The Coinmerce Beginner’s Guide
Coinmerce is a fiat ⇄ cryptocurrency trading platform which currently offers over 130 cryptocurrencies.
The mission of Coinmerce’s is to make the space of cryptocurrencies and blockchain accessible and understandable to everyone. Accessing the platform can be done through the web browser or by downloading the iOS or Android mobile application. Users can easily purchase cryptocurrencies through Euro pairs using one of nine different payment methods. Including SEPA, iDEAL, Giropay, Sofort and Bancontact.
How to register?
Registration on Coinmerce takes minutes and is done in two simple steps, as explained below:
1. Go to the Coinmerce website or download the app on your mobile device. Choose to create new account. Assure the details are correct
and match with the details on your bank account and identification document for a quick verification to Level 1 and 2. Eventually, make sure to create a difficult password and read/accept with their Terms and Conditions.
2. Complete the registration by clicking the link in the email which has been sent to your email address. Your account has now been created. Login with your email address and password.
How to verify?
Level 1 (withdraw or deposit up to €500 per week)
Now that you have a Coinmerce account, in order to start trading you need to verify to Level 1. This is done by conducting a small payment of €0,01. The reason for this is to make sure your name matches the name registered to your bank account. Verify by going to your settings, choose security settings and select Level 1 verification. Conduct the verification payment by iDEAL or SEPA. In case you choose iDEAL the verification will be completed within minutes. SEPA transfers take around 1–2 working days to be received and processed by us.
Level 2 (withdraw or deposit up to €20.000 per day or €60.000 per week)
If you would like higher limits, you can verify to Level 2. To do this, again go to your settings, select security settings and choose Level 2. Follow the steps and your verification will be processed within 1 hour.
Level 3 (tailor-made limits)
To support the more advanced traders, or if you are a whale and need even higher limits, you can verify to Level 3. As such limits require more advanced KYC Policy, you just need to contact their support to inquire about the possibilities and requirements.
How to buy?
Once you are verified you can start buying cryptocurrencies. Stated below are the steps on how to buy.
Not much of a reader? In that case they recommend checking out their video explaining how to buy on Coinmerce:
Otherwise, go to the home screen. Pick one of the 130 different cryptocurrencies, enter the amount you wish to purchase and select buy.
In the following screen you will able to choose to either send the cryptocurrencies to your Coinmerce
wallet or to send them to an external wallet, for example your personal wallet, for which you hold the private keys. We always recommend to keep your coins on your private wallets. In that case choose to ‘Send coins to external wallet/address’ and enter the address you wish to send the cryptocurrency to. A small fee is calculated to send the cryptocurrency. The height of this fee is dependent on the cryptocurrency.
Paying for your cryptocurrencies can be done by using one of nine supported payment methods. These include SEPA, iDEAL, Giropay, Bancontact, Sofort, EPS, MyBank and Coinmerce Coins. Each payment method has its own fees, which you can consult here.
Coinmerce Coins is their own payment method. 1 Coinmerce Coin is always worth €1,00. When you sell a cryptocurrency, you will receive the Euro value in Coinmerce Coins. You can then use these to buy other cryptocurrencies. The advantage of using Coinmerce Coins is less fees and a shorter buying process. It is always possible to payout your Coinmerce Coins, the Euro value of your Coinmerce Coins will then be sent to your verified bank account.
Aside from the regular market orders which are executed instantly Coinmerce also supports Limit orders. With a limit order you choose a certain price you wish to buy or sell a cryptocurrency. For example, the price of Bitcoin is now €10.000, -, you think is too high and wish to buy for €500, of Bitcoin at €9.500, -. In that case you can set a limit buy order. Make sure to have the value of the limit order available in Coinmerce Coins at the time of the trade.
How to sell?
Now, you have made a nice profit on your cryptocurrencies or you want to accept your losses and close your position. To do that you need to sell your cryptocurrencies. Stated below are the steps on how to sell.
Don’t like reading? In that case check out their video explaining how to sell on Coinmerce:
The easiest way to sell your cryptocurrency is by going to your wallets, select the coin and click sell. You can decide to sell the entire amount or just a portion. The Euro value of your sell order will be credited to your account in Coinmerce Coins. Use these to buy new cryptocurrencies or sell them to get the Euro value transferred to your bank account.
Just as with buying, you can also decide to set a sell limit order in case you wish to sell your cryptocurrencies at a certain price. Please read the information above regarding limit orders.
Opening an account at Coinmerce is free of cost!
For the buying and selling of cryptocurrencies a fee is paid. This fee is variable and is calculated individually for each trade by their algorithm. The fee is dependent on a range of factors including but not limited to volatility, volume and order size.
For the withdrawing of cryptocurrencies, a small fee is required. Sending cryptocurrencies over the blockchain is not free. The calculated fee depends on the transaction cost, = as Coinmerce have to pay to the blockchain network. In short, a certain cryptocurrency can be cheaper to send than another one. The withdrawal fee will be stated when initiating a withdraw so that you always know what you pay.
Depositing cryptocurrencies to your Coinmerce account is free of charge!
Is Coinmerce Safe?
Providing their users with a high level of security is among their top priorities. They do their absolute best to keep your funds and data safe. However, at an individual account level this burden also lays with the user himself. Here are some recommendations for users to maintain a high level of security.
- Password: We recommend users to have strong passwords which include both letters, numbers and symbols. The password should not be used anywhere else. In case you have security, just like us as a top priority they recommend you make use of a password manager. At all time you are able to change your password in the Coinmerce security settings screen.
- 2 Factor Authentication: Having a strong password is step one. To strengthen your security, they recommend you make use of
2 Factor Authentication or 2FA. You can activate this in your Coinmerce security settings. Please store the secret key you will see somewhere safe. they have deliberately chosen to only support 2FA through the mobile applications Authy and Google Authenticator and not also SMS. This because 2FA through SMS is vulnerable to so called SIM swapping.
- Phishing and Scams: Always be aware of phishing attempts and scams. Coinmerce employees will never:
- Call you
- Ask you for your password
- Recommend an investment
- Promise profits
Furthermore, when browsing to the Coinmerce website make sure you are visiting their official website. Scammers might duplicate the design of their website to get access to your credentials. You can easily check you are visiting the official Coinmerce website by clicking on the lock icon next to the web address. Here you will be able to review the certificate. Also make sure you are on the right domain.
While they do their best to keep user funds safe the fact remains; remember all exchanges are a target for malicious actors. Therefore we recommend users to store they cryptocurrencies on a personal wallet, preferably a hardware wallet, such as Ellipal, Ledger, etc, for maximum security.
Coinmerce offers one of the best customer support. Their support teams are available 7 days a week and speak English, German and Dutch, for your convenience. You can reach out to them via one of the channels below: