Coinfloor is a UK based cryptocurrency exchange that allows users to trade crypto-to-fiat. Although the platform is primarily targeted to the UK market, Coinfloor accepts account applications from most other countries.

In total, six cryptocurrencies are supported, notably Bitcoin, Bitcoin Cash, Ripple, Litecoin, Ethereum Cash, and Ethereum. If you’re thinking about opening an account at Coinfloor, but not too sure whether they’re the right exchange for you, then be sure to read our comprehensive guide.

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We’ll discuss everything from fees, user-friendliness, safety, and more. If you don’t have the capacity to read our guide in full, then we have summarized the review by concluding that we cannot endorse Coinfloor. The key reasons for this are that Coinfloor lists just six coins, they don’t support debit/credit card payments, and you don’t have the option of going short. We instead prefer the likes of Coinbase, who list more than 15 coins, hold multiple regulatory licenses, offer debit/credit card deposits, and they even allow you to short crypto.

What is Coinfloor?

Coinfloor is a London-based cryptocurrency exchange that was first launched in 2012. The platform was partly funded by Taavet Hinrikus, a co-founder of TransferWise. Coinflooor only allows users to trade crypto-to-fiat, meaning that there is no option to engage in crypto-to-crypto trading.

On the cryptocurrency side, this includes Bitcoin, Bitcoin Cash, Ripple, Ethereum, Ethereum Classic, and Litecoin. Depending on the specific pairing, these currencies can be traded against either GBP, USD or EUR.

Although Coinfloor services the retail markets, they also facilitate over-the-counter (OTC) trades. Moreover, they also serve corporate clients, subsequently providing quotes for large Bitcoin purchases or sales.

How does Coinfloor Work?

Coinfloor has a specific focus on crypto-to-fiat trading. As such, if you want to trade Bitcoin against real-world money, Coinfloor can facilitate this. The process works in a similar fashion to other well-known cryptocurrency exchanges, insofar that they make their money in trading fees.

When you first register an account and verify your identity, you’ll then be able to make a deposit. As soon as your account is funded, you can then begin trading one of eight crypto-to-fiat pairs. Once you’ve purchased your cryptocurrency of choosing, you can either keep your funds on the Coinfloor website or withdraw them to your private Bitcoin wallets.

Effectively, the main selling point of the Coinfloor exchange is that they have good liquidity levels on GBP trading. As most exchanges focus on USD pairs, this makes it a noteworthy exchange for those based in the UK. However, if you’re based in the U.S., then you’re better off using a global exchange like Coinbase, as their fees are much lower and they support more cryptocurrencies.