- Ease of deposits and withdrawls
- KYC/AML procedures
- The buying and selling process
- Overall ease of use
CoinMetro is a cryptocurrency exchange based in Estonia.
It has a really modern design on their website. A lot of clean and stylish graphic stuff that really appeals to our eyes. They also have a strong support function with 24/7 availability and an average customer waiting time of less than 5 minutes.
According to information we have received directly from the exchange, US-investors are indeed permitted to trade here. They can deposit and withdraw USD and trade with 14 USD pairs.
CoinMetro Trading View
Every trading platform has a trading view. The trading view is the part of the exchange’s website where you can see the price chart of a certain cryptocurrency and what its current price is. There are normally also buy and sell boxes, where you can place orders with respect to the relevant crypto, and, at most platforms, you will also be able to see the order history (i.e., previous transactions involving the relevant crypto). Everything in the same view on your desktop. There are of course also variations to what we have now described. This is the trading view at CoinMetro:
It is up to you – and only you – to decide if the above trading view is suitable to you. Finally, there are usually many different ways in which you can change the settings to tailor the trading view after your very own preferences.
From 13 June 2019, CoinMetro also offers leveraged trading to its users. A word of caution might be useful for someone contemplating leveraged trading. Leveraged trading can lead to massive returns but – on the contrary – also to equally massive losses.
CoinMetro currently offers up to 5:1 leverage. This means if you have $100, you can multiply both the profits AND losses as if you were trading with $500. Margin trading requires collateral. Traders can use BTC, ETH, EUR, and/or USD as collateral to open leveraged positions.
For instance, let’s say that you have 10,000 USD on your trading account and bet 100 USD on BTC going long (i.e., increasing in value). You do so with 100x leverage. If BTC then increases in value with 10%, if you had only bet 100 USD, you would have earned 10 USD if you simply held Bitcoin. Now, as you bet 100 USD with 100x leverage, you have instead earned an additional 1,000 USD (990 USD more than if you had not leveraged your deal). On the other hand, if BTC decreases in value with 10%, you have lost 1,000 USD (990 USD more than if you had not leveraged your deal). So, as you might imagine, there is potential for huge upside but also for huge downside…
Fiat Gateways: Trading Pairs
CoinMetro is offering all the major fiat currencies covered in order to achieve quick easy fiat transfers. You can deposit and withdraw USD, EUR and GBP and trade in a lot of different fiat trading pairs.
EUR Trading Pairs: BAT, BTC, BCH, LINK, XCM, ENJ, ETH, KDA, LTC, XLM, OCEAN, OMG, PRQ, QNT, XRP, XTZ, FLUX, HTR and USDC.
USD Trading Pairs: BTC, BCH, LINK, XCM, DNA, ETH, KDA, LTC, OCEAN, QNT, XRP, FLUX and VXV.
GBP Trading Pairs: BTC, ETH, and XRP.
CoinMetro Trading fees
Trading fees are naturally very important. Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. At this exchange, they divide between takers and makers. Takers are the one who “take” an existing order from the order book. We can illustrate with a short example:
Ingvar has an order at the platform to buy 1 BTC for USD 10,000. Jeff has a corresponding order but wants to sell 1 BTC for USD 11,000. If Bill comes along, and sells 1 BTC to Ingvar for USD 10,000, he takes away Ingvar’s order from the order book. Bill is here a taker and will be charged the taker fee. If Bill on the other hand would have offered to sell 1 BTC for USD 10,500, he would have placed an order on the order book that did not correspond to an existing order. He would thus have been a maker of liquidity. If someone would have accepted to buy 1 BTC from Bill for USD 10,500, then Bill would have been charged the maker fee (usually a bit lower than the taker fee) and the relevant buyer would have been charged the taker fee.
CoinMetro charges takers 0.10%. These taker fees are below the industry average which is arguably around 0.25%. However, there is another finesse to CoinMetro’s fees, namely that the makers dont have to pay any trading fees at all (0.00%). This is very competitive indeed.
CoinMetro Withdrawal fees
This exchange has a percentage based withdrawal fee, meaning that they charge you a percentage of the withdrawn amount when you withdraw. Their percentage charged is 0.15%.
Having a percentage based withdrawal fee model is unusual, but it is not unheard of. Most exchanges only have a fixed withdrawal fee, regardless of the size of the withdrawn amount.
With the fee model that this exchange has, when you withdraw small amounts, it is beneficial to you. If you withdraw 0.01 BTC, the withdrawal fee becomes 0.000015 BTC (extremely low and very consumer-friendly). However, if you withdraw 10 BTC, the withdrawal fee becomes 0.015 BTC (extremely high). You should consider yourself whether this withdrawal fee suits your own trading or not.
CoinMetro lets you deposit assets to the exchange in many different ways, through wire transfer, debit card, SEPA transfer, UK faster payment, Instant ACH and of course also by just depositing existing cryptocurrency assets. Seeing as fiat currency deposits are possible at this trading platform, CoinMetro qualifies as an “entry-level exchange”, making it possible for new cryptocurrency investors to take their first steps into the cryptocurrency world here.
You can deposit and withdraw euros with SEPA Instant Payments. You will pay €1 per transaction for any amount. SWIFT payments are another easy way to deposit euros. Another option is using a EUR denominated credit card for a fee of 2.99%.
You can deposit USD with ACH payments. Additionally, same-day domestic wire transfers are made possible through CoinMetro’s banking partners in the US. You can have the option of depositing via American credit cards. The money will arrive to your CoinMetro account as EUR or GBP with a 4.99% fee.
The UK GBP are also covered at CoinMetro. CoinMetro provides UK Faster Payments which are nearly instant. These quick transfers also have a fee of £1 for any amount. Another option is using a GBP denominated credit card with a 4.99% flat fee.
You can deposit in BAT, BTC, BCH, LINK, XCM, ENJ, ETH, KDA, LTC, XLM, OCEAN, OMG, PRQ, PRQB, QNT, XRP, XTZ, FLUX, HTR and USDC.
A few things to consider when determining the security of an exchange is whether it has captcha protection on access, 2FA on the most important operations and email verifications. CoinMetro has all of these things. The 2FA is also TOTP-based which is arguably more secure than SMS-based 2FAs.