CoinBurp review 2022

Overview of CoinBurp

The brainchild of BitBroker co-founder, Peter Wood, CoinBurp is a UK-based cryptocurrency brokerage that executes your trade orders against one or many of its cryptocurrency liquidity providers. Its user-friendly interface is designed to make buying and selling crypto pain-free.

However, don’t expect any bells and whistles at this stage. Its current offering is simply a trading platform. So if you are after a crypto wallet or crypto debit card, you may want to consider a different exchange.

CoinBurp does have big plans for the future though. These include its – yet to be launched – NFT shop and additional features such as repeat and advanced trades and an educational portal.

• • If this is your first exchange: You will find an easy to use platform which supports the most popular cryptocurrencies and has glowing reviews from users.
  • If you’re switching exchanges: Don’t expect anything in terms of extra features. While CoinBurp is looking to allow customers to purchase NFTs soon, its main service is just regular crypto trading.

Verdict: Is CoinBurp any good?

CoinBurp provides an easy to use trading platform with a simple and clear fee structure. Its user experience does stand out; including its streamlined KYC process and the speed and efficiency of trades. However – at this stage – there is not much else offered up in the way of extra services.

Crypto investors who are looking for some educational resources or features such as a debit card so they can use their crypto investments, will be disappointed. All that may come in time for CoinBurp, but for right now what it has to offer is a helpful service, competitive fees and a positive user experience.

What to know about CoinBurp

CoinBurp’s main focus is to facilitate crypto trades. While it doesn’t have an extensive list of crypto coins it supports, it does have the main ones including BTC, ETH and LTC. It works like any other broker, but its selling point is that it doesn’t charge a trading fee. Plus, if you deposit over £100, you can also avoid paying any deposit fees. Just keep in mind that you will typically find a minimum spread of 1.5% on transactions.

What you do need to keep in mind is that at the time of writing, CoinBurp only has FCA Temporary Registration. This means that it can operate as a business, but it does not yet hold full FCA registration under the money laundering, terrorist financing and transfer of funds regulations.

Finder ratings

Supported cryptocurrencies
Transferring money or assets
Fees and costs
Ease of use
Customer service
Features
Staking/earn rating
Trustworthiness/security
Overall score

• Supported Cryptocurrencies

  CoinBurp supports six of the major cryptocurrencies, including:

  • BTC
  • ETH
  • BCH
  • LTC
  • XRP

• Transferring fiat and cryptocurrency

  CoinBurp provides an efficient and fast service when it comes to transferring both fiat and cryptocurrencies. GBP deposits are made with Faster Payments as default, which means the money arrives in as little as 10 minutes.

  Crypto transfers out are easy and efficient as well, with users on Trustpilot reporting quick releases. When you are dealing with an environment with as many price fluctuations as the crypto market, being able to move your assets around quickly is good news.

• Fees and costs

  CoinBurp’s fees are reasonable. The main thing to note is that it doesn’t charge a trading fee. Instead, it has a structured fee structure for deposits and withdrawals.

  If you make a fiat deposit of over £100 using UK Faster Payments you can avoid fees. Anything below £100 will be charged at £0.50 per transaction. If for some reason you chose to use BACS or CHAPS to make your transfer, then you will be faced with paying £5 and £30 per transaction respectively.

  Withdrawal fees in fiat are £5 in GBP and €5 in EUR, which is slightly higher than other exchanges. Crypto withdrawal fees vary depending on which crypto coin you are using. They can also change at any time, depending on market conditions.

  Fiat withdraw and deposit fees

  Deposit	Withdrawal
  £0.50 (under £100), £0 (over £100)	£0

  Crypto withdraw and deposit fees

  Deposit	Withdrawal
  £0	Varies depending on coin

What is it like to use CoinBurp?

With CoinBurp you will find an easy to use trading platform with a fast and streamlined KYC process.

• Getting started

  Account registration can all be done through the web page and be completed within minutes.

  

• Identity verification

  Verifying your identity is easy to do and can be completed either online or in the app.

  

• Trading terminals

  CoinBurp has an easy to use trading interface which is quick and efficient.

  

• Mobile app

  The app has a clean interface. If you are a beginner, there is a step by step process you can follow to make your first trade. For those expert traders, there is a different interface with fewer steps to speed things along.

  

• Customer support

  CoinBurp’s customer support is responsive and prompt. They can be contacted by email, or via social media platforms like Facebook messenger.

  

Does CoinBurp have good customer support?

While CoinBurp’s customer support options may seem limited, reports from users are of friendly and helpful staff. The main method of contact is email, but you can also contact them through Facebook messenger or sign up to the CoinBurp Telegram group.

List of services on CoinBurp

There’s not an array of extras or advanced features to take advantage of with CoinBurp. Instead, what you have is an easy to use trading platform with a clear and simple fee structure.

Trading on CoinBurp

The experience of trading on CoinBurp is a positive one. Once you are verified, you can make trades either using the web platform or the mobile app. Simply select if you want to buy, sell or convert your crypto, how much and which coin. You will then have an opportunity to review your trade before you complete it, including any fees. CoinBurp has a 0% trading fee, so anything you see at this point will be fees associated with deposits or withdrawals.

Trust rating

Past Hacks

CoinBurp has not had any past hacks.

Security Audits

CoinBurp commissioned HashEx to complete an audit in July 2021. The purpose of the audit was to identify potential security issues with smart contracts and formally check the logic behind given smart contracts. CoinBurp responded and resolved the issues highlighted in the report.

Insurance

Cold storage is provided by BitGo, which includes £100 million in insurance protection through Lloyd’s of London. This covers digital assets where the private keys are held 100% by BitGo.

Signing up on CoinBurp

• Step 1: Register online

  Head to the CoinBurp website and click on Register.

• Step 2: Enter and confirm your email address

  Once you have entered your email address, you will receive a verification email instantly. Click on this to be taken back to CoinBurp’s website.

• Step 3: Choose your authentication method

  CoinBurp uses 2FA for trades, so you will need to choose if you want to authenticate a transaction via SMS message or the Google authenticator app.

• Step 4: Submit a photo of your ID

  You can’t get started trading with CoinBurp until your identity has been verified. To do this you need to submit a photo of your government-issued ID.

• Step 5: Submit a selfie

  The next step is to take a photo of yourself. You can either do this using your laptop’s webcam, or if you are using the mobile app, your smartphone’s camera. CoinBurp will just ask you if it’s a new photo and can you see your entire face in the picture.

• Step 6: Wait for verification

  This is the slightly annoying bit, as you can’t move on to the next step until your photo ID has been verified. This can take up to 15 minutes, but in our road test it only took 5.

• Step 7: Submit proof of address

  CoinBurp also asks you to verify your address. All you need to do is submit a photo of an up to date council tax bill, bank statement or utility bill.

• Step 8: Wait for verification (again)

  Once again, you will need to wait until your address has been verified before you can start using your account. This can take up to 15 minutes.

Compare CoinBurp against other exchanges

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