Coinfloor Review 2021

The cryptocurrency market is a billion-dollar sector and is currently the hotspot in the financial industry. From companies to individual traders, there are many Bitcoin investors involved in trading to earn big in the form of digital assets. From Bitcoin to Ethereum, there are thousands of options to choose from and use for lending purposes. Thanks to the growing number of lending services and websites, traders and investors can choose among the available platforms and use them for the transaction process.

Coinfloor Summary

Headquarters London, UK
Found in 2013
Native Token None
Listed Cryptocurrency Bitcoin
Trading Pairs XBT/GBP, XBT/EUR
Supported Fiat Currencies EUR, GBP
Supported Countries UK
Minimum Deposit Depends on the currency
Deposit Fees For BTC – 0.0000 BTC
For EURO – 1.50 EUR
For GBP(UK FASTER PAYMENTS) – 2.50 GBP
For GBP(SWIFT/CHAPS/BACS) – 30.00 GBP
Transaction Fees Depends on trading volume and ranges b/w 0.10% to 0.30%
Withdrawal Fees For BTC – 0.0005 BTC
For EURO – 1.50 EUR
For GBP(UK FASTER PAYMENTS) – 5.00 GBP
For GBP(SWIFT/CHAPS/BACS) – 30.00 GBP
Application No
Customer Support FAQ and Submit a Request Form

Coinfloor is one of the leading crypto exchanges in the UK market to support Bitcoin trading, allowing users to trade more crypto-to-fiat than most cryptocurrency exchanges. With a simple & basic user interface, users using this platform can smoothly buy and sell crypt without any fuss. This cryptocurrency exchange platform emphasizes the United Kingdom customer base and is spreading its service wings, turning into a global exchange platform.

However, before using this Coinfloor exchange platform, it is vital to Coinfloor review and understands every aspect as part of the required information.

About Coinfloor

Headquartered in London, UK, Coinfloor was founded in 2013 by Mark Lamb, James McCarthy, and Obi Nwosu. Mark Lamb, who is listed “Under 30” successful entrepreneurs on Forbes, later stepped down from the CTO position. Presently, Obi Nwosu holds the position of CTO alongside COO- Teggy Altankhuyag. Coinfloor was started with the tagline “the UK’s No.1 Bitcoin exchange” and claims to be “the most liquid” BTC/BCH/GBP crypto exchange. Founders of this exchange platform are proud to name it the liquid crypto exchange and getting venture capital.

Coinfloor Review: Platform InterfaceCoinfloor Review: Platform Interface

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The market value of his cryptocurrency exchange platform increased further when the Financial Times called it “the biggest exchange for Bitcoin-to-Sterling.” This rising demand for Coinfloor exchange allows it to provide easy trading fees, withdrawal fees, and similar features for traders from other countries.

Currency Traded on Coinfloor

Initially, Coinfloor exchange allowed Bitcoin and Bitcoin cash trading but is now expanded to Ripple, Litecoin, Ethereum Classic, and Ethereum. As a result, traders can trade these digital currencies against GBP, EUR, and USD. Moreover, since the platform services the retail markets, it also now facilitates over-the-counter (OTC) trading.

Coinfloor Investors

Coinfloor has managed to attract a good number of investors and funding from top-tier VC funding companies. This includes Passion Capital, part of the fund owned by the UK Government’s British Business Bank, Taavet Hinrikus, Co-Founder of TransferWise. Coinfloor is also backed by Adam Knight, former MD of Goldman Sachs and Credit Suisse’s.

Coinfloor Review: Investors of CoinfloorCoinfloor Review: Investors of Coinfloor

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How Does Coinfloor Work?

Coinfloor focuses primarily on crypto-to-fiat trading. So if one wants to indulge in Bitcoin trading against real-world money, Coinfloor can help one do it. The process of trading on the platform is the same as other well-known crypto exchanges. As a part of the process, they need to register and verify their identity before deposit.

Once their account gets funded, they can begin trading activity on any of the available crypto coins. Once the interested party completes the purchase activity, they can keep their funds on the Coinfloor exchange website or withdraw them to their Bitcoin wallets.

Coinfloor Deposit and Withdrawal Options

Coinfloor accepts the below-mentioned currencies for deposits and withdrawals:

  • British Pounds
  • Euro
  • XBT (Bitcoin)
  • BCH (Bitcoin Cash)
  • Polish Zloty
  • US Dollar

Traders can use SEP and Swift wire transfers for deposit funds and withdrawal. However, one should take note that Coinfloor imposes a minimum amount of deposit funds and withdrawal.

Features of Coinfloor Review

For Bitcoin brokers, this right exchange services platform comes with a host of features making it worth using.

Some of the features are:

  • Easy buy and sell on OTC.
  • Promotes deep liquidity.
  • Supports different multi-currency margin trading.
  • Operates with 100% cold storage policy.
  • Governed by British law, all customer data is highly protected under the same standards.

Services by Coinfloor

Order Book

Order book service provides a real-time trading tracker. To order a book, one needs to sign in with their credentials.

