Coinfloor.co.uk Review 2019 – Scam or Not?

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Due to the crazy BTC value, there are a number of exchange websites that are getting traffic lately. Today, we will be looking into one of the older exchange websites that have been operating for a good amount of time and look into what they have in store for us. We will be creating an account with them, explore their website features, and try to know them better. Without further delay, let’s talk about that!

Background

There are a lot of websites that offer exchange services today, but it is really hard to look for the best one that caters to your specific region. Coinfloor.co.uk is proud to say that they are UK’s No.1 Bitcoin exchange. The company was founded in 2013 and has been providing exchange services to people from the UK region. The website’s success has also attracted a lot of big investors such as VC Fund, Passion Capital, and Taavet Hinrikus.

Officially the name of the company is CoinFloor Ltd. and has their main office located in 1 Quality Court, London, WC2A, 1HR, United Kingdom. The company is registered under the UK business registration number 08493813 but isn’t registered with the FCA. Though they are not registered with the FCA, they maintain legal contact with them and make sure that they provide a series of policies and procedures that help protect their customers.

Verification with Coinfloor.co.uk

Creating an account is easy! Just head on to their website and click on the SIGNUP button located on the upper right-hand side of the homepage. To start creating an account, you need to provide them with a valid email address and a password for your new account. After that has been provided, a confirmation email will be sent to the provided email. The customer then needs to go through 2FA security procedures to create an account. After this step, you will be redirected to a page wherein you are able to enter a referral code (if you were referred by an existing customer) or provide personal details to verify your account.

 

Features

What’s great about this website is that they are not shy about letting people know that they are paranoid when it comes to security. They have a data protection plan which is top-notch. Did you know that they are registered with the Information Commissioner’s Office under the data protection act where the company is required to store their entire customer’s personal data to the highest standards? Yes, they have that here. Their registration number is ZA002203.

Two-Factor Authentication is also available for their customers to take advantage of. This security feature should be always present when it comes to websites that have access to not only your personal information but funds as well. Their storage system is up to 100% of all their total customer coins which means that everything is stored offline. Of course, customers would have daily withdrawals and this is being shouldered by the company themselves creating a withdrawal limit of 2 BTC per transaction and a maximum of 3 times per day during business hours. Due to the nature of how they store their coins, manual confirmation is done to add another layer of security.

Trading with Coinfloor.co.uk

There are different types of accounts you are able to get here at Coinfloor.co.uk. They have the private account where clients are able to buy and sell BTC through the CoinFloor OTC. On the other hand, they’ve got the corporate account that has also the same ability as the private account but with larger limits. The trading platform is very easy to navigate and does not have any fuss when it comes to trading your favorite crypto/fiat pair.

The design is also maximized to prevent any latency issues and is very responsive. What’s even better is that their website’s trading platform is optimized for mobile access as well.

Fees

The most important part of an exchange website would be their fee schedules. This is to ensure that even though how wonderful a website is, you need to make sure that you can afford what their services. There are no fees when it comes to buying BTC and exchange trading fees does not exist here at Coinfloor.co.uk.

Deposit and Withdrawals

Here they accept multiple deposit and withdrawal options for their customers to choose from. To name the deposit options they’ve got BTC, BCH, GBP, EUR, PLN, and USD. Deposit fees range from 1.50 EUR per transaction up to $10 USD. What’s really shocking is that their minimum deposit amount for Fiat currencies starts from 1000 USD/PLN/EUR/GBP. There’s no fee for crypto deposits but the minimum amount is 0.0050 for both BTC and BCH.

Withdrawal fees are a different story since they charge 0.0005 BTC/BCH per withdrawal transaction. They charge 10.00 GBP, 1.50 EUR, 1.00 PLN, and 15.00 USD for withdrawals. Minimum withdrawal amount ranges from 5.00 PLN up to 20.00 USD. Deposit and withdrawal percentages with a detailed explanation are listed here.

Pros and Cons

Pros

  • Accepts crypto deposits and fiat
  • User-friendly website
  • Competitive fees

Cons

  • Unregulated
  • Negative remarks about creating an account

Coinfloor Review Conclusion

Coinfloor.co.uk is not that bad if you compare it to top exchange websites today. They offer a variety of security features that every trader would love to have. Imagine the reaction you get to websites that are not this obsessive when it comes to customer security! There are some customer complaints but this is mostly regarding their customer service and not the whole operation itself. All-in-all this website is perfect for traders that are residing in the area due to the number of payment options they provide. Please let us know in the comments section below on what you guys think about this website.

Go to coinfloor.co.uk
Share your Experiences about Coinfloor.co.uk:

3 User-Reviews for Coinfloor.co.uk
  1. Zoltan Nagy, 3. December 2019

    Hi,
    I had some BTC with them before the fork has happened, so I was eligible to get the same amount of BCH and BSV coins.

    They decided to stop BCH trading, so they advised me to withdraw my BCH and BSV coins from them and they informed me to have no fees involved if I do it before 1st of December.

    Which I have done but they deducted about £80 worth of fees. I send them the post and e-mail that they informed me about no fees before 1st of December withdrawal.

    This is there previous email where they stated no fees:
    We are now allowing the withdrawals of any BSV held with us. To initiate the withdrawal please contact support here and supply the below required information:

    Withdrawal Process
    To authorise the transaction, please confirm the following details from your Coinfloor account:

    Balances for all currencies
    User ID
    Cookie/API Key
    Login History
    Balances can be found under “Balances” here
    User ID, Cookie/API Key and Login History can be found here

    In order to withdraw your BSV, please provide us with your wallet address. We will then send a test transaction of 0.01 BSV and once you’ve confirmed receipt of the test we will send the remainder.

    Please note, there will be a fee for the manual processing of Bitcoin Cash (BCH) and Bitcoin SV (BSV) withdrawals after 1st December 2019. There will also be a monthly hold fee applied to BCH or BSV balances with Coinfloor. This does not affect Bitcoin (BTC), Ethereum (ETH) or any other assets.

    And this is there response to my email questioning the deduction:

    Apologies for any confusion caused, from our blog post: “all BSV withdrawals will incur an administration fee.”

    This fee applies to all withdrawals while the holding fees will be charged from 1st December.

    So, a cheating ripping off bad company!!!!

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