Coincorner - Inflated, mispricing of BTC **AVOID** SCAM

[Jayearning]

Hello,

Sorry if this is the wrong place for this.

So I made a purchase of Bitcoin on Coincorner earlier today, thought I would give them a shot as I normally use Kraken but have been getting burned with exchange rates recently as they only accept EUR SEPA payments. Not losing a whole lot but it is still a pain and I'm losing around 2/3% because of it.

Anyway, as mentioned thought I would give Coincorner a shot as they accept GBP bank transfers for £1 each which is nothing special. Bought £309 and received around 0.045 BTC. I thought this was strange because I should have received close to 0.05 BTC. Went to my history and checked, I made this purchase at 16:11 and they had the price of BTC priced at £6781!?!? Went a checked multiple sources and they have inflated the price over £700!?

https://i.imgur.com/DVWoSM4.png

Maybe I'm making a misake here but WTF?

[HCP]

That's called a "margin"... most "money changers" do it. It is how they make their profit. Granted, in this instance it seems a bit excessive.

Was the price not indicated when you created the transaction? or do they only notify the exchange rate when you funds have arrived?

If they don't agree to a set rate when you try to initiate the transaction, then I'd avoid using a service like that... chances are they are going to sting you with a shitty rate.

[Jayearning]

That's called a "margin"... most "money changers" do it. It is how they make their profit. Granted, in this instance it seems a bit excessive.

Was the price not indicated when you created the transaction? or do they only notify the exchange rate when you funds have arrived?

If they don't agree to a set rate when you try to initiate the transaction, then I'd avoid using a service like that... chances are they are going to sting you with a shitty rate.

Admittedly, I should have cross checked the price of BTC before initiating my purchase. I have been using Kraken for months so I have become accustomed to buying BTC at the best current market rate and just assumed this would be the same. I mean, even Coinbase gives you a MUCH better rate than this place and that is saying something.

Obviously the amount of BTC i would receive was clearly stated but nowhere on their website to do they state what THEIR current price of BTC will be, or that it is much higher than anywhere else until after you have bought your BTC. I have crossed checked with multiple different sources and the price of BTC at the time of purchase was £6000/6200. So their "margin" is close to 10+% over the price and that is before they add another 3% and £1 for GBP bank transfers.

I would assume their business model is built on keeping this information well and truly under wraps. Hopefully someone comes across this post in the future and avoids them. I have contacted support to complain but I don't have high hopes for anything more than "you should have checked the price before buying"

The funny thing is, they send me regular emails every week stating the price of BTC but nowhere in these emails do they state that their price will be majorly over-inflated compared to what you are seeing in the email that they have just sent you!!

You live and learn I guess, back to Kraken.

[bL4nkcode]

Most exchanges have their current buy and sell rates indicated on the buy/sell page. Usually, it's on their calculator and sell price is commonly high but an insane amount you got there. Now, if they don't show you their current rate on your purchase as mentioned or it gives you a different amount after you hit the confirm button to purchase then it's really suspicious.

// Its not even mentioned on their site, tho I'm not yet logged on the site.

[Jayearning]

Most exchanges have their current buy and sell rates indicated on the buy/sell page. Usually, it's on their calculator and sell price is commonly high but an insane amount you got there. Now, if they don't show you their current rate on your purchase as mentioned or it gives you a different amount after you hit the confirm button to purchase then it's really suspicious.

// Its not even mentioned on their site, tho I'm not yet logged on the site.

When purchasing BTC they don't show their current market price anywhere, they just have a calculator that shows you how much you will receive in BTC from the amount in your account. To be perfectly honest, I would have been quite naive regardless and pressed buy. I should have really checked the current price of BTC but I did not expect them to charge such an insanely highl rate over the best price.

[bL4nkcode]

I should have really checked the current price of BTC but I did not expect them to charge such an insanely highl rate over the best price.

And your best pick is just to avoid them or anyone whom want to use this exchange. I don't even know this exchange seriously.

[Jayearning]

I should have really checked the current price of BTC but I did not expect them to charge such an insanely highl rate over the best price.

And your best pick is just to avoid them or anyone whom want to use this exchange. I don't even know this exchange seriously.

I definitely will not be using them ever again.

I have used Kraken just fine for months, the exchange rate from my bank to Kraken normally results in a small loss which is what I was trying to avoid with CoinCorner as they accept UK bank transfers. I could have saved around a couple of bucks but I ended up losing more than 10% when you account for all the fees and their over-inflated price.

Thanks for your replies anyway, it is much appreciated.

[Crypto Girl]

I could have saved around a couple of bucks but I ended up losing more than 10% when you account for all the fees and their over-inflated price.

That's absolutely terrible but the least you experience could be somehow helpful to others especially it's too much inflated.
Btw, where did you heard this site? Has your friend recommend this?