coinmotion

Overview of coinmotion

Founded in 2012, Coinmotion is a currency exchange based in Finland and is regulated by the Finnish Financial Supervisory Authority (FIN-FSA). Coinmotion offers a range of cryptocurrencies for trading, including Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). The exchange operates on a web-based platform and supports deposit and withdrawal via bank transfer and credit/debit card. Coinmotion does not provide educational resources, and customer support is available through email.

Pros and cons

Pros of Coinmotion:

- Regulated by the Finnish Financial Supervisory Authority, ensuring compliance with financial regulations and providing a level of trust and security for users.

- Offers a range of popular cryptocurrencies for trading, including Bitcoin, Ethereum, and Litecoin, providing users with diverse options for investment.

- Supports deposit and withdrawal via bank transfer and credit/debit card, making it convenient for users to fund their accounts and access their funds.

- Provides a web-based platform for trading, allowing users to access the exchange and manage their investments from any device with an internet connection.

Cons of Coinmotion:

- Does not disclose its maximum leverage, which may be a disadvantage for tradees looking to maximize their returns.

- Has relatively high fees compared to other exchanges, which can eat into profits.

- Does not offer derivatives such as options and futures contracts, limiting the trading strategies available for users.

- Does not accept payments in fiat currency, meaning users must purchase crypto with creditrs who prefer to use leverage as a trading strategy.

- Does not offer educational resources, limiting the opportunities for users to learn about cryptocurrencies and trading strategies.

- Customer support is primarily available through email, which may result in slower response times compared to exchanges with live chat or phone support.

- Lack of transparency regarding certain aspects, such as maximum leverage and educational resources, may make it difficult for users to make informed decisions.

Regulatory Authority

Coinmotion is regulated by the Finnish Financial Supervisory Authority (FIN-FSA) under regulation number 2469683-1. The exchange holds a digital currency license and operates under the regulation status of being regulated. The license type is the Digital Currency License, and the license name is Coinmotion Oy.

Security

Coinmotion is a cryptocurrency exchange that offers a variety of security measures to protect its users' funds. These measures include:

• Cold storage: The majority of Coinmotion's cryptocurrency holdings are stored in cold storage, which means they are offline and not connected to the internet. This makes them much less vulnerable to hacking attacks.

• Multi-signature wallets: Coinmotion's hot wallets (which are connected to the internet) use multi-signature wallets. This means that multiple people need to approve withdrawals, making it more difficult for unauthorized individuals to steal funds.

• 2-factor authentication (2FA): Coinmotion requires all users to enable 2FA. This means that users must enter a code from their phone in addition to their password when logging in. This adds an extra layer of security to prevent unauthorized access.

• Physical security: Coinmotion's offices are protected by 24/7 security guards and surveillance cameras. This helps to prevent physical theft of cryptocurrency hardware.

Cryptocurrencies available

Coinmotion offers a range of cryptocurrencies for trading, including Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). However, specific details about cryptocurrency price fluctuations on the exchange are not available. Users can monitor cryptocurrency prices and fluctuations by accessing real-time market data on the exchange platform or utilizing external market analysis tools.

How to open an account？

The registration process with Coinmotion typically involves the following steps:

1. Visit the Coinmotion website and click on the “Get started” button to begin the registration process.

2. Provide the required personal information, such as your email address, and password, to create an account.

3. Verify your email address by clicking on the verification link sent to your registered email.

4. Complete the KYC (Know Your Customer) process by submitting the necessary identification documents, such as a valid government-issued ID or passport, to verify your identity.

5. Once your identity is verified, set up two-factor authentication (2FA) for added account security.

6. After completing these steps, your Coinmotion account will be successfully registered, and you can proceed to fund your account and start trading cryptocurrencies.

Fees

Users are advised to visit the Coinmotion website or contact their customer support for accurate and up-to-date information regarding trading fees, deposit fees, withdrawal fees, and any other fees associated with their services. Conducting thorough research and comparing the fees of different exchanges is recommended before deciding to trade on a specific platform.

