Coinmotion charges traders a 2% fee for trading cryptocurencies, potentially down to 0.8% for high-volume users. Additionally, this exchange incurs a 0.96 EUR fee for each minute of phone call with the support team, being available Monday to Friday, 13:00 to 16:00.
Coinmotion Company Details and Regulation
Formerly known as Prasos, Coinmotion Oy is a cryptocurrency exchange company registered under number 2469683-1, led by Antti-Jussi Suominen as CEO and Sebastian Sonntag as Chairman of the Board.
Established in 2012 and regulated by the Finnish Financial Supervisory Authority, the platform hosts over 100,000 users and receives 127,000+ monthly visitors to its website.
The company’s headquartered at Kauppakatu 39, 40100 Jyväskylä, Finland.
Coinmotion Exchange Summary of Specifications
The crypto exchange offers an OTC trading desk, Coinmotion Wealth for high-volume cryptocurrency investors, and a Monthly Savings service for investment diversification. Here’s a table summarizing other specifics and features of the platform:
Exchange | Coinmotion |
Launch Date | 2012 |
Levels | N/A |
Trading Fees | 0.8% - 2% |
Restricted Countries | Finnish or Swedish Bank ID is Required |
Supported Coins | 400+ |
Futures Trading | No |
Minimum Deposit | 10 EUR |
Deposit Methods | Paytrail, Bank Transfer, Card Payment |
Withdrawal Methods | Paytrail, Bank Transfer, Card Payment |
Maximum Leverage | 1x |
Minimum Trade Amount | N/A |
Security Factors | 2FA, Cold wallets |
Services | OTC Trading Desk, Coinmotion Wealth, Monthly Savings, Vault |
Customer Support Ways | Email, Phone Number |
Customer Support Hours | Monday to Friday, 13:00-16:00 |
Fiat Deposit | Yes |
Affiliate Program | Yes |
Orders Execution | N/A |
Native Token | None |
The Vault service is a secure storage facility for locking up your cryptocurrencies for a specified duration from 12 hours to 30 days. It has a €3 monthly subscription fee per cryptocurrency, which is automatically deducted from your assets in the Vault.
Upsides and Downsides
Coinmotion is regulated by the FIN-FSA and has a long track record in the industry; however, it lacks some useful features found in other platforms, such as futures trading and advanced passive income options. Key Benefits and Drawbacks:
Upsides | Downsides |
Regulated by the Finnish Financial Supervisory Authority | High Trading Fees (2%) |
Long Track Record, Operating Since 2012 | No Futures Trading or Leverage Available |
Transparent Company Information and Leading Team | No Staking and Other Passive Earning Options |
Access to OTC Trading Desk and Additional Services | - |
User Levels
According to our team’s investigation of the exchange’s website and resources, there is no user leveling structure for special privileges or limitations on withdrawals, etc.
However, users can receive discounts on trading fees, which will be reviewed in detail in the next section.
Coinmotion Trading Commissions and Other Fees
The following sections outline the trading commissions and other costs associated with using the platform’s services.
Trading Commissions
This exchange, similar to many of its peers, has established a structured system for offering discounts on trading fees based on the user’s 90-day trading volume. Based on this system, the costs range from 0.8% to 2.0%.
The table below demonstrates the details:
Trading Commission | 90-Day Trading Volume |
2% | 0 |
1.8% | > €500 |
1.6% | > €2,000 |
1.4% | > €10,000 |
1.2% | > €50,000 |
1% | > €250,000 |
0.8% | > €1,000,000 |
Note that the platform does not apply the discounts mentioned above for coins/tokens marked with an asterisk (*).
Other Costs
Coinmotion does not charge its users any fees for deposits; however, varying blockchain costs are incurred for cryptocurrency transactions to and from the exchange.
Users are charged a 0.9 EUR commission for each fiat withdrawal. Additionally, the same fee applies for paying each invoice.
Coinmotion Listed Coins and Tokens
The exchange provides access to a list of over 400 digital assets for trading in its OTC Trading Desk and other services. These cryptocurrencies are from various categories, including:
- AI: Render, Bittensor, Golem, Arkham, and more
- Memecoin: Shiba Inu, Dogecoin, Bonk, and so on
- Layer 1: Bitcoin, Ethereum, Cardano, Cosmos, etc.
- Layer 2: Arbitrum, Polygon, Mantle, zkSync, and more
- DeFi: Uniswap, Maker, Balancer, Celo, GMX, etc.
- Metaverse: The Sandbox, Immutable X, Render, and so on
- GameFi: Illuvium, Gala, Enjin Coin, and more
Futures and Margin Trading in Coinmotion
Our investigations on the exchange’s platform and its website show that there are no futures market or margin trading options available.
Some exchanges enable their users to trade futures contracts and earn profits from both bullish and bearish trends. If you are looking for such a feature, look elsewhere.
Coinmotion Signing Up and Verification Guide
Creating an account with the exchange is necessary before using its services. The process is explained in 3 stages.
#1 Go to the Website
Navigate to the exchange’s official website. Look for the “Login” button and click on it. Afterwards, find the “Sign up” hyperlink below the login form and click on it.
