What is alternative and how does it work?
Coinmetro is a hot wallet that has the cryptocurrency trading and trading functionality that has come on strong, as it has the lowest commissions when it comes to withdrawing profits. In fact, I have decided to make a short tutorial on this wallet for that very reason, because I don’t like to waste money.
When it comes to withdrawing cryptocurrencies to our bank account, it is a cumbersome process to have to pay exorbitant commissions that are sometimes even greater than the benefits. This does not happen with Coinmetro because one of its main advantages is the ridiculous fees they have.
📋 What you will find…
Coinmetro – fiscal data
But before getting into the matter, we are going to investigate if we are dealing with a legal and regularized company. These are the data we have found.
|Official name||Coinmetro Group OÜ|
|Fiscal address||Harju County, Tallinn, Kesklinna District, Tartu mnt 84a-402, 10112. Estonia|
|Representative||Kevin Alexander Murcko|
|VAT (VAT) VIES||EE102061468|
|FIU licenses||FRK000121 and FVR000143 Cryptocurrency Trading Services|
|legal form||SL Limited Liability Company|
|registration date||02/19/2018 (The idea was conceived in 2014)|
|Contact||Telephone 53052983 email: email@example.com|
Data obtained from www.teatmik.ee
📝 Is opening a Coinmetro account safe?
🤳 Verify the account
Most wallets require profile verification to prevent scams and multi-accounting. With a few simple steps you can have your account verified in a few minutes.
You can choose between simple or complete verification, although in both cases you will be able to access all the functions of the wallet. We have chosen the simple verification that consists of uploading the DNI on both sides and a selfie of our face. They will also ask for your phone number to verify it via SMS.
🎁 Does Coinmetro have a promotion?
Yes, it currently has an active promotion whereby the user who invites receives 40% of the commissions paid by your invitees for life. And in addition, you will receive 10% of the referrals of referrals, that is, from the 2nd level of invitations you will also receive benefits.
Taking into account that Coinmetro has the lowest rates on the market, you will not earn much unless your guest moves large amounts of money, but better than nothing, right? In addition, the commission is for life. If you are good at recommending it can be a long-term source of income.
✅ How Coinmeter works
This platform has a very similar operation to any wallet and exchange type Binance. At Coinmetro we can do various operations, from depositing FIAT money to buying/selling cryptocurrencies to trading currency pairs.
This is all that can be done in Coinmetro:
📍 Cryptocurrency wallet
As in most wallets, here we can buy, sell and store cryptos. From the Dashboard, we have an overview of our portfolio and from there we can «Buy» or «Sell». The downside that we find compared to other wallets is that the minimum to deposit and withdraw is €5.
From this section, you can exchange cryptocurrencies, either among themselves or for FIAT money. Right now they have 18 cryptocurrencies available but they will surely add many more in the near future. As an interesting fact, Coinmetro has more currency pairs than Binance.
Cryptocurrencies in Coinmetro
Criptomonedas Aceptadas: XCM (token de Coinmetro), Bitcoin BTC, Ethereum ETH, Ripple XRP, Litecoin LTC, Bitcoin Cash BCH, Stellar Lumens XLM, Omise Go OMG, Chainlink LINK, Basoc Attetion Token BAT, Quant QNT, Parsiq PRQ, Parsiq Boost PRQB, Kadena KDA, Tezos XTZ, Vectorspace Al VXV, EncryptGen DNA, Ocean Protocol OCEAN.
📍 Trading and Copy Trading
From Markets and Trading Pairs, you can do Full trading by choosing a currency pair in FIAT currencies (EUR, USD, GBP) or cryptocurrencies. Very recently they have included Copy Trading or what is translated as “Copy Trade” it is literally about making exactly the same movements as the great experts. You can join a Mirror (group) based on your performance in the last 30 days. This is not synonymous with profits, because if you look at the following image, a return of 0.33% has been obtained, but it could have been the other way around.
📍 Staking and refunds
XCM is Coinmetro’s own token that offers you a series of refunds (Rebates) for blocking them for 6 months. It is what is known as Staking. In addition to that, acquiring XCM provides you with other advantages such as exclusive access to exchange platforms, fee refunds received in XCM, and higher bonuses.
The more XCM you have, the more advantages you will have when it comes to receiving refunds. As can be seen in the following image, there are 3 levels of «Rebates» with which we can receive up to 20% in refunds. We don’t know exactly what the “Maker Bonus” or Creator Bonus is but we will find out soon.
In this section, we find projects that have a certain duration, as happened with «Coinmetro Bond» where all those who contribute capital to the launch of an ICO would receive between 8% and 12% return (paid daily). Such benefits will be entered into XCM and vary depending on the previous level.
Before all that, another project arose that consisted of buying €50 Bonds for social purposes and for which reimbursements would also be received. In this sense, it is closely associated with Crowdlending loans, where you try to raise large amounts of money in a short time that will later be returned to all those who have contributed, with benefits included.
As we have already advanced in the “Coinmetro Promotion” section, we earn money by inviting other people. Coinmetro has two levels of referrals from which we will earn 40% and 10%, respectively, of the fees paid by our guests. We will also receive €5 for each guest who deposits €50 in any box and reaches a trading volume of €250 or more. In this case, the referral will also receive €5.
To know all the conditions of the referral program, take a look at this Ambassador program document.
