coinfloor

Overview of Coinfloor

Established in 2014, Coinfloor is a UK-based cryptocurrency exchange offering a selection of five digital assets for trading. With competitive fees ranging from £/€1.00 to £/€3.00 per trade, it appeals to budget-conscious traders. Coinfloor supports convenient payment methods like bank transfers and debit cards. However, as an unregulated exchange, users should be cautious about potential risks. Certain country restrictions may apply, and Coinfloor provides various customer support options, including live chat, tickets, and FAQs. Before using Coinfloor or any crypto exchange, conduct thorough research and consider your specific needs and the platform's regulatory status.

Pros and cons

Pros:

- Competitive trading fees: Coinfloor offers competitive trading fees ranging from £/€1.00-£/€3.00 per trade. These low fees make it an attractive choice for traders looking to minimize their trading costs. Whether you're a beginner or an experienced trader, Coinfloor's fee structure can help you maximize your profits by keeping expenses low.

- User-friendly interface: Coinfloor boasts a user-friendly interface designed to streamline trading for both newcomers and experienced users, facilitating intuitive navigation and seamless execution of transactions.

- Offers multiple payment methods: Coinfloor supports various payment methods, including bank transfer and debit card. This versatility allows users to choose the payment method that suits their preferences and convenience.

Cons:

- A limited number of cryptocurrencies available: Coinfloor's limited selection of cryptocurrencies, with just 12 available options, may restrict diversification for traders and investors.

- Unregulated: The exchange operates without oversight or regulation from any official financial authority, potentially exposing users to higher risks due to the absence of established legal safeguards.

- Limited availability: An aspect worth noting is its limited availability, stemming from regulatory constraints in specific jurisdictions that prevent its accessibility in certain countries.

Regulatory Authority

Coinfloor operates under no regulatory authority according to the latest information addressed on WikiBit. Unregulated exchanges do not have the same level of oversight and accountability. This can pose risks for traders, as there may be a lack of safeguards in place to protect against fraudulent activities or market manipulation. Additionally, unregulated exchanges may not have proper mechanisms to handle disputes or provide recourse for users in case of issues or losses.

Security

Coinfloor employs robust security measures to protect user funds. The majority of user funds are stored in cold storage, a method that shields them from online vulnerabilities and potential attacks. Additionally, the exchange implements two-factor authentication (2FA) for all user accounts, adding an extra layer of protection. Coinfloor's commendable security track record includes no major hacks or security breaches in recent years, instilling confidence in its security measures.

However, it's essential to note that Coinfloor lacks regulation by any financial authority, leading to the absence of government oversight over its security practices. This regulatory gap raises concerns among some users about the exchange's accountability. Furthermore, Coinfloor's availability is limited, as it is not accessible in all countries. This limitation may restrict options for users seeking a secure exchange, potentially impacting the exchange's user base.

In summary, Coinfloor demonstrates strong security practices, including cold storage and 2FA. Nevertheless, its lack of regulatory oversight and limited accessibility to certain countries are areas that could be improved to enhance user trust and confidence in the platform's security measures.

Cryptocurrencies Available

Coinfloor offers trading for a limited selection of 12 cryptocurrencies, which is relatively smaller compared to some larger exchanges. However, it includes prominent cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), as well as several altcoins such as Ripple (XRP), Litecoin (LTC), and Cardano (ADA). While the variety is more constrained, it still provides options for traders with diverse preferences and investment strategies to explore within this curated selection.

How to open an account？

The process is simple - access the website, complete the registration process in 6 quick steps, and start trading as below.

Fees

Coinfloor, the cryptocurrency exchange, offers a range of deposit, withdrawal, buy/sell, and auto-buy fees to its users. Deposits can be made through various methods, including GBP and EUR bank transfers, debit/credit cards, and Bitcoin deposits on-chain or using Lightning. Withdrawals are also available through GBP and EUR bank transfers or Bitcoin withdrawals on-chain and via Lightning. Buy/sell and auto-buy fees are structured based on transaction amounts, with fees varying from £/€1.00 to 1% and no restrictions on the number of trades. Additionally, Coinfloor implements certain limits for both deposits and withdrawals, with the aim of providing users with flexibility in their cryptocurrency transactions. Here are some tables:

Deposit Fees:

*Limited by liquidity levels on the Lightning Network.

Withdrawal Fees:

*Max - £500/€500 if confirmation email is turned on. Per rolling 24-hour limit.

Buy/Sell Fees:

*Per trade limits. No restrictions on the number of trades. Contact for OTC inquiries on larger trades.

Auto Buy Fees:

*Per transaction and in any rolling 24-hour period.

Payment Methods

Depositing by debit card is a swift process. Successful transactions lead to immediate crediting of funds to your account, enabling you to purchase bitcoin promptly. In case of failed card deposits, the issue often lies with your card provider. However, if you suspect an issue on our end, please don't hesitate to reach out to our support team for assistance.

When making a deposit via bank transfer, it's essential to note that we can only credit bank deposits to personal accounts if the funds originate from a personal bank account in your name. We discourage deposits from third-party or business bank accounts when funding a personal CoinCorner account to ensure a smooth process.

The arrival time of your deposit depends on the currency you are depositing. GBP bank transfers typically reach us within minutes through GBP Faster Payments. However, it's crucial to ensure that your deposit includes the correct reference and matches the account name. If your deposit doesn't auto-credit, please contact our support team with details like the deposit amount and time sent for assistance in locating the funds.