Order Book Service by CoinfloorOrder Book Service by Coinfloor

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Autobuy

Autobuy is considered the safest method to buy Bitcoin. All one needs is a Coinfloor account, sign-up and start auto-buying coins.

Custody

Coinfloor has earned a positive reputation for keeping coins safe. For a Bitcoin broker, there is a storage facility. The majority of Bitcoin exchanges of clients offline are held in underground vaults with proper regulation. The custody offers multi-signature and transparency features.

Trade

Like most Cryptocurrency exchange platforms, this Coinfloor system offers intuitive crypto and Bitcoin exchange, combined with a straight-talking guide about trading fees Coinfloor. In addition, the integrated API tool offers auto trading.

Coinfloor Review: Explore the Trading Services of CoinfloorCoinfloor Review: Explore the Trading Services of Coinfloor

OTC

The dedicated “over-the-counter” trading offers higher value or bespoke crypto trading. Since Coinfloor is a liquid exchange, it executed £100k+ trades through over-the-counter service.

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API 

Coinfloor is built using robust and scalable technology. The primary focus is to refine and improve services. The platform offers HTTP and a WebSockets Application Programming Interface (API) finely optimized for ultra-low latency connections.

Corporate

There are multiple services designed by corporate clients to buy and sell crypto coins. The Coinfloor team offers direct assistance to solve queries regarding coin exchange. By using this service, corporate clients can exchange on OTC, use FIAT accounts and get corporate account managers.

Coinfloor Corporate ServicesCoinfloor Corporate Services

Education

Coinfloor Education provides a complete guide about Bitcoin. When it comes to trading on crypto, it is vital to do good research. This education service provides details about money, investing and selecting, and cryptocurrency transactions.

Fiat Accounts

If one runs a crypto asset company, the fiat currencies account service will work for them. Coinfloor has a strong partnership with Enumis – a high-tech FCA authorized United Kingdom financial institution providing fiat current account. The current FIAT account features- debit cards, online banking, API access, and standing orders.

Fiat Accounts Service by CoinfloorFiat Accounts Service by Coinfloor

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Pros and Cons of Coinfloor

Pros Cons
The platform has a user-friendly interface and a good security feature making it extremely easy to use. No Coinfloor mobile app for an easy exchange process. So, not mobile-friendly.
Minimum deposit amount. Limited range of coins and other exchanges.
Has 2-Factor authentication and trading passwords for fewer risks. Poor customer support team with no live chat with an account manager.
100% cold storage to keep users’ funds safe. Charges deposit and withdrawal fee.
Supports GBP/BTC pairs. Minimum amount to withdraw.
Accepts withdrawal and deposits from the bank.

How to Sign Up and Trade on Coinfloor?

If a trader uses the Coinfloor website for the first time for the crypto trading purpose, they need to follow the following steps to sign-up and trade.

Steps for Sign-up

  • Open an Account: Sign-up or register to have a new account and personal details.
  • Confirm the email address: When signing up, one must provide their active email address and personal information for an email confirmation. After the confirmation email, the new member should head to the provided email for further steps for verification. This verification process is an essential part and has a confirmation link.
  • Setting-up Two-factor authentication: The next stage is to proceed with two-factor authentication (2FA) for secured depositing funds. This increases the overall security of the Coinfloor account, and they will need to enter a unique code sent on their phone on every login.
  • Verifying the Identity: Before one starts to trade cryptocurrencies on the website, one must identify their account. Enter the legal name mentioned on the valid ID, such as the driver’s license. A driving license works the best. They must also upload a copy of their ID issued by their respective government for extra security.
  • Deposit Funds: Once the verification is completed, one can deposit funds on the website or sell cryptocurrencies. In case they are using fiat currency, they can only do it through bank transfer.
  • Trading Process: Once they have followed the above verification and fund deposit steps, they can now invest or transfer funds. On the home page, the ‘Exchange’ button will be visible, and by clicking that, one will get a drop-down list of a trading pair to choose from. Enter the desired amount one intends to trade.

Coinfloor Fees

Coinfloor fees are applied whenever the trader conducts deposits or withdrawal requests. In addition, other Coinfloor trading fees are depending on how much the trader trades.

Deposit Fees

The Coinfloor platform does not support any credit card/debit card deposits and withdrawals. For deposit purposes, take advantage of cryptocurrency exchanges that do not attract any taker fees. However, other deposit fee methods and withdrawal fees will attract Coinfloor charges as mentioned below:

  • SEPA (EUR only): €1.50
  • UK Faster Payments (GBP): £2.50
  • US Wire Transfer (USD): $10
  • UK CHAPS/BACS/SWIFT (GBP): £30

Withdrawal Fee

  • SEPA (EUR): €1.50
  • UK CHAPS/BACS/SWIFT (GBP): £30
  • UK Faster Payments (GBP): £5
  • US Wire Transfer (USD): $75
  • Bitcoin, Ethereum, and Bitcoin Cash: 0.0010 BTC / 0.0200 ETH / 0.0010 BCH

Trading Fees

The structure of the trading fee to sell Bitcoin completely depends on the trading volume. If one starts trading for less than 500,000 USD/EUR/GBP per month, the user will need to pay a 0.30% Coinfloor trading fee. However, the rate will fall to 0.20% if trading between 500,000-1,000,000 USD/EUR/GBP. To grab more details on Coinfloor Fees check here.

