Coinmerce is an online platform where people can buy, sell and store cryptocurrencies. The mission of the Coinmerce team has remained the same, to keep trading cryptocurrencies as easy and accessible as possible.
You are able to generate a unique invitation link which you can share with family, friends and acquaintances. When these people sign up via your link and start performing orders you are rewarded for those. The reward is credited to your account in the form of Coinmerce Coins.
A cryptocurrency is a digital currency that is protected by cryptography. One of its primary functions is to act as a means of exchange within a peer-to-peer (P2P) economic system built on blockchain technology. These cryptocurrencies can be traded just as any other currency and are independent of central banks.
Through a withdrawal you can send cryptocurrencies from your Coinmerce wallet to an external wallet, with a deposit you will receive an address where you can send cryptocurrencies to your Coinmerce wallet. Attention; each cryptocurrency has a unique address
At this moment you can't receive airdrops at Coinmerce. The reason for this is that often little is known about airdrops, as a result of which we cannot offer the safety and service you are accustomed to.
In most cases Coinmerce supports token swaps of cryptocurrencies. We do this automatically for you and therefore do not have to do anything yourself. In case we do not support a token swap, we always inform our users about this.
Coinmerce looks at every hard fork individually. This has the following reasons: The trade volume of new forks is often too low to be able to offer them. A hard fork can pose unknown safety risks. Do you still want to receive the funds that arise as a result of a hard fork? Then withdraw the appropriate cryptocurrency to an external wallet.
Currently it is not yet possible to receive GAS, VeChain Thor and Pundi X by means of staking. Do you want to receive rewards for staking? Then withdraw the appropriate cryptocurrency to an external wallet.
Straightforward: cryptocurrency is a digital currency for the digital age. It’s similar to regular currencies like EUR or USD but it’s digital-only and cryptographically protected. Read more about cryptocurrencies in our glossary
The private key is used to sign or confirm an outgoing transaction which is used by the network to confirm that the user sending the transaction is the legitimate user of the public key. Whoever controls the private key controls the wallet and if the private key is lost access to the contents of the wallet become inaccessible.
A public key is a large numeric value that is used to encrypt data. The key can be generated by a software program, but it is usually provided by a trusted, designated authority and made available to everyone through a publicly accessible repository or directory.
Bitcoin is the oldest and most acknowledged cryptocurrency, but there are thousands of others. Cryptocurrencies like Bitcoin Cash and Litecoin, share Bitcoin’s core characteristics but seek new ways to handle transactions. Others offer a wider range of features. Ethereum, for example, can be used to create smart contracts and run applications.
Bitcoin (BTC) is the first decentralized digital currency that was created back in 2008. The currency uses the revolutionary blockchain technology to record payment transactions between users. This means that there is no need for a central bank or third party to oversee transactions between users of Bitcoin. As a result, this makes Bitcoin the first currency in history that is not linked to a government or central authority.
Ethereum (ETH) is an open source, decentralized platform based on blockchain technology. The Ethereum network enables the use of smart contracts, which are being programmed in the form of decentralized applications. More on smart contracts below. The Ethereum network consists of one blockchain which hosts its own currency, Ether, but also many other crypto coins and tokens. Hence, the Ethereum platform is used by developers to create and distribute various sorts of new applications and cryptocurrencies. This is also why a majority of newly developed coins and ICOs (Initial Coin Offerings) make use of the Ethereum platform.
The economic value of cryptocurrency comes from supply and demand. Supply refers to how much is available, like how many Bitcoin are accessible to buy at any moment. Demand refers to people’s desire to buy it. The value of a cryptocurrency will always be a harmony of both factors.
Blockchain is the technology behind Bitcoin. At the beginning, people were enthusiastic about the application of Bitcoin itself, but it soon became clear that the technology behind Bitcoin is much more interesting. Read more
Blockchain is decentralized. This means that the data is not stored in one but multiple places. With a public blockchain, everyone can keep and check this data by downloading a software. You then become a so-called 'node', or parts of it the network with the task of checking and keeping track of the general ledger. In addition to transparency this also ensures that hackers experience more difficulty when they, for example want to adjust data. This is because each node has a copy of the ledger, so suppose the hacker changes data on one computer, then that data no longer corresponds to the data on the other nodes and this node will be excluded. Moreover, it sometimes happens that central systems are offline, this can have multiple reasons. With a decentralized system this is virtually impossible, if one node fails, the rest will continue to work. The applications of blockchain are very wide and there are still new ones being invented everyday. The invention of blockchain is sometimes compared to the invention of the internet.
