Coinfloor Experience 2021: The Crypto Exchange Test
10 Stars
The big Coinfloor review: We put the bitcoin exchange through its paces and provide you with our Coinfloor experiences free of charge. Go to the Coinfloor test!
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
Coinfloor advantages and disadvantages
You can buy Bitcoin, Ethereum or Bitcoin Cash on the Coinfloor Exchange. You can protect your account with a 2FA. A permanent residence in the UK is required; customers from abroad are not served by the exchange.
In addition, you can move larger amounts of Bitcoin over the counter via the OTC desk. The advantage of this is that you can react more quickly to falling or rising prices, as with OTC (Over the Counter) you can trade your currencies over the counter.
over the counter
over the counter. This means that you do not trade on the stock exchange. Read more about the advantages and disadvantages of OTC here.
If you have any problems, you can contact the Coinfloor support via a contact form. They will usually respond within one business day. The exchange is only available in English.
Is Coinfloor a broker or an exchange? Coinfloor is not a broker and does not offer financial instruments. Were you planning to trade CFDs with Coinfloor? Then we refer you directly to our ranking of the best Bitcoin exchanges and brokers 2019.
Coinfloor experience: Own wallet mandatory
It can be very convenient to be able to manage your purchased Bitcoin directly on your exchange. However, it is always safer to store your Bitcoin in your own Bitcoin wallet, as this is the only way to protect yourself from eventualities such as the insolvency of your exchange. To buy Bitcoin with Coinfloor, you need your own wallet anyway. Coinfloor is not a wallet service and it is not possible to hold your cryptos on the exchange.
With Coinfloor it is possible to exchange the cryptocurrencies supported by the exchange. For example, you can exchange your Bitcoin for Ethereum and don't have to sell it for euros first. Unfortunately, this service is also only available to customers in the UK.
Bitcoin is not described on Coinfloor with the abbreviation BTC, but as XBT. This is due to the standard ISO 4217. This dictates that the abbreviation for Bitcoin, like gold (XAU) or silver (XAG), begins with an X. This applies to all means of currency. This applies to all currencies that cannot be assigned to a national territory. In ISO 4217, BT stands for the Kingdom of Bhutan.
The Coinfloor Test
The big Coinfloor test: We check the customer service, the security standards, transparency, protection against fraud and even more: Can Coinfloor convince us in the test? Before you make your own experience with Coinfloor, be sure to read on and take a look at our review!
What is Coinfloor?
Coinfloor is a crypto exchange based in London, where you can buy bitcoin with euros, US dollars or British pounds. The exchange records a daily trading volume of around 750,000 euros. The offer is explicitly aimed at both private investors and companies.
Simple, secure and fast: that is the promise Coinfloor makes to its users for buying Bitcoin. Coinfloor does not boast with superlatives, but presents itself in a matter-of-fact, reserved, sober manner. That pleases. The exchange has existed since 2012.
Coinfloor Review - the offer
Coinfloor concentrates on the essentials: Here you can buy cryptocurrencies like Bitcoin, exchange them for each other or sell them again. Three different coins are available for this purpose. Euro, USD and GBP are accepted as means of payment, or Bitcoin, Ethereum and Bitcoin Cash. However, the offer is only available to customers from the UK. There are not many payment options on Coinfloor. Since Coinfloor is not a cryptocurrency broker, financial instruments such as CFDs, forex or stock options are not available here.
Coinfloor cryptocurrencies
Bitcoin (XBT) | Bitcoin Cash (BCH) |
|---|
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
Buy cryptocurrencies at Coinfloor
At this point, we will guide you in simple steps from your first Coinfloor registration to your investment.
Step 1: Coinfloor registration
In order to use the exchange for buying and selling cryptocurrencies, you need a Coinfloor login. After your login, Coinfloor will automatically activate two-factor authentication. If you select the "Use phone" option, you will need to enter your number and you will receive an SMS asking you to install a Coinfloor authentication app called "Authy". The download link is in the SMS. As soon as the app is installed, you will receive a code that you can use to log in to Coinfloor.
Step 2: Verification
After your successful login, you still cannot use your Coinfloor account. First you have to have your identity verified by the exchange. Since Coinfloor does not serve customers, our attempt to gain more experience with the exchange ends at this point for us: The verification fails.
Step 3: Buy Bitcoin
Only those who are permanent residents of the UK can proceed to buy bitcoin on Coinfloor after verification.
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
Coinfloor Fees & Charges
Coinfloor fees are only charged on the successful execution of an order placed by you. There are no account management or custody fees.
The size of the order determines the level of Coinfloor fees. Smaller orders are charged 0.30 percent, larger orders 0.20 percent, and very large orders 0.10 percent.
To buy cryptocurrencies with Coinfloor, you need to transfer money to your account. Coinfloor charges a fee of 1.50 euros for each SEPA transfer.
You can see the fees and charges for transfers and withdrawals on Coinfloor in our table.
Transfer fee (by asset) | Withdrawal Fee (by Asset) |
|---|---|
Bitcoin: 0.0000 XBT | 0.0005 XBT |
Bitcoin Cash: 0.0000 BCH | 0.0005 BCH |
Pound sterling: £ 5.00 | 10 GBP |
Euro: 1.50 EUR | 1.50 EUR |
Polish zloty: PLN 0.00 | 1.00 PLN |
US dollars: 10.00 USD | 15 USD |
Coinfloor payment methods
Coinfloor offers a small selection of different payment methods from which you can choose the one that suits you best: These include classic SEPA transfers via your bank account or with Swift.
