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Fiat currencies

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Cryptocurrencies

Details

Product Name CoinCorner Ltd
Fiat Currencies GBP, EUR
Cryptocurrencies BTC, ETH, LTC
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
Crypto is unregulated in the UK; there's no consumer protection; value can rise or fall; tax on profits may apply.

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.

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.

Finder ratings for CoinCorner

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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.

Create your account on CoinCorner

register on 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.

CoinCorner app

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).

CoinCorner referral program

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.

earn bitcoin on CoinCorner

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.

autobuy bitcoin on CoinCorner

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 offeredWait times
Contact us formNot specified
Live chat🅧🅧
EmailNot 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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