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Coinmetro Review Australia

Last Updated: Jul 31, 2022  |  Published: Sep 26, 2021


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Our Review 

Coinmetro

3.6/5

We ranked CoinMetro Australia 9th overall out of 16 platforms

🏆 Overall Ranking

9/16

💰 Fees

Average

📲 Features

Average

🇦🇺Deposit & Withdrawals

Below Average

👍 Ease Of Use

Below Average

🔒 Security

Average

CoinMetro works best for investors and traders with over $10,000. Their services include margin, copy trading, staking and tight spreads when we tested it. The downside is they only have 30+ cryptocurrencies and charge a $50 flat fee to deposit and withdraw AUD.

We found CoinMetro is average or below average when it comes to fees, features, deposit and withdrawals, ease of use and security. CoinMetro is a good platform but better alternatives are available whether you're a beginner, small investor, or advanced trader.

Where It Shines:

  • 3rd Lowest Spread: CoinMetro had a 0.03% BTC spread when tested. This was 3rd place. They seem to have high liquidity making it a good place for traders
  • Advanced Features: Offers a pro exchange, copy trading, staking, margin and more 
  • Best for Over $10,000: CoinMetro has a 0.64% total purchase fee if you're investing $10,000 or more. This is 3rd overall out of 11 platforms tested

Where It Falls Short:

  • Expensive for Small Investors - If you're investing under $2,000, CoinMetro is one of the most expensive platforms because of a $50 AUD deposit and withdrawal fee
  • Only 30+ Cryptocurrencies - Many Australian platforms have 250+ cryptocurrencies

Overview

📲 Features

Header

🔐 Security

Header

Coins

Mobile App

Web App

Beginner Friendly?

Pro Trading Terminal

Limit Orders

Recurring Buys

Bundles

Staking

Margin

Futures

OTC

24/7 Support

30+

Yes

Yes

Yes

Yes

Yes

?

No

Yes

Yes

No

No

Yes

App 2FA

Uses Cold Storage?

AUSTRAC Regulated?

Any Hacks or Incidents?

View Login History

Address Whitelisting

Crypto Withdrawals Allowed

Year Founded

Publicly Traded?

Yes

Yes

Yes

Yes (2020)

Yes

No

Yes

2017

No

💲 Fees

Cell

🏦 Deposits & Withdrawals

Cell

$100 Buy After All Fees

$100 Sell After All Fees

Best Deposit Fee

Best Withdrawal Fee

Trading Fee

BTC Spread (Dec 17, 21)

BTC Withdrawal Fee

$49.86

$49.91

$50

$50

0.10%

0.03%

0.15%

$AUD Fiat Wallet?

Direct Bank Transfer

POLi

PAYid

Credit/Debit

BPay

Other Fiat Currencies

Yes

Yes

No

No

Yes*

No

Yes

  • Table last updated: Dec 17, 2021
  • Total fees and spread was tested Dec 17, 2021 and is subject to change
  • *Credit/Debit only available in EUR and GBP

Coinmetro

About Coinmetro

Updated: Apr 5, 2022

Coinmetro is an Estonia-based cryptocurrency exchange available in more than 100 countries around the world. They support 30+ cryptocurrencies and several fiat currencies like AUD, USD, EUR, and GBP.

Overall, it's a user-friendly platform that includes features like beginner and advanced trading, margin, staking, copy trading and more. They also have their own native token called Coinmetro Token (XCM).

Some Stats

  • Available in 100+ countries
  • Headquartered in Estonia
  • Founded in 2017
  • 50+ employees according to LinkedIn

User Interface

  • Desktop

  • App


Verification

In order to deposit funds, trade and withdraw on CoinMetro you will need to upload proof of ID and pass verification.

CoinMetro verifies your identity so they can comply with KYC and AML regulations to prevent money laundering. This is a legal requirement in Australia and many other countries.

However, if you want to try the platform first, you can use the demo account feature to browse their features.

Application Time

30 seconds (email only)

5-10 minutes (ID verification)

KYC Verification

Yes

Instant Verification

?

Manual Verification

Up to 72 hours

Who Is Eligible?

  • Australian residents and 100+ countries

Sign Up Requirements 

  • Verify email address
  • Name, country, date of birth
  • Background questions (eg. reason for opening account)
  • Identity verification (Passport or drivers license and a selfie)
  • Phone number verification (optional)
  • Address verification (in some cases)

🔒 Security

In this section we'll look at CoinMetro's security and reputation. Here are the results of our research:

Company Security Features

  • 98% of digital assets are held in offline storage via BitGo
  • Registered with AUSTRAC in Australia and FinCen in the USA
  • Licensed and regulated EU business
  • Bug bounty program where white-hat hackers can get paid to find bugs and vulnerabilities 
  • Learn more about their security protocols here

User Security Features

CoinMetro provides the following security features that can be toggled on and off on your account:

  • 2 Factor Authentication for signing in, updating passwords, approving transactions
  • IP Verification (manage and authorize IP addresses that can login to your account)
  • View Account Activity (recent logins, IP addresses, devices, etc)
  • Force Logout All Sessions or Devices

Has CoinMetro Been Hacked?

