What is coinfloor.co.uk? Do the services it offers stand out from those of its competitors? Is it one that’s reliable? What are its customers saying about it? Welcome to today’s review in which we shall be unraveling what Coinfloor has to offer, as we seek to establish whether you should turn to it, or away from it. Let’s get right into it:
- What is coinfloor.co.uk?
- Which cryptocurrencies and fiat currencies are supported by Coinfloor?
- Countries this platform is available in
- Fees charged
- The deposit and withdrawal options
- Is Coinfloor Legit or is it a Scam?
- Pros and Cons
Name of the Platform: Coinfloor
Official website URL: https://coinfloor.co.uk/hodl/
Overall Rating: (4 / 5)
What is coinfloor.co.uk?
Coinfloor is a leading UK cryptocurrency exchange that was established in 2013. The four people behind the creation of this platform are:
- Mark Lamb
- Amadei Pellice
- James McCarthy
- Obi Nwosu
The venture capital funding for this platform was provided by Passion Capital, along with Taavet Hinrikus (current co-founder of TransferWise). Coinfloor’s popularity can be attributed to its history-making move, in which it became the first “Publicly Auditable” Bitcoin exchange. This was achieved through the creation of a “proof of solvency” blockchain, which all customers on Coinfloor can access.
Coinfloor’s headquarters are located in London, from where it serves its customers as one of the largest BTC-GBP exchanges in the entire world. Whereas this exchange is not regulated by FCA, it is registered with Her Majesty’s Revenue & Custom’s Department (it is registered as a Bureau de change).
Which cryptocurrencies and fiat currencies are supported by Coinfloor?
Whereas other platforms focus on many cryptocurrencies, Coinfloor chooses to deal with Bitcoin exclusively. To the owners of this company, Bitcoin is the one cryptocurrency that has the necessary technical maturity, community support, and higher regulatory acceptance.
Focusing on BTC helps Coinfloor offer more streamlined services that are more efficient than most other companies in this industry. Customers can exchange BTC (XBTC) with GBP, EUR, Polish Zloty, USD.
Countries this platform is available in
While Coinfloor was mainly established to support trading in the UK, it does not prohibit customers from other nations from utilizing its services. All they have to do is provide the necessary documentation and hope that they pass the verification stage.
As a new customer, who is aspiring to get started with cryptocurrency ownership and trading, you can sign up for a Coinfloor account. If you are interested in investing in cryptocurrencies for your retirement years (as part of your diversification strategy), however, you can rely on any of my recommended crypto IRAs:
As is the case with most exchanges in this industry, Coinfloor utilizes the Maker/Taker fee model to charge traders. Maker fees apply when customers add liquidity to this platform. The fees apply when an order to buy is placed below ticker prices, or when sell orders are placed above the ticker price. Taker fees on the other hand are applicable whenever orders are executed against limit orders on this platform’s order book.
The maker/taker pricing fee model applies to cryptocurrency trading only. If you simply want to exchange your fiat currency for BTC, Coinfloor does not charge you any fees.
The deposit and withdrawal options
Coinfloor accepts multiple deposit and withdrawal options. Customers can pick the ones that are most suitable for them. Currently, this platform allows the following currencies when it comes to deposits and withdrawals:
- XBT (bitcoin)
- British Pounds
- Bitcoin Cash
- Polish Zloty
- US Dollar
Customers can make deposits and withdrawals using the following methods:
- Crypto-to-crypto wallet transfers
- Swift Wire Transfer
The platform has a minimum and maximum deposit and withdrawal limits, which you should confirm on their website before making any transaction.
Is Coinfloor Legit or is it a Scam?
Coinfloor is perceived as the largest cryptocurrency exchange in the UK and is as such, not likely to be a scam (in my opinion). It has earned a good reputation in this industry, which is quite hard for most exchange platforms, so I’d not have much against it. As much as it’s not a regulated platform, it’s registered using the right legal procedures and is already serving a large number of customers.
I looked at the customer reviews about this company on Trustpilot and saw that it has an average rating of (4/5) stars, which is quite impressive, in my opinion. Most platforms in this industry are struggling to have such a good rating, but it has left a good impression with customers for the 7+ years Coinfloor has been around. You can as such turn to Coinfloor, for the services it has to offer (if it has what you’re looking for), or you can simply check out what my recommended alternative to Coinfloor has to offer (more cryptocurrencies, a crypto ATM card, free cryptos to get you started with a bang!).
Pros and Cons
- Reputable exchange
- Supports several fiat currencies
- Reasonable fees-relative to most customers.
- Supports BTC/BCH only
- Limited customer support
Do you own or represent Coinfloor?
If you are a representative or associate of Coinfloor have found something not to be correct in this review please, feel free to tell us and I will make sure to update the info on this post. The easiest way to do it is in the comment section below or simply by sending us an e-mail to firstname.lastname@example.org.
Final Words and Verdict
Overall Rating: (4 / 5)
Coinfloor is generally a reliable platform, despite offering Bitcoin-focused exchanges. Other platforms offer a wide range of cryptos and accept a wider variety of fiat currencies. I don’t know how Coinfloor would compare to such platforms if demands were placed on it to deliver similar services. With the Bitcoin-focused exchanges, Coinfloor is doing great so far, and more than half of its customers think that its customers are excellent.
Its fees are also relatively lower, and it doesn’t charge any fees for exchanges (but has minimum and minimum deposit and withdrawal limits). Overall, this platform is doing great, hence would be a good go-to option. Those who want to deal with other cryptos, besides Bitcoin, can rely on the recommended platform below:
That will be all for today’s review on what coinfloor.co.uk is about, and what it has to offer. I hope you found it useful, and that you’ll now make a more informed decision on whether to rely on it or not. Let me know what your thoughts, concerns, and experiences about it are.
I wish you well,
Eric, investor, and team member on Gold Retired!