You will see the “Create account” page with a form on it.
#2 Fill Out the Form
Enter a valid email address, then create a minimum 8-character-long password, including at least:
- One lowercase letter
- One uppercase letter
- One number
Confirm that you are over 18 years of age, and that you have read and agree with the Terms of Service and the Privacy Policy of Coinmotion.
Click on “Create account” below the form to receive a code in your email. Confirm your email address by submitting the code.
#3 Verify Your Identity
After registering with the exchange, you will be navigated to the identity verification page. Provide your phone number, then go through the 3 stages of ID verification, personal info, and financial info.
Trading Platform and Applications on Coinmotion
Coinmotion exchange has a trading platform at the standard level of the industry with order management features, price trackers, charts, technical analysis indicators and tools, etc.
The platform is available on the web, Android, and iOS. Mobile Applications Information:
- Coinmotion Android: Over 50,000 downloads on the Google Play Store
- Coinmotion iOS: #31 in “Finance” topic with a 5 out of 5 rating based on 1,300+ user reviews on the App Store
Safety Measures and Security Factors
Coinmotion’s website is not so helpful when it comes to the security measures taken by the platform to keep user funds and data safe.
The platform keeps most of its users’ crypto assets in multisignature offline wallets held by “Bitpanda”. This makes it much harder for hackers to steal the funds because cold wallets are not connected to the internet.
Also, the exchange has a two-factor authentication option for logging into accounts, similar to most other exchanges in the industry.
What Payment Methods are Supported by Coinmotion Exchange?
The platform does not go into detail regarding deposit/withdrawal options for users; 3 main choices are available:
- Bank transfers
- Paytrail payment system
- Card Payments
Trust Scores and User Reviews
Coinmotion has received mixed but generally positive reviews from users and websites across various internet sources. Let’s have a detailed overview:
- Trustpilot: 3.6 out of 5 according to more than 170 user reviews
- Google: 2.4/5 based on 40+ ratings
- Coinmotion ScamAdviser: 100/100 Trustscore evaluated by the source itself
On Trustpilot, approximately 75% of the reviews are 4- and 5-star scores, which indicates a general satisfaction among the platform’s users.
On the other hand, the platform has responded to only 66% of the negative reviews, taking typically 1 month to do so.
Users complain about withdrawal delays, low-quality customer service, and relatively high fees. Others praise the simplicity and convenience of the platform’s user interface, wide selection of cryptocurrencies, and the regulatory status.
Coinmotion Features
This company is not at the top of the ranking in terms of providing additional products to its users. Table of Features:
Staking | No |
Yield Farming | No |
Social Trading | No |
Liquidity Pool | No |
Crypto Cards | No |
Coinmotion Support Contact Channels and Schedule
The company offers a limited range of support contact options, with only 2 channels, none of them being “live chat”, which is provided by most platforms in the industry:
- Email: info@coinmotion.fi
- Phone Number: +35860030088
The exchange’s website states that a €0.96 fee is charged per minute for using phone support. This is the first time we've reviewed an exchange with a fee for its customer service.
The schedule for providing support on the phone is Monday through Friday, 13:00-16:00.
Does Coinmotion Offer Copy Trading or Other Investment Options?
This exchange does not provide common investment programs as seen on most other platforms; instead, it offers a service as an investment diversification and growth plan option.
“Monthly Savings” enables traders to allocate a recurring amount of funds (minimum 10 Euros) to be invested in various cryptocurrencies on a monthly basis. This diversifies traders’ portfolios and lets them invest based on the Dollar-Cost Averaging (DCA) strategy.
No copy trading, staking, yield farming, or other similar options are available on Coinmotion exchange.
Coinmotion Restricted Countries
On the platform’s sign-up form, it’s stated that “a Swedish or Finnish Bank ID” is required for registration, meaning that, most likely, only users from Sweden and Finland are eligible to register with the exchange.
Coinmotion Compared to Other Exchanges
Here’s a comparison to evaluate the reviewed exchange against its competitors:
Features | Coinmotion Exchange | |||
Number of Assets | 400+ | 10000+ | 2800+ | 800+ |
Maximum Leverage | 1x | 1:125 | 1:200 | 1:125 |
Minimum Deposit | 10 EUR | $15 | $1 | $1 |
Spot Maker Fee | 0.8% - 2% | 0.10% | 0.05% | 0.005% - 0.1% |
Spot Taker Fee | 0.8% - 2% | 0.10% | 0.05% | 0.02% - 0.1% |
Mandatory KYC | Yes | Yes | Yes | Yes |
Futures Trading | No | Yes | Yes | Yes |
Mobile Application | Yes | Yes | Yes | Yes |
Fiat Payment | Yes | Yes | Yes | Yes |
Staking | No | Yes | Yes | Yes |
Copy Trading | No | Yes | Yes | Yes |
Expert’s Opinion and Conclusion
Coinmotion employs multi-signature offline crypto wallets provided by “Bitpanda” for holding the majority of the users’ digital assets to keep them as safe as possible. The company has received a 3.6 out of 5 score on the “Trustpilot” website, according to over 170 users.