Once you receive an email from Coinfloor confirming that your identity has been verified, you can proceed to deposit funds. We were unable to change the main trading chart view over to alternative metrics, such as candlesticks. Why we recommend Coinbase wallet over Coinfloor: When Coinfloor was first set up in 2012, its main purpose was to offer Bitcoin trading to those holding GBP. Coinfloor is the UK’s longest established Bitcoin and cryptocurrency exchange. The most common practice is to set up two-factor authentication via Google Authenticator. As you’ll see from the above list, the only cryptocurrency that is paired with a non-GBP currency is BTC. If you are yet to commit to Coinfloor, then we would instead consider using Coinbase. If you’ve heard about the Coinfloor exchange platform and you are thinking about signing up but not too certain if it is the proper crypto exchange for you, then this detailed review is for you. The exchange also offers the best liquidity in the GBP/BTC pair. Autobuy Bitcoin. They have competitive rates in line with the rest of the market. The fees and commissions charged by Coinfloor include; The trading fee charged on trades executed by the Coinfloor exchange platform varies depending on the trading volume traded by an investor. This covers three fiat currencies, notably GBP, USD, and EUR. Initially, the exchange platform aimed to provide its trading services primarily to the UK markets, however, its decent services have successfully attracted numerous investors from across the globe. Before you can make a deposit to your account and perform the trading activities on Coinfloor, your personal information, identity, and address need to pass verification first. However, more options are available for investors interested in exchanging fiat-to-crypto pairs. Amazing security: If you’re looking for a safe exchange, it’ll be hard to find a safer option than Coinfloor. Is Coinfloor Safe: Detailed Review. However, even with just one support channel, the exchange platform is still able to answer numerous requests and complaints from clients at record time. That being said, security at this company is top-tier. The Coinfloor exchange platform was established in 2013 and is recognized as one of the leading crypto exchange platforms in the United Kingdom. The second issue with entrusting Coinfloor to store your coins is that they only permit withdrawals of more than 2 BTC at three intervals per day. Coinfloor then serves as a middle man holding the coin until the exchange confirms payments then the bitcoin is released into the client’s crypto wallet. Whichever option you go for, setting up 2FA is mandatory. If you still need more information on the Coinfloor exchange platform, you can always visit their website and social media platform. Firstly, if the Coinfloor website was hacked, your funds could be at risk. Although the final decision is yours to make, we hope we could help with our thorough examination. The platform is regulated by top EU bodies such as the FCA, they offer debit/credit card and e-wallet deposits, you can get started with just $200, and security is top-notch. It’s unclear why they don’t store the funds in the UK, as that is where they are based. This means that you might need to wait hours, even days before you get a response. The exchange platform is the brainchild of James McCarthy, Amadeo Pellicce, CEO Obi Nwosu, and Mark Lamb. The company is focused on security and is known for being the first exchange to store all bitcoins in 100% multi-signature cold storage and employing procedures to deter money laundering amidst the lack of government regulation. Here is … Also, the reason why the exchange chooses not to keep clients’ funds within the United Kingdom remains unclear. However, Coinfloor supports most countries, making the platform a global exchange. The Authority has investigated complaints into two issues regarding this ad and has upheld the complaints. The company aims to provide convenience for Bitcoin enthusiasts to trade easily. Coin floor designed the Exchange trading platforms to be highly intuitive and straightforward, however, clients can only carry out market and limit orders using the Exchange platform. The UK Advertising Standards Authority (ASA) has found a press ad for Coinfloor Ltd, a Bitcoin and cryptocurrency exchange, to be misleading. For clients trading below 500,000 USD/EUR/GBP each month, a trading fee of 0.30% is charged on executed trades. For Coinfloor to become the giant trading company it is today, the exchange platform employed the services of top brokers and financial analysts within the United Kingdom. Security. The exchange platform does not allow the deposit and withdrawal of funds via debit or credit card which is quite limiting for many investors. You won’t be able to use your Coinfloor account until you set it up. You can get this down to 0.20% if you trade between 500,000-1,000,000 GBP/USD/EUR. Coinfloor gives the highest priority to the safety and security of investment funds and sensitive personal information. An ad for for Bitcoin exchange Coinfloor has been banned for irresponsibly suggesting that buying the cryptocurrency is a secure way to invest … This includes Pound Sterling (GBP), Euro (EUR), US Dollar (USD) and the Polish Zloty. Furthermore, you can long and short 15 different cryptocurrencies, with ultra-low fees. If you need to access your