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Author Topic: Coinfloor UK  (Read 16307 times)
yenom
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April 16, 2014, 06:41:03 PM
 #21

I opened an account with them but I am not sure whether I want to send my money to Poland via international wire. I really am put off by that. I had a look on the coinfloor site and they do say this:
Quote
To add currency to your Coinfloor account, please find our account details in the "Deposit" tab and transfer the intended amount via bank transfer. Depended on your bank, this can take up to 5 working days.

We are currently looking to expand our British Pound deposit options.

Maybe they will add a UK bank this year?
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April 16, 2014, 07:34:48 PM
 #22

Periodic reminder that Coinfloor is run by a scammer.

grifferz
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April 16, 2014, 07:49:02 PM
 #23

I opened an account with them but I am not sure whether I want to send my money to Poland via international wire.

May I ask why you opened an account with Coinfloor?

I opened one expecting them to have a UK bank, but when I saw that they did not, that SEPA transfers are still necessary, and that they charge for them on top of that, I could no longer see the point in them compared to more established exchanges like Bitstamp and Kraken.

Do you see any advantage that Coinfloor has over these other exchanges?
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April 17, 2014, 01:15:12 AM
 #24

No UK bank wants to deal with Bitcoin.
Many have tried to setup exchanges in the UK and their banks accounts are promptly shut down.
It does not surprise me in the least to see them use a bank account outside the UK.

Bitstamp is in Slovenia, and Kraken is a German bank.

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April 17, 2014, 01:40:26 AM
 #25

No UK bank wants to deal with Bitcoin.
Many have tried to setup exchanges in the UK and their banks accounts are promptly shut down.

That seems to be the story now. Though some say it is because no one has yet been professional enough about it. I don't know which to believe, myself.

It does not surprise me in the least to see them use a bank account outside the UK.

What surprises me is that they bothered starting up at all without a UK bank. Right now, SEPA transfers to Kraken happen same day for me, and last time I used Bitstamp it was only a day or two more.

Are they really just relying on UK people knowing no better, or is there some actual benefit that I have missed?
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April 17, 2014, 01:51:55 AM
 #26

What surprises me is that they bothered starting up at all with...

... the person behind the GLBSE fiasco, whose deliberate actions cost bitcoiners $millions, as part of the team.

Quote
Are they really just relying on UK people knowing no better

That's my guess. Looks as if they're already reeling in the gullible and overly-trusting.

Anyone with a campaign ad in their signature -- for an organization with which they are not otherwise affiliated -- is automatically deducted credibility points.

I've been convicted of heresy. Convicted by a mere known extortionist. Read my Trust for details.
Gator-hex
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April 17, 2014, 02:01:07 AM
 #27

No UK bank wants to deal with Bitcoin.
Many have tried to setup exchanges in the UK and their banks accounts are promptly shut down.

That seems to be the story now. Though some say it is because no one has yet been professional enough about it. I don't know which to believe, myself.

Bitcoin is all about bank-less exchange, it threatens every business model they have, so they are not going to support their own extinction.
Plus some have mobile phone currency payment systems already, I assume Barclays would prefer people use their own Pingit mobile payment system.
Pingit = https://www.youtube.com/watch?v=dFgRm2ijqAM

yenom
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April 17, 2014, 06:48:01 AM
 #28

May I ask why you opened an account with Coinfloor?

Because they seem to be the first "UK exchange" that is trying to do things legit. Seems I have misjudged. Thanks for the heads-up. I will be asking them how long they will retain my personal information under the Data Protection Act. Can I formally request that they delete it? Is their any obligation by them under UK law to do that? Of course, I have no way to know if they actually will. Grrr. Angry
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April 17, 2014, 04:36:39 PM
 #29

As everyone mentioned, I still don't see why they are claiming UK exchange and GBP based trading. As far as deposit method is limited to SWIFT GBP, it is completely absorbed by UK, Polish bank and SWIFT network fee. Also, some banks don't accept SWIFT transfer of GBP to a Polish bank, in that case it need to convert from USD with expensive fee.  It is definitely better to have EUR with SEPA Embarrassed



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yenom
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April 22, 2014, 10:22:28 AM
 #30

As everyone mentioned, I still don't see why they are claiming UK exchange and GBP based trading. As far as deposit method is limited to SWIFT GBP, it is completely absorbed by UK, Polish bank and SWIFT network fee. Also, some banks don't accept SWIFT transfer of GBP to a Polish bank, in that case it need to convert from USD with expensive fee.  It is definitely better to have EUR with SEPA Embarrassed



Yes, I have decided not to use them, and will continue with LocalBitcoins. I'm not a bitcoin trader, just a steady passive accumulator at this point in time.
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April 22, 2014, 10:31:49 AM
 #31

No UK bank wants to deal with Bitcoin.
Many have tried to setup exchanges in the UK and their banks accounts are promptly shut down.

