Coinfloor is a Bitcoin exchange based in London, United Kingdom. It provides a platform to connect brokers with consumers and also investors. The company aims to provide convenience for Bitcoin enthusiast to trade easily. It also encourages non-consumers to enter the Bitcoin community through the user-friendly interface and simple tools.
Coinfloor is combating all the challenges that a user may face to buy and sell Bitcoins. Thus, Coinfloor follows peer-to-peer market engagement. Buyers can directly interact with brokers and pay through simple means of UK bank transfer.
Features of Coinfloor exchange
Mark Lamb as a startup founded the company. He was also one of the UK’s first Bitcoin broker. Later, the company raised a seed funding by a company called Passion Capital. The company also raised Venture capital from Taavet Hinrikus, co-founder of Transfer Wire. In December 2013, Obi Nwosu joined Coinfloor as a co-founder.
Coinfloor takes strict measures for security. The flat currency is stored in LHV Bank, which is apparently one of the fastest growing banks. Coinfloor uses 100% cold storage for saving money. None of the currency is stored on servers thus preventing any cyber criminal activity. For additional security, Coinfloor uses advanced technology of Multisig pay 2-script hash cold storage. It is not an FCA regulated entity though.
Traders and brokers can buy or sell Bitcoins either by using the user-friendly trading interface or they can use API tools for programming. Coinfloor has great liquidity when it comes to Bitcoin selling. It is UK’s one of the most reliable exchange, keeping the transactions policies transparent and provides the best account security possible.
Currently, Coinfloor does not entertain US citizens due to certain regulation policies. Coinfloor exchange follows KYC and AML guideline for user verification. The proof of Identity and Residence is a must so that the whole Bitcoin community has only genuine buyers and sellers.
How to setup a Coinfloor Account?
To set up a new Coinfloor account, log on to www.coinfloor.co.uk. Click on sign up, the page directs to a new window. There are three steps that a user has to follow to complete new account formalities.
In the first step, a user has to enter an email ID and set a new password. Then click on “ I agree to T&C” and “Sign up”. A verification email goes to the registered email ID. The user has to verify the email for user login.
In the second step, a user can enable two-factor authentication. It adds an extra layer of security, which is essential when it comes to online transactions. 2fa is also one of the ways to keep your account safe from any cyber hacks and computer viruses. The user can select one of the two device options available. Either user can activate 2fa on a phone or a Yubikey.
If a user selects the phone option, the Authy application has to be installed. The app is compatible with iOS, Android, and computers. Thus, select the country code from the drop-down menu and enter the mobile number to request for a token. An OTP goes to the device. Enter the 7-digit code to sign in successfully.
The third step is to select the account type. If a user has a code received by one of the brokers, he can enter and buy bitcoins. If not, the user can complete the verification process and start trading.
Buying and selling at Coinfloor
For buying Bitcoins, select the broker and the amount of investment. The only mode of payment is through UK faster payments. No International payments, credit cards, electronic money, BACS, CHAPS etc. options are available on this platform.
For making a Bitcoin exchange, select the trading pair and the quantity. The exchange order can be a limit order or a market order.
Thus, Coinfloor is a reliable platform for buying and selling Bitcoins.