Coinfloor Crypto Exchange Review

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What Is Coinfloor?

Coinfloor is one of the oldest cryptocurrency exchanges in Europe. The company was founded in 2013 and provides services to UK residents. Among its investors are many large companies such as VC Fund, Passion Capital and Taavet Hinrikus.

Criteria

Value

Site

Social Media

Date of foundation

2013

Head Office

1 Quality Court, City of London, WC2A 1HR, UK

Types of cryptocurrencies

Bitcoin

Types of support

E-mail: [email protected]
Help Center

Languages

English

Ceo

Obi Nwosu

How to register on Coinfloor

How to register on Coinfloor

Creating an account is very easy. You need to go to the website of coinfloor.co.uk and click the Sign Up button located in the upper right corner of the web page. In order to create an account, you need to provide an email address and come up with a password. After that, an email with a confirmation link will be sent to the specified email address, which must be clicked to activate the account.

Sign Up

To complete the account creation, the client must set up two-factor authentication. To do this, you will need the Authy mobile or desktop application. After these steps, the user will be redirected to a page where they must provide personal information to verify their account.

Two-Factor authentication

The verification procedure is standard. You need to upload color scans of your identity documents and your bank statement. In some cases you may be called by video link. But there is another more important feature of the exchange. Coinfloor is registered with the UK Information Commissioner's Office (ICO). Its registration number is ZA002203. This means that customers' personal data can never be shared or sold to third parties. Moreover, only the top management of the exchange has access to customer databases and data.

Types of accounts

Types of accounts

CoinFloor currently offers private and corporate accounts. Regardless of which account type is chosen, there is no way around the two-factor authentication process required by the operator.

Private customers can buy and sell bitcoins through the OTC CoinFloor marketplace. Retail customers can make large purchases and sales, although they must request a quote in advance for such transactions

Corporate customers get access to large-scale over-the-counter sales and purchases by default. They enjoy outstanding bitcoin liquidity in GBP and EUR. Such clients are also offered a diverse set of API tools that allow them to integrate the new bitcoin payment gateways with their existing payment solutions.

How to deposit and withdraw funds?

You can only make a deposit by bank transfer, so you have to wait a few days until Coinfloor will credit the funds to your account. Alternatively, you can make deposits using bitcoin. Coinfloor supports only two fiat currencies: pound sterling (GBP) and euro (EUR). GBP and EUR are included in trading pairs.

The minimum amount that can be deposited at Coinfloor is 1,000 GBP/EUR.

You can withdraw funds in the same way as a deposit. 

How to trade on Coinfloor

How to trade on Coinfloor

At Coinfloor cryptocurrency exchange everything is very simple. The exchange of sterling and euro to bitcoin works, and trading in only two pairs - XBT/EUR and XBT/GBR - is offered through the trading terminal. Additionally, there is an over-the-counter market (OTC) for large transactions (over 100 thousand pounds).

The liquidity is not high. XBT/GBR are traded in volume of about $1 mln, XBT/EUR are not often traded at all.

Exchange trading fees

Coinfloor has variable trading commissions. They depend on the volume the client uses. If he trades less than 500,000 GBP/EUR per month, he will pay a commission of 0.3% per transaction. However, it can be reduced to 0.2% if the trading volume is between 500,000-1,000,000 GBP/EUR.

The minimum trading commission a client can receive is 0.10%. It applies to trades of more than 1,000,000 GBP/EUR per month.

Criteria

GBP

EUR

Coinfloor Fees

30 day trailing trading volume 

< 500,000

< 500,000

0.30%

30 day trailing trading volume 

500,000 – 1,000,000

500,000 – 1,000,000

0.20%

30 day trailing trading volume

> 1,000,000

> 1,000,000

0.10%

Coinfloor Autobuy

Coinfloor Autobuy

Coinfloor cryptocurrency exchange offers such service as Autobuy for its users. Autobuy is a way to buy bitcoin on a permanent basis. In your personal account, you create a standing order that serves to accumulate bitcoin over time, thus smoothing out price volatility. When your Autobuy deposit is processed, the pound sterling is exchanged for bitcoin and the bitcoin is transferred to your Coinfloor account. Once the transaction is completed, you receive a confirmation email.

(Please note Autobuy only works with GBP from a UK bank).

Mobile App

Mobile App

Coinfloor cryptocurrency exchange has a mobile app for Android and iPhone. It supports all the functions of the site, and some functions in the app are much more convenient. For example, setting up two-factor authorization.

Advantages and disadvantages of  Coinfloor crypto exchange

Advantages

Disadvantages

  • Accepts cryptocurrencies and fiat
  • Convenient and simple trading platform
  • Safety of funds and European registration
  • 2FA support
  • High commissions;
  • Does not support debit/credit cards or electronic payment systems;
  • High minimum deposit;

Conclusion

The cryptocurrency exchange Coinfloor is based in Britain. It maintains ties with the FCA, takes care of the safety of funds and personal data of clients. In 2018, Coinfloor launched a program to counter manipulation of cryptocurrency markets. The software of the American company Trading Technologies (TT) is used for this purpose. Other cryptocurrency exchanges, such as Gemini and Coinbase, use the same software. The software uses machine learning algorithms and detects fraud attempts in the market. All these are undeniable pluses of the organization.

However, there are also disadvantages. To the main ones, we will refer high commissions, high minimum deposits and a small number of deposit/withdrawal methods.

Coinfloor is one of the most reliable and secure cryptocurrency exchanges for bitcoin buying and selling transactions. The focus of this exchange on only one cryptocurrency may be considered by some as a disadvantage, but in fact, this fact shows that Coinfloor really cares about its users.

Jack Evans


I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments.
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