hedgewithcryptohedgewithcrypto
AboutContact

    Coinfloor Review 2022: How Safe & Reliable Is It?

    Updated: Aug 25th, 2022
    Kevin Groves
    Kevin Groves
    Coinfloor Review 2022: How Safe & Reliable Is It?

    Coinfloor was founded 2013 and is widely regarded as one of the oldest crypto exchanges in the United Kingdom. It is a reliable exchange platform for start trading cryptocurrencies for residents in the UK. In this review, we will examine the exchange's features, available assets, deposit methods, trading fees, security and customer service so you can make an informed decision.

    Coinfloor
    Trading Fees:0.1% - 0.3%
    Country:United Kingdom
    Currency:GBP, USD, EUR & PLN
    Promotion:None available at this time
    Key Features
    • Registered Bitcoin exchange in the UK
    • Simple and easy process to onboard and complete ID verification
    • Local deposit methods to send GBP or EUR to fund an account
    • AutoBuy and AutoSell features to set up recurring orders using a UK bank account
    • Public Bitcoin Audit reports that can be verified on the blockchain
    • 3.9/5 star rating based on 145 customer reviews
    • 21% affiliate program that lasts for 3 years

    Coinfloor has been in existence since 2013 and is regarded as one of the best exchange for the UK due to its simplicity, reliability and safety. A top feature that is available on Coinfloor is auto-buy which gives investors the opportunity to dollar-cost-average a Bitcoin portfolio.

    The crypto exchange is equipped with industry-standard security measures such as Two-Factor Authentication (2FA), 100% cold storage and multi-signature wallets to keep clients funds safe and secure.

    Ease of useStarStarStarEmpty StarEmpty Star
    ReputationStarStarStarEmpty StarEmpty Star
    Deposit methodsStarStarStarStarEmpty Star
    FeesStarStarStarStarEmpty Star

    This post contains affiliate links with our partners who may compensate us. Read our disclaimer for further information.

    Before getting started, it is recommended to use a Bitcoin hardware wallet such as the Ledger Nano X when buying and selling cryptocurrency. If you don't have a wallet, read our guide on the top crypto hardware wallets.

    What Is Coinfloor?

    Coinfloor is a digital currency exchange platform based in London, the United Kingdom. The company was founded in 2013 and has since grown to become one the largest Bitcoin exchanges in the UK.

    Coinfloor provides a fiat to Bitcoin service for individuals within the UK and internationally from several countries around the world that is well-known for its Auto-buy Bitcoin feature. Coinfloor is a Bitcoin-only exchange that is focused on delivering a platform that is built on trust, security, simplicity and reliability. 

    Coinfloor websiteCoinfloor website
    Exchange NameCoinfloor
    Fiat CurrencyGBP, USD, EUR & PLN
    CryptocurrencyBitcoin only
    Payment TypeSEPA, Wire Transfer, UK Faster Payment, UK CHAPS/BACS/SWIFT.
    Trading FeeBetween 0.10% and 0.30%
    Deposit FeeSEPA: €1.50, UK Faster Payment: £2.50, UK CHAPS/BACS/SWIFT: £30, US Wire Transfer: $10
    Withdrawal FeeSEPA: €1.50, UK Faster Payment: £5, UK CHAPS/BACS/SWIFT: £30, US Wire Transfer: $75, BTC: 0.0005
    Mobile AppNo

    Is Coinfloor Legit?

    Coinfloor is a legitimate and registered crypto asset business until 9 July 2021 pending approval on their application to the UK’s Financial Conduct Authority (FCA) and the European Commission. The exchange safeguards its customers from money laundering and terrorism financing through diligent account creation and strict ID verification process. 

    Coinfloor Compared

    Beginner-friendly, high security and automatic recurring orders are some of the features that make Coinfloor a leading cryptocurrency exchange. Here are a few examples of crypto exchanges like Coinfloor that offer a similar range of features and services.

    ExchangeCrypto AssetsTrading FeesRatingPromotionWebsiteReview
    Binance

    Binance

    600+0.1%
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    4.8/5
    StarStarStarStarEmpty Star
    Up to $100 welcome bonusVisit BinanceBinance Review
    Coinbase Logo

    Coinbase

    250+0.5%
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    4.8/5
    StarStarStarStarEmpty Star
    $5 BTC bonus (USA only)Visit CoinbaseCoinbase Review
    eToro

    eToro

    70+1%
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    4.6/5
    StarStarStarStarEmpty Star
    None available at this timeVisit eToro

    eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. Archived, "Virtual currencies are highly volatile. Your capital is at risk."

    eToro Review
    coinfloor logo

    Coinfloor

    Bitcoin0.1% - 0.3%
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    4/5
    StarStarStarStarEmpty Star
    None available at this timeVisit CoinfloorCoinfloor Review

    Is Coinfloor Safe?

    Coinfloor has never been hacked since its inception as a cryptocurrency exchange in 2013. The platform has been designed with several in-built security measures to protect customer's money and information including Two-Factor Authentication (2FA), 100% cold storage and multi-signature wallets. Additional features include email notifications for incorrect user login attempts and withdrawal requests, which can be useful to identify potential fraudulent account access. 

