Coinfloor announced on 4th October 2021 that its UK exchange platform was being acquired by CoinCorner. You can find out more in this post on Coinfloor’s website.
Check out my CoinCorner review for everything you need to know about them.
For alternative options, check out my list of the best places to buy Bitcoin (BTC) in the UK.
If you already have a Coinfloor account, you have two options:
- Transfer your account over to CoinCorner (including balances and account details).
- Withdraw your balances and close your account.
If you do transfer your account over to CoinCorner, it doesn’t seem like you’ll need to go through the faff of verifying your identity again.
If you decide to withdraw your balances and close your account:
- You’ll be charged 0.0005 BTC to withdraw Bitcoin (BTC).
- You cannot withdraw any GBP if your balance is below £30.
If you don’t take any action before the 1st November 2021, then you’ll automatically be migrated over to CoinCorner.
You can make your choice by logging into your Coinfloor account on its website. When I went through this process, this is what I saw (click to expand):
You’ll receive a few emails with your transaction history after you’ve closed your account or transferred it over to CoinCorner.
Coinfloor is a UK-based crypto exchange that allows you easily buy Bitcoin (BTC) with GBP using its mobile app or trade it using its web interface.
In this Coinfloor review, we discuss all this platform’s major features. We’ll look at the fees that Coinfloor charges, its background and safety record, and the platform’s pros and cons.
Advantages & Disadvantages
- UK-based company.
- Excellent corporate transparency.
- Competitive trading fees on the Coinfloor Exchange (up to 0.30%).
- Can use Coinfloor app to make quick and simple purchases (0.99% fee, min 50p).
- Can setup recurring Bitcoin (BTC) purchases (max 0.99% fee, min 50p).
- Fees charged for recurring Bitcoin (BTC) purchases drop to 0% after 12 months.
- Only supports Bitcoin (BTC).
- Only supports GBP and EUR deposits.
- Identity verification is required for most features.
- Fees are charged when you deposit or withdraw GBP to Coinfloor Exchange.
What is Coinfloor?
Coinfloor is a London-based crypto services provider. Founded in 2013, it is the longest-running crypto exchange in the UK.
The company was started by a team of investors and computer scientists, which included Obi Nwosu, Amadeo Pellicce, and Mark Lamb, who struggled to find a simple way to trade cryptocurrencies in the UK.
To solve the issue, they created their own exchange for UK-based investors who want to buy and sell Bitcoin (BTC).
Coinfloor is relatively highly rated on Trustpilot. Currently, the firm has a 3.9* rating out of more than 150 reviews.
This might not seem like a particularly high rating, but it is on the upper end of the spectrum for the crypto industry. In fact, only a few other places, like Coinburp or Bittylicious, have a higher rating on Trustpilot.
Reviews on Coinfloor’s Trustpilot page note that the company provides a simple, streamlined way to invest in Bitcoin (BTC). Most of the low rating reviews mention the firm’s slow customer support and the hassles that come with Coinfloor’s lengthy identity verification process.
As of the time of writing, Coinfloor hasn’t experienced a successful company-wide hacking attempt. The firm is also one of the most transparent in the industry with regard to its custodial duties.
In fact, Coinfloor publishes monthly Bitcoin (BTC) audits. The firm has published these audits monthly since 2014 and they provide detailed information about how much the company has in its reserves.
How Does Coinfloor Work?
Coinfloor is a cryptocurrency exchange that specialises in Bitcoin (BTC). This means that the firm maintains its own order book for Bitcoin (BTC) and that it matches buyers and sellers without the need for a broker to facilitate the trade.
Here’s an overview of what Coinfloor offers:
- Coinfloor Singlebuy: Buy Bitcoin (BTC) by just sending a simple UK bank transfer to Coinfloor. Competitive fees (0.99%, min £0.50). Only accessible via the Coinfloor app.
- Coinfloor Autobuy: Setup recurring purchases of Bitcoin (BTC) by simply creating a standing order using a UK bank account. Competitive fees (0.99%, min £0.50). Only accessible via the Coinfloor app.
- Coinfloor Exchange: Trade Bitcoin (BTC) using Coinfloor’s web interface. Competitive trading fees (max 0.30%).
- OTC Trading Service: Facilitates high-value purchases and sales of Bitcoin (BTC), typically £100,000+.
- Coinfloor Custody: Bitcoin (BTC) custodial service for professional and institutional clients.
- Coinfloor Corporate: Aimed at making it simple and safe for institutional clients to buy, sell, and store cryptocurrency.
Singlebuy & Autobuy
There’s no mention of Coinfloor accepting deposits from Revolut on its website.
