Coinfloor Review

Coinfloor Cryptocurrency Exchange | bestbitcoinexchange.io

August 28, 2018 by BestBitcoinExchange

Coinfloor Exchange Review 2018

Established in early 2013, Coinfloor Exchange is one of the UK’s original cryptocurrency exchanges. Famed as “London’s cryptocurrency exchange”, Coinfloor has attracted significant investment from external sources in recent years, allowing it to provide competitive Coinfloor trading fees and an intuitive platform suitable for beginner and experienced crypto investors alike.

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At Bestbitcoinexchange.io, our Coinfloor Exchange review explores in detail the platform, its fees and overall reputation within the crypto industry. Read our full Coinfloor Exchange review to below to decide if Coinfloor is a safe place to buy Bitcoin and Ethereum and other popular altcoins.

Coinfloor Exchange quick facts

Overall score: ***
Coins offered: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Ethereum Cash (ETC), Litecoin (LTC) and Ripple (XRP)
Minimum deposit: 1,000 (USD/PLN/EUR/GBP) 0.0050 (BTC/ETH)
Regulation/licence: Unregulated
Payment methods: Cryptocurrency, Bank transfer, SWIFT, SEPA
Wallet included? No
Main benefits: Simple user interface, mobile Coinfloor trading apps available, 100% cold storage of users’ fund

How we reviewed Coinfloor Exchange

At Best Bitcoin Exchange, we believe it is important that cryptocurrency investors understand what they are signing up for when placing their trust in a cryptocurrency exchange. Our Coinfloor Exchange review tests and rates all aspects of their crypto exchange, including the range of crypto coins available to buy and sell, the Coinfloor trading fees incurred, the responsivity of its customer support and the ease of which users can sign up for a Coinfloor trading account. You might be wondering, is Coinfloor safe? Don't panic, our Coinfloor Exchange review will determine whether or not it is a trustworthy exchange for our readers.

Background

What is Coinfloor? The Coinfloor Exchange is headquartered in London, UK. It is operated by an entrepreneur named Mark Lamb, who is listed on the Forbes’ “30 Under 30” index for successful entrepreneurs in finance. The platform’s strapline is “the UK’s No. 1 Bitcoin exchange”, which suggests from the outset that it focuses largely on Bitcoin. However, it also offers five other cryptos to buy and sell, including Ethereum and Litecoin.

Coinfloor’s founders also pride themselves on being the most liquid cryptocurrency exchange in the UK. The site periodically publishes audits of its system to give peace of mind to its users that their funds are held responsibly. The Financial Times recently called Coinfloor “the biggest exchange for bitcoin-to-sterling”. However, it also accepts payments in other fiat currencies, which we’ll cover later.

Regulation & Safety

At the time of writing, Coinfloor Exchange is an unregulated cryptocurrency trading exchange. Although it is a UK registered business, it is not registered with the UK’s Financial Conduct Authority (FCA). However, Coinfloor’s senior team does maintain a direct line of legal contact with the FCA to ensure they offer policies and procedures that are loosely in line with FCA regulations.

Trading Platform

Coinfloor’s trading platform is described by the company as “unique, robust and scalable”. Let’s take a look at some of the primary features of the Coinfloor trading platform:

Coinfloor’s APIs

Coinfloor Exchange gives users access to two APIs via HTTP and WebSockets; both of which are optimised for exceptionally low latency connections. Users can locate access keys to both APIs via the client dashboard area.

Coinfloor Trader

The Coinfloor Trader application is designed for operation on Windows, Mac and Linux-powered devices. This software is most commonly used by retail day traders that demand swift and reliable trade executions. The mobile Coinfloor app can also be used to monitor positions on smartphones and tablets.

Xchange Financial Trader

The Xchange Financial Trader API is designed to hook up to more than a dozen Bitcoin exchanges. Traders can use the Xchange functionality to access up-to-the-second market data.

Fees & Limits

If you're wondering "what is Coinfloor's policy on deposit and withdrawal fees?", you'll be pleased to hear it has recently adopted a no-fee policy when it comes to depositing and withdrawing Bitcoin and fiat currencies into the Coinfloor Exchange. There are however Coinfloor fees of 0.38% for trades of $1,000 and above.

Fiat currency withdrawals via GBP and USD will take up to five business days to clear. Meanwhile, EUR withdrawals will arrive in your bank account within two business days. There are no Coinfloor withdrawal fees at the time of writing.

Fiat currency deposits via international wire transfers can take between 0-5 business days to arrive. The site’s Priority or Express transfer can move your funds into your Coinfloor trading account within a matter of three hours.

