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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 a 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 [email protected]

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.co.uk

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 fact that the platform design is responsive, 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 make large purchases and sales too, 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, aimed at making it possible for 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 Pound at the time of writing). In every supported fiat currency, the minimum is 1,000 units. On GBP, the fee on a GBP 1,000 deposit is 5.00 GBPs. On a EUR deposit, there’s a EUR 1.5 fee, on 1,000 PLN there are no associated fees, while on 1,000 USDs, the fee is $10. Withdrawal fees apply to all these currencies too. A CoinFloor percentage fee is calculated as well, 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 is it required to be). Starting with April 16, 2014, CoinFloor has been publishing a monthly Provable Solvency Report.

Customer Support

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

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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CoinFloor
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6 Comments

  1. Neil Bradshaw

    It’s about 10 times more difficult to open a CoinFloor account than a UK bank account. Anyone with the same difficulties I’ve found – suggest you try Coinbase. Instantly setup. Works really will. Bought my first Etherum on day one!

  2. Cryptominx

    5 * from me!!!! First time l used coinfloor last week.. l have been trading crypto for some time now and mainly use the bigger exchanges such as gdax but they become huge nightmare when trying to cash out for UK customers so l was looking for simpler way to get my GBP into my bank after selling some of my bitcoins. Pretty simple to use nothing special but had brilliant experience with support team that answered my question within an hour.. Very transparent with fees and my money was in my bank within 4 days after withdrawal.. Will definitely use Coinfloor again…

  3. Dannis

    AVOID! The worst exchange I have ever seen. Their customer service is horrible. Contact many times and no response. You are lucky if you can receive one in 2 months. Do not risk your assets in the exchange like this.

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