What is Coinmotion? 

Coinmotion is a platform available on desktop and mobile - both iOS and Android. The app allows users to deposit and withdraw crypto and fiat currency, as well as buy, sell and store crypto. Coinmotion is operated by Coinmotion Oy based in Finland. Formerly known as Prasos, the platform was launched all the way back in 2012. 

The company that operates Coinmotion also operates Denarium, a producer of physical bitcoins. Their focus is to make luxurious, convenient, secure physical bitcoin wallets. They also offer .9999 pure gold bars for sale. You can look up the coins in the Denarium database. The entity also runs the Finnish bitcoin broker Bittiraha.fi and operates the largest Bitcoin ATM network in the Nordics called Bittimaatti.

With Coinmotion, users can easily invest in Bitcoin, Ethereum and other cryptos in addition to using the platform for earning interest, borrowing, and spending. Getting started on Coinmotion is simple and straightforward and the platform has over 130,000 users predominantly in Europe. Users can invest through the mobile wallet, web app, or even get help from the Private Banking advisors who are able to assist with executing OTC trades.

Why use Coinmotion?

• In less than 10 minutes, users can get started with purchasing bitcoin and other digital assets using a range of payment methods including credit or debit card, online banking, bank transfer, Klarna and SOFORT. 

• Users can earn interest on their digital assets using the platform. 

• Users are able to spend their crypto at over 30M locations around the world with the Coinmotion Debit Card.

• Users have access to facilities that enable them to set up a savings account and automate their investments each month.

• The platform claims to follow relevant anti-money laundering and counter-terrorist financing legislation, and apply several AML policies. 

• The platform offers an easy to use Service to deposit and withdraw cryptocurrency and fiat currency and buy, sell and store crypto.

• Users can deposit and withdraw fiat currencies subject to AML and KYC. Fiat currency deposits can be processed via SEPA transfer, S-Bank, SOFORT or credit card and this typically takes up to 3 days before the balance reflects in the user’s wallet. 

• The service utilises different crypto exchanges in order to provide the best possible price for customers.

• Users can deposit and withdraw fiat currencies subject to AML and KYC. 

• Coinmotion allows customers to store their bitcoins in their cold storage system through their vault storage offering. The fee for using the vault service is 1% of all transactions.

• Coinmotion has a good referral program where users have the opportunity to earn 50% commission for inviting their friends to Coinmotion. Every time a user invites new friends to register to the service and they buy or sell cryptocurrencies on Coinmotion, they will receive 50% of the charged trading fees for their first 12 months. Additionally, their friends will only pay 1% trading fee for their first 30 days which is a 50% reduction of the normal trading fee without volume discounts. The charged trading fee would have to be at least 1% for a user to receive the referral reward. Coinmotion will pay the reward to the user’s Coinmotion account in euros each time the user accumulates at least one euro.

Coinmotion Card 

• Coinmotion also offers a prepaid card to verified users, however, this is only available to private persons, not companies. To order a Coinmotion card, a user must have a verified Coinmotion account, and they must reside in Austria, Belgium, Finland, France, Germany, Ireland, Netherlands, Spain, Sweden or the UK. The card uses only EUR funds available on the card account. Users can load their card account from their Coinmotion euro account and they can top-up card balance manually or set up an automatic top-up with customised thresholds. Users cannot withdraw euros from the card account back to their Coinmotion euro account. 

Limits and Fees 

Coinmotion Reviews

• Coinmotion has good customer reviews on sites such as Trustpilot. 

The Limitations of Coinmotion 

• Coinmotion is currently unavailable in theUnited States of America due to the heavy regulation of FATCA. 

• Users need to KYC on Coinmotion in order to start investing, earning interest, and paying with their crypto in 30 million locations around the world using the Coinmotion card. 

Conclusion 

Coinmotion appears to be a reliable and legit platform that has been operational for a long time and the company seems to have a good track record in the industry, operating multiple crypto businesses. The company seems to have grown organically and continues to focus its services and products predominantly in the regions where they have a good product fit. Based on the user reviews both on the app stores and on independent review sites it seems that users have favourable sentiment towards the company and its products and services. It is always, however, recommended that you do your own research before using any platform and also be vigilant when it comes to security. Overall, Coinmotion seems like a decent platform to use especially for users in the Nordic regions.

Originally published on Decentralised News

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