coinmotion

Overview of coinmotion

Founded in 2012, Coinmotion is a currency exchange based in Finland and is regulated by the Finnish Financial Supervisory Authority (FIN-FSA). Coinmotion offers a range of cryptocurrencies for trading, including Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). The exchange operates on a web-based platform and supports deposit and withdrawal via bank transfer and credit/debit card.

Pros and cons

Regulatory Authority

Coinmotion is regulated by the Finnish Financial Supervisory Authority (FIN-FSA) under regulation number 2469683-1. The exchange holds a digital currency license and operates under the regulation status of being regulated. The license type is the Digital Currency License, and the license name is Coinmotion Oy.

Security

Coinmotion is a cryptocurrency exchange that offers a variety of security measures to protect its users' funds. These measures include:

• Cold storage: The majority of Coinmotion's cryptocurrency holdings are stored in cold storage, which means they are offline and not connected to the internet. This makes them much less vulnerable to hacking attacks.
• Multi-signature wallets: Coinmotion's hot wallets (which are connected to the internet) use multi-signature wallets. This means that multiple people need to approve withdrawals, making it more difficult for unauthorized individuals to steal funds.
• 2-factor authentication (2FA): Coinmotion requires all users to enable 2FA. This means that users must enter a code from their phone in addition to their password when logging in. This adds an extra layer of security to prevent unauthorized access.

Cryptocurrencies available

Coinmotion offers a range of cryptocurrencies for trading, including Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). However, specific details about cryptocurrency price fluctuations on the exchange are not available. Users can monitor cryptocurrency prices and fluctuations by accessing real-time market data on the exchange platform or utilizing external market analysis tools.

How to open an account？

The registration process with Coinmotion typically involves the following steps:

1. Visit the Coinmotion website and click on the “Get started” button to begin the registration process.

2. Provide the required personal information, such as your email address, and password, to create an account.

3. Verify your email address by clicking on the verification link sent to your registered email.

4. Complete the KYC (Know Your Customer) process by submitting the necessary identification documents, such as a valid government-issued ID or passport, to verify your identity.

5. Once your identity is verified, set up two-factor authentication (2FA) for added account security.

6. After completing these steps, your Coinmotion account will be successfully registered, and you can proceed to fund your account and start trading cryptocurrencies.

Fees

Deposit & Withdrawal

Coinmotion supports deposit and withdrawal methods through bank transfer and credit/debit cards. Users can fund their accounts by initiating a bank transfer or using their credit/debit card. The processing time for deposits and withdrawals may vary depending on the user's bank or financial institution. Users are suggested to check with their bank or Coinmotion's customer support for more specific information regarding the processing time for deposits and withdrawals.

To be more inclusive, they offer many payment options. These include：

Easily buy bitcoins and other cryptocurrencies using credit and debit cards. Deposits are quick and secure, with Visa and Mastercard accepted. Your funds will be available right away.

Online banking through Klarna: an instant and fee-free payment option compatible with over 5,000+ banks across 18 European countries. Deposits made using this method will be promptly reflected in your account as pre-approved deposits, remaining so until the funds have been successfully transferred to our bank account.

SEPA Bank Transfers: Available in 28 EU countries plus Iceland, Liechtenstein, Norway, Switzerland, and the UK. Takes 0-2 days, funds credited quickly to your Coinmotion account upon arrival.

SOFORT Banking: Instant payment in Germany, Austria, The Netherlands, Switzerland, Italy, Spain, Belgium, and Poland. Works with most banks in these regions, using only your banking info. After payment confirmation, funds go straight to your Coinmotion account. It acts as Pre-Approved Deposit, allowing instant bitcoin buying but withdrawal after payment reaches our account (usually in one business day). 2% fee on SOFORT Banking deposits.

Paytrail: An immediate online payment method exclusively available in Finland.

Kindly note that we exclusively support SEPA transfers for both receiving and sending transactions.

What is the typical duration for a withdrawal？Withdrawals within the SEPA region generally span 0 to 2 business days. Our outgoing payment processing occurs twice daily on weekdays, and once per day on weekends and public holidays.

Is coinmotion a Good Exchange for You？

Coinmotion may be suitable for the following target groups:

1. Cryptocurrency Traders: Coinmotion offers a range of popular cryptocurrencies for trading, including Bitcoin, Ethereum, and Litecoin. This makes it suitable for experienced traders who are looking to diversify their cryptocurrency portfolio and take advantage of price fluctuations in the market.

2. Security-Conscious Users: Coinmotion is regulated by the Finnish Financial Supervisory Authority, which provides a level of trust and security for users. Additionally, as a regulated exchange, it can be assumed that standard security practices are implemented to protect user information and funds. This makes it a suitable choice for users who prioritize security in their cryptocurrency transactions.

3. Users in Finland: Coinmotion's regulation by the Finnish Financial Supervisory Authority and its focus on the Finnish market make it particularly suitable for users based in Finland. The exchange supports deposit and withdrawal via bank transfer, which adds convenience for users residing in Finland.