Luis Clark
Luis Clark
Luis is a personal finance expert who has been passionate and writing about crypto for more than five years.
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    CoinCorner Review 2023: Fees Pros & Cons

    coincorner review uk

    CoinCorner Review: Our Opinion

    CoinCorner cryptocurrency exchange provides users with an easy interface to purchase, trade, and securely store Bitcoins. The exchange also offers free registration, and with just 10 EUR, users can begin their investment journey. 

    However, because of the limited amount of crypto assets available to buy, and limited customer service with less than 24/7 support, seasoned traders find CoinCorner inadequate for their everyday needs.

    An Overview of CoinCorner

    what is coincorner review uk

    CoinCorner claims to be a top cryptocurrency exchange making huge strides to build trust in the crypto ecosystem. Launched in 2014, the exchange today has over 200,000 customers globally and has a reach in more than 45 countries

    While the platform aims to simplify buying and trading Bitcoin, it also follows the compliance, anti-money laundering, and know-your-customer requirements expected of a designated business under the Isle of Man Financial Services Authority’s (IOMFSA) supervision.

    CoinCorner offers wallet services to their users and a way to buy, sell, send, receive, and store cryptocurrencies, including Ethereum and Litecoin. The platform also supports GBP and EUR fiat currencies, which investors can use to buy Bitcoin

    Customers can look forward to many other goods and services, including the Bolt Card, a Bitcoin cashback programme, and Lightning Network Bitcoin withdrawals.

    With CoinCorner, users in the UK can easily buy, sell, and store Bitcoins. However, employing any crypto exchanges or services has advantages and disadvantages. We’ll examine the pros and cons of CoinCorner.

    Pros

    Cons

    Unique Features of CoinCorner

    The Bolt Card

    Bolt card coincorner

    CoinCorners’ Bolt Card is a contactless payment card that uses Near-Field Communication (NFC), the Bitcoin Lightning Network, and LNURL as its power sources. It functions similarly to a normal debit card. When the Bolt card is linked to a CoinCorner account and tapped on a point-of-sale device, the Lightning Network instantly processes the payment and debits the user’s CoinCorner balance. 

    For example, the screenshot below shows a course on AMP coins and it offers $3 in AMP as the reward.

    Autobuy

    CoinCorner users can use the auto-buy service to buy Bitcoin automatically. In addition, auto-buys can be combined with a standing order on a user’s bank account to eliminate all manual steps from bitcoin purchases. 

    The auto-buy function enables users to fund their accounts with GBP. This can be used to automatically buy Bitcoin once it is credited to users’ accounts.

    Earn Bitcoin Cashback

    Users can earn up to 40% cashback in Bitcoin when they shop online with 1,000+ designated partner retailers made accessible. 

    By simply adding the CoinCorner extension to Chrome and other search engines supported, users have an easy shortcut to access these retailers. A pop-up notification with Bitcoin cashback offers will appear when a partner retailer is selected. 

    Users can then activate their offers when they click on the pop-up notification and complete their purchase. An email will be received once the cashback has been credited in the CoinCorner account. 

    Cryptocurrencies Available

    CoinCorner is lacking in cryptocurrency support. The exchange only supports three crypto assets:

    • Bitcoin
    • Ethereum
    • Litecoin

    It’s worth noting that users can buy, sell, send, receive and store Bitcoin. However, while users can also buy and sell Ethereum and Litecoin, they cannot send or receive these digital assets in their CoinCorner wallet

    Fees

    Our CoinCorner review highlights, that just like many other crypto exchanges, the platform charges a variety of fees for its services. Below are the transaction fees and limits applicable to each account. 

    Besides the fees below, inactive accounts (after 24 consecutive months) incur a monthly fee of £10 or the EUR/crypto equivalent.

