coinfloor Review 2018

coinfloorReview

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.

Contents

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
  • Euro
  • 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
XBT

BCH

GBP

EUR

PLN

USD

0.0500 XBT

0.0500BCH

2500 GBP

2500 EUR

25000 PLN

2500 USD

0.0500 XBT

0.0050BCH

15.00 GBP

5.00 EUR

5.00 PLN

20.00 USD

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.

coinfloor

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

Trading fees

Coinfloor fee 30-day trailing trading volume
GBP USD EUR PLN
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

Privacy

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.

Customer Support

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

Pros

  • Reasonable fees
  • Reputable Exchange
  • Support Fiat Currencies
  • Support Swift and SEPA transfer
  • User-Friendly Platform

Cons

  • Limited Customer Support

FAQ

  • 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.

Conclusion

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.

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coinfloorFeatures

Coins Available
  • Bitcoin
  • Bitcoin Cash
Accepted Countries
  • United Kingdom

Payment Method

Deposit Options
ethereum, Bitcoin, Wire Transfer
Withdrawal Options
cryptocurrency, cryptocurrency, Wire Transfer
Company Information
Exchange DetailsInfo
Headquarters CountryUnited Kingdom
Foundation Year2013
Typeexchange
Trading AllowedYes

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