Coinfloor Exchange Payment Methods

Bitcoin and Bitcoin Cash

Bitcoin and Bitcoin Cash deposits can be processed 24/7. The minimum Bitcoin and Bitcoin Cash deposit amount at Coinfloor Exchange is 0.05 XBT, with no Coinfloor fees charged. Deposits made using this payment method are usually credited to your Coinfloor trading account within an hour for Bitcoin and up to ten hours for Bitcoin Cash.

Wire transfer

Users can fund their Coinfloor account via fiat currency wire transfers. Be sure to use your Coinfloor reference code and specify the currency you’re sending when ordering the transfer with your bank.
At the time of writing, Coinfloor does not allow its users to buy Bitcoin with PayPal or other e-wallets.

Customer Support

In the event that you have any issues with the Coinfloor trading platform, users can submit online support tickets in English and Polish. The Coinfloor help system is also full of frequently asked questions (FAQs) designed to provide you with a swift response without having to contact a member of staff. At the time of writing, Coinfloor does not offer live chat functionality or a telephone helpline.

Unique features

Arguably the most impressive feature about the Coinfloor Exchange is its 100% cold storage of user funds. All Coinfloor Bitcoin sent by users are received, stored and sent out from various underground vaults, ensuring the same security standards as the Bank of England.

The Coinfloor Bitcoin exchange was also the first to hold all its users’ Bitcoins in Multi-Signature Pay 2 Script Hash (P2SH) cold storage.

How does Coinfloor Exchange compare to eToro?

A key difference between Coinfloor Exchange and eToro is that you are required to physically own and store your cryptocurrency bought from Coinfloor. Unlike Coinfloor, eToro allows its users to trade the price action on leading cryptocurrencies without having to physically purchase them outright. Instead, users place contracts for difference (CFD) orders. For instance, if you feel the price on Bitcoin will rise, you will place a ‘Buy’ CFD order. Similarly, if you feel the price of Bitcoin will fall, you will place a ‘Sell’ CFD order. Users can also place stop losses and ‘take profit’ orders to minimise risk at all times.

However, the number-one difference between Coinfloor and eToro is that the latter is extremely well-regulated, offering genuine peace of mind to crypto investors. Both the UK’s FCA and the Cyprus Securities and Exchange Commission (CySEC) regulate the eToro platform, which has become the world’s number-one social trading community. On the flip side, Coinfloor is 100% unregulated, meaning that its clients use their platform at their own risk, with no form of recourse available.

Tutorial: How to register and trade at Coinfloor Exchange

Here is a step-by-step guide on how to register and start trading at Coinfloor:

Signing up

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Hit the ‘Sign Up’ button in the top navigation bar and complete the three-step process.

Verification

Your new Coinfloor account will require identity verification. To accelerate this process, provide the Coinfloor team with one of the following: valid passport, high-quality colour image of your documentation, driving license or non-UK national ID card.

Deposits & Withdrawals

To deposit funds, log in to your Coinfloor account. Select the ‘Deposit’ button at the top navigation bar. Select the asset you wish to deposit and follow the on-screen instructions.

To withdraw cryptocurrency, select the ‘Withdraw’ button within the ‘My Account’ section. You’ll need to provide your cryptocurrency wallet address in order to submit a withdrawal request.

How to buy/trade

Hit the ‘Exchanges’ button on the navigation header once logged-in to make a deposit. Click on ‘Access Trading’, select your desired cryptocurrency and click either ‘Buy’ or ‘Sell’.

How to store your cryptos

Unfortunately, Coinfloor Exchange does not offer its own built-in wallet to store cryptos. Don’t worry though – we’ve listed and reviewed all of the leading crypto wallets to help you on your way.

Coinfloor Exchange advantages & disadvantages

Advantages

√ Intuitive trading interface
√ Mobile Coinfloor app available for crypto trading on the move
√ 100% cold storage of user funds
√ No Coinfloor withdrawal fees or deposit fees

Disadvantages

X Only six crypto coins available to trade
X Extremely high minimum deposit amounts
X No 24/7 live chat assistance
X Unregulated exchange

Conclusion: Is Coinfloor safe?

In summary, there is no doubt that Coinfloor is a serious cryptocurrency exchange. You only have to look at its commitment to security and its 100% cold storage of user funds to realise they care about their clients. However, the exceptionally high minimum deposit amounts of $1,000 will deter all but the most serious cryptocurrency investors. Furthermore, its unregulated nature will also put some people off investing such serious sums of money into digital assets via Coinfloor.

Make sure you read our recent eToro review to understand the alternative to using a crypto exchange by investing in cryptocurrency CFDs

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