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Due to strict regulations, finding a beginner-friendly crypto exchange that accepts UK and European residents is growing harder. However, CoinCorner, a regulated exchange that purchased Coinfloor, has become quite popular with investors. This Coincorner review assesses its features, security measures, fees, and usability to determine whether CoinCorner is worth using.
CoinCorner is a well-designed crypto exchange in the UK that makes buying Bitcoin with fiat currency a breeze. However, while the platform is excellent for first-time investors, the lack of trading-centric features and comparatively high fees is unlikely to resonate with technical traders or experienced investors looking for a feature-rich platform.
Although CoinCorner is aimed primarily toward beginners, CoinCorner has included several features that enable users to spend Bitcoin in popular establishments easily. As such, the platform could be worth considering for people wanting to slowly accrue Bitcoin while maintaining flexibility.
- Easy to use
- Supports fiat withdrawals
- Spend Bitcoin at in-store or online merchants
- High trading fees
- Doesn't support ETH or LTC withdrawals
- Easy to use. CoinCorner makes buying crypto with fiat currencies incredibly simple. While crypto exchanges can be needlessly complex, CoinCorner has opted to take a beginner-centric approach, making the platform one of the most accessible crypto exchanges for UK and European residents.
- Supports fiat withdrawals. CoinCorner offers low-cost fiat withdrawals using a variety of methods. As such, CoinCorner is a great platform for investors who want an easy way to switch between fiat and digital currencies.
- Options to spend BTC. While there are plenty of alternatives to CoinCorner, most lack features enabling users to spend BTC easily. However, CoinCorner has partnered with over 1000+ leading brands and Bitrefill, allowing users to spend their crypto wallet balance on gift cards and earn BTC rewards by shopping.
- High fees. Nobody wants to buy crypto just to have a significant portion of their investment taken by a trading fee. Unfortunately, CoinCorner has an exceptionally high fee of 1% per transaction, 10x more than the rate of 0.1% offered by exchanges like Binance and ByBit.
- Doesn't support ETH or LTC withdrawals. With just three supported assets, the range of cryptocurrencies available on CoinCorner could be better. However, with users only able to withdraw Bitcoin, the platform is essentially unusable for investors wishing to take custody of their digital assets.
CoinCoiner Alternatives and Comparisons
|Exchange||Crypto Assets||Trading Fees||Rating||Promotion||Website||Review|
|None available at this time||Visit eToro|
Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. [website domain name] is not an affiliate and may be compensated if you access certain products or services offered by the MSB.
|None available at this time||Visit Uphold||Uphold Review|
|73||0.30% (Maker) 0.40% (Taker) or 0% with Sub $1,000 30-Day Volume|
|None available at this time||Visit Bitstamp||Bitstamp Review|
CoinCorner At A Glance
Founded by Daniel Scott in 2014, CoinCorner is a crypto exchange operating out of the Isle of Man and, as such, is regulated by the Isle of Man Financial Services Authority. Focused on serving customers in the UK and Europe, CoinCorner is a beginner-friendly fiat-to-crypto exchange likely to appeal to investors making their first foray into cryptocurrency.
|Features||Exchange, Wallet, Auto Buy, Bolt Card, BTC Cashback, Stacking Accounts, Crypto Giftcards|
|Accepted Fiat Currencies||GBP and EUR|
|Deposit Methods||Bank Transfer, Credit/Debit Card, Crypto|
|Supported Cryptocurrencies||BTC, LTC, ETH|
|Number of Trading Pairs||3|
|Trading Fees||1% (On Orders Over £300)|
|Customer Support||2FA, IP Logging, Offline Data Storage|
|Mobile App||Yes (Android and IOS)|
Review of the Top CoinCorner Features
Auto Buy Bitcoin
CoinCorner offers an auto-buy feature that enables users to automatically top up their accounts and purchase Bitcoin at predetermined intervals. The customer must set up a standing order using their bank account to create an auto-buy order. While the fees are the same as buying and selling crypto, there is a maximum limit of £10,000 per 24-hour period.
Unfortunately, the order-buy system is currently limited to GBP purchases of Bitcoin. Nevertheless, the feature makes dollar-cost-averaging incredibly simple and could be extremely helpful for new investors looking to build up a Bitcoin position.
While CoinCorner doesn't provide direct exposure to ETH and LTC like other crypto exchanges, users of the platform receive a CoinCorner wallet that can be used to send, receive, and store Bitcoin. The CoinCorner wallet is extremely basic and only offers a single Bitcoin address (although users can generate a new and unique address at will). However, as the wallet includes support for the Lightning Network (and offers free Lightning withdrawals), it could appeal to people looking to purchase Bitcoin and use small quantities for everyday purchases.
While many centralized exchanges have started to offer crypto-backed debit cards that enable users to automatically convert crypto assets into fiat for spending in retail establishments, CoinCorner has taken a slightly different approach. To provide its customers with a simple way to spend their crypto in real-world establishments, CoinCorner has partnered with MTSocks to create the Bolt Card - an NFT-based contactless debit card for Lightning payments.
