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What is CoinCorner?
CoinCorner is a bitcoin exchange and wallet platform that allows users to store bitcoin reserve. Users can carry out bitcoin transactions via their website or their mobile applications. CoinCorner is a European bitcoin exchange that was established in 2014. A team of tech experts and advisors got together with the aim of helping people maintain their anonymity and still benefit from easy, smooth currency purchase and sale. The platform was created solely to make bitcoin purchase and sell very easy. Recording success in the exchange space, CoinCorner opened their web wallet service to aid their user’s store bitcoins. CoinCorner is special thanks to their wallet platform, mobile app, their support in fiat transactions and they offer two types of accounts(personal and merchant).
What methods of payment CoinCorner accepts?
CoinCorner accepts the following payment methods for also buying and selling:
- Debit cards
- Credit cards
- Bank transfer
The use of credit and debit card, Bank transfers, SEPA and Neteller make CoinCorner very attractive. You can deposit and withdraw using any of these methods. However, the site does not allow withdrawals through Neteller. The minimum deposits are pegged at £10 and at £20 for those using Neteller, the maximum deposit amount is variable and dependent on the status of the client’s account verification. The other thing is that their maximum withdrawals also vary depending on whether you are using credit/debit card, bitcoin, bank transfers or Neteller. The one feature that makes it popular is the lack of limits on all bank transfers and bitcoin transactions. The same applies to maximum withdrawals. So, overall rating on payments is good but the charges make such reprieves worthless.
What cryptocurrencies does CoinCorner support?
CoinCorner’s exchange current supports Bitcoin only. This is a major handicap to the site as trading is limited and buying/selling of another cryptocurrency could cater for traders who wish to do all their businesses from one platform. Major altcoins like Ethereum, Litecoin, and Ripple need to be part of a site the magnitude of CoinCorner. Until they do that, this one factor waters down their other great features.
Does CoinCorner require any kind of verification?
CoinCorner exchange and wallet platform require the following for verification process:
- Biographical identification (Address, ID number, Occupation, Source of Wealth, Phone, Driver’s license, passport)
- Proof of residence (Utility bill, bank statement, pay slip, etc.)
This is one of the areas where CoinCorner rates poorly. Their fee charges are one of the highest on the market. Even though services may be great, prospective traders are almost always put off by the industry high fee. The charge of 2.5% on all debit or credit card transactions are quite high. They also have an additional charge of $0.40 on the use of the above selling/buying methods, it doesn’t make sense. The only positive we get here is the fact that transaction done using BTC are free.
The fees of CoinCorner exchange platform depend on multiple factors. For instance, it depends on whether you are depositing or withdrawing, the method of payment you choose to use as well as the sum of money you are dealing with. To be more precise, the CoinCorner administration fee for deposits that are worth 2,000 GBP or 2,000 EUR and under is 2.5% if you choose Bank Transfer, Debit or Credit Card or Neteller as the method of payment. There are no fees imposed in case of incoming Bitcoins. As for withdrawals – the bank transfer as a payment method is temporarily unavailable, the debit or credit card service is going to be available soon and Neteller is not supported for the withdrawals.
Does CoinCorner have limitations?
Yes, they do.
- For unverified accounts, the limit is set at GBP£100/EUR€130 maximum.
- Deposit limit for Neteller deposit within 24 hours is GBP £95/EUR €95
- Buy/sell bitcoin limit is set between GBP£5-10,000/EUR€5.00-10,000.
- Bank transfer withdrawal minimum is EUR€50
One of the main limitations of CoinCorner has to do with the rates and transaction fees. The charges are very high compared to other sites that may be offering similar services.
In addition, the extremely low limits might count against the site by discouraging those who are out to spend heavily on the market. It’s not great for margin trading. Coupled with this is the issue of their sometimes slow transaction speed. The 3-day waiting time for transactions in EUR is a long time to wait in a market that is as volatile as the cryptocurrency market. And it would be better for CoinCorner if the UI offered advanced features. However, not having operations worldwide reduces its appeal somewhat.
The limitations on CoinCorner mainly depend on the type of the account the user has. However, to give you an idea, for instance, in case of deposits – Bank Transfer being the preferred payment method there are no limitations at all. There are no deposit limits in case the method of payment is a digital currency. For deposits with debit or credit cards being the method of payment the limit is minimum of 10 GBP per day and the maximum varies from account to account or 10 EUR per day again with various maximums depending on the account type. If you make a deposit with Neteller the daily limits are 20 to 95 GBP or 20 to 95 EUR. If you are interested in buying and selling cryptocurrencies on CoinCorner then be aware that the minimum amount that you may trade for is 5 GBP or 5 EUR and the maximum limit for trade is 30,000 GBO or 30,000 EUR. Finally, the withdrawals with digital currency should be at least 0.0005 BTC and there is no maximum limit for it. The withdrawals with debit or credit cards are not available yet and with Neteller, there is no service offered.
