Today we take a closer look at Coinmotion for you. What is Coinmotion? A scam or a legit website? Will it be for you or are there better alternatives out there? These are some of the main questions this review will focus on. Ok, with that being said, let´s get right into it!
Owner: PRASOS OY
Price: Free to join (for fee structure read further down in review)
Who is it for: Bitcoin investors
Overall rating: (2.5 / 5)
Important to mention before we start the review:
It is always recommended to review and compare different crypto dealers before you make a decision. There are so many ripoff reports online by people who have been scammed and it is many times by so-called hidden fees. So, please, ALWAYS do your own due diligence and research and compare different companies against each other before making a decision.
Ok, with that being said, let´s continue with the review.
What is Coinmotion? – A review
Coinmotion is, in short, a website (platform) where you can both buy, sell and also store bitcoin. It is owned by the company PRASOS OY that was founded in 2012 and is based in Finland. The physical address of the Coinmotion company is: “Prasos Oy” (VATIN: FI24696831), Lutakonaukio 7, 40100 Jyväskylä, Finland
How does it work?
Coinmotion works pretty much the same as any other buy/sell/store bitcoin service out there.
- To use the platform you first have to sign up for an account, then verify the verification e-mail sent to you a couple of minutes after you have requested an account.
- After that, you deposit money into your Coinmotion account
- Then when your money arrives you can start to buy, sell, store or use your bitcoins.
Important to mention here: To withdraw funds from out from your Coinmotion account you are going to have to go through an identification process to verify that you are you.
The services offered
As mentioned above the 3 main services are:
Can you buy, sell or store other Cryptocurrencies other than Bitcoin?
Bitcoins are (as you probably already know) not the only cryptocurrency out there, does Coinmotion offer other cryptos (such as Ethereum, Litecoin, Ripple, etc,)?
No, they only offer Bitcoin for the moment.
What about the fees?
You always want to look at the fee structure of a company of this nature before doing any business at all as it is (most times) here that the ripoffs and scams take place. Transparency is what you are looking for, first of all, then after you know the fees you can start comparing to other crypto dealers to see if you find a better (lower fees) alternative.
Below are the fee structure mentioned on their website:
- Transaction fee: 2% (for each and every transaction you make).
- Withdrawal fee: 0.90€ (fixed)
- Storage fee: N/A
How is the support?
Something I always put a lot of weight on when it comes to the quality of a company’s support system is if they got a live chat function or not.
Does Coinmotion have this? Unfortunately not, their support is an e-mail support. It works the way that you fill out a form with your questions and then hit the submit button.
After that, you are going to have to wait for your answers that will be delivered to your e-mail address.
What about complaints?
Something we always do when reviewing a company is to look on what some of the most established and well-known review and rating sites online got to say about the particular company, (in this case Coinmotion) as that gives a pretty good overall understanding about the quality of the service as it only is real users that are allowed to leave a review on their experience.
Below are the results from the biggest review and rating sites online:
BBB (Better Business Bureau)
Overal rating: N/A
Overal rating: N/A
Overal rating: (3 / 5) (out of 1 review)
Overal rating: N/A
Overal rating: N/A
Nr of complaints: N/A
The conclusion from the review and rating sites:
3 out of 5 stars from Trustlink is not very impressive, on the other hand, that rating came from only one review, that was very negative, to say the least (you can read it further down in the review under the “red flags heading”.
However, I found a good 4,5 out of 5-star rating also… But… On their own Facebook page… So that is not really what I would call a trustful and neutral opinion (if you own a Facebook page you are also in charge of what is being published on it and what is not).
As you can clearly see above there is not much info at all on the company online, that can actually be an alarm to take caution as for example BBB (Better Business Bureau) has not even listed Coinmotion as a credited business.
Is Coinmotion a scam?
So, is Coinmotion a scam? Well, they got real owners, a real address and a pretty average rating online from its users so I would have to say it is legit in that aspect.
However, if you want to do business with them or not is another story.
Any red flags?
Even if a company got real addresses and owners listed you still have to be careful about stuff like fee structure, reputation, hidden fees and so on.
As mentioned above there are some complaints about the company and some of them are “not positive at all” from its users. Below you got an example of a “not so happy” client of their (see screenshot below):
How safe is the storage – Hackerproof? Insured?
