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The U.K.-based exchanges agreed to move Coinfloor customers over to CoinCorner “to further bitcoin adoption.”
CoinCorner, a bitcoin exchange and service provider in the U.K., announced today that it had acquired the customer base and the internet domains of another British BTC exchange, Coinfloor.
“We’re very excited to welcome Coinfloor customers to CoinCorner,” said Danny Scott, CoinCorner CEO, in an announcement shared with Bitcoin Magazine. “Customers will now have access to our wide range of offerings, including Lightning payments, Bitcoin cashback, and many more features coming soon, such as debit cards and Bitcoin backed loans.”
Coinfloor customers will have one month, starting from October 4, to either migrate their accounts, contracts, and balances to CoinCorner or close their Coinfloor accounts and withdraw all available funds after fees. If the user doesn’t manually choose one route, their accounts and balances will be automatically migrated.
Coinfloor was founded in 2013 and has been the longest-running bitcoin exchange in the U.K. During the transition period, the company’s CEO Obi Nwosu will take on an advisory role at CoinCorner.
“CoinCorner and Coinfloor have always stood for the same principles: the growth and support of the Bitcoin technology philosophy and community; focus on helping customers as our highest priority; and providing safe and simple ways to buy Bitcoin,” said Nwosu. “Above all, we are both focused on making Bitcoin simple, secure and reliable for our users.”
CoinCorner, founded in 2014, offers a broader range of bitcoin-related services, including buying and selling BTC, a bitcoin payment solution, and the first bitcoin cashback service available for the U.K.
All Coinfloor customers are able to get their fees on automated bitcoin buys slashed and fees for lump sum single buys have been halved.
The longest-running bitcoin exchange in the UK, Coinfloor, has announced that if you set automatic dollar cost averaging (DCA) into bitcoin with them for 12 months, you will get your fees waived completely. They have also slashed fees for single one-time buys.
Getting your fees slashed completely after 12 months of auto-DCA doesn’t happen all at once. When you now buy bitcoin on Coinfloor via auto-DCA, your fees drop every three months by 25% until it eventually hits 0%. So starting today, all fees have been reduced to 0.99% per transaction for all customers to start off.
“Removing fees for autobuy is not just about making bitcoin more affordable, it’s part of our ongoing responsibility to both new and experienced users,” said Coinfloor CEO Obi Nwosu. “We want to instill the right investment behaviour in every customer by making it easy for them to stack sats and iron out the daily fluctuations in bitcoin’s price through dollar cost averaging. Autobuy enables anyone to build their investment easily by scheduling regular purchases via standing order through the Coinfloor app.”
The importance of having an option to DCA into bitcoin with no fees can not be underestimated. As Hass McCook explains in “How The DCA Army Will Drive A $1 Million Bitcoin Price,” the more people that DCA into bitcoin, it builds an army of stackers taking bitcoin off the market. The more bitcoin that is taken off the market, the scarcer bitcoin gets, the more demand increases, and the higher the price rises.
DCA is a great way to stack sats and help move the world closer to hyperbitcoinization. And financially incentivizing users to use your platform with no fees is a great way to draw in new bitcoiners.
U.K. exchange Coinfloor has taken away some of the frictions and pain points from first attempting to buy BTC.
When signing up to an exchange to buy bitcoin, the process can be long and daunting, which may prevent new users from buying bitcoin. But Coinfloor has attempted to fix this problem with their app, according to a press release sent to Bitcoin Magazine.
When exchanges require you to submit your personal documents and photographs to verify your identity, it can be a real pain. You often have to switch devices, check your email or phone for confirmation codes, etc. But with the Coinfloor app, you can submit all your documents and photographs seamlessly right from your smartphone.
The app easily guides users through the process to make sure everything goes smoothly. The new feature allows you to access your camera and take pictures of your documents and selfies to submit, making the whole process as easy as one-two-three.
Once users have completed this quick sign-up process, they will be able to easily link up their method of payment and then they’ll be on their way buying bitcoin with the exchange’s one-time buy option, or regular dollar cost averaging option. Making the onramp process easy is great because it helps put bitcoin in the hands of more individuals and pushes us towards hyperbitcoinization.
“Many people want to start investing in Bitcoin but get no further than the time-consuming and stressful process of signing up to an exchange,” said Obi Nwosu, founder and managing director of Coinfloor U.K. “This has long been Bitcoin’s Achilles’ heel because it gives people the false impression that investing is complex and confusing, and this more than any other factor has delayed widespread adoption.”
“The Coinfloor App was designed to remove this last remaining barrier. It not only makes the entire signup process faster and easier by an order of magnitude: we have also incorporated functions like dashboards and one-click social sharing that helps us turn any user into an evangelist for Bitcoin, helping them explain the benefits of Bitcoin to friends and family and showing them easy it is to get started.”
As the bull run continues, inflation keeps rising, and interest in bitcoin goes through the roof, this will be a big game changer when it comes to onboarding new Bitcoin users.
The United Kingdom Advertising Standards Authority has upheld a complaint lodged against cryptocurrency exchange Coinfloor for its publication of a Bitcoin (BTC) advertisement in a regional news outlet.
The ad, published in the Northamptonshire Telegraph on Dec. 3, 2020, was deemed to have targeted retirees, according to the complainant, who claimed the ad was misleading and socially irresponsible.
The ad led with the title “There is no point keeping your money in the bank…” and featured an image of a woman, aged 63, describing her decision to convert part of her pension into Bitcoin. The retiree depicted in the advert was quoted as saying:
“More and more people are waking up to the savings power of Bitcoin… Today there is no point keeping it in the bank — the interest rates are insulting. […] That is why when I received my pension, I put a third of it into gold, a third of it into silver and the remainder into Bitcoin.”
The supposed Coinfloor customer depicted in the advert even referenced Bitcoin’s oft-quoted reputation as digital gold.
It continued, “To me, Bitcoin is digital gold and it has allowed me to take the steps to secure the cash I already have… Thanks to Coinfloor’s Autobuy service, buying and holding Bitcoin has never been easier…”
The advert was alleged to be misleading because “It failed to make clear the risks associated with Bitcoin investments, including loss of capital, and that neither Coinfloor Ltd nor the general Bitcoin market were regulated in the U.K.”
The complaint was upheld on this point, with the ASA noting that Coinfloor had not sufficiently conveyed Bitcoin’s volatility.
The ad was also alleged to be socially misleading because “It suggested that purchasing Bitcoin was a good or secure way to invest one’s savings or pension.”
The complaint was also upheld on this point, with the ASA judging that Coinfloor had represented Bitcoin investments as being safer than they really were.
The ASA concluded that the advert must not appear again in its current form. Any future adverts from Coinfloor must make clear the fact that Bitcoin investments could decrease in value, state that both Coinfloor Ltd and Bitcoin are unregulated in the U.K., and must not irresponsibly suggest Bitcoin is a secure investment of one’s savings or pension.