This is a Coinmotion review. Coinmotion is an online service for buying, selling and storing of Bitcoins. The user-friendly interface of Coinmotion makes it suitable for newcomers, who are looking for a simple and safe way to buy their fist Bitcoins. From this article you’ll find a step-by-step guide to registration, buying, selling and “hodling” your Bitcoins at Coinmotion.
Coinmotion is run by Prasos Oy
Coinmotion is a service run by a Finnish fintech company Prasos Oy. The founder of the company, Henry Brade, is the best known Bitcoin enthusiast in Finland. He’s been into Bitcoin since 2011 and founded Prasos at 2012.
Prasos runs also two other cryptocurrency brands: Bittiraha and Denarium. Bittiraha.fi is the oldest cryptocurrency portal in Finland. Denarium manufactures physical gold and silver coins with Bitcoin private keys inside them.
Prasos and Coinmotion are the leaders of the Bitcoin revolution in Finland. They have a very good reputation and a solid customer base. There are currently over 60.000 European customers at Coinmotion. The Bitcoin turnover at 2017 was over 100 million euros.
Coinmotion have recently added Litecoin to their service as well.
Open a new account at Coinmotion
Begin the registration process at Coinmotion by clicking this link.
You are forwarded to the registration form. Input all the necessary information and follow the on-screen instructions.
After the registration, you will receive a confirmation e-mail. Click the link in the mail to finalize the registration process. You are also asked to verify your account before trading.
In order to purchase Bitcoin or Litecoin, you need to make a deposit first. Select Transfers from the main menu and the following page appears.
The page is very clear and self-explanatory. Type the amount you want to deposit to the grey box. When you do that, you’ll see how many BTC (=Bitcoin) or LTC (=Litecoin) you are able to purchase with current prices.
SEPA-transfers take typically 1-3 banking days to process.
Coinmotion review – how to buy Bitcoin at Coinmotion
Buying Bitcoin is a fast and simple task at Coinmotion. Click Trading from the top menu and the following form becomes visible.
All you need to do is to input the desired amount of BTC (= Bitcoin) to the grey box. Once you do that, the page shows the cost in euros. Your fees will be lower than after certain volume is reached. You can also select EUR from the dropdown menu if you want to buy the maximum amount of Bitcoins with a certain euro amount. Clicking Max button will purchase you as much Bitcoin as you can with your euro balance.
Buying Litecoin is as easy. Just click the Currency dropdown and select LTC instead.
The market order option is selected by default. It is the best option for a newcomer, who is inexperienced in trading. It means that you are making the purchase with the current market price. There’s nothing wrong by making a market buy if you are buying small amounts.
Professional traders are making large purchases by using a limit or stop order. With these you can set a certain price limit for your purchase. Limit order is needed in larger purchases, because the buyer is going to move the price higher with his own action. This way the order is filled partially in several stages.
Selling Bitcoin is as easy as buying. Click the blue Sell button on top of the page. After that you have a similar form as seen above in the buying page. You can again select the desired amount on euros or Bitcoins. Just input the amount you want to sell and that’s it.
Selling Litecoin is as easy. Just click the Currency dropdown and select LTC instead.
The market order option is selected by default. It is the best option for a newcomer, who is inexperienced in trading. You can also sell your coins by using a limit or stop order. Limits are also useful if you want to cash out some profits, but don’t want to follow the price yourself 24/7. Just create an order with the desired limit and your coins will be sold if the price ever reaches that.
Coinmotion experiences and tips
Security is a key issue in cryptocurrency investing. You should always enable all possible security features when using online Bitcoin exchanges. Two-factor authentication (2FA) is available in all major online services. You’d enable 2FA to your Coinmotion account as soon as possible.
Click your e-mail address on the top of the screen to open a dropdown menu. From there you will find Account settings. This is the page where you can also change your password.
You’ll need the Google Authenticator app to your mobile phone if you don’t have that already. When enabling the 2FA, remember to write down the backup code. It’s also smart to add Coinmotion to your backup phone’s Authenticator, if you own one. You need the backup if your phone breaks down, gets stolen etc.
Our Coinmotion experiences are very positive so far. The e-mail support is fast and helpful and the site is very easy to use. Coinmotion is a site designed for Bitcoin newbies, who are making their first purchases. The initial fees are quite high compared to the worldwide market leaders. However, this is not a big thing for small investors making purchases rarely.
If you want additional security, click My Wallets from the top menu. Scroll to the bottom of the page and you find the vault.
Vault provides additional security for Coinmotion clients. It’s like a virtual safe for your coins.
If you move your cryptocurrency to the vault, it cannot be withdrawn until the time lock is opened. You can set the time lock to 24 hrs for example. This means, that even if somebody would gain access to your Coinmotion account by stealing your password and your mobile phone, they couldn’t move your coins anywhere.
The vault is a great service for long-term hodlers. If you want to buy and sell daily, be careful with the vault. There is no way to speed up the process. If you have a sudden hurry to sell your Bitcoins, they are stuck until the time lock is opened.
If you want even more security, you can always a hardware wallet too and move your Bitcoins from Coinmotion to that device.
These devices cost currently about 100 dollars. If your portfolio is smaller than 500 dollars, the relative cost is quite high.
Bitcoin transfers in / out from Coinmotion
At the moment it is possible to buy Bitcoins and Litecoins from Coinmotion. More cryptocurrencies will be available in the near future. If you want to invest into altcoins, you can do that by transferring your Bitcoins from Coinmotion to Binance for example. Binance is the current market leader and has a wide range of cryptocurrencies.
Moving your Bitcoins to another account is easy. Click Transfers from the main menu and select Send from the blue button (see below).
After that the following form opens. This is the same form you used to deposit money to your account. Now, select Cryptocurrencies as the transfer type. As you can see from the form, there is also a possibility to send cryptocurrency with an e-mail address. This works inside Coinmotion. You can send cryptos to your friend at Coinmotion if you know his e-mail address.
When you want to transfer Bitcoins to Binance or anywhere else outside Coinmotion, you need the recipient’s address. Copy-paste it to the grey box next to Address.
It’s important you always copy-paste cryptocurrency addresses. They are case-sensitive and complicated strings consisting of letters and numbers. Don’t try to type them manually, because there is a high risk you make an error. If you send your cryptocurrency to a wrong address there is no way to recover it.
You have to also make sure you send Bitcoins to another Bitcoin address and not to Bitcoin Cash, Bitcoin Private or any other coin’s address. Litecoin must be sent only to Litecoin addresses and so on.
Finally, you need to type in the code from the Authenticator app in your phone. After sending the transfer, you’ll also receive an e-mail confirmation as well.
If you want to withdraw euros to your bank account, this is the page where you’ll have to do it as well. Select the transfer type Euros instead of Cryptocurrencies and a form opens for the bank withdrawal.
How to receive Bitcoins to Coinmotion
Receiving Bitcoins is as simple. You are using the same page, but instead of Send you have to click Receive from the blue button on top of the page. The following form opens, where you can see your available Bitcoin addresses.
You can generate as many Bitcoin addresses as you want, there is an unlimited amount of them available in the world.
It’s also a good idea for your own security to create one even for each transaction. You’d remember that the Bitcoin blockchain is a public one. Anyone can go to blockchain.info and input the desired Bitcoin address there and check it’s balance and transactions. If you are receiving Bitcoins, you might not want the other party to have this information. Hence, you can create a fresh address with no history for every transaction.