Coinmotion user manual
With this tutorial you will learn…
- to open an account on Coinmotion
- to confirm registration
- a prerequisite for using the service
- to verify your account
- a prerequisite for a deposit/transfer exceeding 100€
- to verify your phone number
- to add a bank account
- a prerequisite for withdrawals to a bank account
- to start trading
- to transfer cryptocurrencies
- to use Vault
Opening an account
To open an account in Coinmotion you need to get registered to the service. You can start registration by clicking “Register” on the landing page or by clicking here.
Select the account type and enter the basic information. You can only have one account per person or company.
- Use your official name, we’ll compare it with the information received on authentication
- Use your personal email that stays under your control
- Remember to add postal address as it reads on your utility bills
- Verify your phone number by SMS
Confirm your registration and log into the service
After filling out the basic information, you will be sent an email confirming your registration. The email link will take you to the Coinmotion page to which you will enter your email and sign up for the service.
The account needs to be verified in order to use all of its features and to remove the weekly trading limit of 100 euros. The page will guide you to verification after the email confirmation. Identification can also be found under Account settings.
Finnish customers can verify with banking credentials. Enter your social security number in the field and press “To identification service”. You will be guided through the identification process.
Alternatively you may send a copy of your photo ID by choosing that option from the dropdown menu. Depending on your country of residence you may be asked to also submit a proof of address.
A company account is verified by uploading a trade register extract to the service. If the document does not state your signatory rights you need to upload additionally a power of attorney indicating your authority to open accounts on behalf of the company. Additionally a photo ID for the representant of the company is required.
Verify phone number via SMS
Go to account settings and type your phone number on the reserver field. Click the Verify via SMS-button to receive a verification code by SMS. Add the code to the field, click submit and you’re done.
Linking a bank account
In the next step you will connect your bank account to the service. This can be also done on Account settings. A bank account will need to be linked to your Coinmotion account for you to be able to withdraw euros into your bank account. Connecting your bank account will be confirmed by email. Note that Coinmotion account must be by the name of the same person or company as the linked bank account.
You must first deposit money into Coinmotion to purchase cryptocurrencies. Go to Transfers – Receive – Euros and choose a payment method. The alternatives are:
- Bank transfer (delay 0-5 business days)
- Debit or credit card (immediate)
- Sofort (immediate)
- S-Bank online payment (immediate)
Select a payment method, type the amount you want to deposit and click Next. If you choose Bank transfer, the next page will show payment information (account number and customer specific reference number) for a bank transfer. You will then need to make a bank transfer with the given reference number. Using the right reference number is important for the deposit to find its way to your Coinmotion account. The money will appear in the balance of your Coinmotion account after the payment has arrived.
If you choose Sofort, card or S-Bank online payment, you will automatically switch to the payment service. The money will appear immediately in your Coinmotion account after successful deposit.
To send money from Coinmotion account to your bank account, proceed to Transfers – Send – Euros. The transfer to a Finnish bank account takes up to one business day when the outgoing transfer is made by 4 pm. The outgoing SEPA transfers elsewhere take up to 5 business days.
Now that your money has arrived to your Coinmotion account you can start buying cryptocurrencies. Proceed to Trading and select the currency and the type of order you want to use.
Please note that the price of the currency may vary very quickly. If you click the max amount button and receive a message that your account has no coverage, press the maximum number button again and try again. This will update the price information and the purchase takes place at the current price.
Market order is an immediate purchase or sell order at the current market price. The current market price can be seen below the order form.
Limit order lets you set a price by which you wish to buy or sell bitcoin. The buy order is executed once the price of bitcoin equals or undercuts the price you have set. The sell order is executed once the price of bitcoin equals or exceeds the price you have set.
Stop orders are used to protect investors against the decrease in the value or on the other hand to ride an uptrend in the price when the price goes over a certain limit. A stop order can be set for the total bitcoin balance or a limited amount.
A stop-sell order is a sales order that is placed in case of a sudden price drop. If the price plummets under the set limit price the sales order is activated and the bitcoins are sold to prevent a higher loss. For example if the investor has purchased bitcoins at a 500€/btc price and he doesn’t want to risk more than 200€ price drop, the stop order would be placed at a 300€/btc limit price.
A stop-buy order is a buy order placed in case the price suddenly starts to rise. With this order, the investor can join a starting price rally. If the investor believes that the price will start rising quickly after breaking 500€/btc, the investor can place a stop-buy order to 510€/btc so the coins are purchased automatically when the set price has been reached.
Please note that once the price surpasses the predefined price limit, the stop order becomes a market order. Thus the final execution price might vary from the established stop order price. Stop orders affect the daily sales limit and thus a stop order will not be executed if the daily limit has been reached. The default limit is 30 bitcoins per day.
Scrolling down you will find a price chart that you can use to support your decisions. On the bottom of the page the orders page shows all your active and past orders.
Congratulations, you have now bought cryptocurrencies! On the Transfers page you can send and receive cryptocurrencies within and outside Coinmotion.
On the Receive page you’ll see your own public coin addresses and you can create more. All the currencies sent to these addresses will arrive on your Coinmotion account. Please note that you can send cryptocurrencies only to the corresponding addresses meaning that you can not not send litecoin into a bitcoin wallet. Sending a wrong currency to a wallet will usually lead to the loss of sent funds. Always double-check that the receiving wallet for a bitcoin transaction is a bitcoin wallet, not e.g. a litecoin wallet.
On the Send page you can send the cryptocurrencies to another Coinmotion user by their email address or out of the service using the recipient’s coin wallet address. The transfers of new customers are checked for security reasons so an extra delay may occur.
At the bottom of the page you will find a list of all the crypto transfers you’ve made. You can view the transfer status by the wallet address or transaction id using, for example, this tool.
Vault is a safe way to store your cryptocurrencies. You can store the desired amount of currency in the vault and set the time lock period from one minute to 30 days. To withdraw currencies back from the vault, you will wait a predetermined time before the withdrawal is executed. Each withdrawal request will be confirmed by e-mail and if desired, you will also receive a text message confirmation. This will give you time to react if someone else has gained access to your account.
You can’t skip the time lock, so use the vault only to store assets that you won’t need immediately. Currencies raised from a vault are reserved until the time lock period has passed.
The monthly fee of the Vault is one euro. The first month’s payment is deducted from the amount transferred to the Vault.