Coinmotion is an online service for buying, selling, and storing cryptocurrencies. This is a Coinmotion review. You will find a step-by-step guide for registration, buying, selling, and storing your coins. We’ll also share our Coinmotion experiences.
Coinmotion is run by a Finnish fintech company Coinmotion Oy. Until 2020, the company was known as Prasos Oy. The name was changed in order to clarify the Coinmotion brand.
Prasos (current Coinmotion) was founded by Henry Brade. He is one of the best-known Bitcoin influencers in Finland. Brade has also appeared in the Finnish media, and he is well-known in the global Bitcoin community.
The CEO is Heidi Hurskainen.
Coinmotion has more than 100,000 European customers. It is a service with a good reputation and is run by Finland’s best-known Bitcoin experts. We have had positive experiences with Coinmotion since the year 2017.
In 2019, the Finnish Financial Supervisory Authority (FIN-FSA) granted Coinmotion a payment institution license. Coinmotion is only the third crypto company in Europe to receive such authorization. Coinmotion is also an approved virtual currency provider in Finland.
Coinmotion’s crypto selection has expanded in recent years. Originally, only Bitcoin was available for purchasing. Now there’s also Litecoin, Ethereum, Ripple XRP, and Stellar Lumens. In April 2021, the offering was expanded further with four new coins: Chainlink, Uniswap, USDC, and Aave.
In addition to traditional trading, there are other features available such as savings account, monthly purchases, and more.
Coinmotion registration & KYC
Let’s get started with Coinmotion. The first step is to open an account, which you can do from the link below.
After clicking on the link above, a form will open on your screen to enter your email address and password. Accept the terms and conditions of the service and click the ‘Next button.
The service will then ask you to sign in with the credentials you just created. In addition, you will receive a separate verification code in the email.
The first time you sign in, Coinmotion asks you to complete your personal information.
A customer data query is part of a mandatory authentication process. Personal details and address information must be filled in in each service where bank transfers are made.
The rest of the personal data is then entered and a few questions about the use of the account are answered. Similar forms are usually completed almost every year with your bank, so it is again a perfectly standard measure.
Once you have filled in the required information, you will be redirected to the front page of the service. Next, click the Verify Your Identity link, which is the final step to complete with your Coinmotion account.
How to make a bank wire deposit
Now that your account is ready for use, let’s fill the balance with euros. Coinmotion supports both credit card and bank deposits. In this example, we make a bank transfer, which is the most common way to make a deposit.
First, click Transfers from the main menu. You’ll see the following form. Select Euros as the transfer type.
Choose the operator of your liking. If you are not sure which one to use, just select the standard bank transfer. Please note that the minimum deposit is 10 euros.
Next, you will see the account details on the screen where the deposit should be made. Go to your online bank and make a transfer to the given account. Remember to use the correct reference code. You will receive a notification of the deposit by email.
How to buy cryptocurrency at Coinmotion
Now that you have euros in your Coinmotion account, you can purchase any of the other cryptocurrencies with a couple of clicks.
To make a purchase, click Trading from the main menu. The following form opens.
Enter the amount (euros) into the grey box. Alternatively, click the EUR dropdown and select BTC. Then you can enter the desired amount in bitcoins. Click the Max button to spend all funds in your account.
Buying other cryptocurrencies works the same way. Select one of the other options to replace BTC from the Currency dropdown. Coinmotion offers Ethereum, Litecoin, Ripple XRP, Aave, and many other popular coins!
When it comes to ordering type, Market Order is selected as the default option. This is the recommended method for a novice investor.
As you gain more experience with the platform, you can also make purchases using the Limit Order or Stop Order option. This way you can define a price when the purchase is made. You can leave the buy request in the system to be completed automatically if the price changes to the desired level.
How to sell cryptocurrency at Coinmotion
Selling Bitcoin is as easy as buying. Click Trading from the main menu again. Next, click the Sell tab.
A similar form opens on your screen as when buying coins. Type in the amount in bitcoins or in euros. Browse the Currency dropdown to sell other cryptocurrencies.
The market order is also the default selling type. It is the best choice for a novice user who does not yet master other options. This way the sale is made at the current market price.
Professional investors use Limit Order and Stop Order options. For example, you can put 20% of your Bitcoins up for sale if the price happens to rise above your target one day. This way you don’t have to monitor prices 24/7. The sale is carried out automatically even in the middle of the night.
The actual sales transaction takes place in a few seconds after clicking the Sell button. The money will appear in your account immediately.
The convert feature
In March 2021, Coinmotion added the long-awaited feature of swapping cryptocurrencies. This is called Convert in the platform.
Click Trading from the main menu and choose the Convert tab.
Previously, you had to sell coin A to euros and then make a second transaction to buy coin B. Now you can swap coin A to coin B directly in one transaction. The conversion of cryptocurrencies looks like this.
From = select the cryptocurrency you want to sell. To = select the cryptocurrency you want to buy. In the picture above, some Bitcoin holdings are being converted to Litecoin.
Trade type has been selected as Trade at market price, which is ok for a novice user. More experienced people can also make conversions through a limit or stop order.
You can enter the amount to be sold in Bitcoin or the amount bought in Litecoin. For example, to purchase exactly 5 Litecoins, switch from BTC -> LTC in the Amount line and type number 5 into the grey box.
With the Max button, you sell all the Bitcoins you hold.
When you’re satisfied with the choices you’ve made, click the Submit Trade button.
How to send cryptocurrencies
Although Coinmotion is a safe place to hold cryptocurrencies, some investors want to transfer cryptocurrencies to their own wallets. We will show you how to transfer coins from your Coinmotion account to another address.
