Coinpass Review (2021)
Coinpass is a UK-based service (founded 2018) that allows you to buy Bitcoin (BTC) and seven other cryptocurrencies with a UK bank transfer at competitive rates (max 1.35%).
Registration and verification are (usually) quick, and GBP I transferred over with a UK bank transfer was credited within minutes.
It’s also one of the few UK brokers/exchanges that are registered with the FCA as a cryptoasset business.
Coinpass allows you to trade Bitcoin (BTC) and other cryptocurrencies using its instant buy feature or more advanced trading terminal.
But is it Coinpass all it’s cracked up to be?
In this Coinpass review, I’m going to give you an in-depth look at what the firm is all about. I’ll also run through how Coinpass works, what features it offers, and its various advantages and disadvantages.
Read on to learn more!
Advantages & Disadvantages
- UK-based company.
- Registered as a cryptoasset firm with the FCA.
- Very quick and efficient sign-up process for most people.
- Speedy fiat and crypto deposits.
- Access to an advanced trading terminal for experienced investors.
- Low trading fees (max 1.35%) and no deposit fees.
- Website and mobile apps sometimes have technical issues.
- Charges fees on all fiat and crypto withdrawals.
- No support for credit or debit card payments yet.
- Wasn’t able to use my entire GBP balance to buy BTC (had a few pounds left over).
What is Coinpass?
Coinpass is a UK-based company that was founded in 2018. It was established by Jeff Hancock, Paul Tiley, and Jason Fitzpatrick – three tech entrepreneurs who saw a real demand for a fast crypto trading platform in the UK.
The company’s mission is to “deliver a crypto trading and investment experience that is fast, secure, and easy to use”. Coinpass also hopes to one day bridge the gap between the worlds of traditional finance and digital assets.
Coinpass is a relatively young company in the cryptosphere.
Coinpass has a 4.4* rating (50+ reviews) on Trustpilot, with nearly 80% of users giving the firm 5*. However, this is quite a small number of reviews.
Most of the highly rated reviews on Coinpass’ Trustpilot page mention how quick it is to set up an account. Additionally, many investors are happy to learn that Coinpass is FCA-registered as a crypto asset firm because there are relatively few UK-based companies that meet this standard.
Meanwhile, some of the lower-rated reviews on Trustpilot mention that the company’s support can be slow to respond. Others note that the firm’s website and apps can be a bit buggy.
Before you can buy and sell crypto with Coinpass, you need to make an account. Coinpass’ website touts its fast registration process, which it says takes only minutes to complete for about 95% of users.
To sign up for an account, you need to provide some personal information, including:
- Full name
- Physical address
- Email address
- Phone number
You also need to provide a copy of a government-issued photo ID, such as a driving license or a passport, to verify your identity.
After that’s sorted, you can deposit GBP via a UK bank transfer. You can get the details you need to transfer to in the Coinpass dashboard.
Coinpass Instant lets you buy or sell any of their supported coins with the push of a button, either online or in the firm’s mobile app. This is the default feature for all new Coinpass accounts.
In addition to one-off purchases, Coinpass Instant also lets you set up Auto-Trade. This is a system for establishing a standing order of any of the company’s supported coins.
Using Auto-Trade, you can create a recurring purchase of Bitcoin (BTC) or any other coin on the platform on a daily, weekly, or monthly basis. This lets you take advantage of dollar-cost averaging so you can grow your portfolio over time.
The final key feature of Coinpass Instant is its fast crypto withdrawals. All crypto withdrawals from Coinpass Instant should be processed within 30 minutes so you can secure your funds in your private wallet.
Coinpass Instant allows you to easily buy and sell Bitcoin (BTC) and other supported coins. You can access it via the Coinpass website or mobile apps. The process for purchasing crypto online or in the Coinpass mobile apps is very similar.
To make a Bitcoin (BTC) purchase:
- Open the Coinpass website or app and log in.
- Navigate to the ‘Bitcoin trade’ section of your account.
- Enter the amount of BTC that you want to buy.
- Press ‘Preview Order’.
- Review your order total and any applicable fees.
- Click ‘Execute’ to confirm your order.
