Reviews
03
Apr
coinmotion review

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Coinmotion review

Coinmotion is a Finnish cryptocurrency exchange. Opening a user account for Coinmotion is an easy and quick process. You can deposit euros into the Coinmotion account by bank transfer or card.

You can buy ten popular cryptocurrencies from Coinmotion. Coinmotion charges a fee of 0.8 to 2.0 percent for crypto purchases. Coinmotion does not automatically report your transactions to the tax authorities. Crypto purchases can be stored safely in Coinmotion’s Vault service. It is possible to transfer cryptocurrencies from Coinmotion to your wallet.

Our team has had positive Coinmotion experiences since 2017. Coinmotion is an easy-to-use and safe crypto exchange especially suitable for beginners.

General information about Coinmotion

Coinmotion is a Finnish cryptocurrency exchange. Coinmotion is an online service used with an internet browser or mobile app. The Finnish company Coinmotion Oy is responsible for running the operations. The company was known as Prasos Oy until 2020.

Henry Brade founded Coinmotion. He is one of Finland’s most famous Bitcoin influencers and has also appeared in the media several times. Henry Brade is currently the chairman of the board. Coinmotion’s CEO is Heidi Hurskainen (pictured).

heidi hurskainen ceo

Coinmotion has more than 100,000 European customers. The service can be used in multiple languages: Finnish, English, Swedish, German, Spanish, and Dutch.

The Finnish Financial Supervisory Authority (FIN-FSA) granted Coinmotion a payment institution license in 2019. At the time, it was only the third crypto company in Europe to receive such a license. Coinmotion is also an approved VASP (Virtual Asset Service Provider) in Finland by the FIN-FSA.

Coinmotion is a safe and reliable service with a good reputation run by industry professionals. We have had positive Coinmotion experiences since 2017.

Coinmotion invitation code and registration

Opening a user account for Coinmotion is an easy and quick process. Use our invitation code q52gw4s2dc4iewb6r8tw, and you will get a 50 percent discount on the first month’s trading fees.

The link below will take you to the registration form, where the invitation code has been filled in automatically.

Sign up for Coinmotion

A form opens on your screen, where you enter your email address and password. Also, choose the type of account, accept the service terms and conditions, and the registration is done!

Once you log in to Coinmotion, a customer information survey must be completed. It is part of the person identification or KYC process. You have to go through this with every crypto exchange these days. It is, therefore, a completely standard procedure.

There is a Coinmotion mobile app in the Google and Apple app stores. You should download it after registration to use the service on a mobile device.

How to deposit euros to Coinmotion

You can deposit euros into the Coinmotion account by bank transfer or card. In addition to the standard bank transfer, you can deposit using Paytrail or Klarna. There are differences in the deposit methods in terms of costs and maximum deposit. You can see the key features of each deposit method in the table below.

Deposit methodFeesMax deposit
Online banking (Paytrail) No fees €1000
Online banking (Klarna) No fees €5000
Bank transfer (all banks) No fees No limit
Debit / credit card 1.2 % €5000

A standard bank transfer (SEPA) is the best option. It’s fast and cost-free, and there is no maximum deposit limit. Card deposits should be avoided because of the high costs.

A deposit is made in the browser version by clicking the Transfers link in the main menu. The mobile app has a Transfer button on the main menu. Follow the given instructions carefully, and remember to use the correct reference code when making a bank deposit.

How to buy crypto from Coinmotion

You can buy ten popular cryptocurrencies from Coinmotion. The following coins are offered:

  1. Bitcoin (BTC)
  2. Ethereum (ETH)
  3. Litecoin (LTC)
  4. XRP (XRP)
  5. Stellar Lumens (XLM)
  6. Aave (AAVE)
  7. Chainlink (LINK)
  8. Uniswap (UNI)
  9. USD Coin (USDC)
  10. Tether (USDT)

Tether and USD Coin are stablecoins. This means that their value is pegged to the US dollar. One USDC and one USDT is always worth one dollar. These stablecoins allow investors to keep part (or all) of the fiat currencies in dollars instead of euros. This can significantly benefit purchasing power if the dollar rises against the euro.

Dogecoin, the favorites of many investors, cannot be found in Coinmotion’s selections for now. However, Coinmotion’s selection is updated at regular intervals, so Dogecoin might be available for purchase in the near future!

A crypto purchase is made by clicking the Trade icon in the main menu. Below is a picture of the purchase form in the mobile app.

coinmotion buy crypto

By default, the purchase takes place immediately at the current market price. You can also complete the purchase as a limit or stop order. These options are for more advanced users. They make it possible to set the purchase to take place only if the price moves to a certain level.

Selling crypto is done similarly. In the browser version, performing a swap between cryptos is also possible. You can, for example, swap your bitcoins to litecoins, Aave tokens to Ether, etc. This feature is not available in the mobile app.

Coinmotion fees

Coinmotion charges a fee of 0.8 to 2.0 percent for crypto purchases. The size of the fee depends on the customer’s trading volume. The more you trade, the lower the fees are. The table below shows how much trading volume is needed to lower the fees to a certain level:

Trading volumeFees
€500 or less 2.0%
More than €500 1.8%
More than €2000 1.6%
More than €10,000 1.4%
More than €50,000 1.2%
More than €250,000 1.0%
More than €1,000,000 0.8%

Trading volume is calculated as a 90-day average. As you can see, fees drop quickly from the starting level of 2.0% once you start trading.

Next, let’s go through fees for other features as well. Coinmotion is generally free if you don’t do anything with your account. It costs nothing to open an account, and the service has no monthly or annual fees. Expenses are incurred only when you perform certain activities.

The table below shows the Coinmotion price list for non-trading costs.

