CoinFloor Review

Covered by The Financial Times, The Independent, and CNBC, the London-based CoinFloor (coinfloor.co.uk) is apparently the first publicly auditable bitcoin exchange. It has teamed up with an FCA-regulated trading firm to be able to handle bulk bitcoin orders, and it has thus become the biggest bitcoin-to-GBP exchange. Safety is apparently the top priority at CoinFloor: two-factor authentication is a default requirement for all those who decide to register with the exchange.

The company behind the website is CoinFloor Ltd., headquartered at 1Quality Court, City of London, WC2A 1HR, UK.  The general company email address is info@coinfloor.co.uk.

The team currently powering the operation is a high-profile gathering of Bitcoin experts and professionals. The managing director is Obi Nwosu, who was heavily involved with various online marketplaces like WeeWorld and QXL. Commercial Director Mark Lamb used to handle around 10% of the UK’s entire bitcoin volume at one point as one of the country’s first bitcoin brokers.

CoinFloor Platform

The CoinFloor platform, which unfolds in front of the client following login, is as simple and straightforward as it could possibly get. After all, only a handful of functionalities had to be implemented. This simplicity and the responsive platform design means that CoinFloor will indeed run optimally on mobile too.

Account Types

CoinFloor currently offers private and corporate accounts. Regardless of which account type one opts for, there’s no way around the two-factor authentication process required by the operator.

Private clients can buy and sell bitcoins through the CoinFloor OTC market. Retail clients can also make large purchases and sales, though they have to request a quote for such trades beforehand.

Corporate customers gain access to large-block OTC sales and purchases by default. They enjoy outstanding bitcoin liquidity in EUR, GBP, and USD. A diverse set of API tools are offered to such clients, too, to enable them to integrate new Bitcoin payment gateways with their existing payment solutions – among other Bitcoin-related perks.

Fees

Opening a CoinFloor account and using the storage service is free. Deposits-wise, bitcoin deposits carry no fees whatsoever, while withdrawals are charged a nominal amount to cover mining fees. The minimum deposit in bitcoins is 0.0050 (5.18 British Pounds at the time of writing). In every supported fiat currency, the minimum is 1,000 units. GBP, the fee for a GBP 1,000 deposit is 5.00 GBP. On a EUR deposit, there’s a EUR 1.5 fee. 1,000 PLN, there are no associated fees, while for 1,000 USDs, the fee is $10. Withdrawal fees apply to all these currencies too. A CoinFloor percentage fee is also calculated, ranging from 0.34% to 0.38%.

Regulation

Founded in 2013, CoinFloor Ltd is registered in the UK under the business registration number 08493818. The company isn’t registered with the FCA (nor must it be). Since April 16, 2014, CoinFloor has published a monthly Provable Solvency Report.

Customer Support

CoinFloor customer support can only be reached through a ZenDesk “Submit a Request” form.

CoinFloor Reviews

On July 5, 2023, we received the following complaint from a person who reported losing $250:

My Coinfloor account contains 15,000 rupees (INR). Unfortunately, a fraudulent merchant froze my Coinfloor account. The Coinfloor ID associated with my account is ************. I am unable to withdraw my money. Please help me.

Conclusion

The UK’s biggest bitcoin exchange, CoinFloor, is a trusted, reliable, and safe operation. The only customer complaints have so far been about the response speed of the support staff.

What’s your opinion about CoinFloor? Please leave a comment below and share your experience with this exchange.

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