CoinBurp Review 2021

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Investing in cryptocurrencies tends to be potentially lucrative, but it can be risky as well, especially if traders miss out on the right time to invest in crypto. After considering the inflation threats and the volatility in the stock markets (cryptocurrencies are more volatile), if traders still feel inclined to bet on cryptocurrencies, hundreds of crypto exchanges are ready to welcome new traders. However, selecting the one that will give lucrative returns and at the same time be reliable is challenging to find. Traders must register themselves into a dedicated cryptocurrency exchange that will help them to identify the right time and right opportunities to invest in the cryptocurrency industry. CoinBurp is a cryptocurrency broker that allows traders to buy & sell cryptocurrency and also store their crypto holdings safely and earn profits.

CoinBurp Summary

Headquarters UK
Found in 2018
Native Token Yes
Listed Cryptocurrency BTC, ETH, BCH, LTC, XLM, XRP
Trading Pairs N/A
Supported Fiat Currencies GBP, EUR
Supported Countries UK
Minimum Deposit Depends on Crypto
Deposit Fees Free, but less than £100 will be charged £0.50
Transaction Fees 0% trading fee
Withdrawal Fees Depends on Crypto
Application Yes
Customer Support Yes through Emails

What Is CoinBurp?

CoinBurp is a UK-based cryptocurrency broker that came into existence in 2018. The platform is designed by three crypto enthusiasts named Bipin Bhandari, Tom Allisson, and Peter Wood. They hold the Chief Operating Officer, Chief Design Officer, and Chief Executive Officer in the company, respectively. One recent addition to the management team of CoinBurp is Iqbal Gandham, who has joined the company as a non-executive advisor. Previously, Iqbal served as the UK Managing Director at eToro and as the Chief Marketing Officer (CMO) at Nutmeg. CEO Peter Wood also has been associated with the crypto space since 2015, when he founded one of the largest cryptocurrency brokers in the UK.  CoinBurp was also created to make cryptocurrency trading (buying, selling, and storing bitcoins and other leading cryptocurrencies) easier and thus to bring more and more people to crypto investments and trading.

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CoinBurp breaks the myth that crypto trading is only for the young and technically blessed individuals; it offers a user-friendly trading platform for all, irrespective of their age or technical expertise. The company envisions becoming an international brand and a robust alternative to the traditional banking sectors. It started with a team of just 16 members, and now the platform has thousands of active users on the platform and has accumulated a trading volume of over £1m. In its second phase of product development, the platform provides banking facilities like prepaid cards, crypto loans, etc., besides seeking permission to become FCA regulated.

CoinBurp Features

CoinBurp offers the following robust features to its registered traders:-

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  • It is a UK-based cryptocurrency broker and the first cryptocurrency trading platform in the UK that provides ‘No fee GBP deposits’ and free trading.
  • It allows traders to trade a total of 6 cryptocurrencies that include Bitcoin, Litecoin, Bitcoin Cash, Ripple, Ethereum, and Stellar with a minimum deposit of £5 or €5 and zero trading fees.
  • High rating on Trustpilot – around 4.9 stars out of 5.
  • CoinBurp offers competitive Bitcoin (BTC) prices, which is around 1.5% above the real exchange rate, which means that the users are required to pay the quoted price, generally the spread for each transaction.
  • CoinBurp provides an online wallet that is insured by BitGo custodial solutions.
  • Customer support services are available via email, Telegram, Facebook messenger, and live chat.
  • CoinBur allows its registered users to top up their account balances with pounds or euros.
  • GBP deposits are credited instantly via UK Faster Payments.

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CoinBurp Review: Pros and Cons

Pros Cons
User-friendly trading platform with a streamlined verification process that does not take too long to complete. Supports only six leading cryptocurrencies.
Low minimum deposits (£5 or €5). Card deposits (debit or credit) are not accepted to date.
GBP deposits get instantly credited within a maximum of 10 minutes. GBP withdrawal fees seem to be on the higher side.
A robust mobile app that is compatible with both iOS and Android devices.
Competitive fees structure.

How Does CoinBurp Work?

CoinBurp works like any other cryptocurrency broker- it lets users buy and sell bitcoins directly. It is the only cryptocurrency broker in the UK that offers no-fee GBP deposits and free trading. Like other alternatives, users need to complete the verification process that does not even take more than 5 minutes before proceeding to crypto trading on the platform. The platform also offers streamlined and sophisticated KYC checks that relieved the users to wait for days for the verification process to complete. They can start trading on the platform. CoinBurp does not charge any fees from using the crypto services on the platform, there are also no deposit or trading fees, but the platform earns money from the spread by adding 1.5% to the exchange rate every time a trade is executed on the website.

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Registration Process With CoinBurp

If traders wish to register on the CoinBurp exchange, they need to follow these simple steps:-

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Register an Account

For this, traders need to visit the official website of CoinBurp and click on the green tab “Register” on the top right-hand corner of the page. They will then be asked to select the account type they wish to proceed with – personal account or business account. After choosing an account, they will be required to fill up a registration form with mandatory fields like email addresses and passwords. The password should be of at least eight characters, one number, and one letter meaning it should be of an alphanumeric phase to ensure maximum protection. After filling these fields, users are required to click on the “Submit” button. After successful submission, an activation link will be sent to the user’s email address from the CoinBurp team, which they need to click on to verify and activate their account on CoinBurp.

