I’m pretty set on the exchanges that I use and somewhat trust, and to be completely honest with the exception of a couple, have all but moved away from centralized exchanges in favor of the decentralized DEX models. That said, I still do keep my eyes to the ground for all innovations crypto, and every so often, go in for a test drive of those that seem worthy of my energy and time. Although increasingly rare, I do feel like there are still some unmined diamonds in the rough that are worth follow up with and keeping informed about. CoinMetro, a European based exchange that might just have a leg up on a lot of the competition for centralized exchanges, is one such exchange beginning to make some nice waves that may be worth a surf.
This post then is intended as a brief introduction to CoinMetro so you as the individual can decide if it’s something that may personally be of interest or benefit to you. Of course, as always, this is not financial advice nor has any renumeration been given for the writing of this post. Quite simply put, this is something that oh so subtly slid it’s way across my desk that got me just a bit too excited to not pass along. With the pleasantries out of the way then, lets dive on in to a brief introduction and overview of quite possibly one of the best new centralized exchanges of recent times to ponder if CoinMetro has peaked your interest enough to be worth a future gander for you.
“What Is Coin Metro? CoinMetro is a fast, easy, fully licensed and compliant platform that provides a link between traditional finance and the digital asset economy. The CoinMetro Ecosystem is comprised of three main parts: an exchange, a trading platform, and a turnkey ICO Express framework.” (source)
The CoinMetro Exchange
The CoinMetro Simple Exchange is just as it sounds – short and to the point. It’s a 3 step process that cuts the intimidation of charts and multiple steps out of the thinking process. Simply select whether you want to buy or sell, select your pairings (currency to buy/sell and currency to pay in), check and confirm the transaction. No charts, no options beyond coin selection, no books or order types – pretty much a crypto drive through. It really can be that simple.
For those looking for something a little more familiar to typical crypto exchanges, the CoinMetroIntermediate Exchange is the place you’ll want to check out next. With a tad more trading options available than the simple exchange (Bitcoin, XCM, Ethereum, Ripple (XRP), Litecoin, Bitcoin Cash plus Lumen (XLM), OMG, and Link), people wanting to put in a quicker buy, sell, or trade limit and stop orders have the ability of seeing price action on the charts as well as the order book and depth. Likely this exchange is the place to be if your a basic trader as it cuts out the things you don’t use or might be unfamiliar with.
The CoinMetro Trading Platform
For those interested in more order options, the CoinMetro Trading Platform is likely the place you want to be. Although with a slightly different interface to the Intermediate Exchange, the key difference with the trading platform is the ability to use more advanced order types and options in your trading – something more advanced traders will definitely appreciate.
“In crypto, margin trading is a pretty new thing, and as ever, in bringing it to you CoinMetro is right on the cutting edge of the industry … offering 1:3, which means that if you want to make a trade with your 100 EUR deposit using margin trading, you can command a position size of up to 300 EUR. The rest will be posted by the exchange which charges … a 30% annual fee, which is calculated every second – which means only pay for the amount of time you take the posted margin.
Advantages Of Margin Trading
- Margin trading allows traders to use bigger sums for trading. If for some reason a trader doesn’t have necessary sum on his account and he thinks it’s the perfect time to trade here and now, they can use margin trading to amplify their position size.
- With margin trading, it’s possible to boost profits by making more money in a shorter period of time. However, margin trading is a complex thing and only traders with sufficient experience and knowledge should use it. Beginners may easily slip into losses.
What To Remember When Trading With Margin
- The biggest risk of margin trading is to lose the capital as a result of a bad trading strategy. It’s important to keep in mind that the bigger is the leverage, the higher the profit can be, but also the higher the potential loss.
- It’s essential to consider the high volatility of the crypto market, which acts as an additional risk layer. If you’re taking your first steps into margin trading, examine the current market situation and trade accordingly.
- Novices are encouraged to start trading on margin with a leverage of no more than 2:1; and it’s recommended not to use all funds in a single trade … If your account goes into the negative, [CoinMetro] won’t chase you for that money …. So, in short – with CoinMetro you will never lose more money than you deposit.” (source)
The CoinMetro Wallet
The CoinMetro wallet presently supports Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ripple (XRP), and Litecoin (LTC) with plans to add more in the future.
“Direct payment processing in both fiat and cryptocurrencies is possible through CoinMetro’s stable banking relationships. Fiat can be deposited via credit card, e-wallet, local bank deposit, SWIFT transfer, SEPA transfer and more… CoinMetro’s cryptocurrency wallet system lets users store, deposit and withdraw supported coins and tokens. By partnering with BitGo, the industry leader in multi-signature, multi-currency wallets, CoinMetro offers convenient and secure services through BitGo’s own multi-signature technology.”
XCM Exchange Coin
CoinMetro‘s native XCM used CoinMetro exchange and trading platforms is an ERC-20 utility token used to pay for services.
In the future it should also be possible to make a passive income on this coin as well such as is the case with other larger and more respected exchange coins.
CoinMetro ETF’s and TAM Coming Soon
“Like ETF’s for crypto. Electronically Traded Crypto Funds (ETCF’s) are a unique investment strategy developed by the CoinMetro team. Our team of professional investors hand-picks baskets of digital assets and groups them into an ETCF. With one click, you can diversify your portfolio into multiple tokens through an ETCF.