Yes, CoinMetro was hacked in 2020, and a small amount of funds were stolen. Fortunately, their security system detected the breach and took action within seven minutes. A quick response enabled them to mitigate the risk, so the hacker only left with about $6500 instead of $500,000. Learn more about the hack here.

Can You Trust CoinMetro?

CoinMetro appears to be a safe, trusted crypto exchange. It is compliant in many countries, including Australia and the United States, stores 98% of its digital assets in cold storage, and offers multiple security features such as 2 Factor Authentication.

Although CoinMetro is considered safe and compliant, it is not recommended to store large amounts of crypto on any exchange. There is always a small risk of hacks, exit scams, government confiscation and so on. The most secure option for storing your crypto is with a hardware wallet.


Deposits & Withdrawals

AUD Deposits

CoinMetro only offers AUD deposits via direct bank transfer (SWIFT). There is an expensive $50 flat fee but once your account is funded, trading fees and spreads are comparatively low.

For bettr AUD deposit and withdrawals, we recommend platforms like Swyftx, Binance or Digital Surge.

Type

Fee

Time

Limits

PayID

Not Supported

✖️

✖️

POLi

Not Supported

✖️

✖️

Direct Bank Transfer

$50 AUD

2-5 working days

No Limits

BPay

Not Supported

✖️

✖️

Credit/Debit

2.99% - 4.99% (EUR or GBP)

Instant

10 - 5,000 EUR/GBP

AUD Withdrawals

Type

Fee

Time

Limits

PayID

Not Supported

✖️

✖️

POLi

Not Supported

✖️

✖️

Direct Bank Transfer

$50-$70 AUD

2-5 working days

No Limits

BPay

Not Supported

✖️

✖️

Crypto Withdrawals

Coin

Fee

Minimum Withdrawal

Bitcoin

0.15%

?

Ethereum

0.15%

?


Fees

Trading Fees

Amount

Dashboard Swap

1.25%

Exchange Platform

0% maker / 0.1% taker

Margin Platform

0.10% exchange fee

interest 0.08222% daily

AUD Deposits

$50 (SWIFT)

AUD Withdrawals

$50-$70 (SWIFT)

Copy Trading

0.10% exchange fee

5-25% performance fee

Price Test (Dec 17, 2021 at 1:17pm)

This data is subject to change as spreads and prices change daily. However, we tested 11 platforms simultaneously to help you compare true fees on each platform.

Header

Amount

Ranking

$100 Buy After All Fees

$49.86 (0.14% + $50 total fee)

11/11

$100 Sale After All Fees

$49.91 (0.09% + $50 total fee)

11/11

BTC Spread

0.03%

3/11

BTC Buy Price

$65,861 AUD

-

BTC Sell Price

$65,844 AUD

-

Ref. Price Difference

Buy: +0.04%

Sell: +0.01%

-

Reference Price (Google)

$65,837

-

How We Tested This

The "$100 After All Fees" adds everything from when you deposit money to make your order plus the reference price difference.

The price test was conducted by logging into all platforms simultaneously and collecting buy/sell orders. We did this as quickly as possible (within minutes) in order to be as accurate as possible since prices can change rapidly. Find out more about our testing process.

Based on our test, CoinMetro is not ideal for small investors but it's in the top 3 cheapest platforms if you're investing about $10,000 or more.

For buying or selling $100, CoinMetro came in dead last place out of 11 platforms because there is a $50 AUD deposit and withdrawal fee. However, if you're investing $10,000, the total purchase fee becomes 0.64% which ranks 3rd place out of 11.

We published all 15+ Australian crypto exchanges that were tested. The cheapest platforms overall were Binance and Kraken


Platform & Features

With CoinMetro, you have the ability to buy, sell, and trade 30+ cryptocurrencies as well as other features. Let’s explore everything below.

List of Features:

  • iOS, Android and Web app
  • 30+ cryptocurrencies and 4 fiat currencies
  • Swap (quick buy/sells)
  • Exchange (advanced trade)
  • Margin
  • Copy Trading
  • Staking
  • Securities
  • XCM (their native token)
  • Referral program
  • 24/7 customer support
  • And more

1. User Interface

CoinMetro is available on iOS, Google Play and your web browser. The interface is easy to navigate while still offering both basic and advanced features. 

CoinMetro Assets Page

2. Swap (Quick Buy/Sells)

The easiest way to buy, sell and trade crypto is using the "Swap" feature in the main dashboard. It lets you quickly and easily convert any fiat/crypto or crypto/crypto pair.