CoinCorner customers can connect a Bolt Card to their account and immediately begin paying using crypto anywhere Lightning payments are accepted. With Lightning payments rapidly increasing in prevalence, the Bolt Card will steadily grow more and more useful, making it a very powerful feature of the CoinCorner platform.
CoinCorner Bitcoin Cashback
While writing our CoinCorner review, one feature that stuck out to us was the ability to earn Bitcoin cashback by shopping with 1000+ leading brands. CoinCorner has built an extension available on the most popular internet browsers that enables users to earn Bitcoin rewards simply by purchasing with a partner brand. With brands like Curry's PC World and B&Q offering an impressive 1.6% cashback, CoinCorner users can earn substantial rebates paid directly into their CoinCorner wallet.
With no special requirements for eligibility and rewards ranging from 1.6% to 32%, CoinCorner cashback is an exceptional feature that almost makes creating a CoinCorner account worth it on its own.
CoinCorner Stacking Accounts
CoinCorner enables customers to create customizable stacking accounts to assist with savings goals. Users can set a name and savings goal, then slowly deposit funds with CoinCorner showing the progress towards a specific target. While not a hugely innovative feature, the inclusion of stacking accounts is a nice tool that helps to promote saving with CoinCorner.
Another feature that CoinCorner customers can utilize to spend crypto in real-world establishments is the platform's Bitrefill integration. Using this feature, CoinCorner customers can purchase gift cards for companies like Amazon, ASOS, and Uber using Bitcoin. Perfect for cryptocurrency fanatics looking to buy a gift for friends and family, the service is a great way to spend Bitcoin without converting holdings to fiat and waiting days for a withdrawal to go through.
Creating and Verifying a CoinCorner Account
New users must provide an email address and password to open an account. Then, verify their email and enter personal information, including country of residence, home address, and phone number. While the process was similar to other financial platforms, we found that verification took around 6 hours to complete, which makes CoinCorner difficult to recommend given the lengthy ID verification times.
Supported Fiat Currencies and Deposit Methods
CoinCorner primarily serves the UK and Europe, meaning users can deposit funds to the platform using GBP and EUR. Unfortunately, USD deposits are not supported, but customers can purchase crypto using USDT.
While the number of supported fiat currencies is limited, CoinCorner does at least offer ample payment methods. Users can choose bank transfer GBP (UK + International), SEPA bank transfer, debit/credit card, and Bitcoin via the main network and Lightning. Sadly, deposits using ETH, LTC, and USDT are not supported.
Supported Crypto Assets and Trading Pairs
CoinCorner operates primarily as a fiat-to-crypto platform instead of a fully-fledged trading platform. As a result of being a beginner-friendly crypto-fiat exchange, CoinCorner only supports purchasing three different crypto assets (BTC, LTC, ETH) using GBP, EUR, or USDT.
While the range of assets CoinCorner offers is already substandard, users can only send Bitcoin and fiat off the exchange. Therefore, CoinCorner customers cannot utilize offline cold storage, making the platform unsuitable for long-term investments.
CoinCorner uses a volume-based fee structure ranging from £1 and £3 per transaction for purchases under £300, while a flat 1% fee is charged on purchases above £300. Unfortunately, the fees charged by CoinCorner are far higher than most other crypto exchanges, meaning that platform will be unappealing to those looking to minimize their trading costs.
|Trade Volume (Per Transaction)||Trading Fee|
|Under £10||£1 / €1|
|Over £10, Less Than £25||£1.50 / €1.50|
|Over £25, Less than £50||£2 / €2|
|Over £50, Less than £300||£3 / €3|
Deposit and Withdrawal Fees
While UK and SEPA fiat deposits on CoinCorner are free, there is a £25 charge for international bank transfers made in GBP. Additionally, a 2.5% charge is levied on deposits made using a credit/debit card. Furthermore, while Bitcoin deposits are free, CoinCorner does not support deposits or withdrawals made with Ethereum/Litecoin.
While CoinCorner charges a competitive fee of £1 for fiat withdrawals (£0.80 for debit/credit cards) and offers free BTC withdrawals via the lightning network, the lack of options for crypto withdrawals greatly hinders the platform's usability.
CoinCorner Fees Compared
While the deposit fees charged by CoinCorner are highly competitive, the 1% trading fees are significantly higher than platforms like Binance, which charge just 0.1%. Furthermore, the lack of options for ETH and LTC makes the platform impossible to use as a true fiat-to-crypto on-ramp. Below, we've included a table highlighting how CoinCorner compares to other popular exchanges in terms of fees.
|Exchange Name||Trading Fee|
CoinCorner Ease of Use
One of the main advantages of CoinCorner is its ease of use. Compared to platforms that utilize the standard order book-based interface, CoinCorner is exceptionally simple. While there are no trading pairs, charts, or market information, users can buy and sell BTC, ETH, and LTC using GBP, EUR, and USDT quickly and without complicated options.
