N/A

Trading Fees

2015

Founded

£100

Minimum Deposit

UK

Country

No

US Clients

<31

Cryptocurrencies

F

Security Score

This article talks about the Cryptomate exchange and the main characteristics that make it stand out from other brokers.

How Does Cryptomate Exchange Work

Cryptomate is a peer-to-peer cryptocurrency exchange which provides a connection between buyers and sellers of digital coins in the UK. The broker aims to reduce the gap between GBP and cryptocurrency exchange to boost its availability to everyone with online banking. 

The cryptomate.co.uk site matches orders of buyers and sellers through an efficient order matching system. The broker does not sell cryptos directly; instead, it implements the transaction process via cost-driven and flexible centralized system. Unlike other peer-to-peer exchanges (e. g. Bitcoin or Paxful), whereby the user needs to browse several listings and chat directly with vendors, it has securities represented by only price available. Another noteworthy advantage is that their vendors are trustworthy and benevolent to their customers.

However, there were cases where coins were blocked or haven’t reached the user account. But still, the exchange’s customer service offers instant resolutions to arising issues and fixes the problem with expertise. Cryptomate also refunds their user’s securities when vendors are at fault and unwilling to help. The company has been on the market for more than three years. Since the year of establishment, numerous necessary adjustments and changes have been put in place, making the system foolproof and trustworthy; the company’s founders say it is fast, secure and easy. All of these factors are naturally very important to anyone contemplating their choice of cryptocurrency exchange.

The exchange is a good choice of buying Bitcoin while not getting flagged by the UK bank. Naturally, banks do not favour cryptocurrencies and tend to flag crypto-based transactions; Contrary, Cryptomate’s system transfers the funds directly to the vendor’s bank account. 

Registration Process 

  • Enter www.cryptomate.co.uk to sign in;
  • fill in the registration form with your personal data;
  • confirm a registration;
  • purchase £100 worth of coin;
  • For verification purposes, you will have to provide your ID card number and proof of address.

After verification, you can purchase £1000 worth of coins.

How to Trade on Cryptomate Exchange

Exchanges have different trading views. Hence, the user should decide on one that suits him best. The four general factors that need to be considered include general information, fees, deposit methods and security. Cryptomate has a convenient purchasing interface and a classic price chart, which makes it easy for novice crypto investors to understand the basics of investing. The users are encouraged to analyze the fees and price differences before making any investment decisions since the exchange rates available are higher than the open market exchange rate. 

The exchange doesn’t charge withdrawal fees because funds purchased are sent directly to an external wallet. Cryptomate offers wire transfer as the deposit method. Their users spend an estimate of 7% on transaction fees, which is above the industry average; Even though, Crypmate is fast and offers the integration of the Pound as a direct payment currency. 

Unverified accounts are limited to £200 pounds worth of crypto transactions per day, while verified users can make up to £1000 transactions per day. Note that Cryptomate only accepts money transfers in pounds. In order to target a global client base, it would have to consider the expansion of payment methods such as PayPal or Skrill. 

Cryptomate does not store cryptocurrencies; for that reason, you will need to select the type of hardware wallet before you make transactions. 

How safe is the exchange?

The exchange has been in business for more than three years, and has successfully proven its security and flexibility. The platform is based in the UK, the country which has the most cryptocurrency exchanges in the world. Cryptomate’s security score is F when performing the test at the Observatory by Mozilla (https://observatory.mozilla.org/). This is below the industry average when it comes to top crypto exchanges.