Ease of Use
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 and easy-to-use, their have fees that range from 3% to 10% (depending on your previous purchase volume). There are numerous cheaper ways to buy Bitcoin (BTC) in the UK.
CoinCorner is an Isle of Man based service which has been around since 2014.
But what is CoinCorner? How does the platform work? And is CoinCorner a competitive priced way to buy Bitcoin (BTC) in the UK?
I’ll answer these questions (and more) in this short CoinCorner review.
Advantages & Disadvantages
What Is CoinCorner?
CoinCorner has a 4* Trustpilot rating (454 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), even though 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 or Wirex.
CoinCorner is easier and more convenient than using an exchange like Kraken but their prices aren’t that 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 though.
CoinCorner currently supports these cryptocurrencies:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Ripple (XRP)
Unfortunately, you cannot deposit Ethereum (ETH), Litecoin (LTC), and Ripple (XRP) into CoinCorner. You also won’t be able to withdraw any Ethereum (ETH), Litecoin (LTC), or Ripple (XRP) that you buy on CoinCorner. It’ll just be stuck there.
CoinCorner currently supports these payment methods:
- GBP bank transfer (via Faster Payments Service)
- GBP bank transfer (International)
- GBP debit and credit cards
- EUR debit and credit cards
- EUR bank transfer (SEPA)
- 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 fee.
- 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%||-|
There are 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 1-2% 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.
The closest equivalent to CoinCorner that comes to mind is Wirex.
Wirex is a cheap way (2.5% in fees) to buy Bitcoin (BTC) with a debit card, credit card, or UK bank transfer in the UK. Compared to the next cheapest alternative (Coinbase), you’ll save about 1.5% in fees when buying Bitcoin (BTC) with a debit or credit card using Wirex.
Conclusion: Cheaper UK Options Available
Since I last 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 2020. They 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) and offer great 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. You can easily pay less than 2% in other places.
Still interested in checking them out?
Thanks for reading this CoinCorner review!
Have any questions? Let me know in the comments below and I’ll reply ASAP.