Today, we will be looking into Coincorner. What is Coincorner? A scam or a legit site? We will be creating an account with them, explore their website features, and try to know them better. Ok, with that being said, let´s go!
Owner: CoinCorner Ltd
Price: BTC withdrawal/deposit is free, fees only for credit cards
Clients: Cryptocurrencies (BTC-GBP, BTC-EUR)
Overall rating: (3.2 / 5)
What is Coincorner – an overview
CoinCorner.com is available in English and German. If you consider the competition, this is an area where they might have to dig a bit deeper. However, English is the international language globally and they are located in the United Kingdom – so, that makes sense.
Other than that, the platform is offered to people from UK and Europe generally. As a result, any European who wants to buy or sell cryptocurrencies can do so pretty easily. Apart from Europe, this is a detailed list of all the countries where the services are provided.
There are quite a few payment methods on offer, including bank transfer and credit or debit cards. Of course, the use of credit cards comes with the proper card verification process, in avoidance of fraud incidents and other negative consequences of unauthorized card use.
There is the Mobile Bitcoin Wallet available for mobile devices, making the user experience even better. You can find their apps on their website, covering Android running devices, Apple and Windows Phone. This is great, as the need for cryptocurrencies has increased significantly over time and therefore it is really helpful to have an app that covers the needs of mobile devices with no exceptions.
The CoinCorner Platform
Is Coincorner Scam or Not? 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.
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.
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.
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 are 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.
Is CoinCorner a scam?
Is Coincorner Scam or Not? I wouldn’t say Coincorner is a scam but some their issues would not be suitable for everyone. 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. For a new user, the exchange would not be fully recommended.
Now you should have a better understanding of what Coincorner is. CoinCorner is not a scam. CoinCorner is a company which allows inexperienced people to take part in the cryptocurrency space. They facilitate the exchange on EUR and GBP and Bitcoin. In essence, this is more of a change bureau than a trading venue. While the company charges 5% on most transfers, they provide an amazing convenience.
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I wish you the best!
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