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CoinCorner Review - is it scam or safe?

CoinCorner Review - Is coincorner.com scam or good cryptocurrency exchange?

RATING: 3 / 4 REVIEWS CoinCorner

RECOMMENDED BITCOIN BROKERS


Trading Accounts

Account type Minimum deposit Leverage Taker Fee
Standard Undisclosed None Up to 5%


CoinCorner is a company which allows you to buy Bitcoin instantly, much like Bitstamp and Coinbase. While it isn’t an exchange in the sense of a dedicated trading venue, it is an entry-level service, which allows you to then transfer your Bitcoin elsewhere.


 
The company, security of funds

Company Country Regulation
CoinCorner Ltd Isle of Man  N/A

 

CoinCorner is registered on the Isle of Man. While this leaves some doubts about its regulatory status, the company appears to be operating legitimately since 2014.



The service provided by CoinCorner is very simple. One can deposit funds (fiat currency) to the website and exchange it for Bitcoin. Alternatively one can do the reverse transaction.



CoinCorner is focused on European (initially primarily UK) operations. Only EUR and GBP are supported as currencies.



The company has not been hacked in a major way, despite being targeted in 2016. They later forced all users to change their passwords and no major thefts were reported.



The user reviews on CoinCorner are fairly positive, despite some negative posts. The complaints focus around different fees, especially when it comes to the EUR exchange rates and a slow verification process.



Trading conditions


 
Trading instruments (cryptocurrencies)
The service provided by CoinCorner only supports Bitcoin. Additionally the coins can only be exchanged for EUR or GBP. 

Minimum initial deposit
We couldn’t find any information on the minimum deposit at CoinCorner. Given the fact the company accepts fiat currencies, this would have been useful to know. On the other hand, there are several levels of maximums which you can overcome by different steps of account verification.

As we mostly review forex brokers, we are used to seeing a minimum deposit being announced by the company. To give an example, HYCM requires $10, for the creation of a new account.
 
Leverage
CoinCorner does not offer margin trading. This is not that surprising in the cryptocurrency space. On the other hand, the forex brokers, offering Bitcoin trading as well as some exchanges do offer leverage. The ratios are usually much lower than the ones provided for traditional currency trading. Read our comparison of forex brokers and cryptocurrency exchanges to get a better understanding of the services, which they offer.
 
Fees
CoinCorner charges 1% cryptocurrency trading fee. Here is a snapshot of the current offers




 

Trading platform


 
There isn’t much of a trading platform available at CoinCorner. You basically input the amount of funds you wish to transfer and you see an approximation of the amount of Bitcoin you would get. This is how simple it looks:




This is by no means sophisticated trading software, like MetaTrader4 (MT4). However the service is targeted towards beginners, who can later transfer their Bitcoin to a different exchange, wallet or for a certain payment.





Methods of payment

The payment methods at CoinCorner include Bank Transfer, Credit Cards and more interestingly Neteller. This is one of the few companies in the crypto-space which supports an e-wallet.


 
Conclusion


 
CoinCorner is a company which allows unexperienced people to take part in the crypto currency 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. Here are the pros and cons of CoinCorner:

 

Pros  Cons
No major hacks yet Complaints about mispricing (especially in EUR markets)
Accepts Bank Transfers and Credit Cards 5% fees on most transfers
Accepts Neteller Only Bitcoin, EUR and GBP supported
Easy to use interface   
Ability to transfer Bitcoin to a wallet    

 

Latest news about CoinCorner
No news about CoinCorner. Check back later.
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Traders` reviews for CoinCorner

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Price feed

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They actually stole my bitcoin worth £2500

So far people have been complaining about high fees and response time and such however they just actually STOLE my bitcoin and did not pay.
I got in touch with one of their employees acting as user 'muj1998' on Localbitcoin to sell some bitcoin. Obviously I was trusting good reviews on the platform and did not suspect anything. I realeased 0.5 bitcoin at £2500 based on the fake bank confirmation they sent me. I have never seen £2500 obviously.
I would appreciate anyone with similar experience to get in touch on luk_gro (at) yahoo co uk

Lucas 07/02/2018

CoinCorner - Review update

Anybody who has opened a bank account in recent times will have experienced the regulatory requirements. Crypto currency trading is not a mature sector and one can appreciate that there are complexities that operators such as CoinCorner have to contend with as it develops. Companies in this sector are continuing to navigate their way through the banking and regulatory systems. And this should be no surprise given early stage the sector is in. Missteps will happen it is how the actors respond that will determine who wins, or loses.

We wanted to withdraw funds and CoinCorner tried to resolve the matter by asking us to buy BTC then sell for EUR. This arose because we sold BTC for GBP ignorant of the fact that GBP couldn't be withdrawn to a UK bank account. In their defence, there was a warning - but the consequences of that were not comprehended.

There are costs associated with each trade which we felt we shouldn't incur. They did agree to waive with certain stipulations, so we wanted to speak with them for clarification and comfort.

Whilst I understand their business reasons for providing support by email, we felt that their refusal to discuss the matter by telephone evasive. This is where the frustration started resulting in many more email exchanges. This customer could have been pacified if the company had appeared less evasive. Refusal to take phone calls only added to the frustration. Email has it's place, but so does verbal communication.

So, is Coincorner a scam company? I doubt it. I turned up unannounced at their Isle of Man headquarters and met with both co-founders to see if we could get this matter resolved once and for all. They were accommodating and explained in great detail why they are unable to send funds in GBP - something which they hope to have solved in the coming weeks. They waived their fees and provided the necessary guidance (and comfort) to make the withdrawal, converting GBP to BTC to EUR.

Did they do the right thing in the end? Yes, though we wish it could have been resolved with less frustration. A phone conversation would have gone a long way to concluding this matter sooner.

Simon 05/31/2018

CoinCorner - Easy to buy but good luck getting paid ...

Join my action group against these people.

Easy to put money in but they are unable to explain why they cannot pay money out without converting back to Bitcoin then back to EUR. They say its something to do with money transmission rules, yet they are not regulated.

I wanted more clarity because they just keep churning out canned responses that do not explain why they cannot simply transfer the funds. However they will not give a phone number though I did find this: 01624 827858. They don't answer that number and so far they haven't acknowledged that they even have a phone. The CEO is not contactable and they will only deal with customer service by email.

Their bank is AS BlueOrange Bank, Jēkaba iela 2, Rīga, LV-1050, Latvija so I contacted them and it appears that there is no problem sending EUR funds to an overseas EUR account - there are no regulatory issues.

Though the bank hasn't specifically stated, it would appear that the issue is that CoinCorner does not have a GBP account with them, which is simply a matter of requesting apparently. Yet CoinCorner haven't adequately explained why they can't send EUR to EUR account because, according to their bank, it's possible.

It's no surprise they are not using a major bank, any bank affiliated with these people is on a bad run.

I would like for others having similar problems to join forces with me to bring this scam to an end and save future people being ripped off.

Send me your details to mbadistinction at gmail dot com.

Simon 05/30/2018

Theft in Fees

The worst site to trade,ridiculous fees with every transaction, from deposit to buying (fake inflated bitcoin price), to selling (fake reduced price), to transferring high fees, withdrawals crazy fees. In effect you lose 20 - 40% JUST ON FEES!!

Genuine Reviews 12/21/2017
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