coinpass review 2022

Overview of coinpass

coinpass is a UK-based cryptocurrency platform and exchange that lets investors buy and sell major cryptocurrencies like Bitcoin, Ethereum and Litecoin. It caters to both new investors and more experienced traders, with its instant or immediate account. Plus, it also has OTC and brokerage services for businesses and institutional investors.

Its quick and easy sign on process means you can get started almost immediately. There are no fees for fiat deposits or crypto deposits made to your coinpass account. However, be aware of withdrawal fees when moving funds bank to your bank account or if you want to withdraw crypto assets. There are also trading fees attached whenever you buy or sell crypto.

• If this is your first exchange: You will benefit from fee-free deposits that happen almost instantaneously and beginner-friendly crypto purchases.
• If you’re switching exchanges: You can choose between a more basic functionality or the bells and whistles version for intermediate traders. However, the platform lacks many of the features and assets offered by other major players.

Verdict: Is coinpass any good?

coinpass is a convenient and relatively easy-to-use cryptocurrency exchange offering quick signups, fast and free GBP deposits and beginner-friendly crypto purchases. However, even its “intermediate trader” platform lacks many of the features and assets offered by the major players such as Binance and Coinbase, which might rule it out for more serious crypto investors and traders. Meanwhile, crypto newcomers may be more drawn to the cleaner interface offered by exchanges like Ziglu or Zumo.

What to know about coinpass

Founded in 2018, coinpass is UK-based cryptocurrency platform and exchange that lets investors buy and sell mahor cryptocurrencies like Bitcoin, Ethereaum and Litecoin. The important thing to know about it is that it has two different types of accounts. Its Instant account is tailored to new investors, allowing them to make instant crypto transactions and fee-free deposits. While its Trade account enables users to utilise limit orders in order to buy and sell crypto at a fixed price in the future.

Finder ratings

• Supported cryptocurrencies

  coinpass supports just 13 different cryptocurrencies, which is rather limited compared to some exchanges which cater to 100 or more. Having said that, for novice investors, it provides an element of variety without being overwhelming. And coinpass is looking to add new token trading pairs regularly. supported currencies include:

  • BTC
  • XRP
  • ETH
  • BCH
  • DOT
  • LTC
  • LNK
  • XLM
  • EOS
  • ADA
  • UNI
  • DOG
  • XTZ

• Transferring fiat and cryptocurrency

  Transferring fiat and cryptocurrency is relatively straightforward with coinpass. With fee free fiat deposits, you can transfer GBP from your bank account at no extra costs. Transfers also happen almost immediately, so there you don’t have to wait around for hours for the money to turn up in your coinpass account.

  coinpass also promises a quick transfer of your crypto profits back to your bank account. It currently supports 99% of UK and European banks.

• Fees and costs

  coinpass offers free bank deposits, but you’ll need to pay a £5 withdrawal fee when withdrawing funds to your bank account. You’ll also need to pay a fee for withdrawing cryptocurrency, and this fee varies depending on the specific crypto asset you’re looking to withdraw.

  You’ll also need to pay a trading fee whenever you buy or sell crypto. coinpass has a tiered fee structure, which depends on whether you have its coinpass Trade account or coinpass Instant account. For Trade accountholders, fees range from 0.05% to 0.35% depending on fiat volume. Meanwhile, Instant accountholder fees are 1.35% for those who have traded less than £50,000 over the last 30 days, falling to 1.05% for those who have traded more than £7,500,000 over the 30 day period.

  Fiat withdraw and deposit fees

  Deposit	Withdrawal
  £0	£5

  Crypto withdrawal and deposit fees

  Deposit	Withdrawal
  £0	Fee varies

What is it like to use coinpass?

While coinpass’ user interface may not be as slick as some of its competitors, it is easy to get started and offers quick transfers.

• Getting started

  Account registration is quick and simple and completed within minutes. You can have your account set up almost instantaneously, and the verification process is easy to follow.
  

• coinpass app

  If you want to use the app, you’ll need to whitelist your device by using it to input a 6-digit code sent to you in an email. Once logged in, you can access the dashboard, make traders and view your wallets.
  

• Trading accounts

  coinpass has live prices that will refresh every second, and allows you to buy, sell and trade crypto assets instantly.
  

• Promotions

  Everybody likes a little something extra, and with coinpass you stand to receive a bonus for your first deposit and a reward if you refer a friend.
  

• Customer service

  coinpass has multiple ways for you to get in touch, including live chat, email and a contact us form.
  

Does coinpass have good customer support?

There are multiple options for contacting coinpass customer support. These include a live chat feature, contact us form and email support. Reviews on Trustpilot are largely positive, with several users saying they even received support at the weekend.

List of services on coinpass

coinpass doesn’t have an extensive list of services, so you won’t find earning opportunities or a Visa debit card option. However, it does have promotions that look to reward customers.

Promotions on coinpass

What you will find at coinpass is live promotions, rewards and giveaways. At the time of writing, it has two rewards on offer. The first is a bonus for when you make your first deposit. If you deposit £100 or more, your account will automatically be credited with a £10 bonus.

coinpass also offers refer a friend trading commissions. If you refer a friend, they get their first trade for free and you get 20% of their trading fees for “life”.

Trust rating

Past Hacks

coinpass has never been hacked.

Security Audits

coinpass has several security measures in place. Assets are secured with Offline Cold Storage which has bank-grade encryption. It also adheres to anti-fraud and compliance measures and uses biometric and multi-factor authentication on user accounts.

FCA Status

Cryptopay has been registered with the Financial Conduct Authority (FCA) as a cryptoasset business. 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.

Signing up on coinpass

• Step 1: Register online

  Head to the coinpass 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 coinpass’ website.

• Step 3: Choose account type

  While you will be able to see price movements and access the dashboard, in order to make any trades you first need to choose your account type and verify your identity. For the purpose of these instructions, we choose an individual account.

• Step 4: Submit a photo of your ID

  coinpass will need to see the photo page of your passport or your UK driving licence. Alternatively, you can upload a copy of your National ID or Biometric Residency Permit.

• Step 5: Submit a selfie

  The next step is to take a selfie of yourself with a piece of paper with today’s date and the word “coinpass” written on it, as well as holding your ID.

• Step 6: Wait for ID verification

  This is the only slightly annoying part, as you will need to wait for the details you have supplied to be checked. The good news is that in our road test this happened within 20 minutes. However, coinpass does say that this can take between 1 and 2 hours, and up to 24 hours at weekends.

coinpass comparison table

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