coinpass review 2024
- Fiat currencies
- 2
- Supported assets
- 13
Our verdict
A UK-based cryptocurrency exchange that aims to offer fast and reliable crypto trading and investing for both retail and business customers.
coinpass is a convenient and relatively easy-to-use cryptocurrency exchange offering quick signups, fast and free GBP deposits and beginner-friendly crypto purchases from a limited number of cryptocurrencies. 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 Zumo.
Pros
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FCA-registered and UK based.
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Quick and free bank deposits.
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Offers convenient and instant crypto transactions.
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It only takes a few minutes to sign up.
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Choose from the more basic functionality for crypto newcomers or the bells and whistles version for intermediate traders.
Cons
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Beware of crypto withdrawal fees, especially on smaller withdrawals – coinpass could be more upfront about these.
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The interface isn’t as clean and user-friendly as some rivals’.
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You may not receive the best rates using the basic trade feature.
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Fairly limited selection of cryptocurrencies.
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No FSCS protection.
Details
Product details
| Product Name | Coinpass Cryptocurrency Exchange |
| Fiat Currencies | GBP, EUR |
| Cryptocurrencies | BTC, XRP, ETH, LTC, BCH, DOT, LNK, XLM & 3+ more |
| Deposit Methods |
Bank transfer Cryptocurrency |
| Trading Fee | 1.35% for those who have traded less than £50,000 |
| Deposit Fees | No deposit fees |
| Withdrawal Fees | Fee varies depending on the specific crypto asset, £5 for GBP withdrawal, €5 for EUR withdrawal |
Estimated reading time: 2 min
Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk.
What are the key risks?
1. You could lose all the money you invest
- The performance of most cryptoassets can be highly volatile, with their value dropping as quickly as it can rise. You should be prepared to lose all the money you invest in cryptoassets.
- The cryptoasset market is largely unregulated. There is a risk of losing money or any cryptoassets you purchase due to risks such as cyber-attacks, financial crime and firm failure.
2. You should not expect to be protected if something goes wrong
- The Financial Services Compensation Scheme (FSCS) doesn't protect this type of investment because it's not a 'specified investment' under the UK regulatory regime – in other words, this type of investment isn't recognised as the sort of investment that the FSCS can protect. Learn more by using the FSCS investment protection checker.
- The Financial Ombudsman Service (FOS) will not be able to consider complaints related to this firm or Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA regulated firm, FOS may be able to consider it. Learn more about FOS protection here.
3. You may not be able to sell your investment when you want to
- There is no guarantee that investments in cryptoassets can be easily sold at any given time. The ability to sell a cryptoasset depends on various factors, including the supply and demand in the market at that time.
- Operational failings such as technology outages, cyber-attacks and comingling of funds could cause unwanted delay and you may be unable to sell your cryptoassets at the time you want.
4. Cryptoasset investments can be complex
- Investments in cryptoassets can be complex, making it difficult to understand the risks associated with the investment.
- You should do your own research before investing. If something sounds too good to be true, it probably is.
5. Don't put all your eggs in one basket
- Putting all your money into a single type of investment is risky. Spreading your money across different investments makes you less dependent on any one to do well.
- A good rule of thumb is not to invest more than 10% of your money in high-risk investments.
If you are interested in learning more about how to protect yourself, visit the FCA's website here.
For further information about cryptoassets, visit the FCA's website here.
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.
Finder ratings for coinpass
| Supported cryptocurrencies | ★★★★★ |
| Transferring money or assets | ★★★★★ |
| Fees and costs | ★★★★★ |
| Ease of use | ★★★★★ |
| Customer service | ★★★★★ |
| Features | ★★★★★ |
| Staking/earning | ★★★★★ |
| Trustworthiness/security | ★★★★★ |
| Overall score | 4 |
What to know about coinpass
Founded in 2018, coinpass is UK-based cryptocurrency platform and exchange that lets investors buy and sell major 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.
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.
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.
| Support offered | Wait times | |
|---|---|---|
| Contact us form | Yes | Same day |
| Live chat | Yes | Instant |
| Email suppport | Yes | Same day |
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.
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.
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