The way Coinmotion is storing and protecting your funds is through so-called “multisig-storage”.
What is multisig-storage?
That means that moving the funds requires a digital signature from multiple company board members before it can be done.
Below is an exact excerpt from the Coinmotion website on the subject of their vault security:
Security is one of our top priorities in our services. Due to the fact that bitcoin transactions are immutable and the concern about secure storage is common, we want to offer yet another security layer for safe storage of your bitcoins. It’s our pleasure to introduce Vault – our newest addition to our service offering, which enables to time lock your bitcoins for long-term holding.
In Vault you can store bitcoins and choose a time lock period that will hold any withdrawal requests until the time lock time is up. The time lock can be set from 12 hours to 30 days. So when you decide to withdraw bitcoins from the vault, the predetermined time lock is set for the operation. Every withdrawal request will also be validated via email and additionally with SMS-message if you want.
Time lock cannot be bypassed, so use the Vault only for the assets you don’t wish to use actively but to store for longer periods of time.
The maintenance fee for Vault is 1€/month and it’s already available for all customers on their Coinmotion accounts.
VERY Important to mention here:
Storage is something you want to take seriously, especially if you sit on a significant amount of bitcoins, and/or other cryptocurrencies. It is wildly known that cold-storage is the safest, that means that your crypto is “physically vaulted” with no connection to the internet at all, avoiding professional hackers to steal your wallet.
Up until recently, it has been widely known (among crypto enthusiasts) that the absolute safest way to store your cryptocurrency is through a physical wallet.
However, you might want to rethink that as there is now a brand new technique released that actually combines physical storage with another technique.
Also, did you know that you can also actually FULLY insure your Bitcoin (and other cryptocurrencies) investment?
Is Coinmotion a good alternative for you in any aspect?
If you read only about the company on their own website (or on their own Facebook page) it can be hard to get another opinion that it is an absolutely perfect company (Newsflash: That is always the case whatever company website you are landing on).
However, after looking at neutral sites review and ratings you will probably be getting a more accurate version of the truth.
Their fees are NOT among the lowest in the industry…
Why should you choose Coinmotion then?
Maybe if you only want to deal with Bitcoin and not any of the other cryptos out there?
Well, first of all, they are not the only platform that only deals with bitcoin (and why would you only want to stick to only them when there are 4-5 others that are highly established already).
In short, cannot (personally) see any reason why you should pick Coinmotion over some of the other (more trusted) alternatives out there.
Would strongly recommend you to look at other alternatives out there as there are MANY. However, you might want to start with the most well-known and trusted ones to save both time and headache.
If you are a “Finland nationalist” lol! There is actually a well-known and worldwide trusted platform named Localbitcoins that are a bit different to other cryptocurrency buy/sell sites as they allow you to personally contact the buyer, or seller so you can make a more personal deal.
- Easy to get started
- Withdrawal fees are low and fixed
- Does not offer any other cryptos than Bitcoin
- Lacks in support (no live chat)
- Not that impressive transaction fees
Final words and verdict
Verdict: Not recommended
Overall rating: (2.5 / 5)
Ok, I think I have made my point pretty clear on this one. I have to call it legit, at least for now but I will absolutely not recommend it as there are just too many clear red flags. This rating can of course change to either a higher or a lower one as we make sure to update our reviews as soon as any “news” comes up on the particular company reviewed.
As always the choice is up to you, but I would strongly recommend you to take a look at some of the more well-known and trusted crypto dealers out there before making a decision.
P.S. Investing in cryptocurrency and investing in different assets, in general, is something I personally highly recommend. However, please do NOT invest more money than you can afford to lose into cryptos or ANY other investment as there is no such thing as a “bulletproof” investment. It is always a risk and you need to keep that in mind. As long as you stick to that rule of thumb you will be just fine.
I hope you found this short review of Coinmotion to be helpful and now you should have a better understanding of what it is and if it is something for you or not. Please, if you have used any of its services make sure to share your experience in the comment section below as it can help others. Also, if you got any other questions about this review I would be more than happy to answer them below.
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Wish you the best and a lot of crypto success! 🙂
Founder of: $tart Make $top Waste