Completing a transaction from a Coinmotion account is easy. Click Transfers from the main menu, click the Send tab, and select Cryptocurrencies as the transfer type.
You can send cryptocurrencies to another Coinmotion user with just an email address. That’s why the form has separate Email Address and Coin Address buttons.
First, select the currency you want to transfer. Keep in mind that each cryptocurrency has a different type of address. Be careful that you send Bitcoins only to a Bitcoin address, Ether to an Ethereum address, etc.
When transferring cryptocurrencies, you should always copy the address using copy-paste. Never attempt to enter an address one character at a time!
Cryptocurrency wallet addresses are long strings of letters and numbers, so there is a high probability of making an error. If you send your coins to the wrong address, there’s no way to get them back.
Finally, fill in the amount you want to send. If you want to send large amounts of coins, it’s a good idea to send a small test transfer first.
When you click Send transfer, a popup window opens on your screen. Input the verification code sent in your e-mail. If you have enabled 2FA (you should!), a code from your Google Authenticator app is needed too.
We have a lot of Coinmotion experiences when it comes to transfers. In our experience, Coinmotion handles transactions quickly.
How to receive cryptocurrencies
It is easy to receive cryptocurrencies into your Coinmotion account.
Click Transfers from the main menu and select the Receive tab. Choose Cryptocurrencies as transfer type.
This page shows all the cryptocurrency addresses you have at your disposal. There can be an infinite amount of addresses. Hence, you can create a new address for each transfer if you want.
First, select the currency you wish to receive. If you don’t have any addresses created, click the Generate a new address button. The address description is just an identifier for your own use. You can also leave it blank.
Why would you want to generate multiple addresses? It is worth remembering that the Bitcoin blockchain is public. Anyone can go to e.g. blockchain.com website and enter a Bitcoin address into the search box. The search result will show all transactions for that address. For more information about how Bitcoin works, see this beginner’s guide.
When you give a Bitcoin address to another person for receiving coins, they can go and check your transaction history and see how many coins you hold. This is not something you want to share publicly. This is why you should always create a fresh address for each use case.
All your addresses show on this page.
Click the address line to open a popup window, where you can copy the address to the clipboard. You will receive an email from Coinmotion once an incoming transfer has been confirmed to your account.
Coinmotion trading fees are 1-2 percent depending on your monthly volume. There are no separate monthly or annual fees. If you don’t trade, you don’t pay anything either.
No fees are paid for deposits. The withdrawal to a bank account is 0.90 euros per transfer.
For outgoing transfers, fees depend on the currency used and the network congestion. You will always see the fees before completing a transaction. Remember that you can send cryptocurrencies and euros to another Coinmotion user free of charge.
It is very important to take care of the security of your account. You should activate the two-factor authentication immediately after the registration.
Click the grey button in the main menu which has your e-mail address in it.
Select Account Settings from the list. From this page, you’ll find all security settings including the 2FA. In order to use two-factor authentication, you need to download the Google Authenticator mobile app.
If necessary, click the Help button on the page for detailed information.
The Vault is a separate safety feature all Coinmotion users can enjoy. It’s like a virtual safe. You can find this by clicking Savings in the main menu. Next, choose the Vault tab.
As its name suggests, this is like a time-locked bank vault. If you deposit cryptocurrency to the Vault, it is impossible to withdraw them before the time lock expires. The withdrawal request must be confirmed separately by email and/or SMS.
The Vault protects your coins even if a cybercriminal would gain access to your account. They can initiate a withdraw from the Vault, but you still have time to cancel it and take back the control of the account.
This additional security has a flip side. You won’t be able to bypass the time lock even if you’d have an urgent need yourself. Think twice before making a deposit and setting the time lock period
The vault has a monthly fee of one (1) euro.
Coinmotion interest account, monthly savings, and invoice service
One of Coinmotion’s new features is called monthly savings. This is also known as Dollar Cost Averaging. DCA is an excellent way to diversify investments, and it’s recommended for beginners. The idea is to automate the purchase of cryptocurrencies for certain time intervals.
Click Savings from the main menu and choose the Monthly Savings tab.
Here you can specify the date on which the monthly purchase will take place. In addition, you can define the cryptocurrencies to be bought.
Coinmotion has also a separate Interest Account. This tab you can also find under Savings. It’s like a savings account where your deposit is collecting yield. Coinmotion has implemented the service in cooperation with Tesseract Investment.
If you have large holdings at Coinmotion on a long-term basis, you might want to use this account to earn some yield on them. Since there are withdrawal fees included, the interest account is most suitable for big investors.
Let’s mention one more feature: the possibility to pay invoices. Because Coinmotion has a payment institution license, it’s almost like a traditional bank. You can use your euro balance to make SEPA bank transfers.
Click Transfers from the main menu and choose Euros as the transfer type. Finally, select the Pay invoices tab.
Coinmotion review and overview
Coinmotion has established itself as the market-leading cryptocurrency service in the Nordic countries. It has a good reputation as a safe and reliable service.
The payment institution’s license and the status as the virtual currency provider in Finland indicate a good relationship with the authorities. Coinmotion is certainly one of the safest trading platforms on the market.
Customer service is one of Coinmotion’s best features. It works very quickly and helps users kindly. You can also contact support by phone on weekdays.
We have nothing but positive Coinmotion experiences. The platform runs 24/7 without any problems. New features are also being developed. The interest account and monthly savings are excellent features combined with an easy-to-use mobile app.