CoinCorner Review (2022)

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CoinCorner
  • Beginner Friendly
  • Payment Options
  • Speed
  • Fees
  • Functionality
4.6

Summary

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

It also has functionality which allows you to setup automatic purchases, earn cashback (in BTC) when shopping at some retailers, and buy gift cards with your BTC balance. All awesome stuff.

But best of all? It was one of the first cryptocurrency platforms to add support for Bitcoin Lightning Network! There aren’t many places that provide this functionality yet.

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

Advantages

  • Founded in the Isle of Man in 2014.
  • Verified shouldn’t take long (normally around 10 minutes).
  • Supports multiple payment methods (incl. UK bank transfer, debit cards, and credit cards).
  • Fees as low as 1% if you buy more than £300 single transaction.
  • Can send and receive Bitcoin (BTC) via the Lightning Network.
  • Compliant with Isle of Man regulations.
  • Awarded ‘Designated Business Status’ in 2016.

Disadvantages

  • 3.9 Trustpilot Rating (700+ reviews).
  • Fees are much higher (up to 10%) if buying smaller chunks of any supported cryptocurrency.
  • Only supports three cryptocurrencies (Bitcoin, Ethereum, & Litecoin).
  • Cannot deposit or withdraw Ethereum (ETH) or Litecoin (LTC).

What Is CoinCorner?

CoinCorner is based in the Isle of Man and was founded in 2014 by Danny Scott.

It’s a cryptocurrency broker which allows you to buy, sell, and store Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC).

In 2022, 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’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 3.9-star Trustpilot rating (700+ 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.
  • That you can’t deposit or withdraw any cryptocurrency except Bitcoin (BTC). People are little surprised by this, as they support Ethereum (ETH) and Litecoin (LTC).
  • The fees that they’re being charged (more on this later in the review).

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, CoinJar, Gemini, or CoinJar.

CoinCorner is also easier and more convenient than using an exchange like Coinbase Pro or Kraken.

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 2022.

What other services does CoinCorner provide?

In 2022, 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 have:

  • Lightning Network Support: They don’t shout about it on their website, but you can send and receive money via the Bitcoin Lightning Network (for free).
  • 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).
  • 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.

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.

Awesome stuff.

And even better? I recently caught a tweet where they were paying for a coffee with a NFC pair of MtSocks via the Lightning Network!

You can find out more about what CoinCorner have been up to over the years here.

Supported Cryptocurrencies

CoinCorner currently supports these three cryptocurrencies:

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.

It sounds like they’re looking to remove them in the near future:

Did CoinCorner previously support Ripple (XRP)?

Yes, CoinCorner stopped supporting Ripple (XRP) on the 7th January 2021.

Payment Methods

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

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

CoinCorner Fees

I am in the process of verifying the information in this section.

It’s free to deposit GBP with a UK bank transfer (via Faster Payments) or EUR via a SEPA bank transfer. However, you’ll pay a 2.5% fee to deposit cash with a card or 3.2% to do it via Neteller.

And if you buy more than £300 worth of Bitcoin (BTC), then CoinCorner’s fee schedule indicates you shouldn’t pay more than 1% in fees.

But if you buy less than that, you’ll end up paying higher fees (up to 10% for smaller buys):

Purchase AmountFeeEquivalent % (Min)
Up to £10Up to £1.0010%
More than £10 or equal to £25Up to £1.506%
More than £25 or equal to £50Up to £2.004%
More than £50 or equal to £300Up to £3.001%
More than £300Up to 1%1%

One thing that isn’t clear to me is whether there is any spread (i.e., hidden fee) inside the BTC to GBP exchange rate. When I previously updated this review, it appeared to range from 2% to 8%. However, I’m now being quoted prices that match-up with the prices quoted on Coinbase Pro. Besides what it says in their Terms of Service, I can’t find anything about what a new customer should expect.

If you’re buying or selling large amounts of Bitcoin (BTC), you might also 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.

NameFees (Approx)Review
CoinCorner1 - 10%-
Luno1.5%Luno Review
CoinJar1%CoinJar Review
Gemini1.99% (if > £150)Gemini Review
Crypto.com AppVariable (1 - 2%)Crypto.com Review
SolidiVariable (1 - 2%)Solidi Review
BittyliciousVariable (1 - 2%)Bittylicious Review

CoinCorner Alternatives

In 2022, there are more places than ever before where you can buy Bitcoin (BTC) and other cryptocurrencies.

Given CoinCorner’s lazer-eyed focus on Bitcoin (BTC), I think the closest equivalent in the UK would be Bottlepay.

When I checked this out, I was really impressed by what it was offering.

Bottlepay is a mobile app that allows you to easily and quickly deposit GBP with a UK bank transfer (via Faster Payments) or Open Banking. You’ll then be charged a 1% fee whenever you buy or sell any Bitcoin (BTC) using it.

And like CoinCorner, it supports the Bitcoin Lightning Network!

Bottlepay WebsiteBottlepay Review

Another option is CoinJar.

While CoinJar doesn’t support the Bitcoin Lightning Network, it allows you to buy, sell, and store more than 40 cryptocurrencies.

You’ll pay nothing to deposit GBP with a UK bank transfer (via Faster Payments). You’ll then be charged a 1% fee whenever you buy or sell any supported cryptocurrency.

And if you want to use a debit card instead? You’ll be charged 2%.

CoinJar WebsiteCoinJar Review

The Bottom Line

Since I first reviewed CoinCorner back in 2018, its platform has come a long way.

Here are a few things I like about it:

  • It used to be clumsy and difficult to use, but it’s looking better than ever in 2022.
  • You can deposit GBP with a UK bank transfer (via Faster Payments), but they also support debit/credit cards and Neteller.
  • It supports the Bitcoin Lightning Network! This allows you to send and receive BTC for free (with no limits).
  • They’ve continued to add more functionality (e.g., CoinCorner Checkout and CoinCorner Autobuy).
  • It’s a well-established business who are regulated by the Isle of Man Financial Services Authority (IOMFSA) – with good customer support.

The one thing that’s disappointing is that it has a tiered fee schedule. This means you’ll pay higher fees (up to 10%) if you buy less than £300 worth of cryptocurrency in a single transaction.

Interested in checking them out? Click the button below to head over to their website.

CoinCorner Website

Have Questions?

Thanks for reading this CoinCorner review!

Have any questions?

Let me know in the comments below!

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1 thought on “CoinCorner Review (2022)”

  1. Good post , spot on , just bought xrp through revolut and got much more than coinbase offered at exactly same price ! I’m staggered at the difference and I’m new to both services .

    Reply

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