Coinfloor Review
The cryptocurrency market continues to greatly reward investors and traders who dared to invest in the market despite its volatility. And many individuals seeing these incredible rewards, now look to venture into the crypto market via a decent exchange platform like the Coinfloor exchange to benefit from the pool of financial opportunities.
For many traders and investors who are not familiar with the Coinfloor exchange, this is the Coinfloor exchange review. We’ll be discussing expressly the operations, benefits, services, and features of the exchange platform.
As a new trader, it is important that you understand how the crypto market is designed. And it is designed such that each component cannot operate in isolation, hence, the reason why every investor needs an exchange platform.
Exchange platforms are digital marketplaces that enable the buying and selling of various digital currencies and without them, investors can have access to the vast opportunities present in the crypto market. For this reason, investors must choose an exchange platform to make as their trading partner.
Considering how important exchange platforms are, it will still be reckless for new investors to just choose an exchange platform without evaluating its basic and primary features and benefits. This is because we now have a lot of scam exchanges present in the crypto market. And to be able to avoid their gimmicks, researches into the features of various exchanges becomes necessary.
If you’ve heard about the Coinfloor exchange platform and you are thinking about signing up but not too certain if it is the proper crypto exchange for you, then this detailed review is for you. Let’s have a look at the primary features and benefits of the Coinfloor exchange platform
| Exchange Platform | Coinfloor |
| Website | http://coinfloor.co.uk/ |
| Withdrawal Fee | Varies |
| Language | English |
| Trading Fee | Varies |
| Support | Email and FAQ section |
| Security | Two-factor authentication (2FA), Cold Wallets, and Multi-Signature Pay 2 Script Hash (P2SH) |
| Trading Platform | Coinfloor Exchange and Coinfloor Market |
| Trading assets | Bitcoin (BTC), Litecoin (LTC), Ripple (XRP), Ethereum Classic (ECH), Ethereum (ETH), and Bitcoin Cash (BCH). |
| Payment Method | Wire transfer, and Cryptocurrency transfer |
The Coinfloor exchange platform was established in 2013 and is recognized as one of the leading crypto exchange platforms in the United Kingdom. The exchange platform is the brainchild of James McCarthy, Amadeo Pellicce, CEO Obi Nwosu, and Mark Lamb. However, the investment capital needed to finance the project was provided by both Taavet Hinrikus, the co-founder of TransferWise, and the Passion Capital firm.
For Coinfloor to become the giant trading company it is today, the exchange platform employed the services of top brokers and financial analysts within the United Kingdom. Initially, the exchange platform aimed to provide its trading services primarily to the UK markets, however, its decent services have successfully attracted numerous investors from across the globe.
Upon its establishment, the Coinfloor exchange platform based its headquarters in London where it controls and oversees its entire trading operations all over the world. Since its establishment, the exchange platform has gone on to become the first Publicly Auditable cryptocurrency exchange using the “proof of solvency” blockchain that is made accessible to all its clients.
Presently, the Coinfloor exchange platform is the biggest Bitcoin-to-GBP exchange in the world. However, the exchange is not licensed by the United Kingdom’s Financial Conduct Authority (FCA) but it is registered and licensed under the authority of Her Majesty’s Revenue & Customs Dept.
As a top-performing cryptocurrency exchange platform, Coinfloor offers a very straightforward and simple way to buy, sell and store various digital coins safely within the crypto market. The exchange platform lists just a few crypto pairs on its trading platform with most of its resources focused on offering exchanges in fiat currencies to Bitcoin Cash and Bitcoin.
A glance at the Coinfloor exchange platform suggests it is decent enough to be able to cater to the trading needs of most investors and traders. However, let’s have a closer look into the exchange’s features and operations to be able to ascertain how decent and credible the Coinfloor exchange platform is.
Trading Platform
The Coinfloor exchange platform offers a simple and straightforward trading platform to its clients. The trading platform is user-friendly, of simple design, and integrated with the basic trading tools needed for market analysis.
