When you start investing in cryptocurrency, you have a wide choice when it comes to the different kind of brokers. Especially if you are looking for brokers that offer big projects like Bitcoin, Ripple and Ethereum, the choice is enormous. There are dozens reliable brokers to choose from. If you are looking for a broker with top service and nice features such as an app for Android and iOS, then Coinmerce is the right place for you. Coinmerce’s app and website are both available in English and are the perfect starting point in the world of cryptocurrency. In this Coinmerce review, you will find out everything about this company.
First impression of Coinmerce
Get 10 euros of Bitcoin with Coinmerce
Coinmerce has a simple and clear trading platform which is easy to navigate for beginners, but even for experienced traders, the platform has many appealing features. For example, you can use stop-losses and limit orders to place your orders. Coinmerce makes cryptocurrency accessible to everyone and through the app at any time.
The last thing we would like to mention is that they are registered with the Dutch Central bank.
Summary
| Offer | 350+ coins. |
| Fees | 0.4% up to 2.5% + risk surcharge + payment costs (compare Bitcoin prices). |
| Payment methods | iDEAL, Bancontact, credit card (Mastercard and VISA), SOFORT, Wero, EPS, Zimpler and bank transfer. |
| Built-in wallets | Yes, available for all coins. |
| Regulation | MiCA licence (AFM) |
| Account types | Custody and Yield |
| Customer service | 24/7 via a live chat, mail and social media. |
| Telephone number | NL: +31 970 10286028 EN: +31 970 10286028 |
| Email address | support@coinmerce.io |
Coinmerce Pros and Cons
| Pros | Cons |
|---|---|
| Simple portal | Costs for small and large purchases differ widely. |
| A wide offer + built-in wallets | Additional transaction costs. |
| Custody account costs €1 per month + 1% per year. | |
| Risk surcharge on top of the 0.25% trading fee. |
Coinmerce offer
With Coinmerce you can buy and sell more than 350 different cryptocurrencies. Together with Bitvavo (who offers over 440 different coins), they offer the biggest number of cryptos when looking at European brokers. The offer has grown rapidly on Coinmerce, so it might be a surprise for some. Until recently there were “only” 75 different cryptocurrencies available.
All the different cryptocurrencies are available via the app and on the website. All 350+ cryptocurrencies can be bought, sold and managed via the app. Read this Coinmerce review to discover more about the buying and selling process, limits and costs.
Account types at Coinmerce
Coinmerce offers two account types: a Custody account and a Yield account. You can only have one account type at a time, but you can switch at any moment via your account settings.
Custody account
A Custody account is most suitable for long-term investors who don’t trade frequently. Your crypto is stored in cold wallets of a separate Foundation, fully separated from Coinmerce’s company assets. This provides maximum security. With this account you do not have access to Yield Services.
Custody account costs:
- Subscription: €1 per month
- Custody fee: 1% per year on the part above €10,000
Yield account
A Yield account is suitable for more active users who want to earn returns on their crypto. By choosing this account, you give permission to lend (part of) your crypto via the Earn programme. You receive weekly rewards with compound interest. There are no lock-up periods, so you can trade or withdraw at any time.
Please note: the Yield Services of Coinmerce Earn B.V. are currently not covered by MiCA. This means that certain consumer protections do not apply to this part. The regular trading services are covered by the MiCA licence.
Yield account costs:
- Subscription: free
- No custody fee
Staking and Earn at Coinmerce
Via the Yield account you can earn returns on your crypto by participating in the Earn programme. Your crypto is lent to Coinmerce Earn B.V. and you receive weekly compound returns. Coinmerce and Coinmerce Earn B.V. guarantee the return of your crypto upon request.
Keep in mind that past results do not guarantee future returns. Additionally, the Yield Services are not covered by MiCA, which means certain protections do not apply.
How to buy crypto with Coinmerce?
Buying cryptocurrency via Coinmerce works slightly different from other brokers. With many brokers, you first have to deposit credit from your bank account. You can then convert euros into cryptocurrency. With Coinmerce this is not necessary. You choose a cryptocurrency, indicate the amount you want to buy and then pay with Wero. So you pay the exact amount in euros that you are going to exchange for the cryptocurrency of your choice. This saves you an extra step in the process, which we think is a huge plus.
