Coinfloor Review

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About Coinfloor

Coinfloor is a Bitcoin exchange based in London, United Kingdom. It provides a platform to connect brokers with consumers and investors. The company aims to provide convenience for Bitcoin enthusiasts to trade easily. It also encourages non-consumers to enter the Bitcoin community through the user-friendly interface and simple tools. It is apparently the first publicly auditable bitcoin exchange.

Coinfloor is combating all the challenges that a user may face to buy and sell Bitcoins. Thus, Coinfloor follows peer-to-peer market engagement. Buyers can directly interact with brokers and pay through simple means of UK bank transfer.

History

Now that you read general information on Coinfloor from this review, lets talk about its development. Coinfloor was founded by Mark Lamb, one of UK’s first Bitcoin Broker. The exchange announced that trading will be opened on Nov 5, 2013. But due to some technical issues, the exchange finally opened trading on Mar 25, 2014.

Why Coinfloor?

– The first provably solvent bitcoin company

– City of London based Bitcoin marketplace

– Your bitcoin are secured in 100% multi-signature cold storage

– They work with the UK’s top bitcoin brokers

Features Of Coinfloor

Coinfloor takes strict measures for security. The flat currency is stored in LHV Bank, which is apparently one of the fastest-growing banks. Furthermore, Coinfloor uses 100% cold storage for saving money. None of the currency is stored on servers thus preventing any cyber criminal activity. For additional security, Coinfloor uses the advanced technology of Multisig pay 2-script hash cold storage. It is not an FCA regulated entity though.

In addition, Traders and brokers can buy or sell Bitcoins either by using the user-friendly trading interface or they can use API tools for programming. Coinfloor has great liquidity when it comes to Bitcoin selling. It is UK’s one of the most reliable exchange, keeping the transactions policies transparent and provides the best account security possible.

Currently, Coinfloor does not entertain US citizens because of certain regulation policies. Coinfloor exchange follows KYC and AML guidelines for user verification. The proof of Identity and Residence is a must so that the whole Bitcoin community has only genuine buyers and sellers.

Let’s understand what makes Coinfloor one of the UK’s best exchange.

Coin types: BTC/GBP, BTC/EUR, BCH/GBP, BTC/USD

Payment methods: SWIFT and SEPA transfers

Coinfloor Fees structure: 0.10%-0.30% depending on the volume

Verification process: after filling all the required personal details and opening the account, all users must provide an identification document and a proof of address.

2FA Authentication: This feature adds a layer of security to the accounts.

Geographical restrictions: available for the United Kingdom

Coinfloor Trading

Below is the trading view of Coinfloor. However, The exchange is pretty simple which may disappoint advanced traders.

Trading Fees

Coinfloor Trading fees are charged- in corresponding fiat currencies. While the fees are subtracted from the total fiat amount reserved by the order in the total balance.

For instance, you will understand the Coinfloor fees structure with help of this diagrammatic representation.

How to setup a Coinfloor Account?

To set up a new Coinfloor account, log on to www.coinfloor.co.uk. Click on sign up, the page directs to a new window. There are three steps that a user has to follow to complete new account formalities.

In the first step, a user has to enter an email ID and set a new password. Then click on “ I agree to T&C” and “Sign up”. A verification email goes to the registered email ID. The user has to verify the email for user login.

Further, In the second step, a user can enable two-factor authentication. It adds an extra layer of security, which is essential when it comes to online transactions. Moreover, 2fa is also one of the ways to keep your account safe from any cyber hacks and computer viruses. The user can select one of the two device options available. Either user can activate 2fa on a phone or a Yubikey.

If a user selects the phone option, the Authy application has to be installed. The app is compatible with iOS, Android, and computers. Thus, select the country code from the drop-down menu and enter the mobile number to request for a token. An OTP goes to the device. Enter the 7-digit code to sign in successfully.

The third step is to select the account type. If a user has a code received by one of the brokers, he can enter and buy bitcoins. If not, the user can complete the verification process and start trading.

Coins offered

Coinfloor exchange provides support to many altcoins –

Bitcoin (BTC)

Ethereum (ETH)

Bitcoin Cash (BCH)

Ethereum Cash (ETC)

Litecoin (LTC)

Ripple (XRP)

Buying and selling at Coinfloor

For buying Bitcoins, select the broker and the amount of investment. The only mode of payment is through UK faster payments. No international payments, credit cards, electronic money, BACS, CHAPS etc. options are available on this platform.

For making a Bitcoin exchange, select the trading pair and the quantity. The exchange order can be a limit order or a market order.

Latest Updates

MAR 15, 2018: Coinfloor launched First ‘Physically Delivered’ Bitcoin Futures, CoinEX

Jan 2019: CoinEX rebranded itself to CoinFLEX

Verdict on Coinfloor review

To summarise, Coinfloor, in my opinion, is a great exchange platform. It has a few limitations like no Coinfloor mobile app and less altcoin support. But the exchange scores in terms of security. All in all, I would recommend UK traders to surely give the exchange a chance.

Also read: Localbitcoins Review | Zipmex Fees | Korbit Review

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