Coinfloor Cryptocurrency Exchange Review (2020)

Trading instruments (cryptocurrencies) 

Coinfloor offers trading (fiat) currencies against a few coins. The main volume and liquidity is concentrated in Bitcoin trading against the British pound. The full list of trading instruments includes XBT/GBP, XBT/EUR, XBT/USD, BCH/GBP, ETH/GBP, ETC/GBP, XRP/GBP, LTC/GBP.

Minimum initial deposit 

Coinfloor has set a minimum fiat currency deposit of GBP/EUR/USD 1000. This is very unusual for a crypto-exchange, as a lot of people prefer to try things out with a smaller investment. Additionally a 0.0050 XBT minimum level is applied for blockchain transfers

As you may know we mostly cover forex brokers (some of which do offer cryptocurrency CFDs). That being said the entry-bar for most of them is $100, as demanded by HYCM.

Leverage

Trading on leverage is not supported by Coinfloor. While this may feel like a hindrance to some, keep in mind cryptocurrencies are pretty volatile as is. If you really want to gear-up you can try trading at another exchange, like Kraken. 

Alternatively the forex brokers who support Bitcoin CFDs, like easyMarkets can be an option, if you are only looking to speculate. That being said, you will only be trading a financial derivative and not own the actual coins. This is the key specific, but there are a few others which we have described here. 

 

Fees

While CoinFloor claims to be offering 0% fees for trading, there are fees when making a deposit and withdrawal. The charges, measured in different currencies are very unusual. The starting level in Euros is €1.5, while in dollar terms the minimum is $10. Above anything else, this is strange.

COMMENTS

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    Maureen Smith 1 month ago

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