coins urgently, this could be a problem. Once you’ve purchased your cryptocurrency of choosing, you can either keep your funds on the Coinfloor website or withdraw them to your private Bitcoin wallets. We will tell you about… Safe and Secure. Although much cheaper than the likes of VirWoX, these trading fees, especially the main charge at 0.30%, are extremely high. The exchange platform lists just a few crypto pairs on its trading platform with most of its resources focused on offering exchanges in fiat currencies to Bitcoin Cash and Bitcoin. However, the minimum deposit amount clients can make for Bitcoin and Bitcoin Cash is 0.05BTC. The customer support offered by the Coinfloor exchange platform does not offer the much need flexibility needed by investors. As a top-performing cryptocurrency exchange platform, Coinfloor offers a very straightforward and simple way to buy, sell and store various digital coins safely within the crypto market. The trading view of the Coinfloor trading platform consists of buy and sell-boxes, price charts, order book, a dashboard page that shows trader’s account activities, account balances, and access keys for the Coinfloor API. Not only does Coinfloor not offer a native wallet, but the platform has not launched a mobile app. Ratings and Reviews for coinfloor - WOT Scorecard provides customer service reviews for coinfloor.co.uk. You’ll then need to upload a copy of your government issued ID. He is now also the newest addition to the Tokenhell writers team. If you’re looking to deposit with a traditional debit/credit card or e-wallet, you’re also out of luck at Coinfloor. However, let’s have a closer look into the exchange’s features and operations to be able to ascertain how decent and credible the Coinfloor exchange platform is. They cover all the areas you can imagine. And it is designed such that each component cannot operate in isolation, hence, the reason why every investor needs an exchange platform. From the trading pairs listed, you would notice that the only cryptocurrency paired with a non-GBP currency is Bitcoin. Coinfloor is a UK based cryptocurrency exchange that allows users to trade crypto-to-fiat. It is a simple, yet safe and effective approach. Coinfloor recently increased its minimum deposit amounts on some of its currencies. And many individuals seeing these incredible rewards, now look to venture into the crypto market via a decent exchange platform like the Coinfloor exchange to benefit from the pool of financial opportunities. While the company is one of the longest-running London-based players in the market there are a lot of user complaints surrounding it. From this review, it is quite evident that the Coinfloor exchange platform is a top-performing crypto exchange. If you’re interested in trading fiat-to-crypto pairs, then there are eight pairs available at Coinfloor. The bids/asks section of the trading area is also very basic. If you’ve got to this point of our step-by-step guide, you should now have a fully verified Coinfloor account that is funded. Your email address will not be published. As most exchanges focus on USD pairs, this makes it a noteworthy exchange for those based in the UK. Read our Coinfloor review and learn why we recommend this exchange for online trading and why it is not a scam, learn all you need to know in this Coinfloor review before you sign up with the exchange. Here is what Bitstamp have installed to keep customer funds safe. Coinfloor is the UK’s longest running bitcoin exchange. If you’re thinking about opening an account at Coinfloor, but not too sure whether they’re the right exchange for you, then be sure to read our comprehensive guide. Therefore, it appears that Coinfloor is looking to focus on its corporate and institutional clients. However, as noted above, only GBP, EUR and USD are included as trading pairs. For starters, during their long history, they never had a … Coinfloor Uk. Required fields are marked *. The platform was partly funded by Taavet Hinrikus, a co-founder of TransferWise. The withdrawal fee charged per withdrawal method include; The Coinfloor exchange platform offers two different types of payment options to its clients; Wire Transfer and Cryptocurrency transfer. Some issues cannot wait hours, or even days, for an email response. If you are trading less than 500,000 GBP/USD/EUR per month, then you will pay a trading fee of 0.30%. This is because we now have a lot of scam exchanges present in the crypto market. Additionally volume and liquidity in the non-GBP pairs is allegedly low. Coinfloor is a cryptocurrency exchange that is regarded as the UK’s longest-running crypto-exchange, and claims to be the world’s only platform that has provided regular bitcoin audits from the beginning. Perfect! Before proceeding to the next stage of your Coinfloor application, you will first need to confirm your email address. It’s important to know that Coinfloor symbolizes Bitcoin as “XBT” instead of the commonly used “BTC” on its trading platform. This is really handy if you are using Coinfloor for the first time. Instead, they make their money via the spread, which is much more cost effective for the trader. Coinfloor has a specific focus on crypto-to-fiat trading. Once you’re happy with the information entered, simply click on the green ‘BUY’ button. In the case where a client decides to make a purchase, they are encouraged to make a wire