I also had no problem sending GBP via Revolut to Coinfloor when I tested it out myself.
Singlebuys allow you to easily make one-off purchases of Bitcoin (BTC) by sending GBP using a UK bank transfer to Coinfloor.
This allows you to buy Bitcoin (BTC) without the high fees that you might find for similar instant-buy services in other places.
- Open up the Coinfloor mobile app.
- In the bottom bar, select ‘Buy’.
- Select ‘Singlebuy’ at the top.
- Send GBP using a UK bank transfer to Coinfloor’s account.
- Once the GBP is received, your purchase will be executed as a market order on the Coinfloor Exchange at that point.
It should normally take less than an hour for these to be processed. After my initial deposit, GBP I sent over to Coinfloor was processed within minutes.
However, Coinfloor only processes transactions between 7:30 am and 9:30 pm (Monday – Sunday). If you miss the cutoff, then you’ll have to wait until the next day.
Autobuys allow you to setup recurring purchases of Bitcoin (BTC). You do this by creating a standing order which automatically sends GBP to Coinfloor using a UK bank transfer on a fixed schedule (e.g., every day, week, or month).
This enables you to automatically buy Bitcoin (BTC) on the schedule of your choice.
For example: you could create a daily, weekly, or monthly purchase of £50 worth of Bitcoin (BTC) to build up your stack of sats over time. This is a method of dollar-cost averaging into the Bitcoin (BTC) market.
- Open up the Coinfloor mobile app.
- In the bottom bar, select ‘Buy’.
- Select ‘Autobuy’ at the top.
- Create a standing order from your UK bank account to Coinfloor’s account.
- Whenever GBP is received, your purchase will be executed as a market order on the Coinfloor Exchange at that point.
Coinfloor typically processes these deposits within an hour – but only between 7:30 am and 9:30 pm (Monday – Sunday). If your GBP doesn’t arrive before this cutoff, then it won’t be processed until the following day.
When you use Coinfloor’s Singlebuy or Autobuy feature, your Bitcoin (BTC) is – by default – stored inside your Coinfloor account.
However, you can automatically withdraw Bitcoin (BTC) from your Coinfloor account after making purchases using ‘Sweep‘.
Once configured, this tells Coinfloor to send your Bitcoin (BTC) to a pre-registered wallet address every time you make a purchase above the minimum sweep amount (currently 0.002 BTC).
Here’s how you configure and enable Sweep in the Coinfloor app:
- Open up the Coinfloor app.
- Select the ‘Withdraw’ tab.
- Enter in the Bitcoin (BTC) withdrawal address that you want purchases to be sent to.
- Go back to the homepage and select the gear icon in the top-left.
- Select ‘Profile and Settings’.
- Scroll to the bottom and enable Sweep.
Once enabled, any Bitcoin (BTC) that you buy using Singlebuy or Autobuy that’s over the minimum amount (currently 0.002 BTC) will be automatically withdrawn to your specified wallet.
This won’t withdraw Bitcoin (BTC) that’s already in your account. To get that out, you’ll have to initiate a standard withdrawal. However, this has a higher minimum limit (currently 0.005 BTC).
Sell BTC & Withdraw
Sell & Withdraw gives you a quick way to liquidate Bitcoin (BTC) that you have in your Coinfloor account.
When you activate this feature, Coinfloor sells your indicated quantity of Bitcoin (BTC) for GBP. These funds are then transferred to your pre-registered bank account.
This saves you the hassle of having to manually sell and then withdraw your funds.
Coinfloor account holders can also trade Bitcoin (BTC) on the Coinfloor Exchange.
The Coinfloor Exchange is effectively a more advanced way to buy Bitcoin (BTC). The primary benefit to the exchange is that it lets you place limit orders rather than market orders. This allows you to buy BTC only when it falls under a certain price.
All things considered, the Coinfloor Exchange isn’t as advanced as what you might find at Coinbase Pro, Kraken, or Bitstamp. Especially because it only supports limit orders. However, if you want more control over your BTC purchases and get lower fees, it’s still worth checking out.
All Autobuys and Singlebuys on Coinfloor are processed as market orders.
However, if you want to place Bitcoin (BTC) limit orders – or if you want to access lower trading fees – you’ll want to check out the Coinfloor Exchange.
- Login to your account using a web browser.
- Head over to the Coinfloor Exchange.
- Enter the price that you want to buy Bitcoin (BTC) at.
- Type in the total amount of GBP or EUR that you want to spend on your purchase.
- Click the ‘Buy’ button to confirm your transaction.