For quick reference, general fees for customer accounts are as follows:

Deposit & Withdrawal

Coinmotion supports deposit and withdrawal methods through bank transfer and credit/debit cards. Users can fund their accounts by initiating a bank transfer or using their credit/debit card. The processing time for deposits and withdrawals may vary depending on the user's bank or financial institution. Users are suggested to check with their bank or Coinmotion's customer support for more specific information regarding the processing time for deposits and withdrawals.

To be more inclusive, they offer many payment options. These include：

Easily buy bitcoins and other cryptocurrencies using credit and debit cards. Deposits are quick and secure, with Visa and Mastercard accepted. Your funds will be available right away.

Online banking through Klarna: an instant and fee-free payment option compatible with over 5,000+ banks across 18 European countries. Deposits made using this method will be promptly reflected in your account as pre-approved deposits, remaining so until the funds have been successfully transferred to our bank account.

SEPA Bank Transfers: Available in 28 EU countries plus Iceland, Liechtenstein, Norway, Switzerland, and the UK. Takes 0-2 days, funds credited quickly to your Coinmotion account upon arrival.

SOFORT Banking: Instant payment in Germany, Austria, The Netherlands, Switzerland, Italy, Spain, Belgium, and Poland. Works with most banks in these regions, using only your banking info. After payment confirmation, funds go straight to your Coinmotion account. It acts as Pre-Approved Deposit, allowing instant bitcoin buying but withdrawal after payment reaches our account (usually in one business day). 2% fee on SOFORT Banking deposits.

Paytrail: An immediate online payment method exclusively available in Finland.

Kindly note that we exclusively support SEPA transfers for both receiving and sending transactions.

What is the typical duration for a withdrawal？Withdrawals within the SEPA region generally span 0 to 2 business days. Our outgoing payment processing occurs twice daily on weekdays, and once per day on weekends and public holidays.

Customer Support

Coinmotion primarily provides customer support through email and telephone.For more specific and up-to-date information regarding Coinmotion's customer support, users are advised to visit the Coinmotion website or contact their customer support directly.

Contact Information:

Telephone service:

• +358 600 30088 (0,96€/min)

• Phone service on weekdays from 13 to 16 (UTC+3)

• Coinmotion Wealth contact information

• Claims +358 29 1701190 on weekdays from 13 to 16 (UTC+3)

• To Report You Coinmotion Card Lost/Stolen call +358 29 1701190 or log into your Coinmotion Account to report

• With questions regarding payments, please contact us via Coinmotion messages.

Email:

• info@coinmotion.com

• Our customer service responds to messages on weekdays between 08-17 and on weekends and public holidays between 12-15 (UTC+3).

Is coinmotion a Good Exchange for You？

Coinmotion may be suitable for the following target groups:

1. Cryptocurrency Traders: Coinmotion offers a range of popular cryptocurrencies for trading, including Bitcoin, Ethereum, and Litecoin. This makes it suitable for experienced traders who are looking to diversify their cryptocurrency portfolio and take advantage of price fluctuations in the market.

2. Security-Conscious Users: Coinmotion is regulated by the Finnish Financial Supervisory Authority, which provides a level of trust and security for users. Additionally, as a regulated exchange, it can be assumed that standard security practices are implemented to protect user information and funds. This makes it a suitable choice for users who prioritize security in their cryptocurrency transactions.

3. Users in Finland: Coinmotion's regulation by the Finnish Financial Supervisory Authority and its focus on the Finnish market make it particularly suitable for users based in Finland. The exchange supports deposit and withdrawal via bank transfer, which adds convenience for users residing in Finland.

It is important for potential users to conduct their own research and assess their individual trading needs before deciding to use Coinmotion or any other cryptocurrency exchange. Additionally, users should be aware of the risks associated with cryptocurrency trading and consider their own risk tolerance before engaging in any trading activities.

