You are new to the Crypto industry. Do you want to buy your first Cryptocurrency? But you do not know which exchange to use. No issues, I have explained about one such exchange – Cryptomate in this review. Let us understand the UK based exchange in-depth.
QUICK NAVIGATION :
- About Cryptomate
- Cryptomate Features
- Account Creation and Verification
- Buying Cryptocurrencies
- How it works?
- Cryptomate Fees
- Customer Support
Cryptomate is a unique platform where vendors connect with buyers for buying and selling of cryptocurrency. William Thomas founded this company in 2014. He believes that a decentralized system with the peer-to-peer transfer is the future of currency.
Cryptomate is a platform for crypto exchange where it’s bridging the gap between GBP and Crypto exchanges present in the UK. The platform is limited to users with British bank accounts and sign-up is not necessary to place an order.
Features of Cryptomate
Cryptomate allows the exchange of many cryptocurrencies such as Bitcoin, Litecoin, Ripple, and Ethereum, etc. If a user places an order for any of the currencies, it is usually delivered within an hour.
The mode of payment for the purchase of cryptocurrency is possible only through online banking transfer. For user convenience, Cryptomate shows an online sign on its website thus making the transactions easier.
Cryptomate uses Faster Payments solutions. This makes the bank transfer near-instant.
Cryptomate works on the concept of Peer-to-peer trusted vendor system (P2P) i.e. it connects vendors and buyers on a single platform. For security, it uses 256 bit SSL for point-to-point encrypted communication. The information of all Cryptomate users is present in a secure database. Thus, Cryptomate is fast, easy and secure. Vendors can apply by emailing the support staff.
Cryptomate has all major currencies listed on its platform but not all. Thus, if a user cannot find the preferred currency on the list, a suggestion can be posted to their support team. There is also an option for email support. A user can ask for a solution to any query regarding the buying and selling of the currency.
Even though it supports major currencies, there is no Cryptomate wallet. The wallet for each currency is used instead.
How to create a Cryptomate account?
For a new account, a user can log on to www.cryptomate.co.uk. Click on the “Login” tab, the page to direct it to a new login window. Click on Register here. Enter all the details i.e. email ID, password, first name, and last name. A verification link goes to the email ID registered with Cryptomate. Click on the link to activate your account.
A new “My Account” window opens after the user login. The user can verify its account by uploading a proof of residency and proof of address. A verified account shall give the privilege of transaction limits per order.
Verification of a user plays a major role though. This has now been increased to £200 and is per order. If the user wants to buy more crypto then he needs to submit ID proof. For a verified user, the crypto purchase is allowed up to 1000 pounds/order and verified users can create OTC orders for purchases above £2,500 also.
The exchange platform has a detailed list of all accepted documents. It’s a great thought.
Note: When I tried to create an account, I found that the automatic account verification is not working at the moment. Manual up-gradation has to be done.
Buying Cryptocurrency on Cryptomate
Click on the “Coins” tab to see the list of cryptocurrencies listed. The current pricing of all the crypto is available thus, it also updates a user about different currencies and their market value. The User can click on the buy now. To get a live quote on the currency, the user can fill a short form.
The form does not require a registered email just one that the customer has access to. A live chat is also present on the platform. It would help a user analyze the market before making any investments. The API of Cryptomate is easy and helps a user in knowing the 24-hour volume of GBP.
Along with Bitcoin, the platform supports many other currencies like Monero, Litecoin, etc.
Cryptomate has real-time updates on currency values. There are live chats and charts that act as significant tools for analyzing a crypto market before making any investments. Thus, Cryptomate is surely a gateway for the cryptocurrency. It has opened opportunities for both vendors and crypto enthusiasts.
The platform encourages only British citizens, which may be a limitation in some way or the other. The limit set on buying currency on the basis of verification makes this platform authentic. Only genuine buyers would be adding to the crypto community thus making transactions secure.
How Cryptomate works?
Unlike other crypto exchanges, Cryptomate has to work during UK Bank hours. For user convenience, the platform states when the vendors are available.
As it uses the Faster Payments service, the exchange claims to be the fastest among its peers. Although, it has to follow Faster Payment rules. Faster payment is a UK based service that allows fast and secure payments all through the year.
Unlike other exchanges, the Cryptomate wallet feature is missing. The exchange asks you for your wallet address and trades currencies directly through your wallet. If you feel the Cryptomate wallet should be there, then this exchange will disappoint you.
Even though you feel that no Cryptomate Wallet is a disadvantage, I feel it’s a blessing in disguise. The exchange does not deposit or withdraw currency. It just transfers them from dealers to vendors and back. So, in case of any hack, your money is safe.
The Cryptomate exchange does not have a Fees structure on their website. They do not disclose the fees that it charges. All fees are included in 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 Cryptomate fees than this rate.
The website itself is quite simple and detailed. There is no need for any support as such. There is an FAQ section where most of the commonly asked questions are answered. In case if you need any support, you can contact the team through email. There is no live support option for now.
One question which arises in my mind – Is Cryptomate Safe to use? Let us find a solution to this in this Cryptomate review. For security, Cryptomate uses 256 bit SSL for point-to-point encrypted communication. The information of all Cryptomate users is present in a secure database.
Since payments are done through online banking services, Cryptomate has gained trust in the market.
Cryptomate is good for beginners. Although, experienced traders feel it’s not for them. I agree with this statement. As you have seen in this Cryptomate review, the exchange does not offer any trading platform, it is not a choice for traders.
Thus, CryptoMate provides a risk-free, fast, and economical way to purchase cryptocurrency. Cryptomate is UK based. So, buying cryptos won’t be a hassle in the UK.
I hope this Cryptomate review has helped you understand the exchange, it’s fees, wallet feature. Also, it will assist you to decide “Is Cryptomate safe?”.
Cryptomate Exchange Review
CryptoMate provides a risk-free, fast, and economical way to purchase cryptocurrency. Although, the fees structure is a bit of a concern.
Cryptomate is very secretive about the fees as they do not have a fee structure on their website. All fees are incorporated into the price.
No, as of now, Cryptomate does not have a mobile application.
Cryptomate manually processes the transactions for security purposes. Hence, during operating hours, processing is usually completed within 2 to 3 hours.
No, the exchange does not allow US Traders to trade on this exchange.
The exchange has set a daily limit of £100 for unverified clients. However, KYC verified customers can trade upto limit of £1000.