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Verification

After verifying the CoinBurp account, users are required to prove their identities and go for KYC checks. It does not take more than 2 minutes. It requires the traders to upload government-issued ID proofs like a passport or driver’s license and address proofs like a bank statement or utility bills (electricity bill, phone bill, etc.).

Deposit Funds and Start Trading

After the KYC checks are completed, users need to deposit funds to their trading account to begin trading. The minimum deposit amount is £5 or €5, and there are no other deposit fees charged on the platform. Once the account is credited with the requisite fees, users can begin trading without any complications. They can now select the crypto pairs that they wish to trade on the platform and determine the necessary worth they wish to trade. 

CoinBurp Fees

CoinBurp does not charge any exorbitant fees from its users for trading on the platform; it offers quite a competitive fees structure to the users; the platform offers zero trading fees from its registered users.

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Deposit Fees

GBP deposits made via UK Faster Payments are entirely free and take only a few minutes for the funds to get credited into the account.   Users are not charged any deposit fees if they send more than £100 with a UK bank transfer via Faster Payments. However, funds deposited less than £100 will be charged a fee at the rate of £0.50 per transaction.

There are limits imposed on how much can be deposited for free on the CoinBurp platform that depends on the users’ verification levels. For Level 1 users (with verified identity and address proofs), the daily and yearly deposit limits are £10,000 and £15,000, respectively. For Level 2 users (with the verified source of income), the daily and annual deposit limits are £25,000 and £120,000, respectively.

Withdrawal Fees

Customers are charged at £5 if they withdraw funds in GBP and 5 EUR if they withdraw funds in EUR, which is relatively higher than other exchanges. Thus, for withdrawals up to £100, a withdrawal fee at the rate of 5% of the withdrawal is charged; for withdrawals up to £1000, the fee is 0.5% of the withdrawal, and for withdrawals up to £10000 it is 0.005% of the withdrawal.

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Spread Fees

But there is only a minimal spread of 1.5% charged on the platform, which means that the customers should expect the quoted prices for all leading cryptocurrencies to be about 1 to 1.5% above the real exchange rate. However, it varies depending on the market conditions. The quoted exchange rate for Bitcoin (BTC) is around 1.6% above the rates on other world’s top cryptocurrency exchange, a slight setback to the zero deposit or trading fees on CoinBurp. For Ethereum, it is up to 3.9%.

You must go through CoinBurp’s official site to achieve various details regarding fees structure, fiat funding, trading, cryptocurrency funding, and other relevant things all at here.

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CoinBurp Supported Payment Methods

Registered users can deposit GBP (British Pounds) and EUR (Euro) into CoinBurp. However, users are only allowed to deposit GBP with any UK bank transfers like Faster Payments, CHAPS, or BACS, though most UK banks support Faster Payments by default. GBP sent with a UK bank transfer through Faster Payments takes the shortest time, around 10 minutes. Users can also deposit EUR using a SEPA bank transfer if they reside in a SEPA zone.

CoinBurp Supported Cryptocurrencies

CoinBurp currently supports a total of 6 cryptocurrencies that includes Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), and Stellar (XLM). However, the platform is looking forward to supporting other altcoins like Tether (USDT), EOS (EOS), and numerous ERC-20 tokens in the future.

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CoinBurp Customer Support

According to our CoinBurp review, we found the customer support to be very responsive and prompt. Though the platform mainly asks its traders to raise any issue via email, the customer support team can also be directly contacted on social media platforms like Facebook messenger or by signing up to the CoinBurp Telegram group. Email queries might take up to a maximum of 24 hours, considering the vast customer base executing a trade on the platform simultaneously.

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CoinBurp Review: Conclusion

In this CoinBurp Review, we have tried to include all the essential points regarding making the correct use of the platform, the advanced features, core offerings, crypto exchange fees structure, pros and cons, and customer support services provided by CoinBurp, etc. Apart from the low fees structure and user-friendly trading platform, the most significant advantage of trading on this exchange is the super-fast and streamlined KYC checks which relieve traders from waiting for long hours for verification.

FAQs

How Safe Is CoinBurp?

CoinBurp claims to be among UK’s top-rated cryptocurrency exchanges with a score of 4.9 out of 5 stars on TrustPilot. Also, as per other CoinBurp reviews available online, it is a trustworthy and straightforward crypto trading platform in the UK.

How Long Is CoinBurp Withdrawal?

Since the CoinBurp account only stores local currencies, all the buying and selling occurs instantly. Withdrawing funds to a user’s bank account via SEPA transfer takes 1-2 business days, whereas withdrawing funds via wire transfers are processed within one business day.

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How Do I Withdraw Money from CoinBurp?

Withdrawing funds from CoinBurp involves the following steps- signing in to the CoinBurp account and navigating to the ‘Wallets’ tab. Then, select the currency that users like to withdraw and click on the “Withdraw” button and then follow the on-screen instructions as they appear.

Is CoinBurp FCA Regulated?

CoinBurp is not FCA regulated until now, but its second phase of product development seeks FCA regulation.

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