A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of CoinCorner consists of four parts: general information, fees, deposit methods and security.
CoinCorner is a cryptocurrency exchange based in Isle of Man. You might think that this is the only exchange from the little Isle of Man, with a population of only 83 737 people (2016). But no, there is another: Coindirect.
CoinCorner claims to have a very simple registration process, with no verification process and no requirements to upload documentation.
The exchange has also produced an infographic outlining most of their other advantages, namely that they have live chat support, that you can buy Bitcoin very fast (under 10 minutes), that the company operating the exchange is registered by the IOMFSA (Isle of Man Financial Services Authority) and that it has more than 150,000 users.
On the date of last updating this review (30 March 2020, right in the middle of the crisis with COVID-19), the 24 hour trading volume of this exchange was USD 259,040, placing Coincorner at place no. 201 on the list of the exchanges in the world with the highest 24 hour trading volumes. This is a low trading volume creating a thin orderbook and should be considered a risk for any investor interested in opening an account here.
US-investors may not trade on this exchange. So if you are a US-investor and want to trade here, you’ll have to reconsider your choice of trading venue and choose one of the other top crypto exchanges.
CoinCorner Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. At this exchange, there is only an order box with a few different cryptocurrencies to choose from. This makes it easily understandable for new crypto investors, while it might lack some features that more experienced traders look for. The below is a picture of the trading view at CoinCorner:
CoinCorner Trading Fees
This exchange does not charge fees in the same way as most other exchanges do. Typically, trading fees are charged as a percentage of the value of the trade. So if you trade for USD 1,000, and the trading fee is 0.10% (for both takers and makers), then you pay USD 1 as a trading fee. At CoinCorner, they have a fixed fee model for all trades worth less than EUR 300. For trades above EUR 300, you have to pay 1.00%. For more information, please refer to the below picture:
CoinCorner Withdrawal Fees
Another fee you should consider before choosing which exchange to trade at is the withdrawal fee. The withdrawal fee is usually fixed (regardless of the amount of cryptocurrency units withdrawn), and varies from cryptocurrency to cryptocurrency. The global industry average withdrawal fee is arguably around 0.0008 BTC when you withdraw BTC, but we see more and more changes that have started charging 0.0005 BTC per withdrawal. 0.0005 BTC is thus establishing itself as the new industry average.
To our understanding, you only have to pay the network fees when withdrawing from CoinCorner. These are the fees that miners receive to confirm transactions. Only charging network fees is competitive.
CoinCorner claims that you can instantly deposit and buy bitcoin with debit card, instantly buy bitcoin with credit card and deposit via SEPA or bank transfer. This can be very helpful especially for newer crypto investors.
On 4 April 2019, CoinCorner also announced that they had established support for UK Faster Payments Service, meaning that users can transfer funds directly from their UK bank accounts to their respective CoinCorner accounts in under 2 hours. This makes it possible to go from fiat-to-crypto real quick. Fees for the services are GBP 1 for deposits and withdrawals and the service is available during normal business hours. Great feature!
CoinCorner’s security score is D, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is in line with industry average when it comes to top crypto exchanges.
As mentioned above, this exchange supports credit card deposits (alone or through the use of any of its associated payment service providers). Other cryptocurrency exchanges that also have this option include: