Exchanges / CoinCorner

CoinCorner Exchange Review

CoinCorner does not accept users from United States but we have found 3 exchanges that do.

Quick Summary

CoinCorner is an excellent choice for beginner crypto investors in the UK or Europe. It offers a convenient, easy-to-use interface and simple deposit options.

  • User-friendly interface
  • Simple deposit and withdrawal options
  • Some countries not permitted (e.g. US) and others restrict fiat transactions
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Overview and Reputation

CoinCorner is a popular cryptocurrency exchange that focuses on attracting UK and European traders. It does over $800,000 in Bitcoin volume each day.

CoinCorner was founded by Daniel Scott, Phil Collins, and Charlie Woolnough. It is headquartered on the Isle of Man and regulated by the Isle of Man Financial Services Authority (IOMFSA).

The exchange is most known for its commitment to complying with local UK and European regulations.

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Trading Fees

Crypto purchase or sales fee

CoinCorner charges a 1% fee for crypto purchases or sales over 300 GBP or EUR. For purchases or sales of less than 300 GBP/EUR, it charges 3 GBP/EUR or less. Here is a chart with a complete breakdown of trading fees at CoinCorner.

Amount of purchase Fee
10 GBP/EUR or less 1 GBP/EUR or less
10.01 GBP/EUR to 25 GBP/EUR 1.5 GBP/EUR or less
25.01 GBP/EUR to 50 GBP/EUR 2 GBP/EUR or less
50.01 GBP/EUR to 300 GBP/EUR 3 GBP/EUR or less
More than 300 GBP/EUR 1% or less

CoinCorner has not stated the exact formula used to determine the fee, which is why we have stated “or less” for the fee in each case. Your particular transaction may incur a smaller fee than we have listed here. But these values represent the maximum CoinCorner will charge in each case.

At CoinCorner, Fees are always paid in fiat, not crypto.

Example: Bob wants to buy £26 worth of Bitcoin. This is more than £25 but less than £50. So he will pay a maximum of £2 in fees. He will be charged a maximum of £28 for the purchase, but will receive £26 worth of BTC.

Crypto-to-crypto trades

CoinCorner does not allow users to directly swap one crypto for another. For example, there is no way for a user to directly sell BTC and receive ETH in exchange.

If a user wants to do a crypto-to-crypto trade, he must do this indirectly by first selling the BTC for cash and then afterwards buying ETH with his GBP or EUR balance. This means that the user must pay both a buy and sell fee. So the fee for a crypto-to-crypto trade is double that of a regular buy or sell.

Example: Susan has €300 worth of Bitcoin, and she wants to trade some of it for €200 worth of Ethereum. She will need to make two trades, each of which will cost €3, for a total of €6 in fees. She first sells €206 worth of Bitcoin and pays a €3 fee, leaving her €203 in fiat, €93 worth of Bitcoin, and no Ethereum. Next, she buys Ethereum with her fiat and pays another €3 fee. She now has €200 worth of ETH, 0 fiat, and €93 worth of BTC.

Our Rating: 6/10
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Available Coins

CoinCorner has a very limited selection of coins. It carries only Bitcoin, Ethereum, and Litecoin.

Bitcoin
Ethereum
Litecoin

Still, CoinCorner does allow users to withdraw Bitcoin to a private wallet. So traders interested in a wide variety of cryptocurrencies can use CoinCorner to get access to Bitcoin, then deposit their BTC in a different exchange to get access to more coins.

Our Rating: 5/10
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Permitted Countries

Most CoinCorner users are located in the United Kingdom or in EU countries. But it is also available in a variety of countries outside of these regions. CoinCorner is not available in the United States.

Here is a list of some of the countries where CoinCorner is available.

United Kingdom
Australia
New Zealand
Canada
Ireland
South Africa
France
Italy
Sweden
Denmark
Switzerland
Spain
Belgium
Singapore
Poland
Portugal
Bulgaria
Malaysia
Romania
Hungary
Greece
Norway
+ 22 more

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Deposit Methods

CoinCorner excels at offering users convenient deposit options. Here are the deposit methods available by country or region.