All buy/sell transactions are completed within a simple menu highlighting the current price of an asset, the fees for the purchase, and the quantity of crypto the user will receive after completing the purchase. Although it's possible to buy and sell Bitcoin, Ethereum, and Litecoin, only Bitcoin can be withdrawn.
The primary features offered by CoinCorner are easily accessible via the sidebar, although deposits, withdrawals, and auto-buys take place via a pop-up menu rather than a dedicated section of the website.
The CoinCorner interface is intuitive and incredibly simple. While the exchange could take a second to get used to for investors familiar with traditional order book-based platforms, anyone, regardless of previous experience, will be able to use CoinCorner without hassle. However, the lack of analytical tools will likely deter active traders from using the platform.
CoinCorner Mobile App
After logging into the CoinCorner app, we first noticed how limited its features were compared to other mobile app exchanges. Only essential buy, sell, and send capabilities were available on the app, meaning that users could not earn cashback through the app.
The mobile app interface was intuitive and easy to use. Each core element of the app was accessible via a navigation menu at the bottom of the screen. However, As no charts, indicators, or analysis tools are available on the app, CoinCorner mobile is only suitable for investors looking to conduct basic transactions.
Depositing funds via BTC, bank transfer, or credit card was simple, and the ability to send Lightning transfers and auto-buy bitcoin was also present. Furthermore, the app allows users to access gift cards and the Bolt card. However, while the CoinCorner app is well-designed and easy to use, its lackluster feature set is unlikely to appeal to experienced investors.
The CoinCorner app is available on IOS/Android devices and is currently rated 4.2 / 5 stars on the App Store. The overall rating is consistent with our review scoring.
Customer Support & Feedback
Customer support is a vital aspect of any trading platform. CoinCorner has created a help center to assist its users with articles covering common issues like the verification process, account funding, and security. While most of the content is text-based, the customer service team has also included some videos on topics like the Bolt Card and buying Bitcoin.
CoinCorner offers support via an email-based ticket system and a dedicated Twitter account for users needing more assistance. However, with the support team only being active from 9 am to 5:30 pm (GMT) and having no phone line or live chat options, getting a response can take quite a lot longer than platforms like Bitfinex, which over 24/7 support.
CoinCorner Security Measures
While CoinCorner maintains that it offers excellent security, the company has not divulged the actual measures used to protect clients. The methods for users to protect their accounts are present on CoinCorner, but the available options are fairly limited. But these include a mixture of encryption, multi-signature cold storage, and strict rules surrounding the access of sensitive information utilized to protect customers is used. Withdrawals have email confirmation with optional two-factor authentication (2FA) and a withdrawal address whitelist. Overall, the security of the platform is mediocre and lacks transparency.
Frequently Asked Questions
CoinCorner has always aimed to offer its users the highest standard of security. At the time of writing this CoinCorner review, the exchange has never been hacked and employs several preventive measures to help improve customer safety.
CoinCorner is headquartered in the Isle of Man and, as such, is regulated by the Isle of Man Financial Services Authority (IOMFSA). As a result of the exchange's regulation, CoinCorner customers must complete the Know-Your-Customer (KYC) verification process before using the platform.
Yes, in Late 2021, the Coinfloor cryptocurrency exchange and its entire client base were acquired by CoinCorner, with Coinfloor customers being migrated to CoinCorner.
Final Verdict and Scores
|Review Criteria||HWC Score|
|Features||3.5 / 5|
|Supported Fiat and Deposit Methods||4.5 / 5|
|Supported Crypto & Trading Pairs||3 / 5|
|Fees||3 / 5|
|Ease of Use||4 / 5|
|Customer support||2 / 5|
|Security Measures||2.6 / 5|
|Mobile App||3 / 5|
CoinCorner has become a popular exchange in the UK and Europe. However, while the company has worked hard to expand its reach by acquiring platforms like Coinfloor, its efforts have been hindered by the lack of trading tools and comparatively high purchase costs.
Although CoinCorner provides a well-designed fiat-to-crypto gateway, its 1% trading fees, lack of market information, and subpar range of supported assets make the platform far from ideal for most people. In addition, while its ease of use and cashback rewards are compelling, CoinCorner is only an attractive offering for new investors prioritizing ease of use.
While creating our CoinCorner review, we carefully tested core aspects of the platform, awarding each with a rating out of five. Below, we've summarized our findings in an easy-to-reference table.
|Review Criteria||HedgewithCrypto Rating|
|Features||3.5 / 5|
|Supported Fiat and Deposit Methods||2.5 / 5|
|Supported Crypto & Trading Pairs||2 / 5|
|Fees||2.5 / 5|
|Ease of Use||4.4 / 5|
|Customer support||3.5 / 5|
|Security Measures||4 / 5|
|Mobile App||4 / 5|