Crypto Frontline

Coinfloor Crypto Exchange Overview

Coinfloor is the first Bitcoin exchange from the United Kingdom. It was founded back in 2012 when it also managed to attract institutional funding from a top-tier early stage VC fund called Passion Capital. Important people that supported the project are Taavet Hinrikus – co-founder of TransferWise and the first employee of Skype, and Adam Knight, former MD at Goldman Sachs and Credit Suisse’s commodities trading business.

Coinfloor managed to bring together some of the top brokers in the UK in order to create a very simple way to buy Bitcoin. The platform focuses on very few cryptocurrency pairs, with its main activity in providing exchange in fiat for Bitcoin and Bitcoin Cash at the present time. It is also among a few companies that allow deposits and withdrawals in fiat.

The website had been built in a very intuitive way, so people can exchange Bitcoin without the need of assistance.

Main Features

• Coin types: BTC/GBP, BTC/EUR, BCH/GBP, BTC/USD
• Available payment methods: SWIFT and SEPA transfers
• 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.
• Geographical restrictions: available for the United Kingdom

Pros

• The ability to exchange Bitcoin for Pounds and Euros, features not supported by most of the exchanges.
• An exchange with a few years of experience in the market, having a high reputation in the industry.
• Relatively low trading fees, starting from 0.10% depending on the volume.

Cons

• The platform only supports four cryptocurrency pairs at the present time, with Bitcoin and Bitcoin Cash being the only two cryptocurrencies.
• Coinfloor focuses its activity only in the United Kingdom, without planning to expand on a global scale.
• The platform has limited customer support.

Coinfloor Review Summary

Overall, Coinfloor is a reputable platform, enabling people to exchange Bitcoin and Bitcoin Cash for Euro, Pound, or US dollars. The company had gained confidence in the last few years and continues to be one of the best UK-based platforms for Bitcoin exchange. The only negative aspect is the fact that it does not have support for multiple cryptocurrencies, focusing just on Bitcoin and Bitcoin Cash at the present time. There is no news suggesting that the platform plans to expand its activity in the near-term horizon.

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