For EUR bank deposits sent via SEPA, the transfer can take between 1 to 3 working days to arrive. These deposits are manually credited to your account upon receipt.

When withdrawing funds via bank transfer, enter your bank details in the provided boxes and click the Withdraw button. Your GBP/EUR balance will be debited, and your withdrawal request will be forwarded to our team for processing. You will receive an email confirmation when your withdrawal request has been processed.

The time it takes for your withdrawal to reflect in your account depends on the currency. GBP withdrawals, processed via GBP Faster Payments, typically arrive within minutes. However, EUR withdrawals are processed through the SEPA payment network and may take up to three working days to reflect in your account.

Educational Resources

Coinfloor provides educational resources and tools to help users enhance their knowledge and understanding of virtual currency trading. These resources may include tutorials, guides, articles, and videos that cover various topics related to cryptocurrency, blockchain technology, and trading strategies. Additionally, Coinfloor may offer tools such as charting software, market analysis tools, and price trackers to assist users in making informed trading decisions. These resources and tools can be valuable for both novice and experienced traders who want to stay updated and improve their trading skills.

Is Coinfloor a Good Exchange for You？

For Beginner Traders:

Coinfloor can be an appealing choice for beginner traders due to its competitive trading fees, which range from £/€1.00 to £/€3.00 per trade. These low fees can help newcomers minimize their trading costs as they gain experience in the cryptocurrency market. Additionally, the user-friendly interface makes it easier for beginners to navigate the platform and execute transactions efficiently. However, it's important to note that Coinfloor's limited selection of 12 cryptocurrencies may somewhat limit the variety for those looking to explore a broader range of digital assets.

For Experienced Traders:

Experienced traders may find Coinfloor's competitive trading fees advantageous for optimizing their trading strategies and maximizing profits. The fee structure, ranging from £/€1.00 to £/€3.00 per trade, can help experienced traders keep their trading expenses in check. The user-friendly interface ensures seamless execution of transactions, catering to their expertise. Nevertheless, the exchange's limited cryptocurrency selection of 12 assets might be a drawback for those who prefer a more extensive range of options for their trading activities.

For Cryptocurrency Enthusiasts:

Cryptocurrency enthusiasts may appreciate Coinfloor's user-friendly interface, which simplifies the trading experience and accommodates users with varying levels of expertise. The competitive trading fees, ranging from £/€1.00 to £/€3.00 per trade, can be enticing for enthusiasts who want to engage in trading activities without incurring high costs. However, the exchange's limited availability and the absence of regulatory oversight may raise concerns for enthusiasts who value a broader array of cryptocurrency choices and regulatory compliance.

For Investors Seeking Regulatory Compliance:

Investors seeking regulatory compliance may have reservations about using Coinfloor due to its unregulated status. The exchange operates without oversight from any official financial authority, potentially exposing investors to higher risks in terms of security and legal safeguards. While the competitive trading fees and user-friendly interface may be attractive, the lack of regulatory compliance might deter investors who prioritize adherence to established financial regulations. Additionally, the limited availability of Coinfloor in specific jurisdictions may further limit its appeal to investors seeking regulatory compliance in their chosen market.

Conclusion

In conclusion, Coinfloor presents a mixed picture for cryptocurrency traders. On one hand, it stands out with competitive trading fees and a user-friendly interface, catering to both novice and experienced users. Additionally, its support for multiple payment methods enhances convenience. However, the exchange's limited selection of just 12 cryptocurrencies may hinder diversification opportunities for traders and investors. Furthermore, the absence of regulatory oversight and limited availability in specific jurisdictions introduces potential risks and limitations that users should consider before engaging with Coinfloor.

FAQs

Q: What are CoinCorner's business hours？

A: CoinCorner's normal business hours are 9am to 5.30pm (London, UK time) Monday to Friday.

Q: Can I trade NFTs on CoinCorner？

A: No, currently CoinCorner doesn't offer NFT trading, but they may consider it in the future.

Q: Where is my money stored on CoinCorner？

A: Most of your funds are in cold storage for security, with a small portion in hot wallets for trading.

Q: What rewards can I earn as a user on CoinCorner？

A: CoinCorner offers rewards like a loyalty program for trading, a referral program for bringing in new users, and a staking program for holding specific cryptocurrencies.

Q: Which countries are restricted on CoinCorner？

A: CoinCorner is restricted in countries like the United States, Canada, Iran, North Korea, Sudan, and Syria.

User Review

User 1: Coinfloor's standout feature for me has been its competitive trading fees. With fees ranging from £/€1.00 to £/€3.00 per trade, it's budget-friendly, whether you're a newbie or a seasoned trader. The user-friendly interface makes trading a breeze, and the multiple payment methods, including bank transfer and debit card, offer flexibility. However, the limited selection of 12 cryptocurrencies and the unregulated status may deter some users.

User 2: One of Coinfloor's strong points is its competitive trading fees, ranging from £/€1.00 to £/€3.00 per trade. The user-friendly interface makes it suitable for both beginners and experienced traders, and the variety of payment methods, including bank transfer and debit card, adds convenience. However, the limited choice of 12 cryptocurrencies, unregulated status, and country restrictions are worth considering.

Risk Warning

Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.