The trading view of the Coinfloor trading platform consists of buy and sell-boxes, price charts, order book, a dashboard page that shows trader’s account activities, account balances, and access keys for the Coinfloor API.
To give its clients the luxury of choosing a trading platform that best caters to their trading needs, Coinfloor offers two different types of web-based trading platforms; the Coinfloor Exchange and Coinfloor Market.
The Coinfloor Exchange
Coin floor designed the Exchange trading platforms to be highly intuitive and straightforward, however, clients can only carry out market and limit orders using the Exchange platform. The interface is designed such that the ask/bid history is displayed below the market depth chart and recent and open trades are laid out below the trade slip.
Clients trading on the Exchange platform can leverage on the BTC-to-GBP market liquidity which is the largest among other crypto exchanges based in the United Kingdom. Clients also get to enjoy the little spreads charged on every trade executed on the Exchange platform.
The Coinfloor Market
The Coinfloor market was established on the 2nd of July, 2015 becoming the very first supported peer-to-peer bitcoin marketplace in the United Kingdom. The marketplace consists of the top 21 bitcoin exchanges focused on the UK market signing a pact known as the Bitcoin Broker’s Agreement. This agreement signed is to primarily help make the crypto market a safe place for various investors to trade cryptocurrencies.
The Coinfloor Market operates in such a way that prices of Bitcoin offered by various exchange platforms are displayed to clients looking to purchase Bitcoin. In the case where a client decides to make a purchase, they are encouraged to make a wire transfer to the appropriate exchange’s Uk bank account. Coinfloor then serves as a middle man holding the coin until the exchange confirms payments then the bitcoin is released into the client’s crypto wallet.
Security Protocol
Coinfloor gives the highest priority to the safety and security of investment funds and sensitive personal information. And as such, has established and integrated the latest security measures on its trading platform. That is why, ever since its establishment in 2013, the exchange platform has not recorded any major hacks on its trading platform.
Here is the summation of some of the security protocols that the Coinfloor exchange platform integrates within its security system to safeguard client’s funds and personal data. These include;
- Compulsory use of Two-factor authentication (2FA) by all clients
- Storage of all digital assets in offline cold wallets. However, it is still unclear how Coinfloor generates its liquidity if no digital asset is stored online.
- Email authorization on every login attempt
- Multi-Signature Pay 2 Script Hash (P2SH)
- Solid firewalls for web applications
Lastly, the Coinfloor exchange stores and secures clients’ fiat currencies at the LHV Bank based in Estonia. Also, the reason why the exchange chooses not to keep clients’ funds within the United Kingdom remains unclear.
Supported Cryptocurrencies
The Coinfloor exchange platform initially only supported the buying and selling of Bitcoin, however, they’ve gone ahead to increase their listing adding just other major cryptocurrencies in the market. Presently, the exchange platform lists only six digital coins on its trading platform and they include; Bitcoin (BTC), Litecoin (LTC), Ripple (XRP), Ethereum Classic (ECH), Ethereum (ETH), and Bitcoin Cash (BCH).
Considering many investors who love to diversify their portfolios, the Coinfloor cryptocurrency listing doesn’t really offer the much-needed flexibility in this regard. However, more options are available for investors interested in exchanging fiat-to-crypto pairs.
Coinfloor lists about eight fiat-to-crypto pairs on its trading platform, covering about three fiat currencies which include USD, EUR, and GBP. It’s important to know that Coinfloor symbolizes Bitcoin as “XBT” instead of the commonly used “BTC” on its trading platform. Regardless, the eight fiat-to-crypto trading pairs listed on the Coinfloor exchange platform include; BTC/USD, ETC/GBP, BTC/GBP, LTC/GBP, BTC/EUR, ETH/GBP, BCH/GBP, and XRP/BTC.
