Ease of Use
CoinCorner is based in the Isle of Man (established 2014) and allows you to buy and sell Bitcoin (BTC) and Ethereum (ETH), Litecoin (LTC).
While their interface is simple and easy-to-use, they have fees that range from 3% to 10% (depending on your previous purchase volume). This isn’t competitive at all. There are numerous cheaper ways to buy Bitcoin (BTC) in the UK.
CoinCorner is a cryptocurrency broker based in the Isle of Man which has been around since 2014.
But what is CoinCorner? How does the platform work? And is CoinCorner a competitively priced way to buy Bitcoin (BTC) in the UK?
I’ll answer these questions (and more) in this short CoinCorner review.
Advantages & Disadvantages
- Based in the Isle of Man.
- Established in 2014.
- Verified in less than 1 hour.
- Supports multiple payment methods (incl. UK bank transfer, debit cards, and credit cards).
- Compliant with Isle of Man regulations.
- Awarded ‘Designated Business Status’ in 2016.
What Is CoinCorner?
It’s a cryptocurrency broker which allows you to buy, sell, and store Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC).
In 2021, it now has over 200,000 registered users. Although they support more than 45 countries, more than 40% of their userbase is from the UK.
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 3.2 Trustpilot rating (500+ reviews). Here are two reviews I picked out:
Here are the main things people are talking about in their reviews:
- CoinCorner’s excellent customer support.
- Their non-competitive fees.
- That you can’t deposit or withdraw any cryptocurrency except Bitcoin (BTC). People are little surprised by this, as they support Ethereum (ETH), Litecoin (LTC), and Ripple (XRP) too.
How Does CoinCorner Work?
You can only buy and sell cryptocurrencies at the prices they offer through their online portal.
You can’t set custom buy/sell prices or if-then conditions (i.e., stop limit). It also seems like you’re buying from (or selling to) CoinCorner. It seems comparable to something like Coinbase, Luno, or CoinJar.
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 though.
You will be required to verify your identity before you can use CoinCorner. This is to comply with anti-money laundering legislation and is standard across the industry in 2021.
In 2021, CoinCorner are more than just a place to buy, sell, and store Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC).
Here are the other services they now support:
- CoinCorner Checkout:Helps businesses to accept Bitcoin (BTC) payments on their website (1% fee).
- CoinCorner Gifts: Buy gifts cards from Bitrefill using Bitcoin (BTC) stored in your CoinCorner account.
- CoinCorner Autobuy: Setup a standing order with CoinCorner to automatically buy Bitcoin (BTC) at regular intervals.
- CoinCorner Cashback: Earn cashback in Bitcoin (BTC) when buying from 1000+ shops online (e.g., Currys, B&Q, Musclefood, and MyProtein).
They’ve also launched MtSocks, which is a “one-stop sock shop for Bitcoin enthusiasts”.
This is pretty cool:
- You can ONLY buy these socks using Bitcoin (BTC).
- Sock designs are inspired by something BTC-related.
- Each design comes with an information card which explain’s the design’s history.
- Utilise ‘Proof of Sock’ so you can verify the authenticity of the socks.
You can find out more about what CoinCorner have been up to over the years here.
CoinCorner currently supports these three cryptocurrencies:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
Unfortunately, you cannot deposit Ethereum (ETH) or Litecoin (LTC) into CoinCorner.
You also won’t be able to withdraw any Ethereum (ETH) or Litecoin (LTC) that you buy on CoinCorner. It’ll just be stuck there – which isn’t great.
Yes, CoinCorner stopped supporting Ripple (XRP) on the 7th January 2021.
From today, Thursday 7th January 2021, XRP is no longer available to buy on https://t.co/rJxvMRuFEc following the recent U.S. SEC lawsuit filed against Ripple Labs, Inc.
The delisting process has begun and we aim to have XRP fully delisted by Tuesday 19th January 2021.
— CoinCorner (@CoinCorner) January 7, 2021
CoinCorner currently supports these payment methods:
- GBP Bank Transfer (Faster Payments Service)
- GBP Bank Transfer (International)
- Credit & Debit Cards (GBP & EUR)
- SEPA Bank Transfer
- Neteller Deposits
The fees aren’t great.
Let’s break CoinCorner’s fees down:
- You’ll pay £1 to deposit GBP via a UK bank transfer.
- If you buy or sell more than £300 worth of Bitcoin (BTC), you’ll pay 1% in fees. If you buy or sell less than that, you’ll pay a higher fees.
- Bitcoin (BTC) prices are based on your previous purchase volume. There’s no fixed schedule, but it appears to range between about 2% and 8% above the real BTC to GBP exchange rate.
Translated, you’ll pay somewhere between 3% and 10% in fees if you buy or sell more than £500 worth of Bitcoin (BTC) with CoinCorner with a UK bank transfer. From what I understand, new customers should expect to be quoted Bitcoin (BTC) prices which are towards the top-end of this range.
|Purchase Amount||Approx Fee (Min)||Approx Fee (Max)|
If you’re buying or selling large amounts of Bitcoin (BTC), then you may be offered more competitive rates if you contact them directly.
Here’s how they compare to other places which allow you to buy Bitcoin (BTC) in the UK.
|CoinCorner||3 - 10%||-|
|CoinJar||1 - 1.5%||CoinJar Review|
|Solidi||1 - 2%||Solidi Review|
|Bittylicious||1 - 2%||Bittylicious Review|
|Gemini||1.5 - 2%||Gemini Review|
There are lots of cheaper (and just as easy) ways to buy Bitcoin (BTC) in the UK.
Read my short summary of the best ways to buy Bitcoin (BTC) in the UK. That post will help you find an option which suits you (without paying excessive fees).
It’s 100% unnecessary to pay more than about 2% in fees when buying Bitcoin (BTC) in the UK.
There are plenty of easy-to-use and well-recommended options which charge less than this, too.
The closest equivalent to CoinCorner that comes to mind is Luno.
Luno has a superb, easy-to-use mobile app which allows to quickly and easily buy six cryptocurrencies – which includes Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP).
With Luno, you’ll be charged a fixed fee of 1.5% when you buy any supported cryptocurrency with GBP deposited with a UK bank transfer. There are no hidden fees either – you’ll always be quoted the real exchange rate.Luno ReviewLuno Website
Conclusion: Cheaper UK Options Available
Since I first reviewed CoinCorner in 2018, their platform has come a long way.
It used to be clumsy and difficult to use, but it’s looking better than ever in 2021. They now support GBP bank transfers, debit cards, and credit cards too.
They’re also an established business who are regulated by the Isle of Man Financial Services Authority (IOMFSA) – with good customer support.
But their fees range from approximately 3% to 10%. That’s just not good enough.
There are PLENTY of cheaper ways to buy Bitcoin (BTC) in the UK.
As I’ve covered in my overview of the best ways to buy Bitcoin (BTC) in the UK, you can EASILY pay less than 2% on other sites.
Still interested in checking them out? Click the button below to head over to their website.CoinCorner Website
Thanks for reading this CoinCorner review!
Have any questions?
Let me know in the comments below and I’ll reply ASAP.