Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto Exchanges => Topic started by: mlawson71 on April 04, 2019, 04:50:45 PM
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Coinfloor is one of the major players in the UK cryptocurrency space. The company allows relatively easy access to Bitcoin, with trading directly against GBP. This makes them a rival to CryptoMate, although a few specifics of their trading conditions make them not that beginner friendly.
The company, security of funds
Coinfloor is based in London, but given the nature of its service, the company is not under the regulatory zeal of the Financial Conduct Authority (FCA). The company states it “maintains communication with the UK's Financial Conduct Authority (FCA) and the European Commission”, but we can’t be sure what this communication exactly entails.
That being said, with the 100% cold storage policy, Coinfloor is one of the safest exchanges around. It is not surprising that they haven’t experienced a major hack yet, unlike Bitfinex.
The user reviews on Coinfloor are mostly negative. While some clients enjoy the simplicity offered by them as well as the UK focus, there are multiple complaints featuring various themes.
The company apparently sends blockchain transfers rarely. This means that if you buy Bitcoin and you wish to send it to an external wallet or another exchange, you may be waiting (a lot according to some users). Customer support is also allegedly non-responsive and the account verification process is not that smooth.
Trading conditions
Trading instruments (cryptocurrencies)
Coinfloor offers trading (fiat) currencies against a few coins. The main volume and liquidity is concentrated in Bitcoin trading against the British pound. The full list of trading instruments includes XBT/GBP, XBT/EUR, XBT/USD, BCH/GBP, ETH/GBP, ETC/GBP, XRP/GBP, LTC/GBP.
Minimum initial deposit
Coinfloor has set a minimum fiat currency deposit of GBP/EUR/USD 1000. This is very unusual for a crypto-exchange, as a lot of people prefer to try things out with a smaller investment. Additionally a 0.0050 XBT minimum level is applied for blockchain transfers
Leverage
Trading on leverage is not supported by Coinfloor. While this may feel like a hindrance to some, keep in mind cryptocurrencies are pretty volatile as is. If you really want to gear-up you can try trading at another exchange, like Kraken.
Fees
While CoinFloor claims to be offering 0% fees for trading, there are fees when making a deposit and withdrawal. The charges, measured in different currencies are very unusual. The starting level in Euros is €1.5, while in dollar terms the minimum is $10. Above anything else, this is strange.
Methods of payment
Coinfloor accepts blockchain and bank transfers. While a fiat option is available, the minimum deposit requirement makes this exchange not that beginner friendly.
Conclusion
Coinfloor is a UK-based cryptocurrency exchange. (https://www.forexbrokerz.com/brokers/coinfloor-review)While the company is one of the longest-running London-based players in the market there are a lot of user complaints surrounding it. They cover all the areas you can imagine. Additionally volume and liquidity in the non-GBP pairs is allegedly low.