    Features & Services

    Designed For Everyone

    Coinfloor is a beginner-friendly crypto exchange that has been specifically designed to suit new investors to Bitcoin. The process has been simplified to 3 simple steps to buy Bitcoin. The most popular feature is the AutoBuy tool, which lets users link a bank account or payment method to automatically deposit funds every day, week, or month to obtain Bitcoin. Autobuy is recommended for beginners as it removes the emotion out of investing based on price and gradually build a position over time.

    Coinfloor autobuy feature stepsCoinfloor autobuy feature steps

    Bitcoin Audit Reports

    To provide full operating transparency, Coinfloor provides monthly Bitcoin Audit reports on the website. Coinfloor is one of the few exchanges in the world that provides full transparency of their assets in custody. The reports can be used to validate the exchange is solvent and identify any misappropriation of clients' funds. Users on the exchange can verify their funds in cold storage by finding the account balance within the solvency report. 

    Coinfloor bitcoinCoinfloor bitcoin

    Accepted Countries

    Coinfloor is based in the UK and therefore supports individuals in Great Britain to purchase crypto using GBP, USD, EUR or PLN on the exchange or using the Over-the-Counter (OTC) option for large orders. Residents in other countries such as Australia, Singapore and New Zealand will not be able to use Coinfloor to buy Bitcoin directly using their local fiat currency. 

    Volume & Liquidity

    According to the Coinmarketcap, Coinfloor is the 89th largest cryptocurrency exchange platform considering its traffic, liquidity, trading volumes, and confidence in the legitimacy of trading volume reported. In comparison to other exchanges available in the UK such as CoinJar, CEX.IO and Bitstamp, the trading volume on Coinfloor is low with an average daily trade volume of $2 million. This is important to understand as low trading volume and liquidity can result in higher spread fees.

    Coinfloor VolumeCoinfloor Volume

    It is also interesting to see a 86% reduction in trading volumes at the time of writing due to the recent Bitcoin crash. The sudden decline in Coinfloor's trading 24-hour volume is significantly higher (almost double) compared to other exchanges. This is partially due to the fact Coinfloor is mostly used by individuals to buy Bitcoin and not to sell back into GBP.

    Getting Started With Coinfloor

    Before buying crypto with Coinfloor, an account needs to be created which will require basic personal information such as email address, username, and a mobile phone number. The account will need to be immediately secured using Two Factor Authentication using either SMS/Authy or YubiKey.

    Once 2FA is activated, all new users need to verify their identity to trade, deposit and withdraw funds. As Coinfloor is based in the UK, the company is required to comply with KYC/AML regulations to prevent money laundering and the financing of terrorism-related crimes. 

    Deposit Methods

    New users to Coinfloor can choose a familiar payment method to fund an account using fiat currency or cryptocurrency (Bitcoin, Ethereum or Bitcoin Cash). The 4 supported currencies to fund a wallet include the GBP, USD, EUR and PLN. Each of the traditional currencies can be deposited to Coinfloor using the following payment methods:

    • Bank transfer
    • Wire transfer
    • SEPA
    • Faster Payments

    We would like to see the payment option to buy Bitcoin using a debit or credit card, PayPal, Amazon gift card or Apple Pay. However, for most retail investors, using a bank or wire transfer is a suitable method due to its low transaction fees, however, can take 1-3 business days for funds to arrive depending on the bank.

    Coinfloor AutoBuy

    The Autobuy feature offers a simple, fast and automated way to buy Bitcoin using deposited British Pounds (GBP) to the exchange. To use the AutoBuy feature, there is a minimum deposit amount is £10 and a maximum of £10,000 for fully verified accounts. Once the funds arrive at Coinfloor, the money is automatically traded for Bitcoin and credited to the customer's wallet. 

    The automated deposits can be configured to a regular period such as daily, weekly or monthly. The deposits are processed between 7:30am – 9:30pm, Monday to Sunday. It is important to understand the automatic purchase will occur at the price of Bitcoin based on Coinfloor's order book and not when the deposit was sent or processed. This is not ideal as the market can move significantly between the time a deposit is made and when Coinfloor executes the order.

    Coinfloor autobuyCoinfloor autobuy

    The benefit of using Coinfloor's AutoBuy feature is that it removes the emotions attached to the price volatility associated with Bitcoin. Instead, the user can accumulate a position over time regardless of the price and have a sizeable Bitcoin holding. The recurring orders are available for GBP using a bank transfer from a UK bank. 

    Coinfloor also has the AutoSell option which works in the same way as AutoBuy but in reverse. Bitcoins within the wallet can be automatically sold to GBP and withdrawn to a local bank in the UK. The price of Bitcoin will be executed based on Coinfloor's order book at the time of the request. The funds are processed within the same day however can take 1-3 business days to arrive in the bank.

