a set of tokenized magazine covers on NFT marketplace SuperRare, with the “TIME Space Exploration – January 19th, 1959” NFT fetching 135 ETH worth almost $250,000 on March 30.
“The media industry is undergoing a rapid evolution. TIME is seeking a Chief Financial Officer who can help guide its transformation,” the listing said.
According to Bitcointreasuries.com, TIME will become the 33rd publicly traded company to hold Bitcoin on its balance sheet. TIME joins the ranks of top U.S. companies Microstrategy — who have invested billions into BTC from August 2020, Square — who added 4,709 BTC to their treasury in October, and Tesla — which purchased $1.5 billion worth of BTC in January. Multinational investment corporation Blackrock also began dabbling in crypto during February, profiting more than $360,000 from a small long using Bitcoin futures.
This deal marks a significant partnership between giants of the mainstream and crypto worlds. Grayscale was founded in 2013 and has $46 billion worth of crypto assets under management, including roughly 3% of Bitcoin’s total circulating supply.
Moonstake integrates with Sylo to bring their staking protocol to the Sylo Smart Wallet
Moonstake, a staking pool protocol and service provider, has announced a new partnership with Sylo, a decentralized software development firm and the creators of the Sylo Network and Sylo Smart Wallet.
Through this collaboration, Moonstake will connect Sylo with their robust API/SDK solution, thereby enabling staking functionalities in the Sylo Smart Wallet and allowing Sylo users to earn passive income from their idle crypto assets.
Founded in 2010, Sylo is committed to decentralization and has created an ecosystem consisting of digital consumer wallet software, applications, infrastructure, and developer tools in order to usher in a decentralized future worth looking forward to.
A unique wallet app that combines digital asset management with decentralized communication, the Sylo Smart Wallet is a savvy decentralized e-wallet that enables users to purchase, store, track, send, and receive crypto assets, explore the world of Ethereum dApps by means of a Web3 Browser, pay with cryptocurrency in the real world, and provides secure communications by chat or audio/video call.
“We’re pleased to offer our community of global users yet another way to access the benefits of crypto. As always, our user flow has been designed with simplicity in mind, and staking via Moonstake in the Sylo Smart Wallet will make earning from digital assets simple enough for people everywhere.”
– Dorian Johannink, Co-Founder and Business Director of Sylo
Born over a year ago with the aim to create the largest staking network in Asia, since its inception Moonstake has developed highly user-friendly wallets for both Web and Mobile (iOS/Android) that are compatible with over 2000 cryptocurrencies.
After a full-scale operational launch in August 2020, Moonstake’s total staking assets have grown rapidly to reach USD 800 million in staked assets over just six months. Within a year of its founding, Moonstake became ranked in the top 10 of the world’s premier staking service providers and it continues to strongly expand its business.
“The Sylo Smart Wallet is an interesting e-wallet that combines the functionality of a flexible digital asset management tool and a secure instant messaging app. We are happy to help proper crypto projects like Sylo enable staking in their wallet so that users can have more ways to earn with crypto. With a wide selection of PoS coins and attractive yield rates from our high-quality staking pools, we are confident that users will be pleased with their staking experience on Sylo powered by Moonstake.”
– Mitsuru Tezuka, Founder of Moonstake