United Kingdom

For UK residents, CoinCorner offers Faster Payments, Neteller, and debit card as deposit options.

Faster Payments deposits are free and arrive within a few minutes to an hour of being initiated. A minimum of £5 must be transferred to use Faster Payments.

Neteller deposits have a £20 minimum, £5,000 maximum, and carry a fee of 3.2%.

Debit card payments cost 2.5% of the total deposit amount. The minimum deposit amount for a card is £10. The maximum deposit amount varies from card-to-card, so users who want to make large deposits may need to use Faster Payments or Neteller instead of debit card.

SEPA/Eurozone Countries

Residents of countries within the Single Euro Payments Area (SEPA) can deposit to CoinCorner via SEPA transfer. In this case, the minimum deposit amount is €5 and the transfer is free. SEPA deposits can take up to 3 working days to appear, but usually appear within 1 working day.

Other options for Euro area residents include Neteller and debit card. Neteller costs 3.2% of the total amount in fees. The minimum deposit amount through Neteller is €20, and the maximum is €5,000.

Euro debit card deposits cost 2.5%. The minimum deposit amount is €10, and the maximum varies based on the card.

Other countries

Countries outside of the UK or EU can only deposit with a debit card. And in this case, the debit card must be capable of making payments either in Pound Sterling or Euros. The fee for debit card purchases from outside of the UK or SEPA regions is 2.5%, the same as for inside these areas.

The minimums and maximums are 10 EUR/GBP and 5,000 EUR/GBP, the same as it is for other cases.

Bitcoin deposits

CoinCorner also allows deposits of Bitcoin through both the regular Bitcoin network and the Lightning Network. In either case, there is no deposit fee for Bitcoin deposits, although the user will have to pay a network fee to the Bitcoin validators.

Bitcoin deposits are useful for users that want to either cash out their Bitcoin and send the cash to a bank or who want to buy ETH or Litecoin to gain exposure to the price.

ETH and LTC deposits

CoinCorner does not allow deposits of ETH or LTC.

Our Rating: 8/10
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Withdrawals

CoinCorner offers easy and comfortable options for crypto savers and investors to withdraw the proceeds of their crypto sales. Here are withdrawal methods for each area where CoinCorner is offered.

UK

Residents of the UK can withdraw GBP through Faster Payments. The minimum withdrawal amount is £5, and the fee is £1.

Euro Area

Residents of the Euro area can withdraw from CoinCorner through the SEPA system. The fee is €35, and the minimum withdrawal amount is €40.

Other areas

For users that do not have access to Faster Payments or SEPA, there is no way to withdraw fiat at CoinCorner. In this case, the best option is to withdraw Bitcoin directly from the exchange and deposit it elsewhere in order to cash out.

Bitcoin and crypto withdrawals

Verified CoinCorner users from any area can withdraw their bitcoins to a private wallet when they want. The only fee CoinCorner charges for this service is the network fee charged by the Bitcoin validators and passed on to the user.

CoinCorner does not allow ETH or LTC to be withdrawn from its exchange, so the only option for holders of these cryptos is to sell and withdraw the cash.

Our Rating: 7/10
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Verification

Verification at crypto exchanges can sometimes be a hassle. So you may want to know what this process requires at CoinCorner. Here is what our research has revealed about CoinCorner verification.

No verification for deposits until limit is reached

CoinCorner does not require identity verification for users to sign up or to make small trades. However, all users have an Account Verification Limit that is set by the platform when they first sign up. This limit caps the total amount of deposits a user can make over the lifetime of their account.

Once the user reaches this limit, they will need to go through the identity verification process. Users will also need to get verified before withdrawing from the exchange.

