Launched in July 2014, CoinCorner (coincorner.com) is another operation focused on the UK Bitcoin scene, looking to make it easy and convenient to get fiat money and Bitcoins in and out of the cryto currency environment. Accessibility is the main selling point of the company and towards that end, it has developed superior mobile applications covering iOS, Android as well as Windows, which allow users to buy and sell bitcoins, to store virtual currency and to make payments using such currency too.
The company behind the CoinCorner site is CoinCorner Ltd, and it is based at 2nd Floor Office Suite, St. James’ Chambers, 64A Athol Street, Douglas, IM1 1JE, Isle of Man. CoinCorner is registered under the number 129003C and it is authorized by Isle of Man authorities to conduct business involving virtual currencies. No phone numbers are currently available for contact or support purposes. CoinCorner’s co-founders are Bitcoin celebrities Phil Collins and Daniel Scott.
The CoinCorner Platform
The CoinCorner software is clearly aiming for simplicity and easy access. Registration is lightning-quick. User balances are provided in GBP and Bitcoin, although Dogecoin and Litecoin used to be supported as well. Bitcoin can be sold and bought. Clients can make deposits and withdrawals, they can buy/sell Bitcoins and send/receive payments at a single click.
Market orders can be placed too, through the trade slip, which is auto-populated and which is also designed to be as simple and as straightforward as possible.
The CoinCorner API is aimed at merchants, allowing them to integrate a Bitcoin payment gateway with their already implemented payment methods. The point-of-sale payment system accepts Bitcoin payments through the use of any Android device.
CoinCorner is currently the only UK-based Bitcoin exchange/wallet, which offers native Android and iOS apps with superbly designed user-interfaces, that give users access to their virtual currency wallets, while allowing them to make payments through the scanning of QR codes.
Two types of accounts are currently supported at CoinCorner: Personal and Merchant. In both cases, extensive verification of identity is required, including proof of residence for Personal accounts. The above mentioned merchant services are obviously only available for Merchant account holders.
Some of the fees used by CoinCorner are indeed on the steep side. For Bank Wire withdrawals for instance, a £35 fee is charged. For Debit/Credit Card deposits, there’s a 5% commission, as well as a £0.40 surcharge. Virtual currency deposits and withdrawals are completely free. There’s a commission taken on Sell orders too.
While the activity CoinCorner currently performs doesn’t require regulation for the time being, the company has been working closely with the Isle of Man Government to make sure that when regulation does come, they’ll be among the first to attain full compliance.
CoinCorner support can be reached through an email form.
Deposits and withdrawals can be made through credit- and debit cards, bank wire (SWIFT/SEPA), Neteller and directly in the supported virtual currencies (BTC). Withdrawals work in the same way, however there’s no option for withdrawals to Neteller.
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Minimum deposit amounts for debit/credit card are £10/€10 and £20/€20 if you’re using Neteller. Bank transfers and Bitcoin deposits have no minimum.
Maximum deposit amounts are up to £500 if using a debit/credit card and £95/€95 for Neteller deposits. Again, bank transfer and Bitcoin deposits have no maximum.
Minimum withdrawal amounts are £100/€50 for bank transfers and £10/€10 (against previous deposits) if using a debit/credit card.
There’s no maximum withdrawal amounts, except for when using a debit/credit card where the maximum is the value of previous card deposit transactions.
Minimum trade, by the way is £10/€10.
Testimonials and Conclusion
A reputable operation, with a solid mobile app offering, CoinCorner is currently a rather unique actor on the UK Bitcoin scene.
Complaints about CoinCorner have to do with their being relatively pricey. In one of the company’s replies, they admit that saying that “We appreciate that our rates are not as competitive as other exchanges at present.” Also, many people find the process of verification to be quite annoying with CoinCorner and a good number of people reported getting locked out of their accounts.
To conclude, CoinCorner seems to be a reliable, albeit not the cheapest, Bitcoin exchange out there.
CoinCorner is currently available ONLY in the following countries: Andorra, Argentina, Australia, Austria, Belgium, Brazil, Bulgaria, Canada, Cayman Islands, Cyprus, Czech Republic, Denmark, Estonia, Faroe Island, Finland, France, Germany, Gibraltar, Greece, Greenland, Guernsey, Hungary, Ireland, Isle of Man, Italy, Jersey, Kenya, Luxembourg, Malaysia, Malta, Monaco, Netherlands, New Zealand, Norway, Philippines, Poland, Portugal, Romania, San Marino, Singapore, Slovakia, Slovenia, South Africa, Spain, Sweden, Switzerland and the United Kingdom.
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