Coinmerce review: Experiences and ratings 2019 | Guide: How to buy cryptocurrencies

Short facts

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Introduction of Coinmerce

Coinmerce is another Dutch provider for the direct purchase of cryptocurrencies via Euro by credit card, SEPA bank transfer, SOFORT bank transfer and numerous other payment methods. The company behind the broker, Coinmerce B.V. is a Dutch limited liability company and has its registered office in Amstelveen in the Netherlands. The broker is comparatively young and was only founded in 2017, but has grown rapidly and is enjoying increasing popularity. Coinmerce was founded by cryptocurrency enthusiasts to make buying and selling cryptocurrencies as easy and quick as possible for everyone.

Coinmerce’s goal is to make the growing crypto market accessible to everyone by developing a platform where trading cryptocurrencies is as easy as making a payment at the bank. The broker’s motto is “Crypto currencies for all”. To achieve this, Coinmerce has developed an all-in-one smartphone app, which we will introduce in more detail later.

That’s good to know: In contrast to other cryptocurrency exchanges, Coinmerce itself acts as a broker. This means that the transaction takes place directly between Coinmerce and the end customer and not, as usual, between buyer and seller. So Coinmerce sells the cryptocurrencies directly (and buys them first).

We have had very good experiences with Coinmerce in the past, as the customer support is very fast and easy to reach and the user interface (in many languages) is very understandable even for beginners. There’ s a short video presentation of the platform available on the official Coinmerce YouTube channel. You can watch it here:

Which cryptocurrencies can I buy on Coinmerce?

Coinmerce offers a huge selection of 100 popular and less known cryptocurrencies. Here’s the list:

On the European cryptocurrency market, Coinmerce has one of the largest selections of cryptocurrencies. The exchange is therefore suitable for investors who want to invest in smaller and less well-known cryptocurrencies.

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Coinmerce costs and fees

The registration of an account is free of charge. Trading uses a variable percentage of service costs. The price therefore depends on various factors, such as the size of the transaction, the trading volume and the transaction costs. In general, Coinmerce’s service costs are between 0.45% and 1.5%.

The following table shows the fees per payment method (independent of the spread):

Coinmerce’s spread is not publicly disclosed, as it is the case with most exchanges. Our request to the support team regarding the average spread for Bitcoin and the average spread for Altcoins has merely led to the statement that this varies depending on the cryptocurrency. Unfortunately, we were not informed of any further details.

How do I set up a Coinmerce account?

First you can check if your language is already set. On the left side of the coinmerce.io homepage (click here!)* there is a navigation. At the very end you will find different languages: English, Dutch, German, French, Spanish or Italian. Once you have selected the language that suits you best, you can start registering. All you have to do is click on the red “Create Account” button.

Afterwards you have to enter your personal data correctly. It is important to note that these correspond to the identity document required for a Level 2 account (usually the identity card). You will be asked to enter your name, e-mail address, gender, nationality, date of birth, e-mail address and telephone number. After you have also entered a password, you can click “Register”.

You will then receive a message that a verification link has been sent to you by e-mail. You have to confirm this link via the received e-mail. Detailed instructions can be found in the e-mail. After you have clicked the confirmation button, you will receive this message:

Welcome to Coinmerce, your account is activated! Service is our top priority, if you have any questions we would like to hear it. Have fun with trading!

You can then login with Coinmerce for the first time. As you will carry out Fiat money transactions on your account, Coinmerce is required by law to request in advance some additional personal information that is necessary under the European Union’s know-your-customer and anti-money laundering laws to ensure that the broker operates in compliance with the law.

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Before you start to buy cryptocurrencies, you should activate the 2-Fakor authentication in the “Settings” -> “Security settings“:

A tutorial on how to install the Google Authenticator App for your smartphone can be found here: https://support.google.com/accounts/answer/1066447?co=GENIE.Platform%3DiOS&hl=en. Afterwards you have to enter the six-digit code generated by the app into Coinmerce.

Verification and maximum purchase amounts

With Coinmerce, there are different levels of verification and associated limits on how much you can trade daily, weekly or monthly.

Level 1 requires verification of the bank account you wish to use to deposit money. This is mandatory for the purchase and sale of cryptocurrencies at Coinmerce. You can confirm your bank account by iDeal or Sepa. You can do this via “Settings” -> “Security settings” -> “Bank“:

During the verification you have to pay 0,01 Euro into the account named by Coinmerce with the given purpose. Once the broker has received the cent, your bank account is verified. You can now trade a maximum of 500 Euro per week.

You can’t trade at Coinmerce unless you verify. You must at least confirm your bank account. This is not only necessary for security reasons, but also to make refunds or sales. In addition, Coinmerce must comply with Dutch and European laws which state that every customer must be identified.

For Level 2 you must upload a valid ID card, either an identity card or a passport, to Coinmerce. To do this, go again to “Settings” -> “Security settings” and then to “Identity card”.

