Coinfloor is a leading British provider of cryptocurrency exchange services. The exchange is headquartered in London, UK and is run by entrepreneur Mark Lamb, who is listed in the Forbes Index for Successful Entrepreneurs in Finance.
Based on trust, security and reliability, its goal is to create a safe and affordable place where everyone can buy, own, store and learn about cryptocurrencies. The platform's tagline is “Bitcoin exchange No1 in the UK,” which from the start suggests that it is mainly focused on Bitcoin. However, it also offers five other cryptocurrencies to buy and sell, including Ethereum and Litecoin.
The founders are also proud to be the most liquid cryptocurrency exchange in the UK. The site periodically publishes an audit of its system so that users are confident that their funds are held responsibly. The Financial Times called Coinfloor “the biggest exchange of Bitcoin for pounds sterling.” However, it also accepts payments in other fiat currencies, which will be covered later.
Coinfloor offers both the most liquid GBP exchange on the market and a platform connecting end users with professional bitcoin brokers who place transactions on the Coinfloor exchange on behalf of client. British traders can trade directly on the Coinfloor exchange. In addition, users can trade through the Coinfloor brokerage network, which transfers trades on behalf of its customers to the exchange for a fee. While this saves users the hassle of transferring money abroad and related transfer and deposit fees, brokers charge a huge fee, currently around 6% for the service.
When it comes to BTC/GBP trading liquidity, the Coinfloor exchange acts in this matter. The exchange serves as a market for Britain's biggest cryptocurrency brokers, meaning retail traders can use large order books and available thin spreads.
Coinfloor provides support for all major coins and, as an added bonus, also supports Bitcoin Cash and Ethereum Cash, hard forks Bitcoin and Ethereum respectively.
Coinfloor's policy on deposit and withdrawal fees is such that it was recently decided not to apply fees when it comes to depositing and withdrawing cryptocurrency and fiat currencies on exchange. However, there are fees of 0.38% for transactions ranging from $1,000.
Withdrawing fiat currency via pounds sterling and US dollars takes up to five business days. Meanwhile, withdrawals in euros will arrive in your bank account within two business days.
Deposits in fiat currency through international bank transfers can take from 0 to 5 business days. Priority or Express Transfer websites can transfer your funds to your trading account within three hours.
Bitcoin and Bitcoin Cash deposits can be processed 24/7. The minimum deposit amount of Bitcoin and Bitcoin Cash is 0.05 XBT, no fee will be charged. Deposits made using this payment method are usually credited to a Coinfloor trading account within an hour for Bitcoin and up to ten hours for Bitcoin Cash.
Users can replenish their account through bank transfers in fiat currency.
Coinfloor stores 100% of client funds in cold storage with multiple signatures. Private keys are distributed across multiple underground vaults, and no individual has access to all private keys. A hot purse owned by Coinfloor containing only the company's coins allows up to two BTCs to be instantly removed. Any requests for withdrawals above this level are processed concurrently with all other withdrawal requests three times a day.
All traders are instructed to set up either two-factor authentication or their Yubikey immediately after registration.
- To own your crypto assets, you need to manage your own private keys.
- Ledger hardware wallets make private key management easy and secure.
- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.