Coinmerce Guide

Coinmerce is a cryptocurrency trading platform currently offering over 130 different cryptocurrencies. Coinmerce’s mission is to make the world of cryptocurrencies and blockchain accessible and understandable to anyone. Accessing the platform can be done through the web browser or by downloading the iOS or Android mobile application. Users can easily buy cryptocurrency through Euro pairs making use one of nine different payment methods. These include SEPA, iDEAL, Giropay, Sofort and Bancontact.

How to register?

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.

How to verify?

Level 1

You now have a Coinmerce account. In order to start trading you need to verify to Level 1, this is done by conducting a small payment of €0,01. The reason for this is to make sure your name matches the name registered to your bank account.

Verify by going to your settings, choose security settings and select Level 1 verification. Conduct the verification payment by iDEAL or SEPA. In case you choose iDEAL the verification will be completed within minutes. SEPA transfers take around 1–2 working days to be received and processed by us.

With a verified Level 1 account you are able to withdraw or deposit up to €500 per week.

Level 2

Would you like to have higher limits? In that case you can verify to Level 2. To do this, again go to your settings, select security settings and choose Level 2. Follow the steps and your verification will be processed within 1 hour.

With a verified Level 2 account you are able to withdraw or deposit up to €20.000 per day or €60.000 per week.

Level 3

You are a high roller and need even higher limits? In that case you can verify to Level 3. Please contact our support to inquire about the possibilities and requirements. Limits of a Level 3 account are customized on an individual basis.

How to buy?

So, now you are verified and ready to start buying cryptocurrencies. 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: here.

Go to the home screen. Pick one of the 130 different cryptocurrencies, enter the amount you wish to purchase and select buy.

External wallet?

In the following screen you will able to choose to either send the cryptocurrencies to your Coinmerce wallet or to send them to an external wallet, for example your personal hardware wallet. In that case choose to ‘Send coins to external wallet/address’ and enter the address you wish to send the cryptocurrency to. A small fee is calculated to send the cryptocurrency. The height of this fee is dependent on the cryptocurrency.

Payment methods

Paying for your cryptocurrencies can be done by using one of nine supported payment methods. These include SEPA, iDEAL, Giropay, Bancontact, Sofort, EPS, MyBank and Coinmerce Coins. Each payment method has its own fees. Please check the following page for more information about this: read here.

Coinmerce Coins

Coinmerce Coins is our own payment method. 1 Coinmerce Coin is always worth €1,00. When you sell a cryptocurrency, you will receive the Euro value in Coinmerce Coins. You can then use these to buy other cryptocurrencies. The advantage of using Coinmerce Coins is less fees and a shorter buying process. It is always possible to payout your Coinmerce Coins, the Euro value of your Coinmerce Coins will then be sent to your verified bank account.

Limit order

Aside from the regular market orders which are executed instantly Coinmerce also supports Limit orders. With a limit order you choose a certain price you wish to buy or sell a cryptocurrency. For example, the price of Bitcoin is now €10.000, -, you think is too high and wish to buy for €500, of Bitcoin at €9.500, -. In that case you can set a limit buy order. Make sure to have the value of the limit order available in Coinmerce Coins at the time of the trade.

How to sell?

Now, you have made a nice profit on your cryptocurrencies or you want to accept your losses and close your position. To do that you need to sell your cryptocurrencies. 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: here. 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 sell them to get the Euro value transferred to your bank account.

Limit order

Just as with buying, you can also decide to set a sell limit order in case you wish to sell your cryptocurrencies at a certain price. Please read the information above regarding limit orders.

How to deposit?

You have your cryptocurrencies stored on an external wallet but would like deposit them to Coinmerce? Please check here to make sure we support deposits of the desired cryptocurrency. Below you will find the explanation on how to deposit, don’t like reading? Check our video on how to deposit: here.

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.

How to withdraw?

In case you wish to send your cryptocurrencies stored on Coinmerce to a personal wallet for example, you can easily withdraw them. This is done by going to your wallets, selecting the cryptocurrency you wish to withdraw and entering the amount. Finally, enter the address and if applicable the tag/memo/note you want to send the funds too. Once the withdrawal has left our platform, we will provide you with a transaction ID so that you can track your transaction while it moves over the network.

Still not sure how to do this? Check our video on how to withdraw: here

What are the fees?

Account

Opening an account at Coinmerce is free of cost!

Trading

For the buying and selling of cryptocurrencies a fee is paid. This fee is variable and is calculated individually for each trade by our algorithm. The fee is dependent on a range of factors including but not limited to volatility, volume and order size.

Withdrawals

For the withdrawing of cryptocurrencies a small fee is required. This is because sending cryptocurrencies over the blockchain is not free. The calculated fee is dependent on the transaction cost we as Coinmerce have to pay to the blockchain network. This means that one cryptocurrency can be cheaper to send than another one. The withdrawal fee will be stated when initiating a withdraw so that you always know what you pay.

Deposits

Depositing cryptocurrencies to your Coinmerce account is free of charge!

What about security?

Providing our users with a high level of security is among our top priorities. We do our absolute best to keep your funds and data safe. However, at an individual account level this burden also lays with the user himself. Stated below are some recommendations for users to maintain a high level of security.

Password

We recommend users to have strong passwords which include both letters, numbers and symbols. The password should not be used anywhere else. In case you have security, just like us as a top priority we recommend you make use of a password manager.

At all time you are able to change your password in the Coinmerce security settings screen.

2 Factor Authentication

Having a strong password is step one. 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.

Phishing and Scams

Always be aware of phishing attempts and scams. Coinmerce employees will never:

— Call you
— Ask you for your password
— Recommend an investment
— Promise profits

Furthermore, when browsing to the Coinmerce website make sure you are visiting our official website. Scammers might duplicate the design of our website to get access to your credentials. You can easily check you are visiting the official Coinmerce website by clicking on the lock icon next to the web address. Here you will be able to review the certificate. Also make sure you are on the right domain: https://coinmerce.io

Cold storage

While we do our best to keep user funds safe the fact remains; we are a target for malicious actors. Therefor we recommend users to store large number of cryptocurrencies on a personal wallet, preferably a hardware wallet for maximum security.

Have questions?

Still have questions about anything Coinmerce related? Don’t hesitate to contact our support team, they are available 7 days a week and speak English, German and Dutch.