ETCF’s are designed to make it easy for users to diversify their portfolios, as well as to provide liquidity to new tokens that enter the CoinMetro marketplace, working in tandem with our ICO Express platform. In addition to being able to diversify into specific industries, like the Internet of Things (IoT), finance, or healthcare, users will also be able to invest in a fund based on its risk profile, or even the social media influencer scores of tokens grouped inside the fund.” (coinmetro.com)
CoinMetro Mobile App’s
In addition to logging into CoinMetro through the links provided, the platform can also be utilized on mobile to “place and monitor orders from just about any mobile browser or device (iOS, Android, or Blackberry)… [and that even] includes margin trades!”
The CoinMetro Blog (and Other Official Social Resources)
One of my favorite things about CoinMetro believe it or not, is the incredible CoinMetro Blog. Besides updates and general ongoings of the project and platform, the CoinMetro Blog has some really informative well written synapsis articles on a variety of things related to crypto. I was actually quite surprised by the amount of topics covered like some opinion pieces, project breakdowns, market reviews, and upcoming events just to name a few. You can find the CoinMetro Blog by heading on over to https://coinmetro.com/blog/. Likewise, should you want to have these articles come directly to you without having to log into the blog to keep informed, they are all posted to the official CoinMetro official Twitter feed to which you can find at https://twitter.com/CoinMetro. Finally, be sure to check out the official CoinMetro telegram, LinkedIn, reddit, and Facebook if those should happen to be your preferred lines of updates and following.
Registering for CoinMetro
As one of the main focuses of CoinMetro is to be compliant, in order to take advantage of the exchange you will need to do a KYC verification. Although I am not really a fan of such things, I have recently come to the understanding that some things just are not worth the effort to resist. Now, I’m not saying here that you should trust just anyone with your information, as for many of us that is why we ended up here in the cryptosphere in the first place. That said though, sometimes one just needs to bite the bullet or remain on the sidelines. The process of creating an account couldn’t be simpler to be honest, and its likely one of the easiest walkthroughs regarding account registration and KYC verification that I have encountered thus far.
- Go to the CoinMetro site, click the signup link, and insert a username, valid email, and preferred password
- Confirm the verification link sent to your email and sign in
- Login password
- IP verification, two factor authorization (2FA), and voice password are all optional
- Select the profile option from the drop down menu beside your name (top right menu bar)
- Complete personal information, phone verification, and KYC questionnaire
- Submit Identity verification documents and video of yourself speaking a verification line
- Optional address verification and source of wealth documents for higher deposit and withdrawal amounts
All in all, although I have only really dabbled in this exchange for a short while, I really like it so far. Of course different people like (and trust) different things, but I have a feeling that this one is one to watch. The amount of information that the actual website provides is pretty amazing, and beyond the smoke and mirrors or outright basic and sometimes archaic websites from other exchanges in the space, it seems like CoinMetro is on track to continue to offer an exchange and other services to be reckoned with. As per the state of future updates in the official telegram, ‘there are things planned a long time ahead [such as] Margin Lending, Virtual IBANs/debit cards/new currencies, ETCF/TAM, new listings regularly and surely much else too.’
In final thought, it must once again be noted that I am not employed by CoinMetro in any way, and this post should not be considered as a guarantee or financial advice – it’s just something that I came across in my travels and thought it worth writing about. It’s up to you to do your own due diligence and research, but understand I do this for the community and as always wish you all the best in your trading and crypto travels where ever they may and take you. Till that time when next we have the pleasure again, do take care and stay safe out there in crypto land and beyond.
Your trybalist in creative arms, Jimmy D
*All images and videos, including this one, have been taken from official channels unless otherwise stated.
CoinMetro Referral link should anyone be interested, not necessary but much appreciated for anyone who does so choose to use. Also, for those that choose to, you will get 20 XCM after you register and complete KYC so that is a nice little incentive as well. But again, that is up to you and whatever you deem is best for you. As most of you have come to know, I cover projects I like regardless, so its there if you want it and if not, well, stay tuned for the next one as hopefully eventually there will be one of interest for you.
Interested in some of my other pieces on Bitcoin, Blockchain, and Cryptocurrencies? If so, be sure to check out How to Get Bitcoins, Where to Trade Cryptocurrency, Best Places for Trading Bitcoin and Cryptocurrencies, How to Trade Bitcoin: A Not So Brief Nor Overtly Technical Overview, Ledger Nano S Cryptocurrency Hardware Wallet, How to Purchase Ripple XRP, How To Buy NEO, How to Buy Ethereum Decentralized and So Much More, Bitcoin Machine Near Me?!?, Should I Invest in Bitcoin?!? Past & Probable Future Conversations with Myself, Jimmy D’s Answers to Bitcoin FAQ’s, Especially For You: What Can Be Done With Bitcoin?!?, and How To Pay With Bitcoin?!?
- Please note: Although I have to the best of my ability done my due diligence in researching this project, I am not a financial advisor and assume no responsibility for any losses incurred on the readers part for any investments or products supported obtained from this post. Please understand that it is the readers responsibility to look after and maintain their own finances and perform all due diligence on their own part for their personal and financial well being and safety and not rely on myself or others in this space to keep them safe.
Jimmy D is a verified member of CryptoPilots, a community devoted to Quality Content in Crypto. Find me also on TRYBE.ONE, Minds.com, PublishOx, Twitter, Jimmy D Presents Facebook Group, and Murmur (kansaikrypto).