Is CoinCorner a Good Crypto Exchange for Beginners?
It is important for novice cryptocurrency traders to choose the right crypto exchange. Not all companies can be used when you are just starting your path in trading, which is why the success in cryptocurrency trading depends on making the right choice. Beginners often wonder whether CoinCorner is a good crypto exchange to start trading with. In this article you will learn whether CoinCorner is good for beginners, what its pros and cons are and what a novice trader needs to know.
Short summary about the broker CoinCorner
The CoinCorner cryptocurrency exchange, created in June 2014, is registered in Douglas, the capital city of the Isle of Man within the UK. A month after the exchange’s creation, its official website was launched, and in September, its mobile app was developed. In four months, the CoinCorner crypto exchange took a leading position in the U.K. crypto market.
The CoinCorner crypto exchange is geared primarily towards British users but also supports over 40 countries. It accepts fiat money (EUR, GBP, and USD) and uses four digital currencies: Bitcoin, Ethereum, Litecoin, and Ripple.
| 💰 Account currency: | EUR, USD, GBP, Bitcoin, Ethereum, Litecoin, and Ripple |
| 🚀 Minimum deposit: | 10 GBP |
| ⚖️ Leverage: | 1:1 |
| 💱 Spread: | Market |
| 🔧 Instruments: | Cryptocurrencies, fiat currency |
| 💹 Margin Call / Stop Out: | No |
CoinCorner Pros and Cons
👍 Advantages of trading with CoinCorner:
•Low fees for depositing fiat funds and for cryptocurrency trading;
•Official license with the number 129003C;
•A simple but effective interface that is easy to use;
•Over 200 thousand users;
•Official registration as an EMD agent (FRN 903018);
•Quick performance on any device;
•The exchange is centralized and governed by British financial regulators;
•The platform supports the Bitcoin Lightning network;
•Proprietary CoinCorner debit cards for working with Bitcoin.
👎 Disadvantages of CoinCorner:
•To make payments, users must be verified;
•There are no TradingView tools for plotting charts and tracking fluctuations in rates of cryptocurrency assets.
What is a Good Crypto Exchange for Beginners?
In order to choose the right broker for a beginner, you need to consider several aspects.
Here are the main ones:
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Education. It is important for novice crypto traders to learn how to trade. An exchange can offer educational courses, video tutorials, articles, webinars, etc. The more learning opportunities there are the better.
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Availability of a demo account. You will need this account to practice. It provides an opportunity for a beginner to trade risk free and try out trading strategies.
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Availability of a simple method to buy cryptocurrencies. An exchange service or a P2P exchange would be an advantage for an exchange.
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Low fees. The level of income of the trader depends on the level of the fees. Therefore, it is important to choose a company that charges minimum fees. Crypto exchanges mostly use the Maker and Taker fee model. It is important that you study them.
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Instruments for passive investing. In addition to active trading, passive income is also important for beginners. Pay attention to availability of copy trading or staking.
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Trading platform. It is important for a novice trader to choose the simplest trading platform that will be easy-to-use for trading.
In addition to these factors, you also need to consider how customer support operates, as it will also be important. Bonuses for beginners are also a nice perk.
Trading Conditions for CoinCorner Users
Before you start working with an exchange, it is important that you evaluate its trading conditions. CoinCorner offers traders the following conditions.
| 💻 Trading platform: | Proprietary platform based on TradingView |
| 📊 Accounts: | Demo, standard, and a P2P platform |
| 💰 Account currency: | EUR, USD, GBP, Bitcoin, Ethereum, Litecoin, and Ripple |
| 💵 Replenishment / Withdrawal: | Bank cards, credit cards, Р2Р cryptocurrency trades, and external services |
| 🚀 Minimum deposit: | 10 GBP |
| ⚖️ Leverage: | 1:1 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | No |
| 💱 Spread: | Market |
| 🔧 Instruments: | Cryptocurrencies, fiat currency |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | No |
| ⭐ Trading features: | Investment programs |
| 🎁 Contests and bonuses: | Offered regularly |
Commissions and Fees
The size of commissions and fees is also an important factor of choice. Traders Union analysts have prepared a short review of CoinCorner commissions and fees. In this section, you will find trading fees of the exchange as well as withdrawal fees.
The British CoinCorner crypto exchange charges fees that depend on digital asset types or fiat currencies. For example, depositing or withdrawing Litecoin is not available. Litecoin can only be traded. Depositing Bitcoin (Bitcoin Lightning), as well as withdrawing Bitcoin to cryptocurrency wallets, is free of charge.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard | $1.21 | Yes |
Investment programs of CoinCorner
It is important for novice traders not only to trade actively, but also earn passive income. Passive investing can help you earn extra profit, and also compensate for the losses you may incur as a result of active trading. CoinCorner offers the following passive income options.
Investment Programs, Available Markets, and Products of the Crypto Exchange
The CoinCorner cryptocurrency exchange offers interest-bearing staking as an investment program. To create a staking account, a user needs to sign in to his user account, open the Staking Accounts section, choose a name, and set up the purpose of savings. One can also set up automatic and free-of-charge transfers of funds from his deposit to his staking account.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of thedeal and all the steps from signing up to withdrawal of profits.
CoinCorner’s affiliate program
Every purchase at CoinCorner’s partner stores through the CoinCorner Checkout payment service or the CoinCorner cashback extension brings a reward of up to 40%. The percentage isn’t fixed but is determined automatically. Rewards can be transferred to a staking account where they will accumulate.
The referral system is simple. For every invited participant whose trading volume reaches 100 GBP, inviters get 10 GBP rewards. Both inviters and invitees get rewards.
Conclusion. Is CoinCorner good for beginners?
The CoinCorner cryptocurrency exchange will be an excellent choice for beginners. The exchange offers a convenient trading platform, which a beginner can learn to work with rather quickly. There is an excellent education center with a large number of materials for novice traders. Also, traders can earn passive income on good conditions. Therefore, CoinCorner could be considered as a good cryptocurrency exchange for a start.
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FAQ
What do I need to know about the fees charged by cryptocurrency exchanges?
The majority of cryptocurrency exchanges use the Maker/Taker fee model. As a rule, they use a multi-level system for traders that depends on the trading volume. The higher the trader’s trading volume, the lower the fees.
How do I choose a reliable cryptocurrency exchange?
Crypto exchanges mostly operate without licenses, as the majority of countries haven’t adopted legislation to regulate them. In order to choose a reliable exchange, you need to find out about its reputation and read the reviews about user experiences with it.
How many cryptocurrencies could a crypto exchange offer?
The number of cryptocurrencies on the listing of a cryptocurrency exchange may be very different. Some platforms offer less than 10, while others – several hundreds. It is important that you check the choice of cryptocurrency before registering on the exchange.
What are the risks of investing in cryptocurrencies?
Investing in cryptocurrencies carry high risks due to their high volatility. It could cause substantial losses, which is why it is important to observe the rules of risk management.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.