- Crypto purchases on Coinpass Instant are processed as market orders. Once you click ‘Execute’, the crypto that you purchased should be automatically available in your account.
Coinpass Trade is the firm’s professional trading platform. It’s only available on the company’s website, but it offers advanced features for more experienced traders.
The primary benefit of Coinpass Trade is that it supports both market and limit orders. Additionally, Coinpass Trade gives you access to customizable charts and the Coinpass exchange order book. You also get lower trading fees when you buy or sell crypto using Coinpass Trade.
But, keep in mind that crypto withdrawals from Coinpass Trade are only processed 2 times a day. This is because these funds are kept in cold storage and withdrawals are processed in batches twice daily.
Additionally, your account isn’t automatically connected to Coinpass Trade. Rather, you need to upgrade your account to be able to use this feature. There’s no fee or application process for upgrading, but you do need to click a button in your account dashboard to gain access to Coinpass Trade.
If you’re looking for a more advanced crypto trading experience, Coinpass Trade might be what you need.
With Coinpass Trade, you get access to the company’s exchange, its order books, and its customizable charting tools. Coinpass Trade also lets you place either market or limit orders so you can have more control over your crypto purchases. However, keep in mind that this feature is only available via the Coinpass website.
To make a Bitcoin (BTC) purchase:
- Open the Coinpass website and log in.
- Navigate to the ‘Trade’ section of your dashboard.
- Select either ‘Market’ or ‘Limit’ to choose an order type.
- Enter the amount of BTC that you want to buy.
- Click ‘Buy’ to execute your order.
If you submit a market order, your funds should be available in your portfolio almost instantaneously. But if you submit a limit order, your purchase will be added to the exchange’s order book where it will wait until it’s matched with a seller. It can take a few minutes or even a few hours until your limit order is complete, but you can cancel it at any time.
Most of Coinpass’ services focus on the individual investor. However, the company now offers crypto trading for businesses. These business accounts offer the same quick deposit and trading experience that you get in a personal account but in a corporate investor-focused platform.
With Coinpass Business, you also get access to the company’s OTC trading desk, which can process up to 100 BTC in a single order. Coinpass Business also supports an API for companies that want to develop their own crypto brokerage services.
Coinpass is a UK-based company that primarily provides crypto trading services for UK citizens and residents. This includes residents of Jersey, Guernsey, and the Isle of Man.
You can also use Coinpass if you’re from a country in the European Economic Area (EEA) and a few other places. Check out Coinpass’ full list of supported countries and jurisdictions for more details.
You can buy and sell 8 major cryptocurrencies on Coinpass:
- Bitcoin (BTC)
- Ethereum (ETH)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Polkadot (DOT)
- Chainlink (LINK)
- Stellar Lumens (XLM)
- Ripple (XRP)
Coinpass hopes to add more coins to its platform in the near future.
One of the key features of Coinpass is the ability to very quickly deposit funds and convert them into crypto.
It currently supports two bank transfer payment methods:
- Faster Payments Network (FPS) transfers (GBP)
- SEPA Instant transfers (EUR)
Coinpass hopes to support deposits via OpenBanking in the near future so that it can provide faster deposits from a wider range of banks and financial institutions.
Additionally, you can deposit crypto directly into your account. That way, you can sell any coins you deposit using Coinpass Instant or Coinpass Trade.
There are two primary types of fees with Coinpass: trading fees and deposit/withdrawal fees.
The trading fees you’ll pay with Coinpass depend on your tier level (determined by your 30-day trading volume) and whether you’re using Coinpass Instant or Coinpass Trade
This is what Coinpass charges for trading fees:
|30-Day Trading Volume||Coinpass Instant Fees||Coinpass Trade Fees|
|£0 to £50,000||1.35%||0.35%|
|£50,000 to £100,000||1.30%||0.30%|
|£100,000 to £250,000||1.25%||0.25%|
|£250,000 to £500,000||1.20%||0.20%|
|£500,000 to £2.5 million||1.15%||0.15%|
|£2.5 million to £7.5 million||1.10%||0.10%|
|£7.5 million and over||1.05%||0.05%|
Overall, trading fees with Coinpass are quite low.
