Crypto is unregulated in the UK; there's no consumer protection; value can rise or fall; tax on profits may apply*.
CoinCorner review 2023
Learn about CoinCorner’s fees, exchange services and additional perks.
- Great for crypto novices looking to buy, sell and store Bitcoin
- It only has a limited range of supported cryptocurrencies
See our full list of pros and cons below.
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Crypto is unregulated in the UK; there's no consumer protection; value can rise or fall; tax on profits may apply.
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Fiat currencies
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Cryptocurrencies
Details
| Product Name | CoinCorner Ltd |
|---|---|
| Fiat Currencies | GBP, EUR |
| Cryptocurrencies | BTC, ETH, LTC & 1 more |
| Deposit Methods |
Bank transfer Credit card Debit card Neteller SEPA |
| Trading Fee | Up to 1% on trades of more than 300 GBP/EUR |
| Deposit Fees | Up to 3.2% depending on deposit method |
| Withdrawal Fees | Up to €35 depending on withdrawal method |
Overview of CoinCorner
CoinCorner is a cryptocurrency exchange based in the Isle of Man which offers free registration to new users and the opportunity to buy Bitcoin starting with as little as £10. Established in 2014, the exchange now has over 200,000 users and holds Designated Business status with the Isle of Man Financial Services Authority (IOMFSA). This means it adheres to the Isle of Man’s laws on anti-money laundering and countering the financing of terrorism. Its main focus is Bitcoin, although users can buy Ethereum and Litecoin through the platform as well. However, as our CoinCorner review highlights, you can only use GBP or EUR to make a deposit and various admin fees apply to different deposit and withdrawal methods.
- If this is your first exchange: You will find CoinCorner a clean and easy exchange to use. Registration can be completed in 10 minutes and deposits can be made with credit/debit card, bank transfer, SEPA or Neteller.
- If you’re switching exchanges: While CoinCorner only supports 3 cryptocurrencies, it does have additional perks such as the opportunity to earn “Bitcoin cashback” when shopping with partner retailers and a refer-a-friend scheme.
Pros and cons of CoinCorner
Pros
- Quick and free account registration
- Low initial deposit requirement
- Earn Bitcoin cashback with partner retailers
Cons
- Small range of cryptocurrencies
- Reports of limited customer support
- High fees for some deposit and withdrawal methods
Our verdict: Is CoinCorner any good?
CoinCorner might appeal to you if you’re new to buying and selling crypto. As its main service is around buying, selling and storing Bitcoin, the service is focused and therefore streamlined. Having said that, seasoned crypto veterans are likely to be frustrated by a shortage in the number of coins available to trade, as well as limited customer support outside of business hours.
Finder ratings for CoinCorner
| Supported cryptocurrencies | ★★★★★ |
| Transferring money or assets | ★★★★★ |
| Fees and costs | ★★★★★ |
| Ease of use | ★★★★★ |
| Customer service | ★★★★★ |
| Features | ★★★★★ |
| Staking/earning | ★★★★★ |
| Trustworthiness/security | ★★★★★ |
| Overall score | 3 |
What to know about CoinCorner
Overall, CoinCorner offers a quick and easy registration process that can be completed in under 10 minutes. As an unverified user, you can deposit up to £251 and make 1 daily transaction. Please note, you will need to be verified before you can withdraw any funds. But this is a simple process and can be done by uploading photos of your national ID document to the site.
It is worth keeping in mind that CoinCorner is limited in what it offers. Its main focus is Bitcoin, but you can also buy Ethereum and Litecoin through the platform. However, you can’t withdraw either of these coins, so they will need to be stored in your CoinCorner wallet.
CoinCorner allows you to either make one-off transactions or you can take advantage of its Auto Buy feature. With this, you can set up a standing order to schedule regular purchases of Bitcoin.
Fees are dependent on what method you choose to use to make a deposit or a withdrawal – in some cases becoming quite costly. Some users have also reported slow response times from the customer service team, leading them to lose out on the best real-time prices.
BTC, ETH, LTC
CoinCorner’s main intention is to provide a platform where users can buy, sell or store Bitcoin. Users can store Bitcoin in their CoinCorner wallet or transfer it to an external wallet. Or they can choose to send Bitcoin to anyone in the world (fees do apply) or sell Bitcoin and withdraw funds to their bank account. CoinCorner even offers businesses the chance to set themselves up as entities that can accept Bitcoin by using CoinCorner Checkout.
