CoinMate is the latest and most innovative Bitcoin exchange to register and launch in the United Kingdom after a successful beta trial from November of 2014 in the Czech Republic. This may be a new company but the guys behind this operation have had very successful past experiences in the industry and you could call them old hands.
The company team of five consists of two founders, two developers and a customer representative coming from various backgrounds such as top-notch financiers, traders and developers. CoinMate is just one of two complimentary platforms this group of individuals are involved in.
The co-founders Roman and Daniel have been involved in the digital currency space from nearly the beginning, starting of as miners and early investors they are step by step moving deeper into the industry.
They already have a regulated company in the Czech Republic for financial services and have plenty of experience in the payment services industry having previously developed a payment system platform for the traditional finance sector.
What has drawn them to establish a company in the United Kingdom is that the UK has always been seen as a financial hub in Europe and has been the most pro-active country in the world in regards to setting guidelines for the crypto industry in areas like VAT where transactions have been officially declared exempt from Value Added Tax and a regulatory framework is in the process.
CoinMate was set-up to complement their award winning first platform Bitcoinpay.com which came second in the Czech Republic start-up accelerator StarCube. Bitcoinpay was launched in June of 2014; it uses some facilities of CoinMate and supplies liquidity to CoinMate’s order book.
Bitcoinpay.com is a payment processor for digital currencies which a merchant can set up in minutes, charges a 0.8% transaction fee converting your Bitcoin into several different currencies of your choice from Euros to USD with next business day bank transfers.
The CoinMate Bitcoin exchange offers free bank deposits and accepts fast euro SEPA at 0.6%, CZK, PLN, OKPay at 0.6% and vouchers.
Their trading fee is at a low of 0.2% for both instant and market orders and they also offer a 100% referral commission.
They hold regular monthly giveaways with the top ten traders for April receiving a total of $614.59 between them on the 5th of May, which leaves CoinMate as the only trading portal that rewards clients with a share of collected trading fees.
The higher the trading volumes the higher the share is with the top trader taking a twenty percent share, the second highest receives a fourteen per cent share, third gets a ten per cent share and from fourth to tenth getting eight per cent each.
In regards to features as stated on their website CoinMate was designed for lazy folks, people who want things fast, simple, and headache-free. That’s why our interface is intuitive, our trading is easy, our fees are low, our withdrawal options are many, and our support is the best you can find.
The team are now presently working on Coinmate.io version 1.2 that will introduce instant euro transfers, the ability to quick buy/sell as opposed to the market bid/ask price, a maker/taker fee model as well as MoneyPolo payment method and some other minor changes.
I reached out to one of the co-founders Roman for his take on this exciting new exchange and their future plans and here is what he had to say:
“We are hoping to find a UK bank that would open accounts to a Bitcoin exchange. We have not been successful so far but I hope we will eventually become one of the first exchanges to offer Pound Sterling domestic transfers. In the meantime, we are working on introducing instant Euro bank transfers and international cash deposits. And with our next release in June we will also present our “Quick Buy/Sell” interface that will allow you to simply enter amount, get a quote and buy or sell instantly for previously confirmed price.”
They will be attending the Bitcoin Prague conference this coming 14th of May and the Pioneers festival in Vienna on the 28th and 29th of May so if any of you are going to either event; I believe it is well worth keeping an eye out for them, as these guys have a passion and the past experience to be around for a long time to come.