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Coinfloor cryptocurrency exchange review
A beginner’s guide to the Coinfloor global cryptocurrency exchange, including its features and fees.
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Fiat currencies
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Cryptocurrencies
Details
| Product Name | Coinfloor Cryptocurrency exchange |
|---|---|
| Fiat Currencies | GBP, EUR, USD, PLN |
| Cryptocurrencies | BTC, ETH |
| Deposit Methods |
Bank transfer (ACH) |
| Trading Fee | 0.1-0.3% |
| Deposit Fees | Fees vary |
| Withdrawal Fees | Fees vary |
What is Coinfloor?
Coinfloor is a British-based cryptocurrency exchange that allows users to buy and sell bitcoin (BTC). It was the first peer-to-peer marketplace for bitcoin anywhere in the world and brings together buyers and brokers on a safe and reliable platform.
It offers 24/7 trading access and operates with a 100% cold storage policy. All bitcoins are received, stored and sent out from within multiple underground vaults that Coinfloor claims have the same security standards as the Bank of England.
Coinfloor’s system has been built so that no single person, server, vault location or device failure could compromise the integrity of a user’s bitcoins. British law sets strict data protection standards for storing clients’ details, and providers must also use 2-factor authentication for additional security.
Which cryptocurrencies can I buy and sell?
As of March 2021, Coinfloor only allows you to trade BTC.
Available countries
Coinfloor is a global exchange that offers its services to users in most countries around the world, including the US.
The Coinfloor exchange is available to traders and buyers holding fully verified Coinfloor accounts as well as those depositing a minimum of 2,500 GBP/EUR/USD/PLN via international bank transfer or holding a BTC balance.
Which payment methods are accepted?
You can deposit funds into your Coinfloor account using BTC.
You can also use these fiat currencies:
- US dollars (USD)
- Euros (EUR)
- Pounds sterling (GBP)
- Polish zloty (PLN)
For fiat and cryptocurrency operations, Coinfloor charges a flat deposit and withdrawal fee to cover bank and blockchain charges as well as operational costs for processing the transfer.
According to Coinfloor’s website, deposits are accepted to currency-specific client accounts via SWIFT and SEPA. Your own bank may charge you additional fees for sending or accepting an international transfer, so make sure you’re clear on those before proceeding.
How to use Coinfloor
To set up an account with Coinfloor, fill in your name, date of birth, address and country of residence. You’ll be prompted to add your mobile phone number so that an SMS message can be sent with a 2-factor authentication code. Add this code to the online form to gain full access. Once you’ve been approved on the platform, you must provide the following before you can make a trade:
- US citizens must disclose their correct nationality during registration and use their US passport as identification
- Valid passport with a high-quality color picture rather than a scan; you’ll need to include the full ID page and the page next to it
- For non-UK national ID cards, users must submit one image that shows both sides of the ID card
- Driver’s license
Once you’ve been approved, log in to your Coinfloor account and click on the Exchanges navigation header to make a deposit. Click Access Trading, select your desired cryptocurrency and click Buy or Sell.
The time it’ll take for your funds to arrive varies according to the network confirmation time of each available cryptocurrency.
Coinfloor fees and charges
Creating a Coinfloor account is free of charge. Storing BTC in Coinfloor’s secure vaults is also free of charge. However, when you place a trade on Coinfloor, maker and taker fees apply:
30-day trailing trading volume
| Coinfloor fee | 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 |
BTC deposits are free of charge and there’s a minimum deposit amount. In December 2017, Coinfloor made the decision to incrementally increase fiat and cryptocurrency deposit minimums, but decided to suspend the change in April 2018. Keep an eye out for possible increases in the future.
There’s a nominal charge for BTC withdrawals to cover miner fees. There are also minimum deposit and withdrawal amounts across the board:
| Asset | Deposit fee | Minimum deposit amount | Withdrawal fee | Minimum withdrawal amount |
|---|---|---|---|---|
| Bitcoin (BTC) | 0.0000 BTC | 0.0100 BTC | 0.0005 BTC | 0.0050 BTC |
| Pound sterling (GBP) | 2.50 GBP | 250.00 GBP | 5.00 GBP | 250.00 GBP |
| Euro (EUR) | 1.50 EUR | 1000.00 EUR | 1.50 EUR | 500.00 EUR |
| Polish zloty (PLN) | 0.00 PLN | 2500.00 PLN | 1.00 PLN | 5.00 PLN |
| US dollar (USD) | 10.00 USD | 2500.00 USD | 15.00 USD | 20.00 USD |
Note: Coinfloor holds client fiat currencies (GBP, EUR, PLN and USD) in an account at LHV Bank in Estonia, a secure and internationally recognized bank.
Are there any transfer limits?
There are no transfer limits listed on the Coinfloor website, but you may wish to contact Coinfloor directly to find out whether any limits apply to your account.
Customer support
If you have a problem or a question regarding your Coinfloor account, you can submit a support ticket online in either English or Polish. There are also a number of answers to frequently asked questions in the help section on your dashboard. Neither phone nor live chat support is offered on the website at the time of this writing.
Pros and cons
Pros
- Simple and straightforward user interface
- Mobile trading apps available for extra convenience
- 2-factor authentication and trading password for extra security
- 100% cold storage of user funds
- Fast and easy sign-up process
Cons
- Limited range of coins compared to some other exchanges
- High minimum deposit amounts
- No live chat support
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Deposit methods Bank transfer (ACH), Debit card, PayPal, Wire transfer, Apple Pay |
Deposit methods Wire transfer, Online banking |
Deposit methods Credit card, Cryptocurrency, PayPal, TransferWise, SEPA |
|
Trading Fee Fees vary |
Trading Fee Fees vary |
Trading Fee
Maker: 0.04-0.20% |
|
Withdrawal Fees
Instant Card Withdrawal: Up to 1.5% of the transaction plus a minimum of $0.55 |
Withdrawal Fees None. Minimum withdrawal amount is $50. |
Withdrawal Fees Cryptocurrency: Fees vary |
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Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.