Ease of Use
CoinBurp makes it simple, quick, and easy to buy Bitcoin (BTC) and 5 other cryptocurrencies.
Creating an account and getting verified takes no time (about 15 minutes), my GBP deposit was credited in about 10 minutes, and the whole buying process was seamless.
Fees seem competitive too. I found that quoted Bitcoin (BTC) prices were about 1.6% above the real exchange rate, but this does vary day-to-day.
CoinBurp is a cryptocurrency broker that has made it super-simple to buy, sell, and store Bitcoin (BTC) and 5 other cryptocurrencies.
In this CoinBurp review, I cover everything you need to know about them – including how it works, supported cryptocurrencies, the fees it charges, and more.
Advantages & Disadvantages
- UK-based (London).
- 4.9* Trustpilot rating (900+ reviews).
- Verification doesn’t take long (15 minutes).
- GBP deposits are credited quickly (within 10 minutes).
- Simple and easy-to-use mobile app (iOS and Android).
- Support available via email, Telegram, and Facebook Messenger.
- Competitive Bitcoin (BTC) prices, which seem to be around 1.5% above the real exchange rate. There are no trading fees.
- Provides online wallet (which is insured by BitGo Custody).
- Minimum deposit is just £5 (or €5).
- Only supports Bitcoin (BTC) and 5 other cryptocurrencies.
- Can’t deposit GBP/EUR with a debit or credit card.
- GBP withdrawal fees seem high (fixed £5 fee).
- Alternatives with lower fees available in the UK.
What is CoinBurp?
In short, CoinBurp’s mission is to make it simple and easy for more people to buy, sell, and store Bitcoin (BTC) and other cryptocurrencies.
They have 16 members of staff listed on their LinkedIn company page. One recent addition to the team is Iqbal Gandham, who has joined CoinBurp as a non-executive advisor. Previously, Iqbal was the UK Managing Director at eToro and Chief Marketing Officer (CMO) at Nutmeg.
We've hit 20,000 registered users!!! 🔥
CoinBurp is now one of the fastest growing crypto trading platforms in the UK and Europe, with user registrations increasing by 870% over the past 12 months to 20,000.
WHAT. A. YEAR. 🙌 pic.twitter.com/NMOwFX3SKf
— CoinBurp (@coinburp) October 15, 2020
How Does CoinBurp Work?
CoinBurp is a cryptocurrency broker, which means you’ll be buying or selling directly with them.
You can access CoinBurp via a browser or by using their mobile app (iOS and Android). The mobile app is in beta, but I had no problems with an iPhone.
Like alternatives, you’ll need to complete verification before you can start using CoinBurp. From start to finish, this only took 15 minutes – so you won’t be left waiting around for days (or weeks).
Once you’ve sorted out that rubbish, you’re ready to deposit GBP and buy Bitcoin (BTC) or another supported cryptocurrency.
They’ve made the process super-simple.
CoinBurp currently supports six cryptocurrencies:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Stellar (XLM)
They’re looking to support EOS (EOS), Tether (USDT), and numerous ERC-20 tokens in the future.
You can deposit British Pounds (GBP) and Euro (EUR) into CoinBurp.
You can only deposit GBP with a UK bank transfer (via Faster Payments, BACS, or CHAPS). Most banks support Faster Payments (by default), but you can check here.
When I tested out CoinBurp, I found that GBP sent with a UK bank transfer via Faster Payments was credited in about 10 minutes.
You can also deposit EUR using a SEPA bank transfer if your country is part of the SEPA zone.
You’re not charged any explicit fees to buy Bitcoin (BTC) on CoinBurp. However, there are hidden fees included in the exchange rate that you’re quoted.
I found that Bitcoin (BTC) prices on CoinBurp were about 1.6% above the exchange rate quoted on popular cryptocurrency exchanges.
This seems competitive and in-line with what other popular cryptocurrency brokers are charging:
|Cryptocurrency Broker||Fees Snapshot|
|Solidi||1.5% - 2%|
|Bittylicious||2 - 3%|
|BC Bitcoin||Up to 3%|
The prices I was quoted for other cryptocurrencies available on CoinBurp were a little inconsistent though – up to 3.9% for Ethereum (ETH).
|Bitcoin Cash (BCH)||1.9%|
When I asked CoinBurp, I was told that customers can usually expect the quoted prices for all cryptocurrencies to be about 1 – 1.5% above the real exchange rate. However, it can vary “depending on a number of market conditions”.
You won’t be charged any deposit fees if you send more than £100 with a UK bank transfer (via Faster Payments). You’ll pay a £0.50 charge if you deposit less than this.
Check out this page for more details.
This is higher than alternatives. However, it’s only going to a significant problem if you’re intending to make small withdrawals.
|Withdrawal||Withdrawal Fee Impact|
|£100||5% of Withdrawal|
|£1000||0.5% of Withdrawal|
|£10000||0.05% of Withdrawal|
For example, it currently costs £15 to withdraw Bitcoin (BTC) from CoinBurp. However, you’ll pay the same withdrawal fees in lots of other places – as this is what it currently costs to send a (fast) transaction on the BTC network.
Your deposit limits will depend on your verification level.
You’ll need to verify your identity (e.g., driving license or passport) and address (e.g., bank statement or utility bill) to get level 1 verified.
To unlock level 2 limits, you’ll need to submit your passport and verify your source of funds with CoinBurp. Beyond this, you’ll have to complete “enhanced due diligence”.
|Verification Level||Daily Deposit Limit||Yearly Deposit Limit|
This is annoying, but there’s no escaping it – as all cryptocurrency exchanges and brokers operating in the UK need to collect this information.
Each of them focuses on making it quick and easy to buy Bitcoin (BTC) and other cryptocurrencies without getting ripped off. This is perfect if you’re a beginner and have never bought, sold, or stored Bitcoin (BTC) before.
CoinJar is the cheapest out of these three, charging a fixed fee of 1% and quoting Bitcoin (BTC) prices which are slightly above the prices you’d find on a cryptocurrency exchange.
Check out my CoinJar review to learn more.
The Bottom Line
Everything about CoinBurp is beginner-friendly.
Here’s what I liked:
- It takes no time to create an account and get verified (15 minutes).
- GBP sent with a UK bank transfer is credited quickly (within 10 minutes for me).
- Buying Bitcoin (BTC) and other cryptocurrencies is straightforward and intuitive.
CoinBurp’s fees seem competitive too. I was told there’s usually a spread of between 1 – 1.5% for any cryptocurrency they offer (although I found it was slightly higher than this when buying Bitcoin).
And there’s lots of positive sentiment on Trustpilot about them. Numerous people mention how quick and easy they’ve made it all, as well as their excellent customer support.
Want to check them out?
Thanks for reading this CoinBurp review.
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