    AutoBuy & Sell Fees

    Using Coinfloor's AutoBuy feature has a fee of 2% (50p minimum) that is applied to each deposit amount. The 2% fee also applies for converting Bitcoin into GBP using the AutoSell feature. Likewise, to withdraw Bitcoin from Coinfloor, the exchange charges a 0.002BTC cost in addition to the trading fee. Overall, the fees on Coinfloor are quite high when compared to fiat to crypto exchanges that are available in the UK such as CoinJarGemini, Coinmama and eToro.

    ExchangeInstant Buy Fee
    Coinmama0.1% - 0.9%
    Crypto.com0.2%
    Gemini0.5%
    CoinJar1%
    eToroSpread only
    Coinfloor2%

    Trading Fees

    For experienced users that know how to trade cryptocurrencies, Coinfloor offers an exchange to buy and sell digital assets. The pricing structure starts from 0.3% per transaction and decreases to 0.1% with higher volume over a 30 day period. The lowest fee on Coinfloor using the trading platform is 0.1%, which is compared to the likes of Binance and KuCoin.

    coinfloor Trading Feescoinfloor Trading Fees

    However, the individual must trade a volume greater than 1 million in a month to be eligible for the lowest trading fee. The cost of entry for the 0.1% is too high when considering an individual can obtain the 0.1% trading fee using Binance or KuCoin which have deeper liquidity and volume across its trading pairs. Overall, Coinfloor Exchange is not recommended due to the high trading fees.

    Deposit & Withdrawal Fees

    Deposits and withdrawal fees vary according to the deposit and withdrawal method. The cheapest way to send funds to Coinfloor is using SEPA or Faster Payments which have fees of €1.50 and £2.5 respectively. Likewise for withdrawing GBP to a bank account, there is a small fee of £5 using Faster Payments.

    Overall, the fees are quite low, however, several exchanges do not have a deposit and withdraw fees using traditional currencies and this is becoming the norm based on our observations.

    Security

    There are several security measures implemented by Coinfloor to ensure the highest standard of security is available to protect client funds held in custody. According to the website, 100% of Bitcoins are stored offline on wallets held in underground vaults or with a regulated and insured custodian that is not disclosed. 

    All funds are held in multi-signature addresses that cannot be unlocked by a single Bitcoin private key. This means that an individual staff member cannot have access to all the funds stored on the exchange. Coinfloor is also one of the few exchanges in the world that publish Bitcoin audit reports for the community to verify and validate the funds are held in custody.

    Other notable security features include 2 Factor Authentication, SSL website encryption and web application firewalls. Overall, the security measures available to Coinfloor to protect customer funds and information appears to meet the minimum security expectations for a cryptocurrency exchange.

    Customer Support

    Customer support is an important consideration when using fiat to crypto exchanges that have been designed for beginners. On review of Coinfloor's support section, there is a thorough list of articles and 101 guides that address the most commonly asked questions and troubleshooting topics. Customers can submit a ticket directly to Coinfloor.

    There was no 24/7 customer support or live chat for urgent queries which should be considered. The website states support tickets are guaranteed to be responded to within 1 business day. Feedback on TrustPilot from existing users indicates Coinfloor's customer support is reasonable with an overall rating of 3.9/5 stars based on 145 reviews. 

    Coinfloor reviewsCoinfloor reviews

    Frequently Asked Questions

    Coinfloor does not offer a mobile app for its customers to buy, trade or sell Bitcoin on its platform. This is an important feature for cryptocurrency investors and traders to be able to monitor their portfolios at any time and anyplace and should be considered. The Coinfloor site is well-optimized for display on mobile devices which is beneficial.

    Customers on Coinfloor may buy or sell the actual Bitcoin asset only. The exchange does not offer derivatives or Futures market to enable traders to short sell Bitcoin against a collateral asset such as USD, GBP or Tether (USDT). Trading Bitcoin with leverage can be very risky and should be performed by experienced traders only.

    Residents in the USA are not permitted to use Coinfloor to buy, trade or sell Bitcoin due to strict policy towards digital asset exchanges. Individuals within the States will need to find a suitable cryptocurrency exchange within the USA that is regulated in most states and territories.

    Conclusion

    To conclude our review on Coinfloor, the exchange provides a beginner-friendly platform for individuals that are looking to purchase Bitcoin for the first time or would like an easy option to dollar cost average. However, when compared to the top exchanges in the world, Coinfloor did not stack up in the features offered. There was a limited number of supported cryptocurrencies, no option to buy Bitcoin with debit/credit cards or leverage trading to short Bitcoin and doesn't offer 24hr live chat or phone support. 

    Visit Coinfloor

    Coinfloor is suitable to first-time investors, however, individuals may want to consider transferring Bitcoin to a global cryptocurrency exchange after the initial purchase. The world's best crypto exchanges offer a range of features and services to maximize value for money such as staking benefits, earn interest on crypto, cashback incentives, trading fee discounts, crypto debit cards and much more which are all not offered on Coinfloor.

    Kevin GrovesKevin GrovesKevin Groves

    Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. In 2019, he started HedgewithCrypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world.

    Share this post
    Or copy link