How to deposit money in Coinmetro
Making a deposit is very easy, whether you use FIAT currency or want to deposit other cryptocurrencies. To enter normal money (euros, dollars) or cryptocurrencies, you must go to the “Dashboard” or Board and click on “Deposit”. A drop-down will open with all the available options. In the event that you want to invest in Euros, I recommend selecting “SEPA Transfer” because it only charges €1 in commissions (the others are more expensive).
The minimum to deposit in fiduciary money is €10, an amount not applicable in cryptocurrencies. A notable advantage of Coinmetro is that it charges zero fees for depositing and exchanging (SWAP) cryptocurrencies. The main disadvantage is that the exchange requires you to have at least €5.
Steps to withdraw money
Following the same steps as in the previous image, we must click on “Withdraw” and SEPA Transfer. You have to indicate the amount, the IBAN of your Bank account, and the SWIFT/BIC. As indicated in the same box, they charge a €1 commission. That is, one euro to deposit and one euro to withdraw regardless of the amount, which is why I call it the euro wallet.
For me and for many of you it is a joy to know that we are only going to have to pay one euro to withdraw money from the bank, either for Trading operations or for exchanging cryptocurrencies for FIAT money. Now we are going to see in detail what the commissions to pay in other operations are.
Commissions and Fees in Coinmetro
Depending on the operations we carry out on Coinmetro, we will pay a different amount of commissions.
- Exchange: fees de 0% a 0,1%
- Margin: fees de 0,08222% a 0,1%
- Swap (exchange): 0% within 30 seconds. ZERO commissions
- Copy Trading : from 0.1% to 25% (administrator return)
- EUR – SEPA €1
- EUR – SWIFT €50 (outside the SEPA territory)
- USD – $20 for National Transfer
- USD – $50 for International Transfer
- GBP – £1 express payment
- Credit card issued by the EU 2.99%
- Credit card NOT issued by the EU 4.99%
- Cryptocurrencies: FREE Free .
- Same as for deposits
- Ethereum and cryptocurrencies based on ERC-20 0.15% commission + Network Fees
- Cryptocurrencies not based on Red Ethereum 0.15%
In short, and highlighting the most important thing, Coinmetro only charges €1 per deposit and per withdrawal, regardless of the amount to be withdrawn. It can already be €10 as €35,000 that in each request you will only have to pay €1. At the moment I do not know of another exchange that charges such a low amount.
If you have any questions, visit the FAQ or Frequently Asked Questions section from this link.
Advantages of using Coinmetro
The truth is that this project emerged as a solution to operate with cryptocurrencies in the US but European countries soon became ECO, especially with the promotion of €5 per registration.
The main advantage is that the amount you deposit or withdraw does not matter because you are only going to pay 1 euro. You can now say goodbye to wallets that charge exorbitant fees. Another advantage is that the minimum to deposit and withdraw is affordable, much like other exchanges.
We also see Copy Trading as beneficial for those who want to start in the world of operations but have little knowledge. We liked the “Values” section a lot because they are constantly launching new projects where users can participate and benefit from XCM benefits.
Another positive aspect is that you can stake XCM for 6 months and receive daily returns. The referral system is not one of the best but at least we get paid for recommending and I have to say that the support is 10. Good customer service but in English (we will always have the translator).
The main disadvantage that we find is that you have to have at least €5 in one cryptocurrency to be able to change it to another (SWAP), even it may not be for most. On the other hand, we do not recommend keeping a lot of money in the exchange section, we all know that money is not ours until we keep it in a wallet.
Coinmetro as alternatives to Binance
Given the commotion generated by the arrival of Binance in Spain, many users have decided to completely abandon said platform since one of the main advantages of cryptocurrencies is that they are decentralized and with this news, there would be control over the citizen and their cryptocurrencies.
In fact, Binance has so far requested the registration of its exchange in the Bank of Spain in order, according to textual words, to be able to offer complete protection to the user. You can read the full statement here.
So is this news positive or negative? Well, there are those who say that it is good news to know that Binance can protect users in the case of scams or fraud or even capital losses and there are others who think that it is something very negative since the Treasury will have access to the information from users holding crypto and therefore you will want to get in on the party (collect taxes).
Be that as it may, we think it’s a good idea to have Coinmetro as a secondary or tertiary wallet since, as you well know, you should never have all your money in one place. If this is your case, start rethinking the idea of dividing your cryptocurrencies between different wallets.
Opinions about Spanish Coinmetro
The truth is that I started using this platform more than two years ago since they gave us €5 for opening an account like that without further ado. You already know that you have to take advantage of all these promotions that give away money.
But it hasn’t been until recently that I’ve picked it up again, especially because of the very small fee to withdraw money to the bank account. The truth is that I was surprised to learn that they only charge €1 commission, regardless of the amount 😱 I would like to mention that they have an app available on iOS and Android that can be downloaded from the App Store and Google Play.
Well, and I’m not going to elaborate more than that the basic operation of Coinmetro has already become clear. I would like to post the last message that Coinmetro has left on its official website:
Invest our financing in growth
As an investor, one of the important questions is: what is the startup spending the money on?
There are four key areas that will help us achieve our goals where we are spending the funds:
– Expanding our team
– Improving the product
– New mobile app
– Increased marketing budget to accelerate our success
We have a plan, our sights are set on goal and we have momentum. Next stop: the moon!
We want to thank you from the bottom of our hearts and strive to continue the hard work to make you all proud 🙂