Coinfloor cryptocurrency exchange review
Read our beginner’s guide to the Coinfloor global cryptocurrency exchange, including its features and fees.
Coinfloor uses the tagline “the UK’s No. 1 Bitcoin exchange” and it certainly has made its mark over the past six years. Founded in 2012, with a focus on reliability, trust and security, its goal is to provide a safe and easily accessible platform for users to trade and buy Bitcoin.
Based in London, Coinfloor is run by Mark Lamb, who is on Forbes “30 Under 30” list for people in finance, as well as by Adam Knight and Obi Nwosu. Coinfloor aims to deliver a trusted and vetted space for users to purchase Bitcoins simply, safely and quickly without going through the more complicated process of trading on an exchange.
|Product Name||Coinfloor Cryptocurrency exchange|
|Fiat Currencies||GBP, EUR, USD, PLN|
Bank transfer (ACH)
|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) and Bitcoin Cash (BCH). 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 which 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 two-factor authentication for additional security.
Which cryptocurrencies can I buy and sell?
At the time of writing (15 April 2018), Coinfloor only allows you to trade BTC and BCH.
- Bitcoin (BTC)
- Bitcoin Cash (BCH
Coinfloor is in the process of adding Ether (ETH), Ethereum Classic (ETC), Ripple (XRP) and Litecoin (LTC) in 2018, with the exact date to be confirmed.
Coinfloor is a global exchange that offers its services to users in most countries around the world, including the UK.
The Coinfloor exchange is available to traders and buyers holding fully verified Coinfloor accounts and 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 the following cryptocurrencies:
You can also use the following fiat currencies:
- Pounds sterling (GBP)
- Euros (EUR)
- US dollars (USD)
- 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 are clear on those before proceeding.
How to use Coinfloor
Setting up an account with Coinfloor is relatively easy. Fill in your name, date of birth, address and country of residence. You will be prompted to add your mobile phone number so that an SMS message can be sent with a two-factor authentication code. Add this code to the online form to gain full access. Once you have been approved on the platform, you must provide the following before you can make a trade:
- A valid passport (submitting a high quality colour picture rather than a scan). You will 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 licence.
- US citizens must disclose their correct nationality during registration and use their US passport as identification.
Once you have been approved, log in to your Coinfloor account and click on the “Exchanges” navigation header to make a deposit. Click on “Access Trading”, select your desired cryptocurrency and click “Buy” or “Sell”. It’s a very simple process and the pages display easy-to-follow prompts.
The time it will 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 and BCH 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
|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 and BCH deposits are free of charge and there is 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. You will need to keep an eye out for possible increases in the future.
There is a nominal charge for BTC and BCH 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||0.0500 BTC||0.0005 BTC||0.0050 BTC|
|Bitcoin Cash (BCH)||0.0000 BCH||0.0500 BCH||0.0005 BCH||0.0050 BCH|
|Pound sterling (GBP)||5.00 GBP||2500.00 GBP||10.00 GBP||15.00 GBP|
|Euro (EUR)||1.50 EUR||2500.00 EUR||1.50 EUR||5.00 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 recognised 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.
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 are offered on the website at the time of writing.
Pros and cons
- Simple and straightforward user interface
- Mobile trading apps available for extra convenience
- Two-factor authentication and trading password for extra security
- 100% cold storage of user funds
- Fast and easy sign-up process
- Limited range of coins compared to some other exchanges
- High minimum deposit amounts
- No live chat support