ICO is the abbreviation of; Initial Coin Offering. An ICO is a way to collect money. A cryptocurrency is created and is then offered to the public. It is similar to a term which will sound more familiar to most people, an Initial Public Offering (IPO). The difference is that you buy a share at an IPO and so become a co-owner of the company. You are also entitled to a profit distribution. In addition, ICOs are not regulated and it is often difficult to find out whether they are legitimate projects. It is therefore essential to do proper research yourself at the ICO. Check whether the team members are reliable. Is there a whitepaper that you can read and what is being said is logical? Also try to find out what others think of it, for example through forums. In most ICO's it does not work as you are used to through Euros or Dollars but you pay with cryptocurrency. After all, it is a cryptocurrency product. In most cases it will be Ether or Bitcoin that you transfer and then get your ICO coin back. Cryptocurrencies are risky, it is well known but at ICO's coming there's a lot more risk. There are countless examples of teams that disappear with money or simply failed projects, the ambitions are often high but these are rarely realized. Determine for it yourself or you are willing to take that risk. Do you know how to pick out the right ICO? returns of 10,000% are not impossible, but with high returns there are also high risks.
Cryptocurrency is registered in a blockchain. Sometimes there is a separate blockchain for one cryptocurrency, in other cases one blockchain registers multiple currencies and / or other data. The data per transaction is the public key of the new owner, a hash (combination of the data of the previous transaction and this public key) and the digital signature of the previous owner. The new owner himself cannot easily check whether the previous owners have not spent the amount several times. This does a network of nodes that each have an overview (general ledger) of all transactions. It may take a while before the new owner has certainty about this. That takes at least until the transaction is processed in a block; this can take a long time, depending on the cryptocurrency (if the payer pays a low fee to the network). Often a proof -of- work schedule used for a system of consensus-based computing which should provide protection against tampering and counterfeiting. Multiple transactions are often processed in a block. As soon as a block is found, it is made public. The other nodes control it, and the nodes start on the basis of this and the new transactions that have now been carried out start with the search for a new block.
All Coinmerce users should take the security of their account very seriously. Securing your account is done by making use of a strong password, activating 2FA and being aware for phishing and scammers. While securing user funds is our top priority, we always recommend users to store large number of cryptocurrencies on a personal hardware wallet like a Ledger or Trezor.
Coinmerce stores the majority of user funds in so-called cold storage. We aim to keep as much of the funds in cold storage while maintaining a sufficient balance in hot wallets to assure users are able to withdraw at any certain given time. In order to be certain of a secure platform Coinmerce regularly conducts penetration tests, these are performed by renowned third parties.
Two-factor authentication (2FA), sometimes referred to as two-step verification or dual factor authentication, is a security process in which the user provides two different authentication factors to verify themselves to better protect both the user's credentials and the resources the user can access
To strengthen your security, we recommend you make use of 2 Factor Authentication or 2FA. You can activate this in your Coinmerce security settings. Please store the secret key you will see somewhere safe. We have deliberately chosen to only support 2FA through the mobile applications Authy and Google Authenticator and not also SMS. This because 2FA through SMS is vulnerable to so called SIM swapping.
You can reset your 2FA by entering the secret key which was provided when the 2FA security was activated. In case you lost the secret key and are unable to reset the 2FA please contact our supportteam.
If your 2FA code does not work properly, it might be the result of one of the following causes:
You have set up 2FA multiple times on the same device. Check whether the code you entered on Coinmerce belongs to your account or to a different service.
The time on your device is incorrect. This might lead to codes that are not in sync. In order to solve this, you will have to ensure that the time on your device is set to automatic (as opposed to manual), and has set to the correct time zone.
If the problem cannot solved by one of solutions mentioned above, you can always reset your 2FA.
In some cases you might need to reconfigure the 2FA security. This occurs when you for example lost you phone. You can reconfigure the 2FA by downloading either Authy or Google Authenticator and entering the secret key which was provided when you activated 2FA initially.
Always make sure you are visiting Coinmerce by making use of the correct link: https://coinmerce.io/
You can check if you are on the right website by searching for the lock in the left side of the search bar of your browser. If there is no lock or your browser tells you, you are visiting an unprotected domain you might be on the wrong website.
If this happens someone might be trying to gain access to your Coinmerce account. Please contact our support so that we can temporarily freeze your account. We also recommend changing the password of your email account as the attacker might have gained access to your email account.