Orders on the Coinfloor Exchange are limit orders. This means that your order will stay on the order book until it is matched with an order from a different trader. Because of this, you won’t see your Bitcoin (BTC) in your account until your trade has been executed.
This can take a few milliseconds or a few seconds – but it could also take hours. It will depend on the price you’re looking to buy or sell at, market liquidity, and trading volume. You can cancel your order at any time though.
Expand these sections to learn more about some other services provided by Coinfloor.
Most Coinfloor investors place trades using Autobuys, Singlebuys, or the Coinfloor Exchange. However, the company also offers OTC trading services for high-value trades.
The idea behind Coinfloor’s OTC trading services is that the company provides investors with an experienced trading team to facilitate large Bitcoin (BTC) trades off the public exchange.
Coinfloor offers relatively little information about the pricing for this service as fees are determined on a case-by-case basis. However, it is generally available for investors that want to place trades of over £100,000 in BTC.
All Coinfloor account holders get access to Coinfloor’s high-end security features and a hosted wallet where your Bitcoin (BTC) is stored until you transfer it to an external wallet.
However, the firm also offers its Coinfloor Custody service for professional and institutional clients that want access to the same great security features.
As is the case with Coinfloor account holder assets, all BTC held in Coinfloor Custody is secured using multi-signature addresses and 100% cold storage.
Coinfloor also indicates that they have insurance on assets held on the platform and in Coinfloor Custody. However, they don’t mention how much this insurance policy is worth.
The platform’s final major feature is Coinfloor Corporate.
This is available to institutional clients that want a simple way to buy, sell, and store crypto. With Coinfloor Corporate, institutions can get access to the firm’s OTC trading services and a dedicated corporate account manager.
Additionally, institutional investors can also inquire about Coinfloor’s fiat accounts. These accounts are GBP current accounts that are designed specifically for companies that work in the cryptoasset industry.
Coinfloor’s fiat accounts are administered in partnership with the FCA-authorised institution Enumis. As a result, these accounts provide access to direct debits, FPS transfers, debit cards, online banking, and even API access.
Fees for this service vary on a case by case basis, so contact the company directly for more information.
Coinfloor is a UK-based company and its services are designed for UK-based investors.
Coinfloor doesn’t explicitly list all of its supported countries on its website.
The only hint of geographic restrictions on the Coinfloor site comes when you try to make an account. While making an account, it asks you to certify that you’re not a tax resident of the United States. As such, we can presume that Coinfloor isn’t available in the US.
Due to the limited amount of information available about Coinfloor’s supported countries, it’s best to contact the firm directly if you live outside of the UK and are interested in using them.
Although the company currently only supports Bitcoin (BTC) purchases, I should mention that Coinfloor used to support other cryptocurrencies.
The firm delisted Ethereum (ETH) from its platform in 2020, after making the decision to focus solely on Bitcoin (BTC) transactions. Coinfloor also previously listed Bitcoin Cash (BCH) and Bitcoin SV (BSV) on its exchange.
But by the end of 2019, Coinfloor no longer supported either of these coins.
You can buy Bitcoin (BTC) using British Pounds (GBP) and Euro (EUR) on Coinfloor.
- UK Bank Transfer (via FPS)
- CHAPS, BACS, & SWIFT
You can also deposit Bitcoin (BTC) into your Coinfloor account.
Coinfloor seems to have previously allowed US dollar (USD) and Polish Złoty (PLZ) Bitcoin (BTC) purchases.
It’s unclear when the company stopped allowing USD and PLZ. However, this was likely sometime after a 2018 announcement about increases in the firm’s fiat deposit and withdrawal minimums for USD.
Like most crypto exchanges, Coinfloor is in the business of making money. So, it’s no surprise that the firm charges fees.
There are 3 categories of Coinfloor fees:
- Autobuy/Singlebuy fees (via its mobile app).
- Exchange trading fees (via its desktop interface).
- Withdrawal and deposit fees.
Autobuy and Singlebuy Fees
Autobuy and Singlebuy fees on Coinfloor start at 0.99%.
However, there’s a minimum fee charge of 50p for each order. This means that it will work out more expensive to place orders of less than £50.
If you make Autobuy purchases for 3 months in a row, then you’ll unlock a fee discount.
Here are the discounts you can get:
|Less than 3 months||0.99%|
After a year’s worth of consistently buying Bitcoin (BTC) using Autobuy, you’ll stop paying transaction fees on subsequent Autobuys. But if you stop your Autobuy and then restart it, your fee tier will reset to the original 0.99%.