From the trading pairs listed, you would notice that the only cryptocurrency paired with a non-GBP currency is Bitcoin. This is quite limiting as it does not give room for investors who would want to use other fiat currencies as their base currency.
Commissions and Fees
Before choosing an exchange platform, it is important that you check the various fees and commissions charged by such an exchange. This is to ensure that such an exchange platform is not charging way more than necessary, ripping you off part of your hard-earned profits.
The Coinfloor exchange just like other exchange platforms charges various fees and commissions on every deposit, withdrawals, and trade excited on its trading platform. The fees and commissions charged by Coinfloor include;
The trading fee charged on trades executed by the Coinfloor exchange platform varies depending on the trading volume traded by an investor. For clients trading below 500,000 USD/EUR/GBP each month, a trading fee of 0.30% is charged on executed trades.
For clients with a trading volume between 500,000-1,000,000 USD/EUR/GBP every month, a trading fee of 0.20% is charged on executed trades. For a trading volume above 1,000,000 USD/EUR/GBP every month, a trading fee of 0.10% is charged.
Considering the industry’s global average, the primary trading fee of 0.30% is slightly above average which is around 0.20% – 0.25%. However, the discount offered on specific trading volumes make up for the basic trading fee.
Deposit fees
The Coinfloor exchange platform also charged a variable deposit fee depending on the payment method used. The deposit fee charged on each payment method include;
- €1.50 deposit fee using SEPA (EUR only)
- £2.50 deposit fee using UK Faster Payments (GBP only)
- £30 deposit fee using UK BACS/CHAPS/SWIFT (GBP only)
- $10 deposit fee using U.S. wire transfer (USD only)
Deposit of Bitcoin Cash, Bitcoin, and Ethereum is free
Withdrawal fees
Just like the deposit of funds, withdrawal of funds also attracts variable withdrawal fee depending on the payment method employed. The withdrawal fee charged per withdrawal method include;
- €1.50 withdrawal fee using SEPA (EUR only)
- £5.0 withdrawal fee using UK Faster Payments (GBP only)
- £30 withdrawal fee using UK BACS/CHAPS/SWIFT (GBP only)
- $75 withdrawal fee using U.S. wire transfer (USD only)
- A withdrawal fee of 0.0200 ETH/ 0.0010 BTC/ 0.0010 BCH on Ethereum, Bitcoin, and Bitcoin Cash respectively.
Withdrawal and Deposit Method
The Coinfloor exchange platform offers two different types of payment options to its clients; Wire Transfer and Cryptocurrency transfer. The exchange platform does not allow the deposit and withdrawal of funds via debit or credit card which is quite limiting for many investors.
- Wire Transfer
Clients of the Coinfloor exchange platform can both fund and withdraw from their trading account via fiat currencies using wire transfer. Although a reference code is expected to be used and clients must make sure to specify their preferred currency before making any deposit or withdrawal request.
- Cryptocurrency Transfer
Clients can transfer their preferred supported digital coin in and out of their Coinfloor trading account from and into an external wallet. For deposit and withdrawal of Bitcoin Cash and Bitcoin, it takes roughly 24 hours for the overall process to the approved. However, the minimum deposit amount clients can make for Bitcoin and Bitcoin Cash is 0.05BTC.
Customer Support
The customer support offered by the Coinfloor exchange platform does not offer the much need flexibility needed by investors. This is because only one support channel is Email support is made available to its clients.
However, even with just one support channel, the exchange platform is still able to answer numerous requests and complaints from clients at record time. Clients can also go through the FAQ section on the Coinfloor website to see if their questions have already been answered before sending an email to support.
Final Thought
From this review, it is quite evident that the Coinfloor exchange platform is a top-performing crypto exchange. Its dedication to the security and safety of clients’ funds, provision of an incredible trading platform, and high liquidity offered to its clients make it an incredible exchange platform.
If you still need more information on the Coinfloor exchange platform, you can always visit their website and social media platform.
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