Coinmotion

Coinmotion Review

Gone are those days when cryptocurrencies are for the future as the initial perception of people about cryptocurrencies was that of a skeptic due to the effects of so many financial internet-based frauds.

Most people opined that cryptocurrencies — trading or HODLing (that is, holding) — would never be feasible as they dreaded the prospect of having to deal anonymously with someone on the other end of the line also known as DeFi (Decentralized Finance).

Recently, more people have become advocates for trading and hodling cryptocurrencies as it has become a global phenomenon so much that there have been a lot of silent regrets from those that didn’t invest when it was relatively easy to invest in.

General overview

Over the past few years, many organizations and financial institutions (excluding banks) have seen the positive prospects of dealing in digital currencies so much that they have gone in with both feet to provide services to ease the transactions of these currencies.

One of such companies is the Finnish company “Coinmotion Group” which was founded in 2012. The group oversees the affairs of Coinmotion, which is a financial investment platform, and Bittimaatti, a Finland-based Bitcoin ATM network. The group is headquartered in Jyväskylä, with branch offices in Helsinki and Tampere.

In 2013, Coinbase was ranked as the highest-funded Bitcoin startup and largest crypto exchange platform as well. Contrary to other exchanges, there is a set price for your cryptocurrency based on market value and this thing facilitates the users to buy cryptocurrency more easily and quickly as well. It is also considered one of the simplest and easiest crypto trading platforms where Bitcoin and other cryptocurrencies can be bought using PayPal, Debit Card, Credit Card or with fiat currency via Bank Transfer.

Before Coinmotion

Coinmotion was initially known as “Prasos”. Later in 2013, the company was renamed to “Coinmotion” under the tutelage of Teemu Päivinen with a vision to empower investors in controlling their finances and motivated by the prospective revolution that the Bitcoin technology could bring.

Coinmotion have been consistent in its superb service delivery so much that the Finnish financial authority (FIN-FSA) licensed the company as a crypto service provider.

The Team

Coinmotion was founded in 2012 by Teemu Päivinen. The management team consists of early Bitcoin advocates and professionals in the banking and finance industry which boasts of rich experience in the DeFi crypto space.

Coinmotion’s Vision

Coin Motion’s push for the adoption of cryptocurrencies is not one of financial greed but towards the financial freedom of anyone and everyone in the world whereby cryptocurrencies would be readily available and understood for all and sundry.

The company also takes on the responsibility of educating crypto novices and enthusiasts in order to lower the mental fear barrier towards digital currencies for them to start adopting cryptocurrencies in their daily endeavors such as savings, getting loans, and paying for transactions.

The Coinmotion website

The interface of the Coinmotion website is well set up and not too complicated to navigate. It provides a great and simple User Experience (UX) where the icons and buttons are in the right places.

There is a description of what the website is all about on the home page in English, Finnish and Spanish.

Registration

Joining the Coinmotion website platform is not too tedious to complete nor does it include too many boring and unnecessary details to be filled out. Completion of the form for registration is near instant.

Sign in

Signing in on the platform is made secure with the 2FA which sends a verification code to your registered email address or phone number before you can be granted access into your account.

The Coinmotion Crypto Exchange

The website portal functions just as any other conventional cryptocurrency exchange such as Binance, HiTBtc, KuCoin among many others. You can buy and sell your digital assets as well as make trades between one cryptocurrency and the other and also make trades between Fiat (Local) currencies and cryptocurrencies.

Fiat Currency

The only Fiat currency that is available for transactions on Coinmotion is the Euro. This is nowhere near enough as far as a cryptocurrency exchange is concerned.

There is a need to adopt more fiat currencies on the platform so that more investors will find it easy to use their native currencies to transact on the platform.

Cryptocurrencies

The following cryptocurrencies are available for trading on Coinmotion exchange; Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Ripple (XRP), Stellar Lumens (XLM).

Enjoying the full features of the exchange such as Wallets, Transfers, Trading, and Savings requires you to compete KYC and your personal information.

