CoinCorner is a cryptocurrency exchange that launched in 2014 to cater for the UK market. The exchange is registered in the Isle of Man and was one of the first places where users could buy Bitcoin with a credit card or a debit card. While the exchange has a long history, it has lost its edge to many newcomers over time.
CoinCorner supports 45 different countries and claims to have more than 200,000 registered users. Most of that is from the UK.
According to Trustpilot, CoinCorner has a rating of 3.7 out of 5 at the time of writing this review. With more than 500 reviews, 53% of the reviewers gave it an excellent review.
Going through the reviews, we can see that CoinCorner has a responsive support team to resolve the most common issues. However, some users also complained about being forced to do KYC and having their accounts disabled without prior notice.
Cryptocurrencies supported on CoinCorner
CoinCorner keeps it simple by supporting only three different cryptocurrencies:
However, only Bitcoin is fully supported. With Ethereum and Litecoin, you cannot deposit and withdraw them. You can only trade and hold them within the exchange, which is not ideal.
CoinCorner currently supports the following methods of funding:
- Credit / Debit Card
- Bank Transfers in GBP (Both domestic and international)
Trading on CoinCorner
CoinCorner is looking to be a place where users can buy Bitcoin instead of a full-blown trading platform. So the only options you get is to buy and sell crypto. You don’t see charts or even any of the other essential features such as setting buy and sell prices or stop-limits. CoinCorner sets the price, and you can either choose to buy or sell at that price.
The fee is the biggest concern of CoinCorner. It has very high costs, making it one of the most expensive exchange to transact on.
While depositing, CoinCorner charges 1 GBP for Bank transfers and 25 GBP if it is from an international bank. Similarly, a flat 2.5% fee for cards and 3.2% for Neteller.
While withdrawing, the fee is once again 1 GBP for Bank withdrawals, and they do not support withdrawal for international banks.
When trading, CoinCorner charges a flat fee from 1 to 3 GBP up to 300 GBP. Above that, it is 1% for everything.
As you can see, CoinCorner has fees during each step of the process. To make things worse, CoinCorner does not have an open order book. So you’ll always end up spending a premium on the price of Bitcoin on top of these various fees.
Other CoinCorner Services
CoinCorner is not the most competitive exchange out there in terms of price. However, they offer various other services along with an exchange.
Auto Buy: The first such feature is Auto Buy. Once you’ve set up your account, you can have CoinCorner automatically buy Bitcoin for the amount you set regularly. Of course, this also comes with the high fee, but it is convenient.
Gift Cards: CoinCorner has partnered with BitRefill, where you can buy Gift Cards with the Bitcoin stored in your account. BitRefill supports hundreds of online and offline stores in the UK and other countries.
CoinCorner Payments: It is a Bitcoin payment gateway that sellers can use to accept Bitcoin payment for their services.
CoinCorner Rewards: CoinCorner asks users to download a browser plugin where they make affiliate income through purchases made on third-party sites. A part of this income is shared with the users as Bitcoin.
If you’re looking for an easy, bank-friendly cryptocurrency exchange in the UK, we recommend Binance. Binance supports all major cryptocurrencies, including BTC, ETH, XRP, and supports multiple payment methods such as Credit card, debit card, and bank transfers. You can check out our guide on how to buy Bitcoin.
Alternatively, you can check out our complete guide to Bitcoin Debit Cards if you’re looking to cash out directly.
CoinCorner is one of the most straightforward exchange to use. It can be a starting point for those getting into cryptocurrencies with small amounts. However, if you’re going to be buying large quantities of Bitcoin, we’d recommend checking out any of the other alternatives.