Welcome to my Cryptomate review. Cryptomate is a British cryptocurrency exchange. The United Kingdom is one of the countries who has the most cryptocurrency exchanges in the world.
Cryptomate was released in mid-2015 for UK customers only. The website of the exchange takes 34K estimated visits per month. The visitors are mainly from the UK with 83%. The rest of the visitors are from Australia, Poland, and the USA.
I reviewed Crypo Mate based on the following criteria.
- No major hacks yet
- Accepts UK bank transfers
- Various cryptocurrencies
- Relatively high fees
- Only buying crypto/no selling (for smaller customers)
In this Cryptomate review, you will get the answers to these questions. What is Cryptomate? Is Cryptomate safe? What are the Cryptomate fees? What are the Cryptomate withdrawal limits? Which cryptocurrencies are available in Cryptomate?
What is Cryptomate?
What is Cryptomate?
Cryptomate is an easy-to-use platform that allows British users to purchase cryptocurrency via instant bank transfer. The service was launched to help bridge the gap between GBP and cryptocurrency exchange within the UK and to make the most popular digital currencies available to almost anyone with online banking.
The purpose of Cryptomate’s launch is to make the trading of Cryptocurrencies easy and as simple as possible for those who want to trade quickly. As long as you are a British citizen with access to online banking (and Faster Payments), you can have your funds in your wallet in just 5 minutes after placing your order. They have a wide range of only the most established and popular cryptocurrencies like Bitcoin, Litecoin, Ripple, Ethereum, and more.
You choose the cryptocurrency you want to buy, enter your e-mail address and crypto wallet information, and make your payment via online banking. They state that after your order is paid, you will usually receive your funds in your wallet within 15 minutes.
Is Cryptomate Safe?
Is Cryptomate Safe?
They state that they take care of customer security and store customer information. They use SSL for point-to-point encrypted communications and store all customer information in a secure database. They do not store any payment information on their servers. You make your payments through your online banking service, not through a 3rd party processor. All communication is secured through 256-bit SSL.
In Cryptomate only authorized personnel of Cryptomate have access to your Personal Information, and this personnel is required to treat the information as confidential. The security measures in place review in line with legal and technical developments from time to time.
Cryptomate is not regulated by any watchdogs. But, it doesn’t mean they are an unreliable exchange. It didn’t hack yet and has some security measures. Some clients may be worried that this kind of exchange will cheat them, but there is no reason to think that.
The exchange does not disclose the fees that it charges. All fees are incorporated into the price. You will receive exactly the amount you see on the order form.
They sell at a variable percentage above market rate to cover their operating costs and to allow their vendors to make a profit.
In practice, users report that they charge fees of around 7% for most transactions, but some report higher than this rate.
How can you open an account?
1.Sign up for a Cryptomate account.
2.You will need to verify your identity.
3.Select the cryptocurrency you want to buy.
4.Enter how much you want to buy.
5.Your order will then be matched with a seller. This may take some time.
6.Send GBP via wire transfer to the specified bank account.
7.Once your payment has been verified, the coins will be sent to your cryptocurrency wallet.
Trading Instruments (Cryptocurrencies)
There are various instruments (crypto coins) that Cryptomate offers. These are Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, EOS, Stellar Lumens, Monero, Dogecoin, Ethereum Classic, Dash, NEM, OmiseGo, Crown, ARK, Cardano, VeChain, TRON, Verge, Electroneum, Waves, ICON, Status, Lisk, ZCash.
Cryptomate currently only accepts UK online bank transfers. They state that they chose this payment method because it is completely secure, instant, and easy to use. Thanks to Faster Payments, their bank transfers are near-instant – meaning you can purchase in real-time.
There is a live chat available on their website. The only method to reach the exchange is by sending an e-mail. There is an FAQ section on the website and you can find a lot of answers.
How much can you order?
The minimum order for any order is £ 50, for unverified users, the maximum order is £ 200 per order. This can be increased to £ 1000 for verified customers and they can order as many as they want.
Can you sell your coins on Cyrptomate?
Yes, you can. To get a quote for your coins, visit the “Sell to Us” pages. They point out that they will pay you in GBP via instant bank transfer.
How long does it take for your coins to arrive?
Cyrptomate aims to have your coins in your wallet within two hours of placing your order, but it can be as short as 15 minutes. This is only valid during business hours, as all transactions are manually processed by their vendors for security purposes; You can see when the service is online at the top of the page.
If your cryptocurrency has not arrived, what should you do?
If you do not receive your coins within 2 hours, you should contact customer support at email@example.com and include the order reference code in your email.
Is your money safe with Cyrptomate?
Cryptomate claims to be the most trusted exchange in the UK. They’ve helped over 10,000 satisfied customers purchase cryptocurrencies since 2014, and with Trusted Vendor systems means every order placed through them is secured by the company. They always tell their customers that they will get their money back guaranteed.
What if the coin you want is not listed?
If you would like them to add a token that is not listed on the site, you can email them at firstname.lastname@example.org. While they are always open to suggestions, they don’t guarantee that your coin will be listed.
Cryptomate is a British cryptocurrency exchange that offers various trading instruments. The fees are not available but it looks competitive. All fees are included in the price. You will receive the exact amount you see on the order form. We sell at a variable percentage above the market rate to cover operating costs and enable our suppliers to make a profit.
The payment options are not limited. The order minimum is £100 for any order, the order maximum for unverified users is £200 per order. This can be raised to £1000 for verified customers and they can order as many times as they want.
However, you can only buy from Cryptomate. To sell you’ll need to use another service. Their service couldn’t be easier to use. The only thing required from you to use Cryptomate is access to online banking within the UK.
The trade-off for this is the ease of use and speed of service – not the cheapest, but they say they’re trying to be the best. If you didn’t want to trade with this exchange, you can find reliable forex brokers to buy and sell cryptocurrencies in my top forex brokers list.