CoinMetro Crypto Exchange: 2021 Review

Is CoinMetro safe to use and what are the features of CoinMetro?

Posted by Ruud Janssen on January 18, 2021
Review Content
  • Selling points
  • Safety and regulations
  • Features

Selling Points

Support

Let me start with the absolute best thing about CoinMetro: their support. Whatever the time of day, the web chat support responds in under 3 minutes! It shows 5 minutes because that's the lowest possible value the chat product can show. Of course there's no better test than to just try it for yourself. Personally, I'm an email guy. All my emails to them, with the exception of one, was answered within 15 minutes, the other one was answered within a couple of hours. So if you're in a rush, use the web chat!

CoinMetro Support Chat

Why is this so important? Crypto is a fast moving world. If for whatever reason your withdrawals or deposits are stuck in transfer, you might miss opportunities. Being able to get instant support can actually be priceless in this business. Of course you shouldn't just take my word for it. Let's compare CoinMetro to some of her competitors.

TrustPilot scores for Crypto Exchanges (© TrustPilot)

At the time of writing, there were 148 reviews for CoinMetro, all were positive. You can check the CoinMetro TrustPilot page to see if anything has changed in the meanwhile. Important to note is that a part of reviewers were invited by the company to leave a review. Out of 148, 42 people were given an inventation to leave a review (good or bad), the other 105 users left a review out of their own motivation. You can check the TrustPilot transparancy report to verify this data.

Why they're going down this road is best explained by CoinMetro CEO Kevin Murcko. Kevin also has experience in the FX market, as Executive Director of FXPIG. Kevin explains how previously the FX broker market was kind of wild west where brokers only thought about money. But once customers can also pick a company that wants to get rich with them, instead of over their backs, the market will have to change. Below is the audio clip where he talks about the FX market and what's happening in crypto.

Kevin Murcko on the future of crypto (source CoinMetro Telegram):

Fees

Fee comparison. *depends on asset. © Ruud Janssen

This is a nobrainer. Fees are ridiculously low on CoinMetro. Compared to all other large crypto exchanges, the fees are lower. All of the listed platforms offer ways to reduce the fees. It's either large trading volumes or holding an exchange token. For CoinMetro it's XCM. Holding and locking XCM allows the holder to get a large percentage of the fees back in rebates. Read more about it on the CoinMetro Help page. Part of these rebates are that makers get a percentage of fees from the taker, this means that makers are being paid to trade.

CoinMetro's CEO is very open and accessible

Kevin hosts a weekly AMA on YouTube/Facebook where you can ask all kinds of questions, even personal ones. He also available a lot in the CoinMetro telegram, even on Sunday evening, where he even replies to customer support issues.

So yes, you can ask him anything. The answer to this one was 'none'. © Anonymous

Jokes aside, you can actually ask him anything and he will always respond. I have been following him for a quite a while now and I like to tune into his AMA's. Personally I think Kevin is very knowledgeable about the industry. The CoinMetro team only lists the best assets. While other exchanges may list anything for a price, CoinMetro only lists assets which are in line with the companies vision. The result is the listing of amazing performing tokens like for example Quant Network (QNT) and Parsiq (PRQ).

Kevin Murcko on the CoinMetro family (source CoinMetro Telegram):
Kevin listing his top 3 selling points for CoinMetro. (source: CoinMetro Youtube)

Safety and regulation

Safety

Of course you want to know your funds are safe. There are many safety features implemented for clients, so activate Two Factor Authentication, enable IP whitelisting for your account. CoinMetro stores the majority of the funds in cold storage where they are safe. Regular audits are done to ensure system integrity and whether all funds are accounted for.

You may have heard about a hack at CoinMetro some time ago. Basically what happened was, a computer on the office network got infected with a RAT (Remote Access Trojan) and that computer was able to create new accounts and fund them, afterwards from these wallets could be withdrawn. This happens to many, if not all exchanges.

Important takeaways after the hack for me personally are the following. (1) The company is transparent about what happens behind the scenes, also the bad things. (2) Protection measures kicked in at the right moment. Within 15 minutes the hack was detected through the partnership with Parsiq. Immediate action from the team prevented the theft of any assets. (3) Security improvements were implemented, for example separation of rights was implemented, only one person would get the rights to create and fund wallets and another one would get rights to approve transactions.

Parsiq (© Parsiq)

I'm convinced other platforms would have given up after such an incident. CoinMetro has survived harsh times, they started in the ICO bubble phase of 2017 and made it through, they also survived many hardships, but after a new cash injection in 2020/2021 and volume starting to pick up, I'm very enthusiastic about the future of CoinMetro.

Regulation

When you trade or hold assets on an unregulated exchange, there are no protections in place. Various exchanges in the past have held customers tokens for 2 months or more. When the exchanges goes belly-up or gets under police or other law enforcement investigation, all assets will be frozen. Trading and holding assets on a regulated exchange is safe because it's clearly document what's yours and what isn't. Additionally when things go sideways, you can complain to the regulator. There are tonnes of stories out there of people complaining about exchanges, and they cannot do anything about it, except complain on forums or Reddit because there is no regulator. CoinMetro is 100% fully regulated and compliant.

Many, many features

TraM

One of the many, many features that CoinMetro has to offer is the TraM. For experienced traders doing many trades, the low fees are already amazing. If you do not want to trade yourself but you like some passive income, you can join a TraM. Various professional traders manage their own TraM which you can board. You pay a fee over your profits. It's important to notice that you are exposed to margin collateral risk, so in the unlikely event the TraM manager loses, you may lose more than you put in. Check the CoinMetro Blog for more.

CoinMetro (© CoinMetro)

Security Token Platform

Then something unique, the digital Security Token Platform. Amazing projects can offer bonds or a stake in the company. CoinMetro recently offered a stake in their on company through this platform and it has been sold out! An aftermarket for investment products from the Security Token Platform is being built and planned for Q1 2021. You can visit the platform here Security Token Platform. One of the successful projects already hosted was a piece of CoinMetro itself! The first round is sold out, but if you want to own a piece of a Crypto Exchange, head over to the Security Token Platform because there might be a second round coming up.

Blazing fast deposits/withdrawals

For the currencies EUR, USD & GBP CoinMetro supports near instant funding methods. For EUR it's instant SEPA, for the UK, it's Faster Payments and for USD it's ACH. Never miss another bull run again! Unfortunately my bank isn't on SEPA Instant yet, so I haven't been able to try but in the Telegram group people report funds showing up under one hour. Of course credit card is also available, but it comes with a percentage fee, so it may not be beneficial.

Coming up...

And CoinMetro isn't done yet! There are many features still on the roadmap. CoinMetro aims to be the one stop financial business you need to be with. Think more listings, more tokenised securities, IBANs, debit cards, XCM Staking and many more cool features.

CoinMetro debit card draft (© CoinMetro)

Conclusion

Hope you learned something more about CoinMetro. I'm really excited about it because I do think they're right and that they are the future of crypto. Since I discovered CoinMetro, I only use CoinMetro and Uniswap, nothing else.

My reasons for writing this piece? (1) I love CoinMetro! (2) There's a PROMO running in which referrals and referees get 5 EURO, this site contains my referral link. (3) I own XCM tokens, due to the tokenomics of XCM, the more people use CoinMetro, the more valuable the token will become.