Exchange Trading Fees
Trades placed on the Coinfloor exchange are charged a fee based on your 30-day trading volume.
These are the fees you’ll be charged on the Coinfloor Exchange:
|GBP Trading Volume||Trading Fees|
|Less than £500,000||0.30%|
|£500,000 to £1 million||0.20%|
|More than £1 million||0.10%|
Deposit and Withdrawal Fees
These are Coinfloor’s deposit fees:
|Deposit Method||Deposit Fee||Minimum Deposit|
|UK Bank Transfer (FPS) (GBP)||£2.50||£250|
|SWIFT, CHAPS, & BACS (GBP)||£30||£1,000|
|SEPA Bank Transfer (EUR)||€1.50||€1,000|
|Bitcoin (BTC)||Free||0.01 BTC|
And these are Coinfloor’s withdrawal fees:
|Deposit Method||Withdrawal Fee||Minimum Withdrawal|
|UK Bank Transfer (FPS) (GBP)||£5||£250|
|SWIFT, CHAPS, & BACS (GBP)||£30||£500|
|SEPA Bank Transfer (EUR)||€1.50||€500|
|Bitcoin (BTC)||0.0005 BTC||0.005 BTC|
|Bitcoin (BTC) via Sweep||0.0002 BTC||0.002 BTC|
When compared to popular alternatives, Coinfloor has more expensive deposit and withdrawal fees. It also has higher minimum deposit and withdrawal limits than you’ll find in other places.
All Coinfloor accounts are subject to some account verification. However, the amount of verification you choose to complete will greatly affect the limits placed on your account.
Here’s a look at the two verification levels at Coinfloor and what features and services you have access to at each level:
|Features & Services||Partial Verification||Full Verification|
|Autobuy & Singlebuy Maximum Investment||£3,000||Unlimited|
|Autobuy & Singlebuy Single Transaction Limit||£1,000||£10,000|
|Sell & Withdraw Limits||Unlimited||Unlimited|
|Sweep Limits||Cannot Access||Unlimited|
|Maximum Exchange Trades||Cannot Access||Unlimited|
|Deposit GBP & BTC||Cannot Access||Unlimited|
|Withdraw GBP & BTC||Cannot Access||Unlimited|
While the firm offers some functionality if you don’t want to fully verify your account, you won’t get the full benefit of the platform’s features without doing so.
Before fully verifying your account, you can only place limited Autobuy and Singlebuy transactions using your bank account. You can also sell and withdraw funds from your Autobuys and Singlebuys, at which point your fiat currency will be transferred to your bank account.
With full account verification, you can access the Coinfloor exchange and deposit funds directly into your account.
Coinfloor is a popular UK-based exchange, but it won’t be the right choice for everyone.
If Coinfloor isn’t the best platform for your needs, both Bittylicious and Solidi are worth considering. Both platforms provide similar features insofar as they let you quickly buy Bitcoin (BTC) using a GBP bank transfer.
Fees for these firms are a bit higher than at Coinfloor (both their prices are typically between 1.5% and 2% higher than the real BTC-GBP exchange rate). But for simplicity and convenience? They’re two solid options.
And if you’re looking for the ability to easily buy more cryptocurrencies than just Bitcoin (BTC), then CoinJar is one that’s worth looking at.
It works out slightly more expensive than Coinfloor, but it offers dozens of cryptocurrencies and a speedy account verification process.
Find out more in my CoinJar review.
The Bottom Line
In 2021, Coinfloor seems like it has something for everyone in the UK – from beginners to institutional players.
Here’s what stood out to me:
- Easily buy Bitcoin (BTC) with a UK bank transfer via its app (0.99% fees, min. 50p).
- Discounted fees (all the way down to 0%) when you consistently make recurring purchases for 12 months. This discount only applies to automatic purchases you make, but it makes Coinfloor a great place to grow your stack of sats over time.
- Can use the Coinfloor Exchange to trade Bitcoin (BTC) on GBP and EUR markets.
- Excellent corporate transparency – one of only a few places that proves how much cryptocurrency they’re holding.
Some people might be disappointed that it doesn’t support anything except Bitcoin (BTC). On top of this, its trading volume appears to be lower than other popular crypto exchanges (like Coinbase, Gemini, Kraken, or Bitstamp).
Its exchange also has higher deposit and withdrawal minimums than most alternatives I’ve reviewed.
But if you can look past these points? There’s a lot to like about what they’re doing.
In particular, it’s awesome how straightforward they’ve made it for beginners to start stacking sats using the Coinfloor app.
Head over to the Coinfloor to learn more.Find Out More
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