3

Fiat currencies

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Cryptocurrencies

Details

Product Name Koinal Cryptoasset Investing
Fiat Currencies USD, EUR, GBP
Cryptocurrencies BTC, ETH, USDT, XRP, BCH, USDC, LTC, AVAX
Deposit Methods Credit card
Debit card
China Union Pay
SEPA
Swift or Apple Pay
Trading Fee 3.99%
Deposit Fees £0
Withdrawal Fees €100-5,000: €5
€5,000+: €10
Crypto is unregulated in the UK; there's no consumer protection; value can rise or fall; tax on profits may apply.

What is Koinal?

You can use multiple payment methods to buy cryptocurrency on the Koinal platform, including cards, SWIFT and SEPA transfers and, coming soon, Apple Pay. The company boasts that paying with a card speeds up the process, and says its “know your customer” verification process is fast too.

Bulgaria-based Koinal isn’t registered with the UK financial watchdog, the Financial Conduct Authority – only UK-based cryptocurrency exchanges are required to register. Registration covers anti-money laundering and counter-terrorism checks as cryptocurrency is not regulated in the UK.

Beyond the ability to buy cryptocurrency using your card, Koinal is rather limited in what it offers. You have to own a cryptocurrency wallet address before you can buy or sell any of the supported coins. Fees also vary widely depending on which cryptocurrency you’re buying and can run quite high for certain coins like Ethereum.

When we checked Koinal in March 2022, if you use a card to buy cryptocurrency, Koinal will always convert the transaction to USD (so you’ll likely be charged a conversion fee by your card provider). When you buy your cryptocurrency the coins will be delivered to your wallet address.

However, if you make a bank transfer, you can create a balance in GBP on Koinal to buy cryptocurrency, and you can withdraw it as fiat currency.

There’s a minimum transaction amount of $50, but if you’re depositing money in GBP or EUR, the minimum is £100 or €100.

  • If this is your first exchange. Koinal is easy to sign up for and you can buy some of the major cryptocurrencies fairly fast. However, you’ll need to set yourself up with a cryptocurrency wallet address first.
  • If you’re switching exchanges. You’ll be able to make almost instant purchases using your credit or debit card (quite a few other exchanges also offer these). However, you may be caught out by the varying transaction fees.

Pros and cons of Koinal

Pros

  • You can use your debit or credit card to buy supported coins
  • Quick purchase of cryptocurrencies
  • Price hold for 20 minutes

Cons

  • Fees can be on the high side
  • Not registered with the FCA
  • Limited supported fiat currencies

Our verdict: Is Koinal any good?

Koinal’s main selling point is that its overall purchasing process can be done in a matter of minutes because users can buy cryptocurrency using their credit or debit card. As a user, this means you don’t have to wait for a bank to complete a transfer before being able to purchase your chosen coin. This speeds up the whole process, making it more achievable to take advantage of favourable price movements when they happen. However, there are other exchanges that also offer credit and debit cards as payment methods.

That’s pretty much all Koinal has to offer. It’s vague about its exact fees and in our road test these varied widely depending on which coin we were planning to buy and the amount. Koinal is also rather restricted in terms of usability when it comes to fiat currencies. Overall, the user experience and registration process are decent enough, but there are limitations compared to some other exchanges.

What to know about Koinal

Beyond the fact that you can use your credit or debit card to buy cryptocurrency, it’s important to understand how purchases, deposits and withdrawals with Koinal work.

Currently, if you use a card, you need to use US dollars to make your cryptocurrency purchase. This means you’re likely to incur an additional cost due to the exchange rate fee your bank or card company charges you. Then you can only withdraw in euros, although there are plans in the future to introduce pounds sterling as an option. It’s also worth noting that if you did choose to use a credit card to purchase cryptocurrency, your card provider would treat this as a cash transaction and you would be charged a cash advance fee, further adding to the cost of your cryptocurrency purchase.

Finder ratings

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What is it like to use Koinal?

Koinal has a decent user interface and its KYC process is relatively easy to follow.

Getting started

Account registration can all be done through the website and takes under 10 minutes.

create an account on Koinal

Identity verification

Verifying your identity can be done through the website and your mobile. The main thing to note is that you will need to submit proof of address as well as your photo ID.

verify your identity on Koinal

Koinal app

You can buy and sell cryptocurrencies at the touch of a button through Koinal’s mobile app.

Koinal app

Quick transactions

Koinal allows you to purchase cryptocurrencies using your credit or debit card, making transactions almost instantaneous.

Koinal transaction

Does Koinal have good customer support?

Opinions on Koinal’s customer support are mixed. It offers email support, as well as a “contact us” form on its site. Its customer service team is available 24/7, which is definitely a plus. Most reviews on Trustpilot are also on the positive side, with users reporting fast responses and friendly staff. But there are some reports of scams and customers being unhappy with how this has been dealt with.

Support offeredWait times
“Contact us” formYesSame day
Live chatYesFew minutes
Email supportYesSame day

List of services on Koinal

Koinal is pretty streamlined in terms of its services. Its main purpose is to provide a way for users to make quick and easy cryptocurrency purchases. Therefore services are limited to trading and promotions.

Trust rating

Signing up on Koinal

Go through a step-by-step guide on the sign-up process, and how to pass KYC.

Koinal comparison table

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Name Product Deposit methods Fiat Currencies Cryptocurrencies
eToro UK Cryptoasset Investing
Debit card, Neteller, PayPal, Wire transfer, Online banking
EUR, GBP, NZD, USD, AUD, CAD, HKD, SGD, CHF, NOK & 5+ more

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cryptocurrencies

Disclaimer: Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.
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USD, GBP, AUD, EUR, CAD, CNY, JPY, SGD, INR, NZD & 10+ more

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cryptocurrencies

Buy, send and convert from 27 currencies in seconds, all on one platform.
Koinal Cryptoasset Investing
Credit card, Debit card, China Union Pay, SEPA, Swift or Apple Pay
USD, EUR, GBP

8
cryptocurrencies

Koinal lets you buy multiple cryptocurrencies instantly with Visa or Mastercard. 24/7 support and quick verification available on desktop or mobile.
Disclaimer: Star ratings are only displayed for products with 10 or more reviews.
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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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