A pop-up window will then open where you can choose whether you want to upload a passport or an ID card. Make sure that the photo is clear and legible and has a maximum size of 4 MB. Otherwise it will not be accepted! With a Level 2 account you can trade up to € 20,000 per day and € 60,000 per week.

If the aforementioned limits are not sufficient for you, you can apply for Level 3. Coinmerce will need proof of your source of income, proof of residence and a Skype call. To apply for Level 3, you must contact the Coinmerce support team.

The following table shows an overview of the verification levels, the processing times depending on the payment method and the limits depending on the level:

Coinmerce Coins

The Coinmerce Coin is similar to a Stablecoin and is a peculiarity of the broker. The coin is always worth 1 Euro. It was developed to offer the user the possibility to secure the profits (similar to Tether / USDT on Binance and other cryptocurrency exchanges) if you want to actively trade and cash out. In addition, transactions with the Coinmerce Coin are completely free of charge. It also shortens the transaction time. The Coinmerce Coin thus offers some advantages when using Coinmerce!

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How can I buy cryptocurrencies on Coinmerce?

The purchase of cryptocurrencies on Coinmerce is very easy, fast and easy even for absolute beginners. First go to the homepage of Coinmerce (click here!) and select your desired cryptocurrency in the drop-down menu:

In the next step you have to decide if you want to use the Coinmerce Wallet or if you want to send the crypto currency to an external wallet. If you want to use the Coinmerce Wallet, all you have to do is select your desired payment method (iDeal, SEPA Bank Transfer, Coinmerce Coins, Bancontact, Giropay, SOFORT, EPS Bank Transfer) and click on the payment button to complete the purchase.

You also have the option to have the bill paid by a friend. For this you can simply click on the button “Copy” and send the payment link to the third person. However, it is important to note that the order must be placed via the verified IBAN! Orders paid from another account will be blocked.

If you want to send your ordered coins to an external wallet, you have to activate the corresponding slider (see screenshot below). A field for the external wallet destination address will then be displayed. Please note that there is an additional fee. In the example (see screenshot) we ordered Bitcoin with a value of 100 EUR. There is a fee of 5,19 EUR! This is not only the Blockchain fee (“Miner-Fee”), but also a surcharge from Coinmerce.

The fee depends on the cryptocurrency and not on the amount. From our experience, the fee varies greatly depending on the cryptocurrency (and also on the current price). For example, the fee (according to our experience, at the time of the test) was EUR 5.19 for Bitcoin, EUR 2.52 for Ethereum, EUR 0.21 for IOTA, EUR 0.12 for Ripple and Litecoin and EUR 0.03 for TRON.

If you first sent the coins to the Coinmerce Wallet, you have the possibility to transfer them to an external wallet afterwards. For this you have to go to “Wallet” in the sidebar menu.

The wallet of Coinmerce is from our point of view a good, but not optimal solution for the storage of your cryptocurrencies, because exchanges and brokers have been hacked several times in the past and large amounts of cryptocurrencies have been stolen. A more recommendable alternative is a software or hardware wallet (the Ledger Nano X or the Trezor Model T). In any case, you should enable 2-factor authentication using Google Authenticator to add an additional protection mechanism to your account!

Stop Loss and Limit Orders

In addition to the “normal” buy order, Coinmerce also offers the functionality to place stop-loss and limit orders. The function can be found in the “Stop Limits” menu, where you can place a separate order for each cryptocurrency. It is possible to use the limit order for unlimited time or for 2, 4 or 24 hours. When the price is reached and the order/sale is made, you will receive a notification by email.

How can I sell cryptocurrencies on Coinmerce?

Sales orders are started by clicking the “Sell” button on the website. As with the purchase, you can choose either the number of coins or the amount in euros. If you then click on “Sell”, a window will appear asking if you are sure that you want to sell the coins.

At Coinmerce you can sell cryptocurrencies you bought on the platform, but you can also deposit cryptocurrencies into your account and sell them at Coinmerce. The value of the sold coins will be transferred directly to your verified bank account. This process can take one or more days, depending on the bank, until the amount is credited to your bank account.

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The Coinmerce App for the Smartphone

The free Coinmerce app is available for iOS, Android and as a web version and offers you the possibility to use the full range of functions of the exchange on the move. With the Coinmerce App you can buy, sell and manage cryptocurrencies via the mobile Coinmerce Wallet. It is thus an all-in-one mobile app, as Coinmerce points out.

The app can also be used to invite and chat with friends. It is also possible to send payments in crypto. This way you can quickly and easily receive cryptocurrencies or send them to your friends. The crypto payment is sent directly and credited to the recipient’s Coinmerce Wallet.

