CoinCorner Review – is it scam or safe? explained by professional Forex trading experts the “ForexSQ” FX trading team.
CoinCorner Review – is it scam or safe?
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
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 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.
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.
CoinCorner charges 1% cryptocurrency trading fee. Here is a snapshot of the current offers
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.
CoinCorner Review – is it scam or safe? Conclusion
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