Verification process

To verify your identity, you’ll need to provide a government issued ID, proof of address, and a selfie. The selfie must show you holding your ID in your hand, and it must show a handwritten note with a code on it that you will get during the verification process.

Overall, CoinCorner has a fairly simple verification process, and most users will not find it to be overly cumbersome.

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Security

CoinCorner seems to engage in industry standard security practices to protect users’ cryptocurrency. So it should be as secure as any of its competitors. Users should be aware that storing large amounts of crypto for long periods of time on an exchange is not recommended.

Here is an explanation of some of CoinCorner’s security practices.

2FA

Users have the option to activate 2 Factor Authentication (2FA) on their accounts. Specifically, CoinCorner offers integration with Google Authenticator.

To activate 2FA, first click the settings (cog) icon using your desktop browser. Then click security → enable authentication. Download the Google Authenticator app on your mobile device, and scan the QR code from your desktop PC into your mobile app.

From now on, every time you try to log in, you’ll be asked for a code from this app. This should help to prevent a hacker from being able to log into your account as long as the malicious person does not have access to your phone.

Cold wallets

The crypto world continues to be haunted by the mistakes made in Mt. Gox many years ago, when 850,000 bitcoins were stolen due to the fact that all coins were held in a “hot wallet” connected to the Internet.

Like other modern exchanges, CoinCorner avoids this problem by storing the vast majority of its bitcoins in “cold wallets,” or devices that have no Internet connection.

CoinCorner admits that in extreme circumstances, this may lead to withdrawal delays. But, like other exchanges, it argues that this practice is necessary to avoid loss of customers’ funds:

“In the interests of security, CoinCorner retains and securely stores all Digital Currency private keys in a mixture of both online and offline facilities. As a result, the retrieval of the information required to facilitate our transactional services may be subject to procedural delays of seventy-two (72) hours or more.” --CoinCorner Terms of Service, E-sign Consent, section 4-4

Other security practices

CoinCorner also employs industry standard security practices to prevent the platform itself from becoming compromised.

These practices include running background checks on employees who will have access to the system, requiring 2 signatures for transfers of crypto into or out of hot wallets, storing keys on paper and in bank vaults in separate locations, and similar practices.

In order to prevent attackers from finding a loophole in the system, CoinCorner has not disclosed most of the inner workings of its security system.

CoinCorner hack?

We have looked for evidence of CoinCorner having suffered a major hack. As far as we can tell, CoinCorner’s security has never been breached.

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User Interface

We tried out the CoinCorner interface to see if it’s easy or difficult to use. This is what we found out.

Registering for a CoinCorner account

To register, the user first needs to click the Register button in the upper-right corner of the screen. This brings up a form that allows a person to fill out their name, address, phone number, and other identifying characteristics.

Once the first page of the form has been filled out, clicking Next Step brings up the next page of the form, which asks the user for a mobile number, gender, place of birth, source of funds, and other info.

After filling out this second page, the user can click Submit to send the form to the server.

The next step is for the user to check their email and click the link within the confirmation email that was sent. In our test, we did have some trouble with this step at first as we did not receive the email. But when we tried again the following day, the problem had been fixed and we were able to receive it as expected.

Once this final step is completed, the CoinCorner app opens to its dashboard.

Depositing fiat

To deposit fiat, the user clicks Deposit from the menu on the left-hand side. This brings up a dialogue box with three tabs: Bank, Card, and Auto Buy.

The Bank tab is open by default. It provides instructions that the user can give to their bank in order to initiate a Faster Payments or SEPA transfer to their CoinCorner account.

The Card tab allows the user to enter an amount of fiat they want to convert to crypto. The app will automatically calculate the deposit fee and display it for the user, avoiding any surprises.

After clicking Proceed to Deposit, a new dialogue box appears that allows the user to enter their debit card information and complete the deposit.

The Auto Buy tab works similarly to Bank. It provides bank account information, but for a standing order rather than a direct debit. Auto Buy can be used to make a continuing, regular contribution to the account instead of just a single deposit.

