Coinfloor reviews and review of the official website of the exchange
Coinfloor is one of the largest exchanges in the UK. It supports several cryptocurrencies and fiat currencies, including the British pound, the euro, the Polish zloty and the US dollar.
Differs in the absence of commissions for bidding. 100% of user funds are stored in a cold multi-signature wallet.
Coinfloor Exchange History
For the first time, the idea of creating a cryptocurrency exchange appeared in 2012. But this idea was realized a year later.
The position of the project’s CEO is Obi Nvosu, whose experience in creating and developing online marketplaces, including QLX and WeeWood, has been over 20 years. He was one of their developers and contributed to the addition of virtual currencies on WeWood as payment instruments.
Coinfloor executives include Mark Lamb. He is a commercial director and was one of the first bitcoin brokers in the UK market. At that time, up to 10% of BTC turnover inside the country passed through it. Forbes included him in his rating of “30 to 30” people in the financial sector.
We managed to attract a number of serious partners to the development of the project, including venture capital funds and individual investors:
- Passion Capital;
- Taaveta Hinrikusa (co-founder of TransferWise);
- Adam Knight (former marketing director at Goldman Sachs).
Subsequently, Adam became chairman of the board of directors of the exchange.
Despite such powerful support, we can say that the best times of Coinfloor are behind us. She needs serious changes in order to reach a serious level again, even in the local market.
The domain is registered on 12.01.2011. The platform is focused mainly on British traders, so the official Coinfloor website has only the English version.
The main page displays the current rate of bitcoin in pair to the British pound. Also here are published all the main innovations and changes in the work of the site, in particular the appearance of new pairs, changes in commissions, etc.
At the bottom of the screen, you can view depth charts of all available markets with the lowest / highest purchase / sale price for the last day. There is also a special window in which publications about the exchange in reputable media are collected, for example:
- Financial times;
- The Independent.
The administration does not hide data about itself and project partners. For relevant information, see About Us. In addition, the company registration address is indicated here.
Registration and Login to Coinfloor
To create an account, enter:
Then agree to the terms of work on the exchange and click Sign Up. Next, check your email. You will receive an email with a link to confirm account creation.
When you first log in to your account, the new user needs to enable two-factor authentication. After that, you need to go through verification of your account. To do this, enter:
- Name, surname;
- Country of residence;
- Date of birth;
The system will process your information in a few seconds and then a window will appear in which attach scans of documents proving your identity and registration. If your jurisdiction is not one of those available, then verification will fail.
Input and output
Coinfloor is no longer just a bitcoin exchange. Now the list of available cryptocurrencies has been expanded due to bitcoin cache. Deposit commission – 0%. Withdrawal fee:
- 0,0005 BTC;
- 0,0005 BCH.
Of the fiats, the British pound, the euro and the US dollar are supported. Previously, the Polish zloty was on this list, but so far it is not available. You can enter / withdraw currencies using SWIFT and SEPA. Deposit Commission:
- 5 GBP;
- 1,5 EUR;
- 10 USD.
The withdrawal fee in euros is similar, and for GBP and USD – £ 60, and $ 75, respectively.
Trading on the exchange is performed in the crypt / fiat format. Bitcoin has the most pairs, and the bitcoin cache is only traded with the British pound. In total, the following trading pairs are available:
- BTC / GBP;
- BTC / USD;
- BCH / GBP;
- BTC / EUR.
The total daily volume barely reaches $ 300,000. The lion’s share of the turnover falls on the pair BTC / GBP.
The commission depends on the volume of the trader. The initial exchange fee is 0.3%. But with increasing speed decreases:
- From £ 500,000 to £ 1 million – 0.2%;
- From £ 1 million – 0.1%.
Types of Orders
Traders can place orders:
- By limit.
- On the market.
Margin trading is not available.
OTC trading. Institutional investors can register on the exchange and buy / sell large amounts of bitcoins for fiat without intermediaries.
To contact technical support operators, go to the Help section. At the top right is the Submit a Request button. Click on it and go to the ticket generation menu. In the appropriate fields, enter the email, category, subject, describe the problem and attach a screen, if necessary.
There are no other options for contacting support. You can also search for answers in the FAQ. They are located in the same Help section.
On the exchange, it is mandatory to enable two-factor authentication. To do this, use the Authy mobile application. Only users who have passed verification can get access to deposit / withdrawal of funds and to trading operations. Most of the assets are stored in encrypted cold wallets. Website data is protected using TLS connection encryption technology. The reliability of the site is evidenced by the fact that it has never been hacked.
The platform focuses on local traders, but because of this, many users from other regions cannot pass verification and gain access to operations on the exchange. On the negative side, a rather high trading commission, a small number of available pairs and a slow support work are noted.
At the same time, the service is suitable for large investors who are interested in over-the-counter trading of bitcoins.