The Coinpass Instant fees are just slightly higher than what you’d pay in similar places (like CoinJar or Luno), but they’re lower than you’d get charged when using Gemini and Coinbase.
Although the Coinpass Trade fees aren’t as low as what you’d get at Kraken, they’re still competitive for the industry.
Deposit & Withdrawal Fees
There are no deposit fees for any crypto or fiat currency deposit at Coinpass. However, there are withdrawal fees and minimum withdrawal requirements on the platform.
Here’s what Coinpass charges for withdrawal fees:
|Asset||Withdrawal Fee||Minimum Withdrawal|
|British Pound (GBP)||£5||£10|
|Bitcoin (BTC)||0.0005 BTC||0.001 BTC|
|Ethereum (ETH)||0.005 ETH||0.01 ETH|
|Ripple (XRP)||1 XRP||21 XRP|
|Litecoin (LTC)||0.001 LTC||0.1 LTC|
|Bitcoin Cash (BCH)||0.001 BCH||0.01 BCH|
|Polkadot (DOT)||0.1 DOT||1.5 DOT|
|Chainlink (LINK)||0.5 LINK||1.5 LINK|
|Stellar Lumens (XLM)||0.1 XLM||50 XLM|
Coinpass doesn’t explicitly list any maximum trading or deposit limits on its website.
But, the company mentions that you must provide “updated information” when your deposit or withdrawal volume is greater than £10,000 in a given month or £100,000 in a year.
Coinpass doesn’t mention what this “updated information” refers to, but it likely means that you need to go through further verification with them. You may want to contact the company directly for more information if you expect to exceed these deposit and withdrawal volumes.
Security & Insurance
Coinpass markets itself as a security-focused crypto broker. The company says that it uses bank-grade encryption for funds held on the platform and that it stores most client crypto assets in cold storage facilities.
Additionally, Coinpass has insurance on assets held on its platform from Lloyds of London. However, they don’t mention how much this insurance policy is worth or what types of loss that it covers.
Coinpass provides a simplified trading experience with a UK-based company. But there are lots of alternatives out there to know about.
If Coinpass isn’t the right option for you, you might want to check out Solidi.
Solidi is another UK-based crypto broker that offers instant purchases on Bitcoin (BTC) and 5 other coins through a bank transfer. The platform is quick, too, as you’ll usually have your coins in your wallet in 5 minutes or less after making a purchase.
Fees with Solidi can vary depending on market conditions. When I’ve checked, I’ve usually been quoted prices that are around 1.5% above the mid-market rate. This is slightly higher than with Coinpass, but Solidi also offers free crypto withdrawals when you buy £500 or more in BTC.
You can learn more in my Solidi review.
But what if you want more of an advanced trading experience with lower fees?
You might want to check out Coinbase Pro.
Coinbase Pro’s biggest asset is that it lets you buy Bitcoin (BTC) on one of the world’s largest exchanges. Its trading fees start at 0.50%, but they decrease substantially if you have a large monthly trading volume.
Find out more about it in my Coinbase Pro review.
The Bottom Line
Coinpass might be a relatively new UK-based crypto broker and exchange, but there’s a lot to like about its platform. This is particularly true if you want a straightforward and no-nonsense way to buy crypto quickly using a bank transfer.
Here’s what I liked about Coinpass:
- It’s a UK-based company that’s registered as a crypto asset firm with the FCA.
- The company’s fee schedule is transparent, and its trading fees are competitive (maximum 1.35% trading fees).
- The onboarding process is usually quite speedy.
- GBP you send over to Coinpass via a UK bank transfer is credited within minutes – so you can starting buying right away.
Even though these are some great features, there are some aspects of Coinpass that leave me wanting.
The fact that the company charges fees on all fiat and crypto withdrawals isn’t ideal, and it would be nice if Coinpass also let you buy crypto using a debit or credit card.
Plus, I had some issues while using the Coinpass website and mobile apps – overall, it doesn’t seem as polished as some other UK alternatives out there.
To learn more, check out the Coinpass website.
Thanks for checking out this Coinpass review!
Got a question for me?
Let me know in the comments below!