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 Coinfloor consists of four parts: general information, fees, deposit methods and security.
Coinfloor is a cryptocurrency exchange from the United Kingdom. It was founded in 2013 and claims to be “the most liquid” GBP/BTC/BCH cryptocurrency exchange. We can’t really figure out if they claim to be the most liquid in the world or the most liquid in the United Kingdom (or London).
Regardless of what they claim, the liquidity is not that good here. On the date of last updating this review (22 March 2020, right in the middle of the crisis with COVID-19), the 24 hour trading volume was only USD 687,040. This placed it on place no. 182 on the list of the exchanges in the world with the highest 24 hour trading volume. Several UK-exchanges were also among the top 100, ahead of Coinfloor.
United Kingdom is the country which without a doubt has the most cryptocurrency exchanges in the world. At least that we know of. A non-exhaustive list of exchanges from the UK (in addition to this one) includes Exmo, CEX.io, CoinEgg, Livecoin, DSX, LocalTrade, Bittylicious (funny name by the way), CoinMate, Indacoin, MixCoins, Paybis, Vaultoro, Instant Bitex and eToro.
Coinfloor itself promotes four things with its own trading platform. They promote that the liquidity is deep, that you can buy and sell on OTC, that the platform supports multicurrency trading and that you can “speak directly with an Account Manager”. The Account Manager will apparently understand your needs. From our perspective, these are all helpful features of a trading platform, even though we don’t completely understand how the Account Manager-relationship works and (as we explained above) do not agree with the statement that this exchange has deep liquidity.
The exchange does not list US-investors as prohibited from trading, but US-investors should do their own independent assessment of any problems arising from their residency or citizenship.
Coinfloor 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. The below is a picture of the very limited trading view at Coinfloor:
Coinfloor Trading fees
The most important lesson to learn when it comes to picking the best cryptocurrency exchange site is that you must always check the fees.
Coinfloor’s fees are flat and amount to 0.30% per trade. This fee is above the industry average. The industry average is arguably around 0.25%. One should consider whether Coinfloor has a strong offering to investors in other respects that outweighs the disadvantage of this somewhat higher trading fee.
Coinfloor Withdrawal fees
The exchange charges a withdrawal fee amounting to 0.0005 BTC when you withdraw BTC. This fee is below the industry average.
Coinfloor offers wire transfer as a deposit method, but you can’t deposit via credit card. This of course negative news to you if you would prefer to use your credit card for any reason.