Launched in July 2014, CoinCorner (coincorner.com) is another operation focused on the UK Bitcoin scene, looking to make it easy and convenient to get fiat money and Bitcoins in and out of the cryto currency environment. Accessibility is the main selling point of the company and towards that end, it has developed superior mobile applications covering iOS, Android as well as Windows, which allow users to buy and sell bitcoins, to store virtual currency and to make payments using such currency too.
The company behind the CoinCorner site is CoinCorner Ltd, and it is based at 2nd Floor Office Suite, St. James’ Chambers, 64A Athol Street, Douglas, IM1 1JE, Isle of Man. CoinCorner is registered under the number 129003C and it is authorized by Isle of Man authorities to conduct business involving virtual currencies. No phone numbers are currently available for contact or support purposes. CoinCorner’s co-founders are Bitcoin celebrities Phil Collins and Daniel Scott.
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The CoinCorner Platform
The CoinCorner software is clearly aiming for simplicity and easy access. Registration is lightning-quick. User balances are provided in GBP and Bitcoin, although Dogecoin and Litecoin used to be supported as well. Bitcoin can be sold and bought. Clients can make deposits and withdrawals, they can buy/sell Bitcoins and send/receive payments at a single click.
Market orders can be placed too, through the trade slip, which is auto-populated and which is also designed to be as simple and as straightforward as possible.
The CoinCorner API is aimed at merchants, allowing them to integrate a Bitcoin payment gateway with their already implemented payment methods. The point-of-sale payment system accepts Bitcoin payments through the use of any Android device.
CoinCorner is currently the only UK-based Bitcoin exchange/wallet, which offers native Android and iOS apps with superbly designed user-interfaces, that give users access to their virtual currency wallets, while allowing them to make payments through the scanning of QR codes.
Account Types
Two types of accounts are currently supported at CoinCorner: Personal and Merchant. In both cases, extensive verification of identity is required, including proof of residence for Personal accounts. The above mentioned merchant services are obviously only available for Merchant account holders.
Fees
Some of the fees used by CoinCorner are indeed on the steep side. For Bank Wire withdrawals for instance, a £35 fee is charged. For Debit/Credit Card deposits, there’s a 5% commission, as well as a £0.40 surcharge. Virtual currency deposits and withdrawals are completely free. There’s a commission taken on Sell orders too.
Regulation
While the activity CoinCorner currently performs doesn’t require regulation for the time being, the company has been working closely with the Isle of Man Government to make sure that when regulation does come, they’ll be among the first to attain full compliance.
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Customer Support
CoinCorner support can be reached through an email form.
Payment Methods
Deposits and withdrawals can be made through credit- and debit cards, bank wire (SWIFT/SEPA), Neteller and directly in the supported virtual currencies (BTC). Withdrawals work in the same way, however there’s no option for withdrawals to Neteller.
Minimum deposit amounts for debit/credit card are £10/€10 and £20/€20 if you’re using Neteller. Bank transfers and Bitcoin deposits have no minimum.
Maximum deposit amounts are up to £500 if using a debit/credit card and £95/€95 for Neteller deposits. Again, bank transfer and Bitcoin deposits have no maximum.
Minimum withdrawal amounts are £100/€50 for bank transfers and £10/€10 (against previous deposits) if using a debit/credit card.
There’s no maximum withdrawal amounts, except for when using a debit/credit card where the maximum is the value of previous card deposit transactions.
Minimum trade, by the way is £10/€10.
Testimonials and Conclusion
A reputable operation, with a solid mobile app offering, CoinCorner is currently a rather unique actor on the UK Bitcoin scene.
Complaints about CoinCorner have to do with their being relatively pricey. In one of the company’s replies, they admit that saying that “We appreciate that our rates are not as competitive as other exchanges at present.” Also, many people find the process of verification to be quite annoying with CoinCorner and a good number of people reported getting locked out of their accounts.
To conclude, CoinCorner seems to be a reliable, albeit not the cheapest, Bitcoin exchange out there.
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CoinCorner is currently available ONLY in the following countries: Andorra, Argentina, Australia, Austria, Belgium, Brazil, Bulgaria, Canada, Cayman Islands, Cyprus, Czech Republic, Denmark, Estonia, Faroe Island, Finland, France, Germany, Gibraltar, Greece, Greenland, Guernsey, Hungary, Ireland, Isle of Man, Italy, Jersey, Kenya, Luxembourg, Malaysia, Malta, Monaco, Netherlands, New Zealand, Norway, Philippines, Poland, Portugal, Romania, San Marino, Singapore, Slovakia, Slovenia, South Africa, Spain, Sweden, Switzerland and the United Kingdom.
What’s your opinion on CoinCorner? Please leave a comment below and share your experience with this Bitcoin exchange.
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I’m tired of reading negative reviews about this company. I have made
over 200 transactions without problems. I have had no issues with
fees or any other difficulties. The the new website is just great.
The only problems I have are with the UK banks attitudes (May 2019).
Hahahaha. No problem? NO PROBLEM? You realize their margin is over 10%, that means they just add an imaginery 10% onto the actual price of Bitcoin, then charge you another 3% just to buy, then charge you for bank tranfers, charge you for credit/debit card purchases. Then more another 0.0005 BTC for withdrawl.
