Coinfloor | Business24-7

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Written by Braden Chase Edited by Giles Thomas Fact Checked by Tomislav Turcin

7 March 2023

3 March 2023

Page Summary

Coinfloor is a crypto-to-fiat exchange. It offers access to six cryptocurrencies, including Bitcoin BTC. Coinfloor provides top services for retail markets and OTC trades. It provides many account tiers, including corporate accounts. We recommend it for active traders who search for competitive fees on large Bitcoin purchases or sales.

Review Summary

Coinfloor is a London-based Bitcoin exchange available in most countries.
It supports many currency pairs, including GBP/BTC.
It offers a valuable FAQ help section for beginners.
It is one of the top exchanges that support Bitcoin trading.

Coinfloor Overview

Coinfloor is a crypto exchange based in the United Kingdom, launched in 2012. It has reliable security features. It offers access to popular crypto assets and currencies. Coinfloor is a good fit for traders who want to trade Bitcoin against real money.

Trading Experience

Coinfloor has a web platform with a basic interface. The interface is simple and experienced traders might feel limited because advanced features are missing. The Coinfloor platform offers access to an excellent Help Center for traders at all levels.

Cryptocurrencies Available

Coinfloor offers six cryptocurrencies:

Bitcoin (BTC)
Ethereum (ETH)
Litecoin (LTC)
Ethereum Classic (ECH)
Bitcoin Cash (BCH)
Ripple (XRP)

This crypto exchange offers access to popular fiat-to-crypto pairs:

BTC/GBP
BTC/USD
BTC/EUR
BCH/GBP
ETC/GBP
LTC/GBP
XRP/BTC
ETH/GBP

Fees 

The Coinfloor exchange trading fees are complex. It charges a fee for each deposit and withdrawal. Coinfloor trading fees vary based on your trading volume. The main fees at Coinfloor trading platform are:

Deposits with Bitcoin, Ethereum, and Bitcoin cash are free-of-charge.
Deposits with wire transfers (USD only) have a $10 fee.
Withdrawals with US wire transfers (USD only) have a $75 fee.
Withdrawals with UK CHAPS/BACS/SWIFT (GBP only) have a £30.
Debit/credit card funding isn’t available.

Regulation & Reputation 

Coinfloor is a UK exchange that doesn’t have top-tier licenses. Back in 2018, the company released a report stating they received a license from the Gibraltar Financial Services Commission. Coinfloor recommends to all account holders to use the security measures available:

Two-factor authentication
Cold storage
Multi-signature Pay 2 Script Hash (P2SH)
Email confirmations
Web app firewalls

Account Opening 

Account opening at Coinfloor is straightforward. Users have to sign up on Coinfloor’s main website to open a Coinfloor account. An email confirmation is necessary before verifying your identity. Coinfloor requests a copy of your ID to confirm your name and address. After passing the verification process, you are ready to trade with your Coinfloor account.

Customer Support 

The Coinfloor exchange has below-average customer support. It offers only email support with an average response time. The FAQ section on their main website is useful, and it answers common questions. It has a dedicated section on Bitcoin BTC.

Summary 

Coinfloor is a good choice for active traders that want access to a basic platform for Bitcoin trading. It offers some useful features and a transparent fee structure. We recommend you research different exchanges before choosing one for Bitcoin BTC investments and fiat currencies.

FAQ

What Is A Centralized Cryptocurrency Exchange?

A centralized cryptocurrency exchange is a private company with access to platforms to invest in digital coins. These exchanges require registration, known as the Know Your Customer rule.

What Is A Decentralized Exchange?

A decentralized exchange doesn’t have a central point of control. It functions as a server and has each computer spread out in different countries within the server. If one computer stops working, it doesn’t affect the network’s activity. Remember that decentralized exchanges don’t follow the rules of a regulatory body. If you choose this type of exchange, you should learn more about the risks. Check our in-depth reviews to discover more about safety and crypto exchanges.

Does Coinfloor Have A Wallet?

No. Coinfloor doesn’t offer a native cryptocurrency wallet.

Does Coinfloor Have A Mobile App?

No. Coinfloor doesn’t have a mobile app. This is a downside for traders who look forward to trading on the go.

Disclaimer

Braden Chase

Braden Chase is an investor, trading specialist, and former research specialist for Forex.com who helps aspiring investors develop the confidence and habits they need to make an income from the market. Braden has served as a registered commodity futures representative for domestic and internationally-regulated brokerages and has also spoken & moderated numerous forex and finance industry panels across the globe.

Coinfloor Review