HomeUncategorizedBuying Bitcoin in the UK: CoinCorner

Buying Bitcoin in the UK: CoinCorner

The United Kingdom remains a prominent and promising region for cryptocurrency adoption. Numerous exchanges and brokers operate in this country. CoinCorner, one of the longest-running cryptocurrency providers on the Isle of Man, makes buying Bitcoin very straightforward.

Brief Company History

For those unfamiliar with the CoinCorner service, a brief introduction is in order. The team running this company originally opened the service to the public in 2014. Its main target audience was the United Kingdom, as very few platforms to buy Bitcoin existed at that time. 

The company is based on the Isle of Man, a region in the UK where cryptocurrency regulations are far more stimulating. Several companies have set up shop in this region over the years, while the rest of the UK remains unsure on how to regulate Bitcoin and altcoins exactly. 

Throughout the years, the company has seen its fair share of success.  This is primarily due to the team constantly pushing the pace regarding support for other currencies and payment methods. The 150,000 users milestone was reached in December of 2018. CoinCorner also has a multi-year sponsorship with the Douglas and District Football Club, who play in the Isle of Man Football league. 

Buying Bitcoin Made Easy

Several features set CoinCorner apart from other trading platforms in the UK. A little-known fact is how this company was one of the very first UK providers to integrate credit card payment support for cryptocurrencies. This milestone was achieved in October of 2014, back when Bitcoin wasn’t remotely as popular as it has become today. 

By introducing this payment method, CoinCorner acknowledged how buying Bitcoin should be both easy and straightforward for customers. Today, the company supports debit cards, Neteller, credit cards, direct bank transfers, and SEPA transfers alike. 

This is in line with how the company expanded its focus beyond the UK market. Customers from all over the European Union and several other countries are welcome to give their service a try. Other payment methods to be supported in the future include SOFORT banking, Giropay, Itua, and Poli. 

The Covered Regions

Expanding a platform to buy Bitcoin to new markets is never an easy task. Most countries around the world still have no official Bitcoin regulation in this day and age. Even so, CoinCorner can be accessed by clients from a wide variety of regions, including the UK and the European Union.

Looking beyond Europe, the company also welcomes users from Australia, New Zealand, South Africa, Singapore, Brazil, Argentina, and so forth. At this time 49 different regions are officially supported by the company, making it easier for cryptocurrency enthusiast sin those regions to buy Bitcoin conveniently. 

The Mobile App

Every self-respecting platform that lets users buy Bitcoin has a mobile application. CoinCorner checks the right boxes here, as their mobile app is available to both Android and iOS users. In this application, users can find all of the functionality one would expect. It is even possible to purchase Bitcoin through the app directly using a credit or debit card. 

Supported Cryptocurrencies

Even though CoinCorner became well-known for buying Bitcoin, the company has introduced support for additional cryptocurrencies over the years. At this time, customers can purchase Bitcoin, Litecoin, Ethereum,and XRP from the company. All of these digital assets have built up a strong reputation and continue to play a key role of importance in the cryptocurrency ecosystem. 

It is worth noting there is no support for depositing or withdrawing these alternative cryptocurrencies at this time. Users are free to buy and sell them as they please, however. 

Deposit and Withdrawal Fees

Every cryptocurrency exchange, trading platform, and broker have their own fee structure for depositing and withdrawing funds. Depending on one’s preferred payment method, deposit fees range anywhere from free up to 3.2% on top of the deposited amount. SEPA Transfers in Euro and Bitcoin deposits are completely free of charge.

Regarding the withdrawal of funds, there are a few fees to take into account. Withdrawing money through a SEPA transfer in Euros is a very expensive option, albeit that is not the company’s fault. Current banking agreements between the different regions are far from ideal at this time. Then again, most people will use a service like CoinCorner for buying Bitcoin, rather than cashing out a Euro balance. 

Specific fees also apply to the buying and selling of cryptocurrencies on the platform. Every broker or exchange has maker and taker fees, and the exact rates are outlined well on the company’s Fees page

Other Services

While CoinCorner is a platform to facilitate the purchase of Bitcoin, Ether, Litecoin, and XRP, they provide other services as well. 

The first service is an option to send virtual gift cards to friends and loves one. There are several unique Bitcoin designs to choose from. This makes for a great educational tool, as well as an option to do something unique for specific occasions. It is also a great way to send small amounts of Bitcoin to friends and family. 

The second crucial service is offering merchants and online shop owners a chance to easily accept Bitcoin payments under the CoinCorner Checkout banner.. As cryptocurrency payments aren’t subject to chargebacks, this makes for an ideal “extra” payment option to offer to customers. The overall fee to process Bitcoin payments sits at just 1%, making it cheaper than PayPal and other traditional money transfer services.

JP Buntinx
JP Buntinx
JP Buntinx is passionate about cryptocurrencies, fintech, blockchain, and finance. He currently resides in Belgium.


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