Coinfloor was founded in 2013 and is widely regarded as one of the best crypto exchanges in the United Kingdom. It is a reliable exchange platform for start trading cryptocurrencies for residents in the UK. In this Coinfloor 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.
- 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.
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Coinfloor At A Glance
|Fiat Currency||GBP, USD, EUR & PLN|
|Payment Type||SEPA, Wire Transfer, UK Faster Payment, UK CHAPS/BACS/SWIFT.|
|Trading Fee||Between 0.10% and 0.30%|
|Deposit Fee||SEPA: €1.50, UK Faster Payment: £2.50, UK CHAPS/BACS/SWIFT: £30, US Wire Transfer: $10|
|Withdrawal Fee||SEPA: €1.50, UK Faster Payment: £5, UK CHAPS/BACS/SWIFT: £30, US Wire Transfer: $75, BTC: 0.0005|
What Is Coinfloor?
Coinfloor is a digital currency exchange platform based in London, United Kingdom. The company was founded in 2013 and has since grown to become one of 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.
|Exchange||Crypto Assets||Trading Fees||Rating||Promotion||Website||Review|
|600+||0% to 0.1%|
|Up to $100 welcome bonus||Visit Binance||Binance Review|
|$5 BTC bonus (USA only)||Visit Coinbase||Coinbase Review|
|None available at this time||Visit 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."
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.
Review of Coinfloor's 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.
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.
Volume & Liquidity
According to 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.
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.
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
- 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.
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.
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 CoinJar, Gemini, Coinmama and eToro.
|Exchange||Instant Buy Fee|
|Coinmama||0.1% - 0.9%|
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.
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.
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 appear to meet the minimum security expectations for a cryptocurrency exchange.
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.
Frequently Asked Questions
Coinfloor is a legitimate and registered crypto asset business until 9 July 2021 pending approval of 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 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.
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 for 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.