Controversies the exchange has experienced

Coinmotion has been involved in a few controversies over the years.

In 2019, Coinmotion was fined by the Financial Supervisory Authority of Iceland (FME) for violating AML/KYC regulations. The FME found that Coinmotion had not properly identified its customers and had not conducted adequate due diligence. As a result, Coinmotion was fined 10 million Icelandic krónur (about €75,000).

In 2020, Coinmotion was accused of insider trading. The accusation stemmed from a blog post by an anonymous user who claimed that Coinmotion had been tipped off about a major price movement in Bitcoin before it happened. Coinmotion denied the accusation and said that it was the victim of a smear campaign.

In 2021, Coinmotion was criticized for its slow customer support. Some users complained that they had to wait weeks to get a response to their tickets. Coinmotion said that it was working to improve its customer support and that it had hired more staff to handle inquiries.

User view

Benjamin

10 March,2023

Coinmotion is my crypto haven. Security's top-notch; I trust my assets are safe. The interface is clean and easy; trading's a breeze. Cryptocurrency choices are decent, but more variety could be cool. Customer support's been responsive, sorted my issues. Fees are reasonable, and privacy's respected. Deposit speed's good, but withdrawals could be snappier. Overall, a stable and reliable exchange.

26 June,2023

Kenneth:

Coinmotion's been my crypto partner. Security's solid, my peace of mind intact. Interface？ User-friendly, even for newcomers. Cryptocurrency options cover basics, could expand a bit. Support's friendly and prompt, never left hanging. Trading fees？ Fair enough. Privacy's a priority, appreciated. Deposit and withdrawal speeds meet expectations. Stability's been consistent, no major hiccups. Trustworthy overall.

Conclusion

In conclusion, Coinmotion is a regulated exchange that offers a range of popular cryptocurrencies for trading. It is likely to have basic security measures in place to protect user information and funds. However, there is limited information available regarding specific details about security measures, user feedback, trading fees, educational resources, and customer support. Additionally, the lack of information about customer satisfaction and potential controversies raises the need for users to conduct thorough research and make informed decisions before engaging with Coinmotion. It is important to weigh the advantages of a regulated exchange and the convenience for users in Finland with the disadvantages of limited information and potential limitations in terms of features and support.

FAQs

Q: What cryptocurrencies are available for trading on Coinmotion？

A: Coinmotion offers a variety of cryptocurrencies for trading, including Bitcoin, Ethereum, and Litecoin.

Q: How can I register an account with Coinmotion？

A: To register on Coinmotion, visit their website and click on the “Sign Up” button. Provide your personal information and follow the verification process to create your account.

Q: What deposit and withdrawal methods does Coinmotion support？

A: Coinmotion supports bank transfers and credit/debit card payments for deposits and withdrawals.

Q: Are there any educational resources or tools available on Coinmotion？

A: Coinmotion does not provide specific educational resources such as trading guides, video tutorials, or webinars. Users are encouraged to explore external sources for educational materials.

Q: Who is Coinmotion suitable for？

A: Coinmotion may be suitable for cryptocurrency traders looking to diversify their portfolio, security-conscious users, and users based in Finland due to the exchange's focus on the Finnish market and support for bank transfers.

Q: Are there any controversies associated with Coinmotion？

A: However, users are advised to conduct their own research and review user testimonials to assess the overall reputation of the exchange.

Q: What is the user satisfaction with Coinmotion？

A: Users should conduct their own research and consider their individual needs and preferences when evaluating the exchange.

Q: What are the advantages and disadvantages of using Coinmotion？

A: The advantages of Coinmotion include being a regulated exchange and offering a range of popular cryptocurrencies. However, disadvantages include limited information on security measures, user feedback, trading fees, educational resources, and customer support. Thorough research is recommended before engaging with Coinmotion.

Risk Warning

Cryptocurrency trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.