Buzz
CoinCorner allows users to instantly trade bitcoin, similar to Coinbase or Bitstamp. It's not a dedicated bitcoin trading platform but a minimal service enabling easy bitcoin transfer.
CoinCorner Review: Unraveling the Mystery of Scam Allegations
1. Trading Account.
2. Company, Fund Security.
3. Trading Tools (Cryptocurrency).
4. Minimum Deposit.
5. Leverage.
6. Transaction Fees.
7. Trading Platform.
8. Payment Methods.
9. Other Cryptocurrency Exchanges.
Reviewing CoinCorner: Is Virtual Currency Trading Safe?
1. Trading Account
- Account Type: Standard
- Minimum Deposit: Not disclosed
- Profit: None
- Transaction Fee: Up to 5%
2. Company, Fund Security
The Bitcoin exchange platform CoinCorner is registered on the Isle of Man. Despite raising legal concerns, the company has been operating legally since 2014.
CoinCorner provides a straightforward service. Users can deposit funds (fiat currency) on the website and use that money to trade Bitcoin. Additionally, users can engage in reverse trading.
CoinCorner primarily operates in Europe (initially in the UK) and supports EUR and GBP as the primary currencies.
Although targeted in 2016, CoinCorner successfully thwarted the attack. The company then mandated all users to change their passwords, and no reported attacks followed.
User reviews for CoinCorner are generally positive. However, alongside the praise, there are some negative reviews, mainly focusing on various fees, especially the EUR exchange rate, and the slow verification process.
In a previous article, we introduced you to Bitbargain - a large and reputable bitcoin trading platform. If interested, you can follow the Bitbargain platform here.
3. Trading Tools (Cryptocurrencies)
CoinCorner's services exclusively support Bitcoin. Additionally, altcoins can only be traded using EUR or GBP.
4. Minimum Deposit
There is no information regarding the minimum deposit on CoinCorner. In fact, the company accepts cash. On the other hand, there are various maximum limits that users can surpass through different account verification steps.
When reviewing brokers, you might come across declared minimum deposit amounts by the company. For example, HYCM requires 10 USD to create a new account.
5. Leverage
CoinCorner, the cryptocurrency exchange, does not provide margin trading. This is not surprising, as the world of Bitcoin has many platforms that do not offer leverage trading.
On the other hand, brokers offering Bitcoin trading, as well as other exchanges, provide leverage. These ratios are often much lower compared to traditional fiat currency trading ratios.
6. Transaction Fees
According to user reviews, CoinCorner charges a 1% fee for Bitcoin transactions. Below is a screenshot of the transaction fee tiers on CoinCorner:
7. Trading Platform
The cryptocurrency exchange CoinCorner does not offer many trading platforms. Essentially, users input the amount they want to transfer, and they will see the estimated amount of Bitcoin they will receive. Below is a screenshot example:
CoinCorner is not a complex trading platform, like MetaTrader4 (MT4). This cryptocurrency exchange targets beginners, those who may transfer their Bitcoin to another exchange, wallet, or a specific payment.
8. Payment Methods
Payment methods on CoinCorner include bank transfers, credit cards, and Neteller. This is one of the few companies that support cryptocurrency wallets.
CoinCorner is a company providing a bitcoin trading platform for newcomers to the bitcoin world. The company facilitates EUR, GBP, and bitcoin transactions.
In essence, CoinCorner resembles a currency exchange more than a trading point. Although the company charges 5% in most transactions, in return, they offer users a convenient trading platform.
Here are some reviews of CoinCorner highlighting its pros and cons:
Is CoinCorner a scam or not?
9. Other Cryptocurrency Exchanges
- Poloniex Exchange
- FBS Exchange
- Allcoin Exchange
Above, Mytour has provided some information on reviewing CoinCorner: Is it safe? Is it a scam? If there is any information that needs clarification or addition, readers can leave their comments below the article.
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Not only CoinCorner, Poloniex, FBS, but also many other exchanges are appearing nowadays, such as Changelly, making it difficult for you to choose which exchange to invest in. If you want to review Changelly, check out the article here.
- Explore more: Review of Changelly Exchange
