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Unlike traditional currencies, buying and selling cryptocurrency requires more preparation and research. Finding the right online platform can make the process easier and become your go-to choice for all cryptocurrency needs.
CoinCorner is one of several cryptocurrency brokers that offers crypto-fiat exchange in some of the largest coins available on the market. Let’s look at what CoinCorner is, how it works. and what you can expect in terms of fees and pricing.Wealthsimple Invest is an automated way to grow your money like the world's most sophisticated investors. Get started and we'll build you a personalized investment portfolio in a matter of minutes.
What is CoinCorner?
Established in 2014, CoinCorner is one of the oldest cryptocurrency marketplaces in operation. CoinCorner offers a wallet service that allows users to buy, sell, send, receive, store, and transfer cryptocurrencies.
The platform has more than 200,000 customers who use it to serve their crypto needs.
The cornerstone of the platform is Bitcoin (BTC) but it also supports Ethereum (ETH) and Litecoin (LTC) cryptocurrencies. Users can use CoinCorner to manage their portfolio, and buy cryptocurrency with a credit card, debit card, bank transfer, SEPA, and Neteller.
The company provides services for more than 40 countries worldwide, though it is heavily concentrated in Europe. Here are all the countries and territories CoinCorner serves:
The Isle of Man
U.S. citizens and residents don’t have access to the platform. Canadians can use it with restrictions.
Canadians using CoinCorner cannot store their cryptocurrency on the platform but have to enter a personal wallet address when making a purchase. Canadian residents also won’t be able to send Bitcoin using their CoinCorner wallet, or buy Ethereum or Litecoin using the marketplace.
How does CoinCorner work?
CoinCorner allows you to buy and sell cryptocurrencies using its online portal or mobile app. It operates like a broker rather than an exchange. It’s comparable to Luno or Coinbase.
Before you get started, you need to register for a free CoinCorner account. To register, fill out the registration form, making sure you live in one of the countries where CoinCorner offers services. Click on the activation link that gets sent to your email to confirm your account.
Although users are not required to verify their account when you first create it, all users are eventually required to complete the verification process.
To verify your account, first you need to provide a driver’s license, passport, national ID, or an armed forces ID. Next, you will be asked to verify your address using a bank statement, utility bill, national ID, or a driver’s license. Sometimes, you may be asked to take a selfie to complete the account verification process.
Buying and Selling cryptocurrency with CoinCorner
Once your account is up and running, you can get started buying and selling cryptocurrency. Deposit funds into your CoinCorner account using a credit card, debit card, or bank transfer. CoinCorner supports purchases in British Pounds (GBP) or Euros (EUR).
When you’re ready to buy cryptocurrency, log in to your account. On the left side, you will see several options, including “Buy and Sell,” “Deposit,” “Withdraw,” “Send and Receive.” Click on the “Buy and Sell“ option then go to the “Buy” tab.
Select the currency wallet you want to use for your purchase in the “From” section and the currency you want to buy in the “To” section. There are three cryptocurrency options: Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC). Input how much fiat currency you would like to spend or how much cryptocurrency you would like to buy, and the other field populates automatically.
Once you complete the transaction, you can see your updated cryptocurrency balance in your CoinCorner wallet in your account.
CoinCorner offers the option to buy Bitcoin regularly using the “AutoBuy” feature. This requires creating a standing order with your bank and selecting how often you want to buy Bitcoin. At the selected time intervals, CoinCorner will deduct the funds from your bank account and purchase Bitcoin, which gets deposited to your CoinCorner wallet.
CoinCorner Mobile App
The CoinCorner app for Android and iOS offers another convenient way to access your account. Use the app to buy, sell, send and receive supported cryptocurrency on the go. Fund your account using a credit or debit card and use it to buy and sell Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC).
The app also allows you to make payments on the go and receive payments by sharing your wallet address from within the app.
CoinCorner plans to introduce a branded Visa debit card, which will allow years to spend their cryptocurrency in stores and online with major retailers. This can be a big asset since it will make it easier to use cryptocurrency similarly to fiat currencies.
Earn Bitcoin with CoinCorner
CoinCorner introduced the option for users to earn Bitcoin rewards when shopping online. This works similarly to other cash back portals such as Rakuten. The company has partnered with a number of online retailers to give users the option to earn cash back on online purchases in the form of Bitcoin.
This feature seems most useful for UK residents, as many retailers are based there. Earn up to 32 percent back in Bitcoin rewards by using a CoinCorner referral link before completing your purchase. Participating online retailers include Currys PC World, Booking.com, Boots, Under Armour, and more.
What are the CoinCorner fees?
CoinCorner fees depend on the method you used to fund your account. Credit and debit card purchases incur a 2.5% fee with a minimum deposit of 10 GBP or 10 EUR. Funding is instant, but maximum deposits and daily limits vary based on personalized account verification limits.
Bank transfers within the UK incur a 1 GPB fee while international transfers get charged 25 GBP. The minimum deposit for UK transfers is 5 GPB and 30 GBP for international transfers. There are no maximum deposit or daily limits on transfers. Funding from UK financial institutions happens within two hours, but international transfers can take up to five working days.
There is no fee for Euro bank transfers and a 5 EUR minimum. Funding can take between one and three working days, but there are no maximum deposit limits or daily limits.
If you fund your CoinCorner account via Neteller, you will incur a 3.2% fee. Funding is instant and comes with a 20 GPB/EUR minimum and 5,000 GBP/EUR maximum.
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