Scenic picture taken on the Isle of Man

CoinCorner Review (2018)

CoinCorner
  • Ease of Use
  • Beginner Friendly
  • Payment Options
  • Speed
  • Fees
2.9

Summary

CoinCorner is based in the Isle of Man (established 2014) and allows you to buy and sell Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP).

While their interface is simple enough, they have high fees (about 5%). There are numerous cheaper alternatives.

CoinCorner is an Isle of Man based service which has been around since 2014.

But who are they? And are they a competitive way to buy bitcoin (BTC) in the UK?

Read this short review and find out.

Advantages & Disadvantages

Advantages

Disadvantages

Who Are Coincorner?

CoinCorner is based in the Isle of Man and was founded in 2014. They have over 150,000 registered users. And although they support 48 countries, over 40% of their userbase is from the UK.

CoinCorner’s aim.

CoinCorner “started with the solution to a simple problem. Wanting to buy Bitcoin from the UK and online from somewhere you trust”.

CoinCorner has a 3* Trustpilot rating (380 reviews). Here are two of the negative reviews which I picked out.

To summarise, people are complaining about:

  • Their high fees.
  • Lack of GBP deposit/withdrawal support.
  • That you can’t withdraw any cryptocurrency except bitcoin (BTC).

How Does Coincorner Work?

Although I found a few pages saying otherwise (see here, here, and here), CoinCorner isn’t an exchange service like Coinbase Pro, Bitstamp, or Kraken.

You can only buy/sell at the prices they offer through their online portal. You can’t set custom buy/sell prices or if-then conditions. It also seems like you’re buying from, or selling to, CoinCorner. It seems comparable to something like Coinbase or Wirex.

CoinCorner is easier and more convenient than using an exchange (e.g., Coinbase Pro), but their prices aren’t competitive (more on that below).

They have a mobile app (iOS and Android), which apparently “has the functionality of the website at your fingertips”. It looks like some Android users are having issues with it.

Supported Cryptocurrencies

CoinCorner supports the following cryptocurrencies:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Ripple (XRP)

You apparently can’t withdraw any cryptocurrency except bitcoin (BTC). That stinks.

Payment Methods

CoinCorner accepts:

GBP deposits aren’t available right now (and there’s no ETA on when they’ll return).

Deposits must be made from an account in your name and not via Payment Service Providers or eWallets (e.g., Revolut or TransferWise).

Fees

Delicious.

The fees aren’t great.

Granted, they’re not as insane as Coinmama. But CoinCorner’s rates still aren’t competitive.

Let’s break it down:

  • You’ll pay 2.5% administration fees whenever you deposit less than £2000/€2000.
  • Bitcoin (BTC) prices are 1.9% above the real BTC to GBP exchange rate.
  • You’ll pay an additional 1% whenever you buy/sell a cryptocurrency.

In total, you’d lose about 5% of your money when buying bitcoin (BTC) on CoinCorner. When I made a purchase, I found that the total fees were closer to 8%. You can easily money by using alternatives (see below).

When I queried CoinCorner, they confirmed that:

For purchases over £2000/€2000, this means that you could potentially pay between 2-3% in fees.

Alternatives

It’s 100% unnecessary to pay more than about 2-3% in fees when buying bitcoin (BTC) in the UK. There are plenty of easy-to-use and well-recommended options which charge a lot less.

For an overview of the 5 best ways to buy bitcoin in the UK, check out this post

The closest equivalent to CoinCorner that comes to mind is Wirex.

Wirex is the absolute cheapest way (<1.5% in fees) to buy bitcoin (BTC) with a debit or credit card in the UK. Compared to the next cheapest alternative (Coinbase), you’ll save about 2.5% in fees when buying bitcoin (BTC) using Wirex.

You can find out more in this quick post.

Conclusion: Not Impressed.

I wasn’t that impressed with CoinCorner.

Why? Three main reasons:

  • Don’t support UK bank transfers.
  • Their fees are high (alternatives charge much less).
  • According to this post, you can’t withdraw anything except bitcoin (BTC) from their portal.

Sure…it’s quick and easy to get verified. The interface is simple enough to use too. But numerous alternatives offer an equivalent (or better!) experience without snatching away about 5% every time you buy bitcoin (BTC).

In short? At least for now, I won’t be using CoinCorner.

Even though they’re a well-established business who are regulated by the Isle of Man Financial Services Authority (IOMFSA), their prices and buying/selling experience are not competitive.

Still interested? Check them out.

What Do You Think?

Have you used CoinCorner?

Share your experience in the comments below!

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