coinfloor Review 2019
Founded in 2013, Coinfloor is regarded as the UK’s top cryptocurrency exchange. It was founded by Mark Lamb, Amadeo Pellicce, and James McCarthy and CEO Obi Nwosu. Venture capital for the exchange was provided by Passion Capital and Taavet Hinrikus, the co-founder of TransferWise. Coinfloor made history when it became the first ‘Publicly Auditable’ Bitcoin Exchange through a “proof of solvency” blockchain that is available to all its customers. With its headquarter locatedint 1 Quality Court, City of London, WC2A 1HR, UK, Coinfloor is today’s the world’s largest Bitcoin to GBP exchange. Although the Exchange is not regulated by the UK’s FCA, Coinfloor is registered with Her Majesty’s Revenue & Customs Dept as a Bureau de change.
- Deposit and Withdrawal Options
- Fees and Charges
- Trading fees
- Customer Support
- Pros and Cons
To provide its customers with access to the cryptocurrency market, Coinfloor uses a web-based trading platform. The user interface of the trading platform is simple and basic. The platform only has very basic functionalities just to enable its users to buy and sell cryptocurrencies with a minimum of fuss. Because the platform has so few features built into it, this means the platform requires minimal computer resources to operate. At the same time, it also meant the platform is also mobile friendly. At present, only Bitcoin and Bitcoin Cash are available for trading on the Coinfloor exchange. The exchange does have plans in the future to expand its offerings of cryptocurrencies to cover Ethereum, Ripple, Litecoin and Ethereum Classic.
Deposit and Withdrawal Options
While Coinfloor is primarily established to support Bitcoin trading for customers in the UK, the exchange does not forbid customers from other countries from signing up and using its services. All that is required from them is a valid ID and to pass the verification stage.
When it comes to deposits and withdrawals, Coinfloor accepts the following types of currencies:
- XBT (Bitcoin)
- BCH (Bitcoin Cash)
- British Pounds
- Polish Zloty
- US Dollar
The methods used to deposit or withdraw include cryptocurrency to cryptocurrency transfer via wallets, SEPA and Swift wire transfer. It should be noted that Coinfloor imposes a minimum deposit and withdrawal amount for each of the types of currency that it supports:
|Currency Type||Minimum Deposit||Minimum Withdrawal|
All deposits and withdrawals are processed several times. For international wire transfer, it can take from 1 to 5 business days for the whole transfer to be completed. If you wish to speed things up, you can either use priority or express transfer service which can clear a deposit within 3 hours. For transfers done with SEPA, it takes one to two business days.
Fees and Charges
Like most other cryptocurrency exchanges, Coinfloor uses the Maker/Taker fee, model. Maker fees are applicable when liquidity is added to the Coinfloor exchange by the platform. This is when an order to buy is placed below the ticker price as well when a sell order is placed above the ticker price. Taker fees are applicable when an order is executed against a limit order on the Coinfloor’s order book. This fee model issued by Coinfloor in order to incentives liquidity on the exchange
|Coinfloor fee||30-day trailing trading volume|
|0.30%||< 500,000||< 500,000||< 500,000||< 2,000,000|
|0.20%||500,000 – 1,000,000||500,000 – 1,000,000||500,000 – 1,000,000||2,000,000 – 4,000,000|
|0.10%||> 1,000,000||> 1,000,000||> 1,000,000||> 4,000,000|
For deposits and withdrawals, the following fees are applicable:
|Asset||Deposit fee||Withdrawal fee|
|Bitcoin (XBT)||0.0000 XBT||0.0005 XBT|
|Bitcoin cash (BCH)||0.0000 BCH||0.0005 BCH|
|Pound Sterling (GBP)||5.00 GBP||10.00 GBP|
|Euro (EUR)||1.50 EUR||1.50 EUR|
|Polish Zloty (PLN)||0.00 PLN||1.00 PLN|
|US Dollar (USD)||10.00 USD||15.00 USD|
In order to comply with international protocols and legislation regarding AML and KYC, all Coinfloor customers are required to provide a photo ID and to go through the verification process. Only after they have passed the verification checks will they be able to make deposits and withdraw funds from their Coinfloor account. Once you have submitted all the required information to Coinfloor, you will be granted pre-approved status with 60 seconds. Actual approval will, however, depend on your submission of the ID and proof of address which has been verified.
In terms of security, Coinfloor requires all those who have required for the exchange to activate two-factor authentication for their account.
The customer support service at Coinfloor is typical of most cryptocurrency exchanges. It is only available through a comprehensive FAQ and ZenDesk “Submit a Request” form. There is no email or live chat support.
Pros and Cons
- Reasonable fees
- Reputable Exchange
- Support Fiat Currencies
- Support Swift and SEPA transfer
- User-Friendly Platform
- Limited Customer Support
What cryptocurrencies are available for trading on Coinfloor?
At present, you can only trade with Bitcoin and Bitcoin Cash on Coinfloor.
Are Coinfloor’s services available to everybody?
Coinfloor only requires its customer to provide at least one valid photo ID and undergo the verification process to avail of the exchange services.
What fiat currencies can I use to deposit into my account?
You can fund your account with the British Pounds, Euro, Polish Zloty or US Dollar.
What is required for registration at Coinfloor?
To register with Coinfloor, you need your email address, set your password and activate 2-factor authentication with your mobile phone.
Recognized as the largest cryptocurrency exchange in the UK, Coinfloor has already earned a reputation for being a reliable and trusted exchange. While the exchange is not a regulated by the UK’s FCA, the regulatory agency has formally notified Coinfloor that registration is not required on the part of the exchange as Bitcoin is not legally defined as a currency. Nevertheless, the exchange has taken the next best step towards regulating its operations by registering its operation with Her Majesty’s Revenue & Customs Dept as an exchange bureau. In addition, Coinfloor has been transparent with its operations by voluntarily publishing a solvency report on a monthly basis. Another plus point about Coinfloor is that it has strong liquidity for the Bitcoin/GBP pair. The major drawback that we can note about this exchange is its high minimum deposit requirement.
- Bitcoin Cash
- United Kingdom
|Headquarters Country||United Kingdom|