transfer to the appropriate exchange’s Uk bank account. This agreement signed is to primarily help make the crypto market a safe place for various investors to trade cryptocurrencies. Coinfloor has not reported any hacks that have compromised their security. Email support: Other than offering a FAQ help section, the only option you have of contacting customer support is via email. To start trading, click on the ‘EXCHANGE’ Button at the top of the screen. The platform holds client funds (fiat) at LHV Bank in Estonia. This is very unusual for a crypto-exchange, as a lot of people prefer to try things out with a smaller investment. Coinfloor is absolutely excellent. Although Coinfloor is a UK-centric cryptocurrency exchange, they are not regulated in the UK. Coinfloor is a UK based cryptocurrency exchange that allows users to trade crypto-to-fiat. Although the platform is primarily targeted to the UK market, Coinfloor accepts account applications from most other countries. In late 2018, it was reported that Coinfloor obtained a license from the Gibraltar Financial Services Commission. A regional press ad for Coinfloor Ltd, a Bitcoin and cryptocurrency exchange, seen in the Northamptonshire Telegraph on 3 December 2020, was titled “There is no point in keeping your money in the bank…”. Coinfloor does not offer a live chat facility, nor can you contact them via the telephone. Bitcoin has already reached maturity and is seeing sections of the mainstream market using it. It also encourages non-consumers to enter the Bitcoin community through the user-friendly interface and simple tools. Fast and reliable, would definitely recommend coincorner as a platform to purchase your bitcoin and other crypto. A withdrawal fee of 0.0200 ETH/ 0.0010 BTC/ 0.0010 BCH on Ethereum, Bitcoin, and Bitcoin Cash respectively. Coinfloor's mission is to facilitate and enable the convergence between the traditional finance industry and the burgeoning cryptocurrency markets within institutional-grade infrastructure, championing the stability and sustainability of cryptocurrencies as an alternative asset class and monetary system. This was a specific niche in the market, and to a certain degree, it worked quite well. The Coinfloor exchange just like other exchange platforms charges various fees and commissions on every deposit, withdrawals, and trade excited on its trading platform. Coinfloor lists about eight fiat-to-crypto pairs on its trading platform, covering about three fiat currencies which include USD, EUR, and GBP. Storage of all digital assets in offline cold wallets. Upon its establishment, the Coinfloor exchange platform based its headquarters in London where it controls and oversees its entire trading operations all over the world. Overall, some sections of the website seem a bit out-dated and basic. The Coinfloor exchange platform offers a simple and straightforward trading platform to its clients. Wire transfer,  and Cryptocurrency transfer, Compulsory use of Two-factor authentication (2FA) by all clients. Great fees: Their 0% fee on exchanging and trading Bitcoin is a great deal. That is why, ever since its establishment in 2013, the exchange platform has not recorded any major hacks on its trading platform. Once you’ve clicked the link, you’ll then need to sign in with your newly created account credentials. At the time of writing, Coinfloor has a minimum deposit amount of 1,000 GBP/EUR/USD. Nevertheless, we’ve listed the eight trading pairs below. This is a significant minimum deposit threshold to meet. We think that you’re always better off using a regulated cryptocurrency exchange that offers a secure wallet, such as Coinbase. Although Coinfloor has fully optimized their mobile website, it’s not as responsive as the main desktop site. If you are just starting out in the world of Bitcoin trading, then you should instead use a more inclusive exchange such as Coinbase. This means that you can now trade one of the eight crypto-to-fiat pairs listed on the platform. Coinfloor only offers cryptocurrency exchanges and fiat currency on its simple and user-friendly web-based trading platform. Here are the pros and cons of Coinfloor: Just like the deposit of funds, withdrawal of funds also attracts variable withdrawal fee depending on the payment method employed. We are registered with the Information Commissioner’s Office for data protection and do not send your data to third parties for marketing and advertising purposes. The next stage of the Coinfloor account opening process will require you to set-up two-factor authentication (2FA). Although a reference code is expected to be used and clients must make sure to specify their preferred currency before making any deposit or withdrawal request. For a trading volume above 1,000,000 USD/EUR/GBP every month, a trading fee of 0.10% is charged. In effect, this completely alienates the average investor that is looking to start their day trading journey. Is Coinfloor safe? The actual Coinfloor platform dashboard is somewhat disappointing. Coinfloor Pros. This is crucial for many professional day traders, as it allows them to get a good view of the marketplace in real-time. If you don’t want to do this, you can instead connect a Yubikey device, which is just as secure. The help section of the Coinfloor platform is fairly extensive. As you are doing a bank transfer as opposed to a debit/credit card payment, you’ll need