That seems to be the story now. Though some say it is because no one has yet been professional enough about it. I don't know which to believe, myself.

Bitcoin is all about bank-less exchange, it threatens every business model they have, so they are not going to support their own extinction.
Plus some have mobile phone currency payment systems already, I assume Barclays would prefer people use their own Pingit mobile payment system.
Pingit = https://www.youtube.com/watch?v=dFgRm2ijqAM


Its not impossible to get bank accounts. And its not that people are not professional enough, unless you have someone on the inside their compliance teams have been instructed to not touch you with a 12 foot pole. This is not just the case with bitcoin businesses but things like small payday loans companies, remittance services etc.

If you have someone on the inside however... that is a different business.

MrWDunne
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April 22, 2014, 10:32:57 AM
 #32

Think i will give this one a miss. Sounds shady at best, an exchange would need to be registered with the FSA.
Its FCA in the UK, but no, they don't.

grifferz
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April 23, 2014, 03:18:54 AM
 #33

If you have someone on the inside however... that is a different business.

So which UK bank is your exchange working with, and will your inside person consider assisting other Bitcoin-based businesses?
MrWDunne
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April 23, 2014, 03:32:04 PM
 #34

If you have someone on the inside however... that is a different business.

So which UK bank is your exchange working with, and will your inside person consider assisting other Bitcoin-based businesses?
Not ready to disclose that yet, but it is a major highstreet bank as opposed to one of the smaller private banks.

Possibly, depends very much on the type. From what I heard they will not be taking on any more exchange services however thats not to say no bitcoin businesses.

If you want help you can PM me but I can't guarantee anything.

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April 24, 2014, 10:15:35 PM
 #35

I used Coinfloor for the first time today having always used Bitstamp and have to say im disappointed. I purchased 3 bitcoins. Once I had the funds in my account I wanted to move them to cryptsy, so I could buy some altcoins so went to withdraw them at 1pm. Its now 11:34pm and they havent appeared in my cryptsy wallet. This is really not acceptable and and would not recommend using them.
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April 25, 2014, 01:12:28 AM
 #36

I used Coinfloor for the first time today having always used Bitstamp and have to say im disappointed.

Ummm ... Duh? Tried to warn all y'all about dealing with a known scammer, but you thought... U.. What, exactly?

Anyone with a campaign ad in their signature -- for an organization with which they are not otherwise affiliated -- is automatically deducted credibility points.

I've been convicted of heresy. Convicted by a mere known extortionist. Read my Trust for details.
yenom
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April 30, 2014, 08:08:39 AM
 #37

I used Coinfloor for the first time today having always used Bitstamp and have to say im disappointed. I purchased 3 bitcoins. Once I had the funds in my account I wanted to move them to cryptsy, so I could buy some altcoins so went to withdraw them at 1pm. Its now 11:34pm and they havent appeared in my cryptsy wallet. This is really not acceptable and and would not recommend using them.

Yes they were very slow when I moved my bitcoin out. When buying bitcoin with Localbitcoins, I get my coins out within 15 minutes, but with Coinfloor it took over five hours. I thought to myself, perhaps they have some security processes in place which takes the time, but that could be automated. So I agree, they have a lot more work to do to make it attractive. I will not be using them until the service improves a lot:

  • Transfer in/out times
  • Deposit GBP to a UK bank in the UK
  • Liquidity (there is very little right now, probably for the above reasons)
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June 23, 2014, 02:51:15 PM
 #38

I came across CoinFloor and was tempted by their "UK roots", having looked further into it I discovered they use a foreign bank account (which is what led me back to this thread). Needless to say, I will be staying with BitStamp\BTC-e. Shame.

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June 30, 2014, 12:37:26 PM
 #39

Coinfloor is now accepting UK fast payments deposit - thru their UK bank The Royal Bank of Scotland.

trading is 0% fees currently.
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June 30, 2014, 12:38:41 PM
 #40

Coinfloor is now accepting UK fast payments deposit - thru their UK bank The Royal Bank of Scotland.

trading is 0% fees currently.

Jolly good. They must've realised that was their main reason for existing.

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