Coinfloor review by Crypto SI
So we've been using coinfloor for the past week and so far so good!
While we were hesitant with bit121, Coinfloor has got a slightly more polished look, and it seems that they have learned from bit121's mistakes and also have joined the market at a more stable time.
Opening our account was easy, and we immediately added 2 factor authentication, which is now a must have for any site we use. After opening, we needed to upload our I.D documents.......this is always a bit of a sore point when dealing in Bitcoin, but for the time being the masters must be placated, so we uploaded the relevant passport and utility bill and within 48hrs our account had been verified. We recieved an email saying that we were accepted to the party and off we went.
One of the bad points about coinfloor is that you need to fund your account with over £500 to use the domestic faster payments service, this was no problem for us, but for smaller buyers it may be an issue. To avoid this you can use the SEPA option but this does take longer, we haven't tried the SEPA method so cannot comment on the length of time it takes to load. We used the domestic capital account details and our deposit was showing by the close of the next day. We were pleased with this and immediately got stuck into the trading.
Each trade comes with a small fee something like half a percent possibly less, either way the fees are negligible and Coinfloor do not charge for deposits or BTC withdrawls.
Withdrawing was a piece of cake too, all you have to do is add your BTC wallet address and withdraw, and although your bitcoins are held in cold storage the withdrawl process only takes a few hours during office hours, we were very impressed with this also.
Overall Coinfloor are doing a great job, with a simple easy to use site that works perfectly, trades are instant if you want them to be, withdrawl is fast and deposits are secure. of course they have not been around for long enough to really be called reliable, but they are off to a great start and we would like to recommend them to anyone looking for a UK based BTC exchange.
So all in all Coinfloor gets a massive THUMBS UP from us!
oh on another note, Coinfloor use the new Bitcoin abbreviation XBT which is set by the international standards organisation ISO, From now on we may start using it too as all sensible argument points to it becoming the new standard, so adios BTC, and welcome XBT.
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