Accepted Payment Methods of Coinfloor

Coinfloor, being one of the exchange trading platforms, has a list of accepted payment methods. For Coinfloor trading fees, the platform accepts the below-mentioned currencies:

  • XBT (Bitcoin)
  • Polish Zloty
  • US Dollar
  • BCH (Bitcoin Cash)
  • British Pounds
  • Euro

Autobuy at Coinfloor

Coinfloor’s Autobuy service allows buyers to buy Bitcoin using the standing order or instant bank transfer. Buyers can do the process through the UK banking app, which helps to store client funds.

Coinfloor Review: Buy Bitcoin Automatically from Coinfloor Autobuy ServiceCoinfloor Review: Buy Bitcoin Automatically from Coinfloor Autobuy Service

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Below Are the Steps for Autobuy

  • It is advised that one creates and verifies their account on Coinfloor to get the Autobuy deposit details in minutes.
  • Log into the banking app and use the Autobuy deposit details for setting up the recurring standing orders.
  • Sit back and relax to watch the invested cryptocurrency’s value surging.

Why Autobuy?

Reason to Use Coinfloor Autobuy ServiceReason to Use Coinfloor Autobuy Service

The reason to use the Autobuy service from Coinfloor is the safety tool undertaken to buy Bitcoin towards the account holder. If one had purchased a £70 weekly Autobuy 3 years ago, today the value would be over £26,000 of Bitcoin. Moreover, the process of signing up and using this feature is hassle-free. Additionally, one does not have to log into their account constantly.

Is Coinfloor Safe?

Since its establishment in 2013, Coinfloor has not faced any hacks because of its high-security features. Since strict UK laws back the platform, traders do not have to worry about their investment. The safety measures are quite high, keeping user funds under the safety umbrella.

In addition, the platform securely holds funds (fiat) at the LHV Bank in Estonia for advanced traders. The data protection act helps the traders’ vast majority of funds remain safe. So they can engage in large Bitcoin purchases and trade at Coinfloor.

Coinfloor’s high-security measures involve users undergoing the two-factor authentication process. So fewer risks are involved. Furthermore, Coinfloor uses a 100% cold storage policy. The source of liquidity is not revealed since the platform does not have an online storage platform. Additionally, the platform uses multi-Signature Pay 2 Script Hash (P2SH) to bring down the significant risk.

Coinfloor Customer Support

The customer support of Coinfloor limited is not highly appreciated compared to other recommended crypto exchange platforms. The member can email their queries to the account manager or call on the company number. In the trading industry, traders, when looking for assistance, need instant support for the payment method, which is not possible with Coinfloor. There is no live chat option like most exchanges.

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Conclusion

Coinfloor, which was set up to offer a Bitcoin-only trading platform, has reached the broader segment now and comes under the most popular cryptocurrency exchanges. If one picks a Coinfloor review, they will find positive and trustable views for this liquidity platform. However, the Coinfloor support needs an upgrade to make it customer-friendly support.

For example, there is no live chat facility. On the other hand, Coinfloor is transparent and takes security seriously. Another bonus point is Coinfloor has strong liquidity for GBP/Bitcoin pairs. With transparency and extra safety undertaken, Coinfloor is not a scam but a completely legit platform for a new user. One of the drawbacks Coinfloor holds is that the platform does not support the traditional credit/debit or e-wallet method for deposit. 

Moreover, if Coinfloor is compared with others, one might not find the Coinfloor app to be easy for trading. It is the major drawback of the platform. Having a Coinfloor app could have attracted many more traders. If an interested party considers going ahead with this platform for cryptocurrency exchange, they are advised to go through the review.

FAQs

Is Coinfloor Regulated?

Coinfloor was established in the UK and is registered under the HM Revenue & Customs- UKs taxation body. In addition, the platform maintains communication with the Financial Conduct Authority (FCA) UK. The UK’s FCA is a vital part of the regulation.

Can One Buy Ethereum on Coinfloor?

Buying of Ethereum on Coinfloor was suspended on January 3, 2020, by the Financial Conduct Authority- licensed exchange.

Is Coinfloor a Wallet?

Coinfloor does not have a traditional crypto digital wallet. Therefore, when one deposits a cryptocurrency, one should entrust the platform to store it and for investment. In case there is any high risk like a hack, the funds will be at risk. Coinfloor is a complete exchange platform, and it does not allow third-party withdrawals.

Where Is Coinfloor Based?

Coinfloor is a UK-based company.

How Does One Use Coinfloor?

Using Coinfloor is pretty simple and hassle-free. Interested individuals need to sign-up, verify their details, and start exchanging. To buy Bitcoin on the Exchange page, one can find an “Order Form” section and enter the “Price” they wish to purchase Bitcoin. Now, they should enter the “Total” GBP they would like to use in the trade. The “Quantity” of BTC will fill in automatically, then click Buy.

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