    Fees Method Pricing Limits
    Deposit Fee GBP bank transfer (FPS - Faster Payment System) Free Minimum - 5.00 GBP Maximum - No limit
    GBP bank transfer (international) 25.00 GBP Minimum - 30.00 GBP Maximum - No limit
    EUR bank transfer (SEPA) Free Minimum - 5.00 EUR Maximum - No limit
    Card deposit 2.5% Minimum - 10.00 GBP/EUR Maximum - Variable
    Bitcoin deposit (on-chain) Free Minimum - No limit Maximum - No limit
    Bitcoin deposit (Lightning) Free Minimum - No limit Maximum - No limit
    Withdrawal fees GBP bank transfer (FPS) 1 GBP Minimum - 5.00 GBP Maximum - No limit
    EUR bank transfer (SEPA) 1 EUR Minimum - 5.00 EUR Maximum - No limit
    Bitcoin withdrawal (on-chain) Variable Minimum - No limit Maximum - No limit
    Bitcoin withdrawal (Lightning) Free Minimum - No limit Maximum - Variable
    Buy and Sell Fees/Autobuy Fees £/€0 - £/€10.00 £/€1.00 Minimum - £/€5.00
    £/€10.01 - £/€25.00 £/€1.50 Maximum - £/€250,000.00 (per trade for buy and sell) Maximum - £/€50,000.00 (per 24 hours for auto buy)
    £/€25.01 - £/€50.00 £/€2.00 £/€50.01 - £/€300.00
    £/€3.00 £/€300.00+ 1%

    Payment Methods

    CoinCorner offers multiple payment methods to customers, which include:

    • Bank transfer (GBP)
    • SEPA (EUR)
    • Credit cards
    • Debit cards
    • Bitcoin

    CoinCorner accepts deposits from most major bank cards. Deposits are instant, with the minimum amount pegged at 10 GBP/EUR. However, card users are charged a 2.5% fee. 

    Security

    CoinCorner has a designated business status with the Isle of Man Financial Services Authority (IOMFSA). The exchange complies with know-your-customer (KYC) and anti-money laundering (AML) requirements. Customers also receive more asset protection via: 

    • Two-Factor Authentication (2FA) using the Google Authenticator mobile app to keep accounts safe from hackers. 
    • Multi Signature Cold Storage, available for most of their coins.
    • Account management while on the move with their mobile app available for iOS and Android devices.

    Users can also secure their accounts by activating email notifications for activities such as login, trading, or BTC withdrawal. This will keep them informed of activities happening on their accounts, especially if they’re compromised.

    Staking Rewards

    CoinCorner does not offer staking. Users can, however, earn up to 40% cashback rewards on CoinCorner by shopping online with their 1,000+ designated retail partners.

    Opening a CoinCorner Account

    Investors who believe that the exchange is right for them should follow these steps to open an account:

    Sign Up

    sign up coincorner

    To create an account, users should visit the CoinCorner website and click on the “Register” button, which is located at the top right-hand side of the page. Users must then enter their information, which includes their full name, home address, and email address. It is also important to create a strong password.

    Verify

    The account verification process is mandatory for any user who wants to use CoinCorner. To complete account verification, users must provide a government-issued ID like a passport or driver’s licence as proof of identity. In some cases, proof of address documents like bank statements or utility bills may be required in account verification.  

    Users might also be requested to upload a selfie to complete their account verification. They must hold the ID and a handwritten note with a random number displayed on the screen for their selfie to be accepted.

    Users’ accounts should run up a few minutes after successful verification.

    Deposit

    After their account has been authenticated, users can easily fund their CoinCorner account. Supported payment methods include a credit card, debit card, bank transfers, or SEPA bank transfer. Alternatively, users can set up a standing order for AutoBuy.

    Buy Bitcoin

    After funding their CoinCorner account, users should simply visit the Buy and Sell page and buy Bitcoin.

    Trading Experience

    trading experience coincorner

    Investors with little technology experience will find this crypto fiat exchange easy to use. CoinCorner’s user interface is well-designed, straightforward, and extremely user-friendly. The simple menu directory makes navigation easy.   

    CoinCorner customers can easily buy and sell Bitcoin from their accounts’ sidebar Buy/Sell tab. However, before making a Bitcoin purchase, they must fund their accounts in GBP or EUR on the Deposit page.

