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.
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.
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)
- Copy Trading
- 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.
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.
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 “Securities” section is a marketplace to invest in STOs and digital securities.
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
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.