Coinfloor is a cryptocurrency exchange based in the United Kingdom. It is established to enhance the Britsh Bitcoin adoption. Coinfloor has attracted a significant amount of users from the UK, which has made it a competitive platform.
It is suited for both beginners as well as experienced traders.
Coinfloor claims to be the most liquid Cryptocurrency Exchange. Its users can buy/sell OTC, it supports multicurrency trading, and channel of communication can even be extended up to the Account Manager
Coinfloor Fees and Charges
Like any other bitcoin network, coinfloor also charges fees for deposits and withdrawals. The fees depend upon the transaction volume. Then there is a trading fee that a user has to pay for his various trades on the platform.
The trading fee completely depends on the volume a user generates in a month. Coinfloor charges a flat 0.30% per trade for users who trade less than 500,000 USD/EUR/GBP per month, which is the most common criterion. For the users who can trade more than 500,000 USD/EUR/GBP up to 1,000,000 USD/EUR/GBP, the fee comes down to 0.20% per trade.
Now, the last criterion is for users who trade more than a Million USD/EUR/GBP in a month, the fee charges are slashed down to 0.10%. This scheme is probably the reason how Coinfloor has the best liquidity on its platforms, as it charges very little from the customers that can provide higher volume to the Exchange.
|Payment Method||Minimum Deposit||Deposit Fee||Minimum Withdrawal||Withdrawal Fee|
|Bitcoin (BTC)||0.0100 BTC||No fee||0.0050 BTC||0.0005 BTC|
|Pound Sterling (GBP) – SWIFT/CHAPS/BACS||1,000.00 GBP||30.00 GBP||500.00 GBP||30.00 GBP|
|Pound Sterling (GBP) – UK FASTER PAYMENTS||250.00 GBP||2.50 GBP||250.00 GBP||5.00 GBP|
|EURO (EUR)||1,000.00 EUR||1.50 EUR||500.00 EUR||1.50 EUR|
Coinfloor charges a withdrawal fee of 0.0005 BTC. This fee is below the industry average. Fiat currency deposits via international wire transfers can take between 0-5 business days to arrive. The site’s Priority or Express transfer services can move your funds into your trading account within three hours.
Coinfloor Payment Methods
You can use both crypto and fiat options in Coinfloor as payments for purchasing crypto. However, the most commonly accepted payment methods of Coinfloor are XBT (Bitcoin), BCH (Bitcoin Cash), USD, and Euro.
As for the fiat options, the website accepts GBP, EUR, USD, PLN. depending on your currency, you can choose SEPA transfer(EUR) or international wire transfer (GBP, PLN, USD).
Coinfloor PROS AND CONS
|Its platform has a user-friendly interface and a good security feature making it extremely easy to use.||Not Mobile-friendly, as it has no mobile application for transacting or trading.|
|Minimum deposit amount, which means users cannot transfer fewer funds into their account.||Limited range of coins and currencies for exchanges.|
|Has 2-Factor authentication and trading passwords which helps reduce the risk of any hacks or losses.||Does not provide any live chat customer support system to its users.|
|100% cold storage to keep users’ funds safe.||Charges deposit and withdrawal fee, which many Crypto Exchanges provide for free.|
|Supports GBP/BTC pairs.||Minimum amount to withdraw.|
IS COIN FLOOR SAFE?
Since its establishment, coinfloor has not faced any hacks because of its high-security features. These security features include a two-factor authentication process, usage of a 100% cold storage policy. The source of liquidity is not revealed and the platform also uses multi-Signature 2 Script Hash(P2SH). Such features ensure the safety of the website against any kind of hacks.
“Client fiat is held with Coinfloor in accounts with Enumis Limited and LHV Bank and does not meet the definition of Electronic Money (e-money). Client fiat and cryptocurrency are not “safeguarded” nor covered by the Financial Ombudsman Service nor subject to protection under the Financial Services Compensation Scheme. Clients could potentially lose their cryptocurrency or fiat if something were to happen to Coinfloor, Enumis, or LHV”. The above-mentioned statement is taken from the official website of Coinfloor.
Autobuy is one of the special features of Coinfloor. An investor can form his own SIP(Systematic Investment Plan) via Autobuy. Here, Coinfloor will automatically buy coins for you at fixed intervals by deducting funds from your accounts. The plus point in this is if a user sets this plan his trading fees will keep on reducing till 12 months, after which it will come down to zero. Therefore, it is a great feature for long-term and regular kinds of investors.
Coinfloor has reached the broader segment now and comes under the most popular cryptocurrency exchanges. If one looks for user reviews of Coinfloor, they will find positive and trustable views at most. However, the Coinfloor customer support system needs an upgrade, for the customers to get their issues resolved easily.
Although, Coinfloor is transparent and takes security seriously. Another bonus point is that it has strong liquidity for GBP/Bitcoin pairs. With transparency and extra safety undertaken, Coinfloor is a completely legit platform for users.
One of the drawbacks of coinfloor is that the platform does not support the traditional credit/debit or e-wallet method for deposit. Also, Coinfloor must add an easy-to-use mobile application for its trading platform, which can help customers easily transact or even purchase or sell coins through the convenience of their mobiles.