FeatureFees
Opening an account No fees
Using the account No fees
Deposit by bank transfer No fees
Deposit by card 1.2%
Withdrawal to a bank account €0.9
Vault service €3 per month

If you want to transfer cryptocurrencies from your Coinmotion account to your wallet, you must always pay a transfer fee. These fees vary depending on the cryptocurrency and the utilization rate of the network. The more congestion there is in, e.g., the Bitcoin network, the higher the transaction costs.

Coinmotion does not receive this transfer fee but pays it to the cryptocurrency network you use to process the transfer. Coinmotion will notify you of the fees to be charged upon completion of the transaction. XRP and Stellar Lumens (XLM) are almost free regarding transfer fees. If you want to send cryptocurrency cheaply, you should prefer these coins.

Coinmotion and taxes

Coinmotion does not automatically report your transactions to the tax authorities. You must record purchases, sales, and currency transfers and calculate capital gains and losses.

Transaction recording works in Excel or even with pen & paper if there are only a dozen (or fewer) transactions yearly. No taxable event occurs as long as you don’t sell anything or use cryptocurrencies to buy products or services.

If you trade more actively, you should use separate tax software such as Divly. Divly also supports Coinmotion’s reports. You get a 15% discount on the service with the code BITCOINKESKUS23  – worth taking advantage of!

divly

Divly handles the tax calculation for you as long as you enter all the transactions of the tax year into the program. Remember to enter purchases and sales and transfers between different wallets.

You can find tax-related events in Coinmotion by clicking Reports in the main menu in the browser version. You can download the account transactions from this page as an Excel sheet for the desired time interval. The file contains all transactions made with cryptocurrencies or euros in and out of your account.

Coinmotion Vault

Crypto purchases can be stored safely in Coinmotion’s Vault. It was previously known as Holvi. This is a service for customers who need additional security. Vault has a monthly fee of three euros, charged from the balance of cryptocurrencies stored in the Vault.

Coinmotion Vault is like a time-locked bank vault. When you deposit cryptos, it is impossible to withdraw them from the Vault before the time lock expires. The withdrawal request must be confirmed by email and/or text.

The Vault protects your coins even if a cybercriminal was to break into your user account. With the help of the time lock, you have plenty of time to cancel the transfer and take the account back into your possession.

This added security also has a downside. You won’t get past the time lock if you suddenly need to sell your cryptos or move them elsewhere. Don’t lock up funds that you may need in the Vault in the near future for a long time.

How to withdraw funds from Coinmotion

It is possible to transfer cryptocurrencies from Coinmotion to your wallet. We recommend this action regardless of the cryptocurrency exchange. One of the most important features of cryptos is the ability to store them yourself. This feature should not be given up easily.

We have published a comprehensive article on cryptocurrency wallets. It goes through the pros and cons of different options. We recommend reading this article if cryptocurrency wallets are a strange topic.

Coinmotion withdrawal takes place from the Transfers page. From this page, transfers are made with both euros and cryptocurrencies. Below is a picture of the Transfers view of the mobile app.

coinmotion transfers

When transferring cryptocurrencies, you have to be very careful with addresses. Never try to write them by hand, always use the copy-paste function. Mobile devices also offer a QR code, which is worth taking advantage of. If you accidentally send cryptocurrencies to the wrong address, they can never be returned.

The durations of Coinmotion transfers vary depending on the cryptocurrency used. From the customer’s point of view, it is essential to how quickly Coinmotion starts processing deposits and withdrawals. We have only positive Coinmotion experiences regarding crypto transactions. The processing times are fast, meaning the transfer duration is as short as possible.

Coinmotion cannot influence how quickly, e.g., a Bitcoin transfer appears in your wallet after Coinmotion has been processed. The transfer time depends on network congestion and the wallet software you use.

Our Coinmotion experiences

Our team has had positive Coinmotion experiences since 2017. Our team members have been actively using the platform for years and have been very satisfied with its operation.

Coinmotion is an excellent option, especially for beginners. The Finnish customer service is important for locals, but it is also very friendly and fast for non-Finnish users.

Reliability and safety are also very important values ​​for crypto investors these days. These areas are also in order at Coinmotion. The Finnish Financial Supervisory Authority regulates the service and meets all the criteria set for VASPs. Coinmotion has not been hacked, and customers’ funds are protected even in the event of bankruptcy.

Coinmotion has the same weaknesses as other small Scandinavian operators do. The crypto selection is thin when compared to global giants like Binance. Trading fees are also much higher compared to the big players in the market.

Small crypto exchanges are better suited for newcomers and investors who value Scandinavian operators’ safety and reliability over global giants. You might pay higher fees but probably sleep better at night when your funds are stored at Coinmotion.

Coinmotion review – the summary

Coinmotion is an easy-to-use and safe crypto exchange especially suitable for beginners. It is one of the oldest European crypto operators and has cemented its position as one of Scandinavia’s leading crypto exchanges.

The payment institution license obtained in 2019 and the VASP status indicate good relations with the authorities. Coinmotion is certainly one of the most secure crypto platforms on the market.

Customer service is one of Coinmotion’s best features. It works very quickly and helps users in a friendly way in English too.

Our staff has had nothing but positive Coinmotion experiences so far. The service works without problems in all respects and is constantly being developed. New features and cryptocurrencies are constantly being added to Coinmotion. We strongly recommend Coinmotion to all cryptocurrency investors!

Try Coinmotion today!

AboutBitcoin Team

Hey! We're the AboutBitcoin squad, a team of crypto lovers who've been all about cryptocurrency since 2017. Every week, we drop the latest news and cool insights from the crypto world. Come hang with us as we dive into the crazy, ever-changing scene of cryptocurrencies – it's gonna be an awesome adventure!