Summary

A relative newcomer on the UK-bitcoin scene, Isle of Man-regulated CoinCorner is unique in that users can deposit using credit and debit cards, and then can buy and sell bitcoin on superior mobile applications for both IoS and Android. Additionally, Coincorner has developed a UK-focused merchant services platform, which provides UK businesses an easy way to accept bitcoin payments on the web and in brick and mortar shops.

Security

Coincorner offers google authenticator to protect account access, and users can choose to be notified of successful/unsuccessful login and after completed buy/sell orders. “Over 90%” of customer funds are held in cold storage wallets, the approximately 10% used to ensure trading liquidity.

Gravitas

The first bitcoin exchange to be licensed in the Isle of Man, Coincorner has a well-known executive team led by co-founders Daniel Scott and Phil Collins, as well as an excellent roll of advisors who offer consulting on matters including IT and development structure to UK compliance.

Opening an Account

Software

The user dashboard previews account balances in British Pounds, Bitcoin, Dogecoin and Litecoin, and offers users one-click navigation to deposit/withdraw, buy/sell and send/receive requests as necessary. Coincorner provides wallet-only services for Doge and Litecoin; only bitcoin can be bought and sold. Order and send/receive histories can be seen from the history and wallet tabs respectively, and navigating to the deposit and withdrawal tabs offer step-by-step guides to depositing by bank or debit and credit card.

The trade slip, shown below, allows users the ability to place market orders, which is auto-populated in step one, or place a limit order by editing the price box. After inputting the desired amount of bitcoin in step two, clicking the “Place Order” button in step three signals acceptance of the added fee, and confirmation of the order, which is summarized.

The CoinCorner trade slip passes the grandma test, but the design is a bit too “look how easy we are!”, and the exaggerated design pushes the orderbook beneath the fold. Speaking of the order book, when we’ve checked there have been large, reasonably-priced orders at the top of the book which should supply needed liquidity. The buy side orders are generally placed around market consensus rate, with the sell orders approximately 10 quid higher – this is a reflection of the additional costs (transfer, exchange fees, etc) absorbed by bitcoin sellers in the UK market. The order book does lack a bit of depth, and a good portion of the buy/sell orders are unreaslistic.  At times there is little order book movement, suggestion a dearth of traders.

Merchant Services

Coincorner offers two products tailored for UK-based merchants. Using the Coincorner API, e-commerce sites or other online businesses can easily integrate a bitcoin payment gateway into existing customer payment paths. The technology redirects bitcoin-paying customers to a Coincorner checkout page, which allows the merchant to seamlessly exchange the earned bitcoin into GBP, or deposit the bitcoin directly into the merchant wallet.

CoinCorner also has set up a point of sale system, in which merchants can accept face-to-face bitcoin payment through any Android device. After entering the checkout price, a customer simply scans the generated QR code into any mobile wallet, which would then automatically send the requested price to the merchant’s account. CoinCorner notifies the merchant after an agreed number of confirmations, and automatically delivers Invoices to the merchant’s email account.

Mobile

Coincorner is perhaps the only exchange in the UK offering native apps in both android and IoS. After downloading, a user is prompted to enter his existing email and password and to set up a new pin number. Each subsequent entry into the app requires only the four-digit pin. The user interface is excellent. Buy and sell orders can be placed directly from the native client. The bitcoin, Litecoin and Dogecoin wallets display QR codes which correspond to the wallet addresses, and a camera feature allows for the scanning of QR to easily send funds elsewhere.

The only negative is that attempts to deposit or withdraw funds results in a redirect to the web-based client; we are unsure whether this is due to Ios/Android regulations or unfinished development. In either event, Coincorner’s mobile product is well ahead of the rest of the UK market.

Fees

Coincorner charges a 1% fee for the buying and selling of bitcoin. The spread between bid and ask is a function of the buyers and sellers order request, rather than an additional fee to Coincorner. Merchants pay 0.5% when using CoinCorner as a payment gateway. Please find the deposit and withdrawal fee list below.

Transfers are made to CoinCorner’s Slovakian-based bank, which is the reason for the large withdrawal fee.  However, funds are maintained in Pounds Sterling, so traders needn’t worry about any additional foreign exchange costs.

Might be better off if:

You live outside the UK.

Coincorner has a very distinct unique selling point for UK residents – mainly that it offers a GBP market at relatively low cost.  Outside the UK Coincorner is still a nice brokerage, but does not really have much to differentiate itself from the competition.  Use our exchange comparison tool to find your best local exchange.

Do a bit of comparison shopping.

Cubits, Another brokerage servicing the EU and UK has better fees when using SEPA, and even comes in a bit lower for UK residents even when using Skrill.  Check out more options for buying bitcoin in the UK.

Bottom Line

CoinCorner strives to provide an extremely simple and user-friendly exchange to the UK market. This concept permeates all aspects of the product, from the step-guide trading slip, to their well-crafted, intuitive and convenient mobile apps and finally to their acceptance of debit and credit cards, the most popular payment vehicle in the UK. For the casual bitcoin enthusiast looking for a convenient local exchange, CoinCorner is an option.