Coinfloor Exchange Review
Coinfloor – Is It Good?
Founded all the way back in 2013, Coinfloor is one of the oldest Bitcoin exchange services still active today. They cater mostly to their UK users, which is where they have their physical offices, but they do offer a good worldwide coverage, including the US. With an obsession for security, a great design and a platform ran by one of the most influential financial personalities in the world, it’s easy to see why they label themselves as “The UK’s #1 Bitcoin Exchange”.
However if you look up their reviews, you’ll find that they’re mostly negative and some have very valid points with complaints about their speed, customer service and issues with their register process.
So how good is Coinfloor? Is Coinfloor trustworthy? What’s up with their bad reviews? And, most importantly, how does it stack up against other platforms?
What Does Coinfloor provide?
Coinfloor is obsessed with security, and that’s a good thing! Their data protection plan is very good and they obviously have Two-Factor Authentication available for every user, which is fairly common with Bitcoin exchanges. What’s not common however is to be registered with the Information Commissioner’s Office under the data protection act. That means that Coinfloor is required to store their entire customer’s personal data (your info!) to the highest standards.
While some of the most secure exchanges operate with a cold storage of 50% to 90% (if any), Coinfloor operates with a 100% cold storage policy. That means that your crypto is received and stored safely in multiple underground vaults, leaving nothing online for possible hackers to steal. They even compare their security to the one used by the Bank of England! It’s definitely no surprise to know that no one has ever even tried to hack them.
Besides Bitcoin they also support Bitcoin Cash and Ether, Ethereum Classic, Ripple and Litecoin were also added recently to their catalog. You may not find a lot of alt-coin options but this is a platform focused on security and not on variety. And while a lot of people love them for it, there are a lot more that don’t.
Coinfloor reviews are mostly negative. This isn’t surprising when looking up an exchange since the people that have no clue on how to do anything are usually the most vocal; however, a closer look will show a lot complains about real issues.
Since they have a 100% cold storage, large transfer will take longer than in most exchanges to be processed, up to three business days! That means that if you try to do a large withdrawal on a Friday you may have to wait all the way till next Wednesday to see it go through. And customer support isn’t that much faster. There are a lot of complains about slow responses due to them not having a live customer service option. If you want to contact them you’ll have to create a ticket in English or Polish and wait for their team to reply.
Finally, a lot of people have issues with creating accounts. Not only do they usually ask for an ID and a selfie (which is in itself a hassle) but when creating an account you can get banned even before asking for ID, and that includes to people looking to sign up to write a review.
Although Coinfloor focuses mainly in its UK users, Coinfloor remains a global exchange with strong security, which opens the door for them to provide support to practically every country, including the United States.
Coinfloor Rates and Buying Limits
Coinfloor’s fees are different depending on what you’re doing, and their fees are dynamic too so we have to see them individually. However let’s start on their trading fee:
Coinfloor fee: 0%
That’s right, Coinfloor does not charge a fee for trading, which is highly competitive. However there are variable fees when making a deposit or a withdrawal. Their structure is very unusual, with fees measured differently depending on the currency. For example, their starting fee in Euros is €1.5, but in USD is $10.
Coinfloor is also unusual with their minimum deposit, which has to be of 1000 GBP/EUR/USD, so you can’t even try the platform with a small amount.
- Amazing security: If you’re looking for a safe exchange, it’ll be hard to find a safer option than Coinfloor.
- Great fees: Their 0% fee on exchanging and trading Bitcoin is a great deal.
- Mobile apps: Having an app on your phone is a great tool to have on-the-go.
- Slow transactions: Since they have a 100% cold storage policy, that means that withdrawals above the Advance Withdrawal limits may take up to three business days.
- Large minimum deposit: With a minimum deposit of a grand, you won’t even be able to try it out.
- Lack of support for alt-coins: You’ll be able to buy a handful of alt-coins. However you won’t get a lot of variety.
- Slow Customer Support: Coinfloor doesn’t have live chat support or any other live option so you’ll have to wait for their team to reply.
Go to Coinfloor
Is Coinfloor Good For Bitcoin?
Coinfloor is one of the safest exchanges out there. However, everything comes at a cost. And although their fees aren’t that high, the cost here is mainly comfort. The combination of large minimum deposits and slow transactions and customer support makes for an exchange that won’t be convenient to everyone.
However if you like to trade big and don’t mind waiting longer for your transactions to be cleared, your money is definitely in safe hands when trading with Coinfloor at low fees.