Introduction
Founded in 2013, Coinfloor is a UK-based cryptocurrency exchange. In this Coinfloor review, we will take a look at the pros and cons of the exchange as well as what users have to say about it. Coinfloor is one of the oldest exchanges in the industry and has built up a good reputation over the years. However, it is not without its flaws. In this review, we will cover everything you need to know about Coinfloor so that you can decide if it is the right exchange for you.
What is CoinFloor.co.uk?
Coinfloor is a UK-based exchange that offers trading in a variety of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The exchange offers a secure trading environment with advanced features such as two-factor authentication and multi-signature wallets. Coinfloor also has a strong focus on compliance and is registered with the Financial Conduct Authority (FCA).
How does it work?
When you first sign up to CoinFloor, you will be able to choose between three different account types – Standard, Intermediate, and Advanced. With a Standard account, you will have access to the most basic features of the site including market data and charts. With an Intermediate account, you will have access to all of the features of a Standard account plus additional features such as margin trading. Finally, with an Advanced account, you will have access to all of the features of a Standard and Intermediate account plus even more advanced features such as API access.
Once you have chosen your account type, you will need to deposit funds into your account in order to start trading. CoinFloor accepts deposits in GBP, EUR, and PLN. You can make a deposit using a wire transfer, SEPA transfer, or SWIFT transfer. You can also make a deposit using a credit or debit card, although there is a 3% fee for doing so.
Once your funds are deposited into your account, you can start trading! To trade on CoinFloor, simply place an order for the amount of currency you wish to buy or sell at the current market price. Your order will then be matched with another user who is looking to trade in the opposite direction. Once your order is matched, the trade will be executed and the appropriate amount of currency will be credited or debited from your account balance.
Pros and cons
If you’re looking for a UK-based bitcoin exchange, CoinFloor is worth considering. In this CoinFloor review, we’ll cover the pros and cons of the exchange so that you can make an informed decision about whether it’s the right platform for you.
CoinFloor Pros:
-Low fees: CoinFloor charges a 0.2% taker fee and a 0% maker fee.
-Strong security: CoinFloor employs multiple security measures, including 2-factor authentication and cold storage.
-Supports GBP: In addition to BTC, Coinfloor also supports GBP deposits and withdrawals.
CoinFloor Cons:
-Limited payment methods: Coinfloor only supports bank transfers at the moment. This may be inconvenient for some users.
-Not available in all countries: Due to regulatory reasons, Coinfloor is not available in certain countries. Make sure to check if your country is supported before signing up for an account.
Conclusion
We hope you found this CoinFloor.co.uk review helpful in deciding whether or not to use their services. We like that they offer a variety of different account types to choose from, as well as a wide range of deposit and withdrawal methods. However, we are concerned about their lack of customer support options and the fact that they are not available to residents of all countries. Overall, we believe CoinFloor is a good option for experienced traders who are looking for a reliable UK-based exchange.