The Coinmerce Wallet

The Coinmerce Wallet is particularly suitable for beginners and investors who do not want to set up their own wallet (desktop, mobile or hardware wallet). The wallets can be found at a central location in the sidebar navigation under “Wallets“. To create a new wallet (e.g. for Bitcoin), click “Add new wallet” and then select Bitcoin.

You will then be shown an overview where you can find the Bitcoin address to which you must send the BTC. With the button “Copy address” you can copy your address to the clipboard and enter it in your external wallet:

In contrast to other providers, such as eToro, Coinmerce also offers the possibility to send cryptocurrencies to an external wallet. These include desktop and mobile wallets, as well as hardware wallets (also known as “cold wallets”). A “Cold Wallet” is not connected to the Internet and can receive cryptocurrencies offline, but only send them back online. Hardware Wallets are the most secure way to store your cryptocurrencies according to the current state of the art.

Therefore we recommend you to use an external wallet. We have tested more than 8 hardware wallets and will show you which wallet scores best in our test. You can find our test overview by clicking on this link: https://www.keynews.com/wallets/.

Coinmerce put to the test

Security and reputation

Especially in the financial sector it is essential to use a reliable trader. Coinmerce is indeed a young company. However, operators attach great importance to working in compliance with the European KYC (Know-Your-Customer) and AML (Anti-Money-Laundering) laws. Coinmerce is therefore to be classified as 100% serious.

According to the Telegram Group, 90-95% of customer funds are secured in cold wallets. Furthermore, Coinmerce was audited by a Dutch IT company. Thus a very good safety can also be assumed. To increase the security of your own account, we recommend to activate the optional 2-factor authentication or even better to use an external wallet.

Fees and payment methods

Trading in cryptocurrencies is a lucrative business, with exchanges being able to determine their own fees. Therefore, it is worth comparing. Like all exchanges, Coinmerce requires a spread, as well as other fees for the transaction itself. Compared to other exchanges, Coinmerce’s spreads are in the middle range.

Unfortunately, we can’t give you exact details because customer support wasn’t willing to answer our questions about the average spread for Bitcoin and the average spread for Altcoins. A positive aspect of Coinmerce, however, is its many payment options. The exchange also enables customers to make use of online payment service providers, so that processing is faster than, for example, with a SEPA credit transfer.

The fees of the best broker in comparison

Litebit	Coinmerce	Bitpanda	Coinmama	Coinbase
Available in: Europe	Available in: Europe	Available in: worldwide	Available in: worldwide	Availbale in: 103 countries
Fees: approx. 1-2%	Fees: approx. 1-3%	Fees: 1,49%	Fees: 5,9%	Fees: 1,49%
Visit Broker*	Visit Broker*	Visit Broker*	Visit Broker*	Visit Broker*

The support

The Kryptowährungsbörse offers a variety of quick help options. Support is available via e-mail, Whatsapp, Facebook, Twitter and Telegram around the clock (24 hours a day) on all weekdays. The chat in the Telegram Group is offered in English, Dutch and German.

In our Coinmerce test we got an answer within a few minutes (Facebook, Whatsapp and Telegram). On weekends and holidays, the response time may be slightly longer. In our experience, replies to e-mails range from a few minutes to a maximum of one day (if the request is not made before the weekend). The support was always very helpful and could help very well.

Hacker attacks

We are not aware of any hacker attacks in which cryptocurrencies were stolen from Coinmerce.

Bottom line

From our point of view, Coinmerce is one of the most user-friendly cryptocurrency exchanges in Europe and is at the top of our favorites list. Due to the fact that over 100 cryptocurrencies are offered, Coinmerce is a very good way to buy smaller, less known cryptocurrencies directly with Euro!

>> Buy cryptocurrencies on Coinmerce* <<

Coinmerce alternatives

Coinmerce is a very good choice for buying cryptocurrencies. However, if you have not found a certain currency or would prefer to use another, we would like to introduce you to some other exchanges below.

Litebit is our top recommendation for you. The exchange offers 50 different cryptocurrencies for direct purchase by credit card, SEPA, SOFORT and much more. The customer support is really fantastic and always reachable. We have been a regular customer of the stock exchange for 4 years and are very satisfied. >> To the test review of Litebit <<

Coinmama is a UK based stock exchange that supports the purchase of crypto currencies by credit card and Paypal. You can also pay by bank transfer. In our experience, this exchange is absolutely trustworthy and works reliably. >> To the test review of Coinmama <<

Binance is one of the largest exchanges worldwide and is considered to be particularly user-friendly and secure. Within just a few months, Binance has risen to become the largest stock exchange in terms of trading volume. It is also possible on Binance to buy Bitcoin, Ether and XRP directly by credit card. >> To the test review of Binance<<

EToro is also a well known cryptocurrency CFD broker offering both the purchase of “real” cryptocurrencies by credit card and the trading of cryptocurrency CFDs. You can use up to a double lever to bet on the price of the cryptocurrencies. >> Read the review for eToro <<