Coinmotion services

Services provided on Coinmotion are in two categories:

  1. Private services
  2. Company services

The Private services category includes the following itemized services:

  • Fast transfers – Cryptocurrency and Euro transfer are free and completed very fast. There is also the chance for you to pay your invoices on Coinmotion.
  • Holvi – Secure storage – which provides adequate security for your transactions. This security is essential due to the fact that digital financial transactions, most especially cryptocurrency transfers are irreversible. The Vault service is set up and made available for you if you desire an extra layer of security for your transactions.
  • Interest account – this is a service that is incorporated with Tesseract. It allows you to earn daily compound interests or passive income from your digital crypto assets. It functions as a form of lending scheme that compensates you for lending your assets to the market in order to carry out financial transactions.
  • Monthly saving – with this service, you can decide to have a budgeted amount of money that you deposit monthly in order to bolster your crypto hodlings. You can also decide in advance which crypto assets your monthly saving should be diverted to.
  • Trade and store – you can trade in pairs with different crypto assets on coinmotion. The following assets are currently being traded on the platform; BTC, XLM, ETH, XRP, and LTC.
  • Referral rewards – when you invite people to Coinmotion, and you are bound to be rewarded 50% of the trading fees paid by your referral during the first 12 months of their registration on the platform. This can be achieved through recommending Coinmotion on your social media platforms, website, or blogs.

The Company services provided on Coinmotion are as follows:

  • Trade and store crypto – as a business owner with a corporate account, you can safely trade, transact and store your cryptocurrency assets and earn interest with your hodlings.
  • Merchant services – enables you to utilize cryptocurrency payments, and make direct withdrawals of your bank account albeit in euros.
  • Become a Coinmotion agent –
  • Coinmotion API – you can link your Coinmotion account to other services so that you can easily monitor your investments. You can also use the API to add cryptocurrency payments to your web store.
  • Partnership opportunities –

Careers on Coinmotion

One of the most intriguing and enticing features and services provided by Coinmotion is the “Career” feature as the company prides itself in looking out for highly skilled, talented, and professional individuals for job opportunities.

The website has a special link where you can check for open positions on the Careers page. Some of the current job openings include;

  • Backend Developer
  • Product Development
  • Backend Developer (Node.js)
  • Product Development ·
  • HR Specialist
  • Human Resources ·
  • Mobile App Developer (React Native)
  • Product Development
  • Backend / Web Service Developer
  • Product Development ·

Visit here to check out details of the job opportunity that you may be qualified for.

Social media

The social media platforms of Coinmotion are very active, most especially the YouTube channel where a series of videos are on show in order to sensitize and educate prospective investors about the platform.

Coinmotion Pros & Cons

PROS

  • Active social media platform
  • Provision of career opportunities for investors
  • Well secured crypto exchange platform
  • Easily navigable website platform
  • Exchange is available on Android and iOS devices
  • You can make deposits on the platform with no deposit fee charged.

CONS

  • The monopoly enjoyed by the Euro as the sole fiat currency for trading on the platform so not too encouraging as there might be investors who would rather trade in their own native currencies such as USD, GBP, JPY, etc.
  • A review needs to be made to add more fiat currencies to the platform to make transactions more seamless.
  • The platform has not gained enough global popularity that will encourage more investors to invest through it.
  • There is no native cryptocurrency attributed to Coinmotion exchange for investors on the platform to trade with.
  • More cryptocurrencies need to be added to the Coinmotion exchange.

Conclusion

One evident and consistent thing that has been discovered to be commonplace in the crypto space is that DeFi, blockchain, wallets, and exchange services in the crypto space usually parade similar or same services with one or two slightly different features.

Furthermore, new DeFi service providers are also almost founded on the principles of existing and well established and widely adopted platforms.

Over the past nine years, Coinmotion have been providing cryptocurrency related services that makes it relatively easy for investors to make transactions among other services provided.