By the time all is said and done you are paying 20% over the price. Place is a complete joke and you don’t have a clue what you are talking.
I just got scammed by these people!!! All I wanted to do was buy £200 worth of XRP. The fees are a rip off then you can’t transfer the XRP!!!! THERE IS NO WAY TO TELL YOU ACTUALY HAVE IT IF YOU CAN’T TRANSFER IT!!! THIS IS A SCAM RED FLAG!!!!!!!!!!!!
After trying to get my money back it seems I can only get £168 back if Im lucky. Their GPB withdrawal service is down and is £30 to use!!!! Had to convert my currency to Euros again to get it off the site. Lost 16% of my cash, in 2 hours and still don’t have it safe in my bank account. If you want to get into cripto, use coinbase then Binance, STAY AWAY FROM THEISE PEOPLE THEY ARE A SCAM TO RIP OFF NEW COMERS TO CRIPTO!!!!
Hi Joe,
Thanks for your feedback – we’re sorry to hear about your recent experience.
In our Altcoin launch announcements and Terms of Use on the buy page, we have informed customers that Altcoins can only be held with us and not withdrawn.
With regards to GBP withdrawals, unfortunately this is something outside of our control (relating to industry-wide banking issues) and we share your frustration. However, we are working to resolve this issue as soon as possible.
Thanks,
CoinCorner
Review update
Anybody who has opened a bank account in recent times will have experienced the regulatory requirements. Crypto currency trading is not a mature sector and one can appreciate that there are complexities that operators such as CoinCorner have to contend with as it develops. Companies in this sector are continuing to navigate their way through the banking and regulatory systems. And this should be no surprise given early stage the sector is in. Missteps will happen it is how the actors respond that will determine who wins, or loses.
We wanted to withdraw funds and CoinCorner tried to resolve the matter by asking us to buy BTC then sell for EUR. This arose because we sold BTC for GBP ignorant of the fact that GBP couldn’t be withdrawn to a UK bank account. In their defence, there was a warning – but the consequences of that were not comprehended.
There are costs associated with each trade which we felt we shouldn’t incur. They did agree to waive with certain stipulations, so we wanted to speak with them for clarification and comfort.
Whilst I understand their business reasons for providing support by email, we felt that their refusal to discuss the matter by telephone evasive. This is where the frustration started resulting in many more email exchanges. This customer could have been pacified if the company had appeared less evasive. Refusal to take phone calls only added to the frustration. Email has it’s place, but so does verbal communication.
So, is Coincorner a scam company? I doubt it. I turned up unannounced at their Isle of Man headquarters and met with both co-founders to see if we could get this matter resolved once and for all. They were accommodating and explained in great detail why they are unable to send funds in GBP – something which they hope to have solved in the coming weeks. They waived their fees and provided the necessary guidance (and comfort) to make the withdrawal, converting GBP to BTC to EUR.
Did they do the right thing in the end? Yes, though we wish it could have been resolved with less frustration. A phone conversation would have gone a long way to concluding this matter sooner.
Easy to buy but good luck getting paid …
Join my action group against these people.
Easy to put money in but they are unable to explain why they cannot pay money out without converting back to Bitcoin then back to EUR. They say its something to do with money transmission rules, yet they are not regulated.
I wanted more clarity because they just keep churning out canned responses that do not explain why they cannot simply transfer the funds. However they will not give a phone number though I did find this: 01624 827858. They don’t answer that number and so far they haven’t acknowledged that they even have a phone. The CEO is not contactable and they will only deal with customer service by email.
Their bank is AS BlueOrange Bank, Jēkaba iela 2, Rīga, LV-1050, Latvija so I contacted them and it appears that there is no problem sending EUR funds to an overseas EUR account – there are no regulatory issues.
Though the bank hasn’t specifically stated, it would appear that the issue is that CoinCorner does not have a GBP account with them, which is simply a matter of requesting apparently. Yet CoinCorner haven’t adequately explained why they can’t send EUR to EUR account because, according to their bank, it’s possible.
It’s no surprise they are not using a major bank, any bank affiliated with these people is on a bad run.
I would like for others having similar problems to join forces with me to bring this scam to an end and save future people being ripped off.
Send me your details to mbadistinction at gmail dot com.
They closed my account with money on it
oh dear .. I was about to pem an account …………….any reply
??
DO NOT USE THIS SITE… fees are crazy you will lose minimum 20% to 45% just on transnational fees, the most expensive site on top of this it is the slowest with poorest customer service……..THEY SHOULD NOT BE IN THE MARKET
There is no way this can be rated as a 5 star platform for bitcoins. All i know is that from my 100 percent profit i made from investing in bitcoin i now have merely 30 percent all because i tried to withdraw from this site to my banking account. That’s 100 GBP profit turned into 30 Euro profit. This is due to transaction fees alone. All other features aside this alone would constitute a 2 star rating at the most! Because really the whole point is to make money and if you cannot make the money you should be making by using this site then it renders the whole thing void and redundant and all other nice user interface features become pointless. The author of this article is irresponsible for leaving this 5 star rating. USE A DIFFERENT PLATFORM if you want to invest in bitcoin