Depositing Bitcoin

To deposit Bitcoin, the user first clicks the QR code symbol in the upper-right corner of the screen. This produces a popup box where either the Bitcoin or Lightning Network can be selected.

Once one of these networks is selected, the user can click Generate address to create a Bitcoin address and QR code for the deposit.

Buying or selling cryptocurrencies

In the middle of the screen is an interface for buying and selling cryptocurrencies.

Here, CoinCorner has gone with a simple design that is beginner friendly. Complex orders such as limit orders or stop-losses cannot be employed with this interface. And there is no chart showing the prices of cryptocurrency. Instead, there is a simple display of the price in large font on the right-hand side of the screen, along with a timer that counts down the seconds until the price will be updated. The price is updated every 15 seconds.

A drop-down list can be used to choose between GBP and EUR, and another list can be used to choose between BTC, ETH, and LTC. The price on the right side updates automatically based on the selections made on the left side.

The options to buy or sell can be chosen via tabs on the left side.

Withdrawing fiat

Withdrawing from CoinCorner is simple and hassle-free. The user clicks Withdraw from the menu on the left to bring up a form that can be used to enter bank information. Once the information is entered, the user clicks Withdraw to submit the information. After this, the only thing left for the user to do is to wait for the funds to show up in their bank account.

Withdrawing Bitcoin

Withdrawing Bitcoin at CoinCorner can be done in 3 simple steps:

  1. Click Send and Receive on the left side of the screen
  2. Fill out the form, entering the receiving address or Lightning Invoice and amount
  3. Push the Send BTC button

Overall, our tests revealed that CoinCorner has an incredibly intuitive and beginner-friendly interface.

Our Rating: 9/10
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Customer Support

CoinCorner provides customer support by email, through a ticketing system. To submit a ticket, navigate to support.coincorner.com and click the blue “Submit a request” text in the upper-right corner of the screen.

Live chat

Depending on the time of day and volume of tickets, live chat may also be available as a customer service option. If live chat is available, it should show up as a Help button in the lower-left corner of the Dashboard after logging in.

In our testing, we did not find any time when live chat was available. However, the CoinCorner team has admitted that this feature has not been available recently. According to the team, this is because the company has recently acquired the Coinfloor exchange and is experiencing high ticket volume from customers making the transition to CoinCorner. So it may be available again soon, once the initial effect of this acquisition dies down.

Knowledge base

CoinCorner provides an extensive knowledge base with answers to many common questions about the exchange. So users may sometimes be able to get answers faster by browsing this knowledge than by contacting customer service.

Trustpilot reviews and rating

CoinCorner has a 3.9 out of 5 rating on Trustpilot. 54% of CoinCorner reviewers give it the best rating of “excellent,” whereas 20% give it the worst rating of “bad.”

Positive reviews praise the exchange’s efficient onboarding process, easy-to-use interface, and speedy response to customer service issues.

Negative reviews include mostly Coinfloor users who complain that they have lost verified status after making the transition to CoinCorner. Some users also complain that CoinCorner lacks a sophisticated interface option for serious traders. This is another pain point for former Coinfloor users who are accustomed to employing limit orders, stop-losses, and other complex strategies.

Our Rating: 8/10
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Other Features

Here are a few notable features that make CoinCorner stand out from the crowd.

Auto Buy

As mentioned in the interface section, CoinCorner provides an Auto Buy feature that can be implemented via bank standing order. This is especially useful for crypto stackers who wish to buy a certain amount of BTC, ETH, or LTC each paycheck.

Earn Bitcoin

CoinCorner has partnerships with over 1000+ local and international merchants offering Bitcoin loyalty rewards. Users can shop at such places as B & Q, Currys PC World, SimplySupplements, Firebox, and others to enjoy free Bitcoin rewards deposited directly to their CoinCorner accounts.