    Users can also withdraw their fiat balance into their bank account via transfers. By simply clicking Withdraw on their account’s sidebar to make a bank withdrawal request. A pop-up box will appear where users can select the currency they want to withdraw and input their banking information to get their funds.

    CoinCorner also offers a mobile app available on iOS and Android that offers the same functionality as the website.

    Customer Service 

    CoinCorner has a “Contact Us” option on its website, but there is no indication of a response time. The exchange also provides a help centre, where users can submit tickets or email questions to customer support.   

    Users who need an immediate response can use the live chat feature.  However, live chat agents are only available Monday through Friday between 9 am and 5.30 pm. Please note, however, that Live Chat may not always be available, even during these hours, which has led to complaints about poor customer service.

    Customer Satisfaction

    Organisations must provide excellent customer service to encourage client loyalty and establish trust. CoinCorner claims to provide customer support through a help centre, email, and a Live chat available Monday to Friday between the hours of 9 am and 5.30 pm. 

    However, customer reviews on third-party sites have been divided into different opinions. Some customers appreciate the ease of use and perks the exchange offers. They also claimed they could resolve issues due to timely intervention from customer support. On the other hand, several customers complained about slow responses from customer representatives and the limited live chat service time. 

    Does CoinCorner Exchange offer Education?

    CoinCorner offers educational resources, especially for new users, via their blogs and help centre. 

    The blog publishes a variety of news items every day, including Bitcoin news, company news, product news, etc. 

    On the other hand, the help center offers instructions that vary from information about the company to how the exchange works. Information provided in these spaces should assist crypto enthusiasts in getting started.

    Is CoinCorner Right for You? 

    CoinCorner is designed to be quick and easy to use to buy, sell, and store Bitcoin. The platform caters to crypto investors, especially novices, with an easy-to-use interface. CoinCorner also offers benefits and perks like cashback rewards, a Bolt card, an auto-buy function, and mobile apps for anyone that wants to keep track of their portfolio wherever they are.

    It is important to remember that CoinCorner only supports very few cryptocurrencies and not all of them can even be fully utilised. This may be suitable for individuals who are just starting and don’t want to be overwhelmed.

    Final Thoughts

    Our CoinCorner review shows that the exchange appeals to new crypto investors. The service is simplified because it involves buying, trading, and storing Bitcoin. However, fewer currencies are available for trading than anticipated, and there isn’t much customer service available in after-hours, which seasoned crypto experts may not find ideal.

    Our extensive analysis of the UK Crypto Exchanges doesn’t stop here. You can also read about our Coinbase Review UK as an alternative to CoinCorner.

    FAQ

    Most frequent questions and answers

    To Buy Bitcoin on CoinCorner, simply

    • Registering for a free account on its official website.
    • Deposit funds into an account with credit/debit card, bank transfer or SEPA.
    • Navigate to the Buy and Sell page and use funds to buy Bitcoin.

    CoinCorner is an award-winning exchange regulated by the Isle of Man Financial Services Authority (IOMFSA) and is trusted by over 200 thousand people globally. It also secures users’ assets through 2FA and multi-signature cold storage.  

    Users can get in touch with CoinCorner agents and ask for an account review if they want to increase their limits. However, even if a user has completed the Enhanced Due Diligence, CoinCorner reserves the right to lower their limits or, in their sole discretion, to reject an application to increase them.

    Users that want to verify their CoinCorner account will have to submit a government-issued ID like a passport, and in some cases, additional proof of address document may be required. To complete the verification, users may be required to take a selfie.

    There are multiple alternatives to choose from when it comes to competitor exchanges. Top tier exchanges such as Bitstamp, Binance or eToro are just a few examples of alternative cryptocurrency exchanges and CFD providers that cater to residents in the UK.

    We always try to provide the most accurate information available, and make sure our team follow through.
    If you want to know more about our Crypto Exchanges Review Methodology follow the link below

    Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual’s needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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