While CoinCorner users are able to buy and sell Ethereum and Litecoin using their accounts, they are not able to send/receive either. Meaning that Ethereum and Litecoin will need to just be held in a CoinCorner wallet.[/fin_accordion]
What is it like to use CoinCorner?
CoinCorner’s platform is designed to be quick and easy to use. For a new user, registration can be completed in under 10 minutes, meaning you could be buying Bitcoin before you know it.
Getting started
Account registration is slick and simple. After providing some personal details, you simply need to specify the source of your funds and why you are registering with CoinCorner.
Mobile app
You can take advantage of CoinCorner’s mobile app, which allows you to buy, sell and receive Bitcoin on the go. The user interface is clean and simple, making it easy to see how much you have in your portfolio.
Promotions
If you are happy to spread the word about CoinCorner and refer a friend, then you and your friend could both earn £10 (if they register an account and trade £100 or more).
Bitcoin cashback
One of CoinCorner’s selling points is that through a browser extension, you can earn yourself Bitcoin “cashback” when shopping at partner retailers.
Setting up a standing order
If you are committed to Bitcoin and want to make regular investments, then you may be interested in CoinCorner’s Auto Buy feature. This enables users to set up a standing order and choose how often they want to purchase Bitcoin.
Does CoinCorner have good customer support?
Customer support with CoinCorner seems relatively limited. It has a “Contact us” form section on its website, but no information on how long it will take users to receive a response.
Its live chat feature has been disabled at the time of writing, due to an increased volume in tickets due to CoinCorner’s acquisition of Coinfloor. However, when it is operational, it depends if agents are around to respond to enquiries. The stated opening hours are Monday to Friday, 9am to 5.30pm – but CoinCorner says this is not always the case.
If you don’t fancy using the contact us form then you can email the support team at support@coincorner.com. The exchange also has a comprehensive FAQs section and a community noticeboard that provides information on a range of topics.
| Support offered | Wait times | |
| Contact us form | ✅ | Not specified |
| Live chat | 🅧 | 🅧 |
| ✅ | Not specified |
List of services on CoinCorner
Visa debit/credit on CoinCorner
CoinCorner has yet to offer a Visa debit card, but according to its website this will be coming soon. When it does, users will be able to spend their Bitcoin in-store and online, anywhere that accepts Visa transactions. It is worth noting that the debit card provider is registered with the FCA as an e-money provider. However, despite being registered in the UK, CoinCorner not is currently on the Finanical Conduct Authority’s temporary cryptoasset register. Crypto trading isn’t regulated, but the FCA keeps a register of firms and they must pass checks for anti-money laundering and anti-terrorism activity.
Promotions on CoinCorner
The exchange’s long-standing promotion is that you can earn Bitcoin through its cashback browser extension. By installing this, you can earn yourself Bitcoin when shopping at partner retailers such as Schuh and Pandora.
Trust rating
Past hacks
Founded in 2014, CoinCorner’s online site and wallet have never been hacked.
Security audits
CoinCorner gives the option to add 2-factor authentication to your account using the Google Authenticator app. You can also enable account notifications in your settings, which means you receive an email every time there is a successful login, an unsuccessful login attempt and a successful buy or sell.
Additionally, more than 95% of the exchange’s client funds are stored in offline cold storage and all services go through SSL technology for added security.
Signing up on CoinCorner
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*Cryptocurrencies aren't regulated in the UK and there's no protection from the Financial Ombudsman or the Financial Services Compensation Scheme. Your capital is at risk. Capital gains tax on profits may apply.
Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. The value of investments can fall as well as rise and you may get back less than you invested. Past performance is no guarantee of future results. This content shouldn't be interpreted as a recommendation to invest. Before you invest, you should get advice and decide whether the potential return outweighs the risks. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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2 Comments
August 5, 2022
Why am I under review just to register
August 5, 2022
Hi,
Thank you for reaching out. CoinCorner is registered with the Isle of Man Financial Services Authority as a Designated Business, so it needs to verify its users in order to comply with local Anti-Money Laundering, Counter Terrorist Financing and Proceeds of Crime legislation.
All users will need to verify their account to use its services.
I hope this helps answer your question.
Best,
Kate