The CoinCorner Earn Bitcoin program can be implemented through a browser extension for Chrome, Edge, Opera, and Brave.

Gift Cards

CoinCorner also provides gift cards for various popular retailers in exchange for crypto balances. This allows crypto users to shop at retailers that do not accept crypto. For example, CoinCorner users can exchange their crypto balances for gift cards to Amazon.co.uk, Just Eat, Nike, Marks and Spencer, Costa Coffee, and more.

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Mobile App

If you use CoinCorner and ever need to trade while away from your PC, you’ll need to have the CoinCorner mobile app. Here is how the mobile app works.

System requirements

The CoinCorner mobile app requires Android 8.0, iOS 14.0, or iPadOS 14.0 or higher.

Mobile interface

After installation, the app opens to a homepage with four tabs: Portfolio, Send, Receive, and Settings.

Portfolio shows a list of your assets and their values, Send allows you to withdraw either fiat or BTC, Receive brings up a menu that you can use to make a one-time or recurring deposit, and Settings allows you to change your PIN or contact customer service.

The actions of making a deposit, trading, and withdrawing can all be performed on the mobile app as simply and easily as they can be on desktop. In our tests, we did not find any menus or options that were confusing.

Mobile app reviews

The CoinCorner mobile app holds a 3.0 rating on Google Play and a 4.1 rating on the iOS App Store. Positive reviews mostly praise the app for its beginner friendly and easy-to-use interface. Negative reviews generally protest the high fees of the platform or else complain that the app allows deposits, but not withdrawals, for unverified users.

Our Rating: 9/10
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Conclusion

In this CoinCorner review, we’ve explored the exchange’s coin list, deposit and withdrawal options, interface, security, mobile app, and more. But you may still be wondering if CoinCorner is the right exchange for you. So we’ll state our overall opinion of the exchange in this section.

CoinCorner is an excellent exchange for beginning crypto investors who live within areas served by Faster Payments or SEPA. It has convenient deposit and withdrawal options and one of the most user-friendly interfaces we’ve seen on any exchange.

If you simply want to buy BTC, ETH, or Litecoin to gain exposure to price movements in the crypto market, CoinCorner is a great choice. CoinCorner is also a great choice if you want to make BTC deposits to international exchanges such as Binance or Bitfinex, but you lack convenient options to get a hold of Bitcoin.

However, if you are a serious trader who buys and sells large volumes of crypto, CoinCorner is probably not a good option. Most users in this category will find that CoinCorner’s fees are too high for anyone making frequent trades. In addition, it’s coin list is too small for most serious crypto traders to be satisfied with.

High-volume traders who already have convenient deposit options at another exchange will be especially dissatisfied with CoinCorner.

Still, beginners and casual crypto users who simply want to dip their toes in the crypto world will find CoinCorner to be an excellent option.

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FAQ

Here are a few frequently asked questions about CoinCorner, along with their answers.

Is CoinCorner Legit, Safe, Regulated, etc?

By far, the most common question we have found in regards to CoinCorner is whether it is a safe and trustworthy institution. Our research has indicated that it is indeed a trustworthy exchange.

Its founders are very publicly involved with the UK crypto community and do not appear to be hiding anything. And the exchange has garnered “Designated Business” status with the Isle of Man Financial Services Authority (IOMFSA), making it an official money-services business operating within the Isle of Man.

Where is CoinCorner located?

CoinCorner is headquartered in the Isle of Man, a British Crown Dependency located in the Irish Sea.

Can I buy bitcoins without an ID at CoinCorner?

New users can deposit to CoinCorner up to a certain limit without providing ID verification. However, no one is allowed to withdraw Bitcoin from CoinCorner without first providing an ID.

Can I buy bitcoins with a debit card at CoinCorner?

Yes, CoinCorner allows users to make Pound Sterling and Euro deposits via debit card. The minimum deposit via debit card is 10 GBP or EUR, and the fee is 2.5% of the total.

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