to wait a few days for Coinfloor to add the funds to your account. General. Regardless of where the user is from, Coinfloor requires all traders to verify their identity before depositing funds. Considering many investors who love to diversify their portfolios, the Coinfloor cryptocurrency listing doesn’t really offer the much-needed flexibility in this regard. Verification with Coinfloor.co.uk. Bitcoin (BTC), Litecoin (LTC), Ripple (XRP), Ethereum Classic (ECH), Ethereum (ETH), and Bitcoin Cash (BCH). We hold the majority of our client bitcoin offline on devices held in underground vaults or with a regulated, insured cryptoasset custodian. You can even buy Bitcoin with PayPal. Although we would suggest using Coinbase to buy and sell cryptocurrencies, if you do want to proceed with your Coinfloor account application, then we’ve provided a step-by-step guide below. This website may have financial affiliations with some (not all) of the brands and companies mentioned on this website. I highly recommend, I’ve used many exchanges and this is by far the best one- reliable, fast and transparent fees system. The Coinfloor exchange still only hosts six cryptocurrencies, and there is no option to short the coins on offer. If you want a cryptocurrency exchange that offers support in real-time, via both live chat and phone support, then you might want to consider Coinbase. Yes, Coinfloor is safe for both the users and their funds. For deposit and withdrawal of Bitcoin Cash and Bitcoin, it takes roughly 24 hours for the overall process to the approved. Coinfloor keeps and uses information in line with the Data Protection Act 1998. If this is too long for you and you want to get started today, Coinbase offers instant deposits with both debit/credit cards. DISCLAIMER Head over to the email account that you provided in the previous step, and click on the confirmation link that Coinfloor sent you. The Coinfloor Market operates in such a way that prices of Bitcoin offered by various exchange platforms are displayed to clients looking to purchase Bitcoin. Depending on the specific pairing, these currencies can be traded against either GBP, USD or EUR. On the contrary, by using a platform such as Coinbase, your funds are safe. We’ll be discussing expressly the operations, benefits, services, and features of the exchange platform. I'm just thankful for their customer support and account management team. If you are not using leverage with Coinbase, and you go-long, then you own the underlying cryptocurrency asset. We found that most frequently answered questions were taken care of. We do not hold client funds in wallets which can be unlocked via a single private key. The platform is also regulated by the FCA (and CySEC in Cyprus), and they allow you to deposit funds with a debit/credit card and e-wallet. Coinfloor is a UK-based cryptocurrency exchange. Regardless, the eight fiat-to-crypto trading pairs listed on the Coinfloor exchange platform include; BTC/USD, ETC/GBP, BTC/GBP, LTC/GBP, BTC/EUR, ETH/GBP, BCH/GBP, and XRP/BTC. To help you understand how Coinfloor compares to other cryptocurrency exchanges in the market, we decided to do a comparison with Coinbase. Recognized as the largest cryptocurrency exchange in the UK, Coinfloor has already earned a reputation for being a reliable and trusted exchange. Regardless of where you are located, you won't be able to deposit funds or trade at Coinfloor until you verify your identity. The marketplace consists of 21 of the largest Uk-focused bitcoin brokers who all signed a pledge, tagged the Bitcoin Broker’s Agreement, to “make the market safe… Clients trading on the Exchange platform can leverage on the BTC-to-GBP market liquidity which is the largest among other crypto exchanges based in the United Kingdom. This is to ensure that such an exchange platform is not charging way more than necessary, ripping you off part of your hard-earned profits. If you’re looking for an exchange that is regulated by the FCA (as well as CySEC in Cyprus), then you should consider Coinbase. Don’t forget, you’ll need to pay this when you buy crypto, as well as when you sell it. It provides a platform to connect brokers with consumers and investors. Other exchanges such as Coinbase don’t charge trading fees. When it comes to fees at Coinfloor, you will be charged every time you make a deposit and withdrawal. We’ll discuss everything from fees, user-friendliness, safety, and more. Founded with a focus on trust, security and reliability, the goal has always been to create a safe and accessible place to trade and invest in cryptocurrency such as Bitcoin. The Coinfloor exchange platform initially only supported the buying and selling of Bitcoin, however, they’ve gone ahead to increase their listing adding just other major cryptocurrencies in the market. Creating an account is easy! Clients can also go through the FAQ section on the Coinfloor website to see if their questions have already been answered before sending an email to support. With a passion for all-things finance, he currently writes for a number of publications in the online space. Coinfloor state that most accounts are verified within 60 seconds, however, this can take longer. Effectively, the main selling point of the Coinfloor exchange is that they have good liquidity levels on GBP trading. Keep up the the great work ! 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