CoinMetro Mobile App

3. Exchange (Advanced Trade)

More experienced traders can use the “Exchange” section. This offers limit orders, market orders, Trading View charts, technical analysis tools and other data.

CoinMetro Exchange

4. Margin

Advanced users can also access Margin trading on CoinMetro. The interface is similar to the Exchange above.

CoinMetro Margin Page

5. Copy Trading

Copy trading is a feature that lets you mirror the actions of a skilled trader. You can choose which manager you wish to mirror and withdraw your funds at any time. Learn more here

You can also check out eToro, which offers one of the most popular Copy Trading features in the world.

CoinMetro Copy Trading

6. Staking

CoinMetro lets you earn passive income for staking supported cryptocurrencies on flexible or locked terms. At the time of this writing they offer staking for XCM, FLUX and KDA.

Other Australian exchanges offer staking as well with various coins and yields. You should compare rates on platforms like KuCoin, Kraken and Crypto.com.

CoinMetro XCM Staking

7. Securities

CoinMetro “Securities” section is a marketplace to invest in STOs and digital securities. 

8. XCM

The CoinMetro Token (XCM) is CoinMetro's native utility token. It's tied to all of the platforms transactions and has multiple use cases such as staking and more.

9. Other CoinMetro Features

  • Blog, crypto education and news
  • Refer a friend program
  • Demo account (test the platform with virtual money)
  • Trading API
  • Light mode/dark mode
  • Bug bounty program

Customer Support

CoinMetro offers a 24/7 customer support team that can be reached via email or live chat on their website or app. According to their website, they usually respond within 10 minutes. However, we have not thoroughly tested their support or response times. 

There is also a help section with dozens of FAQs, articles and how-tos.

Coinmetro Customer Support

🔎 CoinMetro Compared

We are tracking the 15+ most popular Australian crypto exchanges. Compare the entire industry below:

Coins

Total Purchase Fee

Trading Fees

$AUD Deposits

Beginner Friendly

Advanced Features

Website

600+

0.15%

0.10%

Yes

No

Yes

18

1.24%

0.85%

Yes

No

Yes

110+

4.50%

2.90%*

No

Yes

No

50+

1.09%

0% - 2.00%

Yes

Yes

Yes

30+

0.14% + $50

0.10%

Yes

Yes

Yes

370+

1.89%

0.10% - 1%

Yes

Yes

Yes

280+

2.36%

0.05% - 0.9%

Yes

Yes

No

150+

1.30%

0.00%

Yes

Yes

Yes

270+

1.04%

0.50%

Yes

Yes

Yes

150+

1.45%

1.00%

Yes

Yes

No

30

-

0%

Yes

Yes

Yes

27+

1.68%

0.50%

Yes

Yes

Yes

50+

0.43%

0.16% / 0.26%

Yes

Yes

Yes

700+

2.23%

0.10%

Yes

No

Yes

270+

0.41%

0.08% - 0.1%

No

No

Yes

320+

0.95%

0.60%

Yes

Yes

Yes

Best Alternatives

Here are the best crypto exchanges for Australians right now. We assessed 16 platforms across 60 variables and 950+ data points.  

Swyftx
  • Best overall in Australia
  • Best for majority of investors and beginner-friendly
  • 320+ coins, staking, bundles, lots of features
  • 0.60% trading fees and cheaper options out there
  • Limited advanced tools
Binance
  • Lowest fees overall and lots of features
  • 600+ coins
  • Advanced trading
  • Less beginner-friendly
  • Some features like Futures and Options are restricted in Australia 
Digital Surge
  • Our top pick for beginners
  • Best user-interface
  • Fair spreads and fees
  • Less features versus other platforms
  • Limited advanced trading tools
Crypto.com
  • Earn rewards on 40+ coins
  • Crypto visa cards
  • Very expensive for buying & selling coins (high spreads)
  • App can be confusing
  • Slow deposit & withdrawals (1-4 days)
  • 500+ coins, margin, futures, rewards & more
  • Trade anonymously with no KYC (all you need is an email)
  • 0.10% trading fees and low spreads
  • Not beginner friendly
  • Not licensed or regulated
  • Limited AUD support

Compare Australia's Top Cryptocurrency Exchanges

FAQ

Is CoinMetro Insured?

No. CoinMetro's website and risk disclaimer makes no mention of customer accounts or cryptocurrencies being insured.

Is CoinMetro A Wallet?

Yes. Your CoinMetro account comes with a unique wallet for every coin that's supported on the platform. You can deposit and withdraw however, you do not own the private keys.

Is CoinMetro Legal in Australia?

CoinMetro is licensed and regulated by the Australian Securities and Investments Commission, also known as AUSTRAC. In addition, they have licenses in other major markets such as the EU and the USA. 

Coinmetro

CoinMetro

Start trading 30+ cryptocurrencies in Australia

Best Crypto Exchanges Australia 2022

Swyftx

1. Swytfx

2. Binance

Digital Surge

3. Digital Surge