Before you can buy your cryptocurrency, you must create an account. This is very simple and self-explanatory. In case you don’t know something, you can always contact customer service. They can be reached any time of the day. Creating an account is best done via the website and not via the app.
Selling crypto
When you want to sell your cryptocurrencies, you can do so quickly and easily with a few clicks on the website or app. When selling, your crypto is converted into euros in your account. You can then have these euros paid out via a SEPA bank transfer (free). Payout to your bank account takes approximately 1 working day, just like any other brokers.
Verifications and limits
Once you have opened an account with Coinmerce, you will need to go through a verification process to get started. You cannot make purchases without a verification. Coinmerce holds a MiCA licence from the AFM and must meet strict requirements. They have to know exactly who they are doing business with, just like all other brokers operating in Europe.
During this verification, Coinmerce must have and verify the following information from you:
- E-mail address.
- Bank account details by doing a payment.
- Identity card.
- Selfie with proof of identity.
After successful verification, your limit is €60,000 per week or €20,000 per day.
There is also a Pro account. To enter this level you must provide an official source of income, proof of residence and you are required to have a Skype conversation with Coinmerce.
| Registered | Verified | Pro | |
|---|---|---|---|
| Limit (1D) | N/A | € 20.000 | custom |
| Limit (7D) | N/A | € 60.000 | custom |
| Yes | Yes | Yes | |
| Bank | No | Yes | Yes |
| Identification | No | Yes | Yes |
| Selfie | No | Yes | Yes |
| Source of Funds | No | No | Yes |
| Proof of Residence | No | No | Yes |
Fees and costs
Coinmerce uses a transparent pricing model with a fixed trading fee of 0.25% per transaction. This applies to both the Custody and Yield account when buying, selling and swapping crypto.
On top of the 0.25% trading fee, Coinmerce charges a risk surcharge. This surcharge is based on real-time market data from multiple liquidity providers and is calculated via a Kalman filter to guarantee a stable price. The final price you see (the Exchange Offer) contains the market price, the risk surcharge and the 0.25% fee. You have two minutes to accept the offer.
Deposits via iDEAL and Wero cost €0.30. SEPA deposits and payouts are free.
The trading fees are variable and can vary at any time of the day. It is therefore advisable to check before buying which broker is currently the cheapest. For example, you can compare Bitcoin or Ripple. Chances are that Coinmerce is high up on the list.
Is Coinmerce safe for trading?
Coinmerce is a very accessible broker and aims to make cryptocurrency available to everyone. Partly due to the app and the customer service that is offered, this broker is an attractive choice for start-up investors. You can check your investments anywhere via the app.
Coinmerce holds a MiCA licence granted by the Authority for the Financial Markets (AFM). This means the platform meets the European standards for transparency, safety and compliance. Additionally, the Custody account offers extra protection because your crypto is stored in cold wallets of a separate Foundation, separated from the company’s assets.
The company, based in Schiphol-Rijk, has created a good reputation in Europe and we can assure that Coinmerce is safe. If you run into problems or have any questions, you will be helped quickly, and transactions go quickly and without any problems. Because of this, the experiences of users are very good with this broker.
Coinmerce scores well on review platforms: a 4.1 on Trustpilot, 4.1 on Google Reviews and 4.3 in both the App Store and Google Play.
What are the Coinmerce fees?
Coinmerce charges a fixed trading fee of 0.25% per transaction. On top of that, a risk surcharge is applied based on real-time market data. The final price (Exchange Offer) includes the market price, risk surcharge and the 0.25% fee. For iDEAL and Wero deposits, there is a €0.30 charge. SEPA deposits and payouts are free.
How many coins are available at Coinmerce?
At this moment the assortment consists of more than 350 different coins. The offer is regularly updated, which means that new coins are added, but also removed.
How do I contact customer service?
You can reach Coinmerce by phone on workdays between 9:00 and 17:00, via the Live Chat on the website or by e-mail at support@coinmerce.io.
Is there also an app available?
Yes, the Coinmerce app is available for Android and iOS smartphones.
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