Is CoinCorner safe?
Is CoinCorner legit in the bitcoin community? Yes, they are.
- There is a concern though about their wallet since third-party stores your private keys, and they have easy access to them, making it easy for your bitcoin reserve to be stolen.
- The platform uses Google authenticator to protect account access. You will be notified of any successful/unsuccessful login in your account.
- Coincorner claims to store 100% of customer funds in cold storage wallets.
- Coincorner designated Business Status in 2016 by the Isle of Man Government. This means that they comply with the IOMFSA anti-money laundering legislation and are a verified/ trusted business.
- The platform has over time become known for its reliability and the services they offer in the UK and Europe.
- The platform though has become less popular as it only trades bitcoin.
There has been no incidence of a fraud or data breach in the platform.
CoinCorner is a trustworthy site with a good reputation among its users. This exchange and wallet platform is one of the most consistent in Europe. The fact that coinCorner hasn’t been hacked before has helped cement the faith its members have it. Their support for client queries and concerns are not the best though, considering it can take you up to 3 days to get information about your wallet.
The platform offers the following industry recommended security.
- Two-factor authentication is available for all users.
- It stores over 95% of customer bitcoin reserves in cold storage, making it hard for a hacker to steal.
- All services run over SSL (HTTPS).
How good is their customer support?
Their customer support is rated as good.
- They have a reputation for good customer support even though it is limited to just email.
- The support team endeavors to get back to any query within a few hours of placing the query. Their help center has a dedicated channel for new clients.
Is their transaction speed fast? Their transaction speed isn’t fast.
- Bitcoin transfers usually take minutes, though CoinCorner warns that it might take days sometimes, however, The length of time it takes for transfers to complete is usually a result of a backlog on the bitcoin network and isn’t related to coincorner service.
- The Euro and pounds transfers will be subject to the usual transfer times for each method (usually 2-3 business days).
CoinCorner’s handling speed is not the best on the exchange, but they are doing well when it comes to Bitcoin. Bitcoin transfers usually take minutes, though CoinCorner warns that it might take days sometimes. This, however, isn’t the case always and for delays to occur, a customer’s account could be the problem; especially with payments methods. The Euro and pounds transfers will be subject to the usual transfer times for each method usually 2-3 business days.
When it comes to transaction speed, CoinCorner is currently facing some issues. To be more precise, the reason behind technical issues with the transaction speed is because it is a subject to backlogs on the Bitcoin network and the company cannot really do much about it.
How to use CoinCorner?
The registration and trading processes on CoinCorner is one of the easiest you can find.
- The first step is to visit their website and sign up. You will be required to fill the necessary details.
- The second step is account verification which doesn’t take long. A government issued ID or a driver’s license will do.
- Proceed to fund your account using either your debit, credit card or Neteller.
- You can purchase bitcoin immediately after funding your account.
Who should use CoinCorner?
If you are a beginner, then don’t panic. CoinCorner has the beginner’s first experience in mind. That’s why the interface has made it simple for you to open an account and get started on trading. The navigation tools are strategically placed and offer step by step direction to the trading process. There are links that explain what the novice trader may want to know as they get into the business of cryptocurrency trading.
CoinCorner is a friendly site that puts the clients first. Their UI is designed to give the user an easy time. The simple and undeniably basic home page is one of the easiest to navigate. They have an email service that is used to voice any concerns traders might have. There are clearly visible widgets that enable the user access their dashboard and transact. You can also do business on the go using the mobile app.
CoinCorner is a serious exchange and wallet provider website. Their security is above board and what they lack in speed and high transaction fees is compensated for in their robust user interface that makes transacting with them so easy to go about. Even though the site has not faced any major threat of hacking, it is good news to crypto-enthusiasts that the upgraded security measures can only mean that their coins are safe. Below is a summary of the pros and cons of CoinCorner.
- You can deposit with credit/debit card, SEPA, bank transfer and Neteller.
- It has a 2 Factor Authentication process.
- Combines a wallet and exchange for convenience to its users.
- The platform is simple, thus easy for beginners.
- The low limits might discourage you if you wish to trade heavily.
- Transaction speed is rather slow.
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