Frequently asked questions
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Bitcoin is a decentralized digital currency created in 2009 by a person or group going by the name of Satoshi Nakamoto. Bitcoin enables rapid payments (and micropayments) at a very low cost.
Coinmotion is a service, which allows users to quickly and securely buy, store and use bitcoins.
A user deposits money into their personal Coinmotion account, after which, they can buy, sell, store and use bitcoin.
Coinmotion does not sell bitcoins itself. We act as a broker between our users and international exchanges. By taking the role of the middleman we can ensure security and speed for customers in our chosen markets like no other service can.
Joining Coinmotion is as easy as anything. Simply register for an account, deposit some money and you can begin trading. You do, however, need to verify your identity in order to move bitcoins out of Coinmotion or withdraw funds to your bank account. See detailed instructions
If you are based in Finland, you can verify your identity by using the standard bank identification service. If you are based anywhere else you need to send us a copy of a valid ID and a proof of residence (recent utility bill or bank account statement).
Once you have deposited some money onto your personal account, you can begin to trade. Head to the Buy page and enter in how many bitcoins you want to buy or the amount in Euros you want to spend on bitcoins and the trade is executed at market price instantly. Selling is just as easy. See detailed instructions
A limit order lets you set a price you wish to buy or sell bitcoin at. The transaction is executed once the price of bitcoin equals the price you have set.
Some investors want to use stop loss orders to protect themselves against the decrease in the bitcoin value or on the other hand to ride an uptrend in the price, when the price goes over a certain limit.
Stop sell order is a sales order that is placed just in case the bitcoin price suddenly starts to fall. If the price goes under the established limit, the sales order is activated* and the bitcoins are sold before the loss is higher.
For example if the investor has purchased bitcoins at 500€/btc price and he doesn't want to risk more than 200€, the stop order would be placed at 300€/btc price. The stop order can be placed for the total bitcoin balance or for a limited amount.
Please note that a stop sell orders affect the daily sales limit and thus a sell stop will not be executed if the daily sell limit has been reached. The default limit is 30 bitcoins per day.
Stop buy order is a purchase order that is placed in case bitcoin price suddenly starts to rise. With this order the investor can join a starting price rally.
If for example the investor believes that the price will start rising quickly after breaking 500€/btc, the investor can place an order to 510€/btc so the coins are purchased automatically when the price* has been reached.
*) Please note that once the price surpasses the predefined entry/exit point, the stop order becomes a market order. Thus the definitive execution price might vary from the established stoploss price
At Coinmotion euro-bitcoin and bitcoin-euro transactions have a 2% transaction fee. Withdrawing to your bank account also carries a fixed 0.90€ fee. Additionally we offer great volume discounts for active traders.
It most certainly is! We go to great lengths to ensure that customer’s funds are not at risk. We store the majority of customer funds in secure multisig storage. This means they are not accessible by any one person and moving the funds requires a digital signature from multiple company board members.
We currently offer three ways to make deposits on to your Coinmotion account: SEPA transfers, SOFORT Banking and S-pankki instant payment. SEPA transfers can be made from anywhere in the SEPA region. SOFORT banking is an instant deposit method available in 10 European countries. S-pankki instant payment is an instant deposit method available in Finland.
A SEPA transfer can be made from any bank account within the SEPA region. The transfer takes 0-2 banking days and the funds will be credited to your Coinmotion account immediately once they arrive.
SOFORT Banking can be used to make instant deposits from Austria, Belgium, France, Germany, Hungary, Italy, Netherlands, Poland, Spain and Switzerland. All you need are your banking details and the funds are immediately credited to your Coinmotion account once the payment has been confirmed. SOFORT Banking deposits do, however, have an inherent 2% transaction fee.
We support online direct payments from S-Pankki. With this payment method you can pay directly from your bank account and the funds are immediately usable.
For Finnish users a withdrawal takes 0-1 business days depending on the bank the customer is using. SEPA area withdrawals usually take 1-2 business days. For clients outside SEPA area it takes up to 5 business days.
Users cannot change their email address by themselves. If you wish to change your current email address, we kindly ask our users to contact support for further assistance.
The maximum send limits are in place in order to prevent misuse. Customer service will gladly raise trusted users daily send limits.
We execute customer transactions in real time, but we also allow you to send bitcoins or withdraw Euros instantly. Due to this we can only let you transact as much as much as you can also transfer immediately.
Two-factor Authentication is way of adding an additional layer of security to your account. Once set up, you will be prompted for a code from the authentication app on your smartphone when logging in. This means that for someone to gain access to your account, they would need to not only know your username and password, but also physically have your smartphone in their possession. We use the Google Authenticator app for our two-factor authentication.