Our Review
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:
Where It Falls Short:
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
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
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? |
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Sign Up Requirements |
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🔒 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 | - |
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.
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.
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.
4. Margin
Advanced users can also access Margin trading on CoinMetro. The interface is similar to the Exchange above.
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.
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.
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 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 |
Here are the best crypto exchanges for Australians right now. We assessed 16 platforms across 60 variables and 950+ data points.
FAQ
No. CoinMetro's website and risk disclaimer makes no mention of customer accounts or cryptocurrencies being insured.
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.
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.