Unfortunately, PayPal is not one of the payment options offered.
Payment method | yes/no |
|---|---|
Credit cards | no |
Paypal | no |
Instant bank transfer | no |
Skrill | no |
Neteller | no |
Paysafecard | no |
Bank Transfer | yes |
Other | yes |
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
Coinfloor licence and security
Bypassing financial service providers such as banks is one of the basic principles of the new, digital currencies. This is why users are particularly challenged here: Managing your currencies yourself requires a lot of preparation and effort. On the other hand, no financial service provider earns money from managing your currencies, even if you send your Bitcoin across continents.
Preventing Coinfloor fraud: take precautions yourself
To prevent fraud and keep your currencies safe, you have to find a suitable wallet on your own and archive the access data for it properly. Which wallet is the right one for you depends on the application. If you want to hold your currencies for a long time, a paper wallet could be the right one for you. If you want to trade and interact with them regularly, a digital wallet is the right choice. In this case, you should also consider getting a hardware wallet.
When choosing your wallet
Be sure to go with established providers. The same applies to the choice of exchange with which you want to buy, trade or sell your cryptocurrencies. This way, you reduce the likelihood of being caught in a scam.
Coinfloor Login: Unregulated offer
The Coinfloor exchange has been around since 2012 and is well established in the UK. However, because the UK does not define cryptocurrencies as currencies, it is not reviewed by the regulator FCA. However, as this is the case in almost all countries, this factor does not significantly affect the rating in our Coinfloor test.
Two-factor authentication (2Fa), which significantly increases the security of your account, is mandatory with Coinfloor. With 2Fa, attackers no longer need only your email address and password to harm you, but also access to your mobile phone.
You should also make sure that you are on the official site of the provider before every Coinfloor login. Phishing pages often look exactly like the original, and thus elicit the data for your login. We have summarised how the crypto fraudsters proceed and how you can protect yourself from them under the link.
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
The Coinfloor App
Unfortunately, there is no Coinfloor app with which you can use the services of the crypto exchange on your mobile devices. If you want to use Coinfloor via your smartphone, you can do so via your browser. However, keep in mind that mobile use is subject to a security risk, especially if you are in a foreign or even public network.
Coinfloor Test: Customer Service, Contact & Support
Coinfloor support can be reached via a contact form that you can find here. According to their own information, enquiries are usually answered within one working day. Alternatively, you can contact the email address of the customer support via your email inbox.
Basically, a good contact offer is always a sign of seriousness. This is where good Bitcoin exchanges should distinguish themselves from dubious offers like crypto robots (Cryptosoft, Bitcoin Revolution, Bitcoin Profit, etc.).
Unfortunately, there is no live chat or telephone number available. Here, Coinfloor performs much worse, especially in comparison to the offers of other crypto exchanges and brokers.
The FAQ provides information on the most important questions. Like the entire website, this section is also only available in English.
Contact way | yes/no |
|---|---|
phone | no |
Live chat | no |
contact form | yes |
FAQs | yes |
Conclusion - the Coinfloor evaluation
Measured against the hard information available to us, the Coinfloor offer did not convince us. We welcome the fact that 2FA is mandatory at Coinfloor and that the security of the profiles is thus higher than at exchanges, which leave it up to their customers to set up 2FA or not. However, the offer is very limited. Only three cryptocurrencies can be traded at Coinfloor.
The service also leaves a lot to be desired, as there is no way to quickly contact an employee if unexpected problems arise during a hot phase. We can only contact support via e-mail or the contact form. We prefer to put our money in hands that include a face we can speak into when we need it. There is no Coinfloor app.
Our Coinfloor rating: the result of our test
On the fee side, Coinfloor is competitive after all. In addition, there is a detailed FAQ that gives us answers to many, but not all of our questions. However, this is not enough for a good rating.
Coinfloor only serves customers in Great Britain. That is why we were not able to gain practical experience with a Coinfloor account. And yet Coinfloor performs significantly worse compared to other exchanges we tested. Therefore, we prefer to recommend the broker eToro, where you can not only buy cryptocurrencies, but also trade them. At this point, we won't get carried away with a final Coinfloor rating: since we can't use Coinfloor, we can't rate it either.
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
FAQ
The provider is a crypto exchange where cryptocurrencies can be bought and sold.
In our test, Coinfloor was convincing. The diverse trading options and the excellent customer support attract many customers, most of whom are very satisfied with the provider.
The amount you invest should depend on your own liquidity, the cryptocurrency you choose and your own risk tolerance. In general, you should never invest money that you actually need elsewhere, as profits can never be guaranteed.
Here, too, the platform is convincing. Payouts are processed very quickly and are in your account within a few minutes to 2 working days, depending on the selected payout method.
You should always know what you are investing in. Cryptocurrencies are highly volatile, so you should first get to know the selected coin in detail. If you have the necessary know-how, as well as the occasional bit of luck, then nothing stands in the way of early profits.
