My CoinCorner review finds Coincorner to be almost as easy to use as an ATM, but you may end up paying a bit more for your cryptocurrency for the sake of convenience.
The wallet has a streamlined and intuitive web interface aimed at helping newcomers to avoid confusion when diving down the crypto rabbit hole for the first time, and friendly staff are on hand to take you step-by-step through the buying process. Deposit times and customer service response times are very quick, but the platform is slightly let down by high fees for card payments.
Is CoinCorner legit?
CoinCorner is a British crypto exchange buying and selling Bitcoin, Ether, Litecoin and XRP from the Isle of Man — a tiny outpost in the Irish sea with fewer than 100,000 inhabitants.
Co-founders Danny Scott, Charlie Woolnough and David Browchalrie and Phil Collins (not the drummer!) bootstrapped the platform from £150,000 back in 2014, making CoinCorner one of the oldest Bitcoin exchanges in the UK and a veteran in the global cryptocurrency industry.
Despite being a small island, the Isle of Man has bestowed legitimacy on cryptocurrency businesses with unique digital currency regulations like the 2008 Proceeds of Crime Act, and CoinCorner is one of several bitcoin-related businesses on the island, including competing platform CoinDirect.
Bitcopy Rating: 8 of 10
- Fees: 7
- User Experience: 9
- Security: 8
- Customer Service: 9
- Buy and sell Bitcoin, Ether, Litecoin and XRP with GBP or EUR.
- Live chat support (Monday to Friday, but not continuously)
- Fast deposits and processing times: buy bitcoin in just under 10 minutes
- Registered with the Isle of Man Financial Services Authority (IOMFSA)
- More than 150,000 users
- Serves 45 countries worldwide
CoinCorner Fees: 7
Most of the fees are at a similar level to other exchanges, but there are a few things to watch out for.
CoinCorner Deposit Fees
The fee for depositing funds with a credit or debit card is quite high at 2.5%. If you are paying with British pounds it is much cheaper (and almost as fast) to deposit funds with a bank transfer. This is charged at only £1 per deposit and arrives very quickly during working hours. I sent £200 via faster payments from my UK current account to buy bitcoin on the day before the 2020 halving and it arrived within ten minutes. CoinCorner uses automated bank deposits to speed up the time taken for a bank deposit to be credited, so most payments should be credited fast 24/7 365..
International bank deposits are quite expensive at £25 fee for GBP International Bank Deposits and EUR (SEPA).
CoinCorner Trading Fees
Coincorner is a small and relatively illiquid exchange. As such, it is likely to have a higher spread than more popular platforms. CoinCorneralso make money by widening the spread like most other exchanges, which means you may find yourself paying more for your bitcoin.
The Spread: The gap between the bid and the ask prices of a security or asset, like a stock, bond or commodity is known as a bid-ask spread. Brokers typically make a profit on trade execution by buying at the low price (the bid) and selling at the high price (the ask). The wider the spread, the more profit the broker makes by buying and selling at difference prices.
CoinCorner Withdrawal Fees
Withdrawal fees are also comparable with competing wallets, but they can seem quite high if you are sending small amounts.
The lower withdrawal limit is £5, and the standard fee is £1 per withdrawal. Withdrawing funds in GBP is quick and easy as CoinCorner use the GBP Faster Payments system. Funds should be processed and in your bank account within a couple of hours at the most..
This process is far more expensive for euros, with a standard withdrawal fee of 35€, and a lower limit of 40€.
When you withdraw bitcoin you will also have to pay a small network fee to the miners to process your transaction.
User Experience: 9
Sign up with your email, supply your address, and then you can buy a small amount of cryptocurrency (~£250) immediately without having to verify your identity. Very useful if you are feeling the FOMO. (Note: do not buy from FOMO!)
To deposit large amounts of money and buy more cryptocurrency, and send and receive crypto,, you will need to complete the Account Verification process by supplying proof of identity and proof of address.
CoinCorner is not a Bloomberg terminal, or any sort of professional trading station. This is just a simple wallet for buying and selling with the click of a button. As such, for more advanced traders the interface may be lacking.
While you cannot choose between different order types—Market, Limit, etc—the interface is perfect for beginners.
I found the Coincorner verification process quite difficult to complete on my phone, and ended up using my laptop instead. It may be just my phone, but the CoinCorner App repeatedly crashed while I was taking the photos of my ID and proof of address. (Passport and driving licence worked for me).
You also have the option to ‘Fast Track Your Verification’ by sharing a link to CoinCorner on social media — Facebook, Twitter, Linkedin etc, but the process only took two days and I did it over a weekend.
Unfortunately though CoinCorner works well as a wallet for buying, selling and transferring bitcoin, you cannot deposit Ether, Litecoin, and XRP into CoinCorner, or withdraw these cryptocurrencies from the platform once you have bought them.
Customers can be reassured by CoinCorners official status as a Designated Business regulated by the Isle of Man Financial Services Authority (IoMFSA),
The wallet relies on the same custody solutions as most other bitcoin businesses. Most client funds are stored in cold storage, and a small portion is kept in live hot wallets to ensure clients withdrawals can be processed in a timely manner. These are not multisig, according to CoinCorner support, but are controlled by strict internal procedures. Customers are also advised to secure their accounts with two-factor authentication, and notification emails are sent each time you login.
Insurance is not offered as standard, but can be arranged for substantial amounts through CoinCorner Concierge — a service for high net worth individuals and institutional investors who want to buy or sell more than USD$100,000 of Bitcoin, Ether, Litecoin or XRP. To access this service, you need to get in touch with CoinCorner directly.
Ultimately, that CoinCorner hasn’t suffered a single successful security breach in its six year lifetime is testament to the security of the exchange.
Customer Service: 9
Live chat is advertised as a key selling point on the homepage, but when I signed in to buy cryptocurrency one Friday afternoon it wasn’t available. Perhaps they clocked off early.
Nevertheless, I sent an email to support with a few inquiries and still received a response within two hours. This is commensurate with the website which states support is available during normal hours of business from 9am to 5.30pm (London, UK time) Monday to Friday except for bank holidays.
Coinbase vs CoinCorner
If you’re weighing CoinCorner against industry giant Coinbase, consider that CoinCorner doesn’t have a tendency to crash in busy times, unlike Coinbase which is renowned for shutting down at the exact moment when people want to be buying or selling!
CoinCorner Review: What else should I know?
- Co-founder and CEO Danny Scott is quite active on Twitter, where he frequently posts entertaining Bitcoin evangelism.
- The wallet is considering adding functionality for sending and receiving altcoins in the future, depending on demand.
- CoinCorner operates a payment gateway and a point of sale (POS) system aimed at boosting cryptocurrency adoption in the British market.