The United Kingdom is among those countries that have the most cryptocurrency exchanges worldwide, and one of them is Cryptomate. Cryptomate was founded in 2015, and they are very clear and exact about their target market segment, focusing solely on that.
The exchange may be smaller than most in the market, but it has shown that it can be quite impactful on the crypto scene, especially in the UK.
Today, we’ll cover Cryptomate, and see if it’s just what you needed!
Cryptomate – Quick Facts
This exchange is way more akin to a social platform than a trading one. It connects cryptocurrency buyers and sellers within the UK, who have local bank accounts. The exchange also encourages the sharing of cryptocurrencies. Hence, it does not have any cryptocurrencies whatsoever.
That being said, it is also one of the very few exchanges that do not provide users with wallet services, so you’ll have to figure that one for yourself.
This can be a good thing or a bad thing. You can read more about the pros and cons in one of our articles, and check what option of the crypto wallet is best for you.
Let’s have a look at some of the Cryptomate pros and cons that’ll help you to decide whether it is legitimate or not.
Cryptocurrencies Offered by Cryptomate
Although it doesn’t support all cryptocurrencies, it does in fact support a lot of important ones.
Here’s a list of the cryptos that they do support.
Bitcoin, Litecoin, Ripple, Ethereum, Bitcoin Cash, EOS, Monero, Dogecoin, Ethereum Classic, Stellar Lumens, Dash, Bitcoin, NEM, Crown, ARK, Cardano, OmiseGo, VeChain, TRON, Electroneum, Waves, Verge, ICON, Status, Lisk, ZCash. If you’re having trouble deciding on which one to invest, have no fear, we’ve covered that topic before, so you can check out the cryptocurrency picks for this year.
1. No Wallet Services
Even though others may see this as a disadvantage, I personally think it is a blessing in disguise; which is why I put it under pros. When you purchase your coins on Cryptomate, they will immediately transfer them to your personal wallet outside of the exchange. So they do not store any of their user’s funds at any point in time.
Which ultimately means that if the company is hacked at some point, you lose nothing!
And if you were at a crossroads on how to store your valuables, you can check out the article we did for crypto wallets in the U.K. and see if anything fits your needs!
2. Quick Access to Cryptomate – Hassle-Free
Cryptomate lets you purchase cryptos without providing identification details first. This aspect can be beneficial for newbies who just want to test the waters by investing a small amount.
Most folks want to test out the water first before they commit to anything, and rightfully so.
Seeing as how verification processes can be a hassle, we say this as a plus.
3. UK Bank Transfers are Accepted
Naturally, this is an advantage for UK clients or those who own UK bank accounts.
4. User-Friendly Interface
Cryptomate has an interface that can be navigated by anyone despite their experience level. And fewer complications is always a good thing!
5. Resistant to Large Attacks so Far
Cryptomate has not yet experienced an alarming hack so far, like their competitor Binance did, a little while ago. Which is quite encouraging in terms of security, so let’s not jinx it!
1. High Fees
Cryptomate does not condone trading between cryptocurrencies. Nevertheless, they do offer a service on which you can purchase cryptocurrencies like bitcoin and other altcoins.
The price of which is a lot more than the market price. There is no mark-up stated in the exchange. Therefore, this could be a huge risk for any investor.
2. Buy, But Don’t Sell!
Cryptomate only allows its smaller customers to purchase cryptocurrencies and not sell them on the exchange. We’re guessing that the earlier mentioned verification process has something to do with that.
3. The UK Only
Specifying their service to only UK residents is not necessarily a great thing for users that may want to access Cryptomate services. Guess that users outside the U.K. will have to check other platforms.
How then Do You Safely Store Your Crypto?
We’ve already established that Cryptomate does not offer wallet service and they do not store our cryptocurrencies at all. Because of that, you’ll need to figure out where to safely store your new cryptocurrencies before buying them. So it is best to do your research to find yourself the best cryptocurrency wallet. In my opinion, you are better off with hardware wallets such as the Ledger Nano S. once you have your wallet ready, then you are good to go.
All Cryptomate fees are included in the price.
The exact amount that is shown on the order form is what you receive. Therefore it does not disclose a particular charge. However, users have said that the charge for most transactions is about seven percent more. Cryptomate sells at a percentage that is higher than the market rate to cover costs and give its vendors the opportunity to make a profit.
Cryptomate customer support is at your disposal 24/7. The interesting part about it is cryptomate claims that their customer support is not utilized enough because there aren’t so many questions or complaints, because it is so straightforward and efficient.
Looks like someone is bragging.
I never like to conclude with a yes or no answer to whether an exchange is legitimate or not when doing a review. However, with the points we have considered above, I do not see any worthy red flags. In fact, because they do not store your funds or assets, I believe they are much safer than bigger exchanges that store, thousands of their user’s funds. Nevertheless, I believe it is always best to draw a conclusion from your own analysis. I hope this has helped you.