At the moment of writing there are not yet any specific laws or regulations which apply to the services offered by Coinmerce. Coinmerce is to be regulated in the near future by legislation based on the fifth anti-money laundering directive, which is to be implemented in all EU-member states before January 2020. In anticipation of the upcoming regulation, Coinmerce is already preparing to be compliant with the requirements as much as possible. As a result, Coinmerce has the following measures in place: • User Identification and verification • Transaction Monitoring.
Want to register on Coinmerce and start trading cryptocurrencies within minutes? Follow the steps below:
1. Open the Coinmerce website or application. Choose to create new account. Fill in the form including: first name, last name, date of birth, email, nationality and country of residence. Assure the details are correct and match with the details on your bank account and identification document for smooth verification to Level 1 and 2. Finally, make sure to create a difficult password and accept with our Terms and Conditions.
2. Complete the registration by clicking the link in the email which will be sent to your email address. Your account has now been created. Login with your email address and password.
Coinmerce is linked to a number of different exchanges. This enables us to check these different exchanges for the best price currently available and give you the best deal. The price you see on Coinmerce is the price you pay or receive.
The trading fee is calculated by an algorithm and is dependent on a number of factors like for example volume and order size. Normally the fee is between 0,4 and 2,5%, however with very low volume cryptocurrencies the fee can be higher. You will always be notified beforehand when this is the case.
Sending cryptocurrencies over the blockchain comes at a cost. These transactions costs are different per blockchain. Some are free of costs but most are not. The withdrawal costs are stated beforehand when initiating a withdrawal.
Coinmerce Coins always have a value of €1,00. Orders paid with Coinmerce Coins are executed immediately. When you sell cryptocurrencies, the value is credited to your account in the form of Coinmerce Coins. You can sell your Coinmerce Coins, the value of the Coinmerce Coins is then transferred in Euro to the verified bank account.
Stated below are the steps on how to buy. Not much of a reader? In that case we recommend checking our video explaining how to buy on Coinmerce: Watch video.
Go to the home screen. Pick one of the 130 different cryptocurrencies, enter the amount you wish to purchase and select buy. In the following screen select the desired payment method. Complete the payment and you will receive your cryptocurrencies shortly.
Stated below are the steps on how to sell. Don’t like reading? In that case check our video explaining how to sell on Coinmerce: Watch video. The easiest way to sell your cryptocurrency is by going to your wallets, select the coin and click sell. You can decide to sell the entire amount or just a portion. The Euro value of your sell order will be credited to your account in Coinmerce Coins. Use these to buy new cryptocurrencies or withdraw them to get the Euro value transferred to your bank account.
In order to sell cryptocurrencies stored on an external wallet you will first have to deposit the funds to your Coinmerce wallet. Please check if we support deposits for your cryptocurrency. Check cryptocurrencies
Certain actions have to be performed before a withdrawal is completed. Coinmerce monitors every cryptocurrency deposit and withdrawal. In some cases, further inspection might be needed. This might take a few minutes. When the withdrawal is approved your transaction will be sent to the blockchain network. The network will start with confirming that the transaction has been performed. A transaction ID will be generated, once this is the case you will find this is on your Coinmerce Transactions page. Depending on the blockchain the transaction should be completed within 5-20 minutes.
When you have paid an order with Sofort, Bancontact, Giropay or EPS it can take up to three working days for the payment to arrive at Coinmerce which is why you are unable to withdraw cryptocurrencies within this period.
To deposit, go to your Coinmerce wallets, select add new wallet and choose the cryptocurrency you wish to deposit. Copy the address and use this to send the funds from your external wallet to your Coinmerce wallet.
The European Anti-Money Laundering directive requires us to categorize risk into different levels. With the account level system and underlying trading limits Coinmerce is more effective at estimating and controlling the risk of money laundering.
Level 2 is the second verification level. With a Level 2 account you have a daily deposit and withdrawal limit of €20.000 or €60.000 per week. Verification is performed by providing a valid official identification document.
Verifying your bank account with SEPA is done by going to your settings. Selecting security settings and choosing Level 1. Select SEPA, copy the provided information and transfer the amount. Verifications with SEPA take 1-2 working days to be processed.
There are multiple reasons why your verification could have been rejected:
• The name registered to the bank account does not match the name registered to the Coinmerce account. • The bank account is a business accounts instead of a personal account. • There was no payment reference attached to the payment. • The bank account is a shared account with your partner. In that case please contact our supportteam.
There are multiple reasons why your verification could have been rejected:
• The identification document is not registered to the same name as the name registered to the bank- and Coinmerce account. • The identification document is issued by a country categorized as high risk. • The identification document is not valid. • The identification document is unreadable. • The identification document is over lighted. • The identification document is blurry. • The identification document is dirty.
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