railzand
Sr. Member
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Activity: 462
Merit: 250
Lux e tenebris
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April 16, 2014, 07:34:48 PM |
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Periodic reminder that Coinfloor is run by a scammer.
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grifferz
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April 16, 2014, 07:49:02 PM |
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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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Gator-hex
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April 17, 2014, 01:15:12 AM |
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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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grifferz
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April 17, 2014, 01:40:26 AM |
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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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jbreher
Legendary
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Activity: 3052
Merit: 1665
lose: unfind ... loose: untight
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April 17, 2014, 01:51:55 AM |
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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. 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.
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Gator-hex
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April 17, 2014, 02:01:07 AM |
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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 |
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yenom
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April 17, 2014, 06:48:01 AM |
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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.  |
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cozytrade
Sr. Member
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Activity: 1162
Merit: 310
Vave.com - Crypto Casino
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April 17, 2014, 04:36:39 PM |
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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  |
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yenom
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April 22, 2014, 10:22:28 AM |
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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 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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MrWDunne
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April 22, 2014, 10:31:49 AM |
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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=dFgRm2ijqAMIts 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. |
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MrWDunne
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April 22, 2014, 10:32:57 AM |
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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. |
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grifferz
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April 23, 2014, 03:18:54 AM |
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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? |
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MrWDunne
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April 23, 2014, 03:32:04 PM |
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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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funsponge
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April 24, 2014, 10:15:35 PM
Last edit: April 24, 2014, 10:35:03 PM by funsponge |
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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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jbreher
Legendary
Offline
Activity: 3052
Merit: 1665
lose: unfind ... loose: untight
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April 25, 2014, 01:12:28 AM |
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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.
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yenom
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April 30, 2014, 08:08:39 AM |
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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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jayc89
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June 23, 2014, 02:51:15 PM |
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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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bangersdad
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June 30, 2014, 12:37:26 PM |
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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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gentlemand
Legendary
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Activity: 2590
Merit: 3015
Welt Am Draht
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June 30, 2014, 12:38:41 PM |
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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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wedgy2k
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June 30, 2014, 06:02:45 PM |
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Key Highlights
You can now deposit funds with Coinfloor from UK via local bank transfer (Faster Payments) for free.
We will process deposits daily at 2 PM on business days. Faster Payments will usually credit in your account the same day but may take up to 24 hours.
All you need to do is copy the new UK bank details including your new reference code from Coinfloor's Deposit page.
Minimum deposit amount for the Capital Account is £500. Deposits below £500 can be made to our PKO account in Poland. Withdrawals will still be sent out from PKO while we transition over to the new setup.
I'd be excited if there was no scammer tag........ |
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