UK Faster Payments returns to Coinfloor as well as lower minimum deposit amounts and GBP withdrawal fees


With the recently announced sale of CoinfloorEX, Coinfloor will be focusing once again on our core GBP and EUR exchange offering and customer base. Starting today, expect to see various announcements and improvements by Coinfloor over the coming weeks and months.


UK GBP Faster Payments returns

To kick things off, we are proud to announce the return of UK Faster Payments to Coinfloor. Faster Payments are a GBP only deposit and withdrawal method that is fast and inexpensive when transferred from UK banks. As we are now using Faster Payments, only a standard 6 digit sort code and an 8 digit account number (along with your Coinfloor assigned deposit reference code) are needed to effect a GBP deposit transfer. New deposit details are now available on your client account under the Deposit section.


Fee free UK Faster Payments until end of February

To celebrate the launch of UK Faster Payments we will not be charging fees on any UK GBP Faster Payments deposits or withdrawals for the rest of January and all of February!


Lower GBP withdrawal fees and reduced Fiat deposits and withdrawal minimums effective from 1st March 2019

The lower cost of processing UK GBP Faster Payments allows us to charge £2.50 for deposits and £5 for withdrawals using this mechanism. We will also reduce withdrawals made via International Wire Transfer, BACS or CHAPS to £30, down from £60.

Furthermore, along with this reintroduction of UK Faster Payments, we have reduced the minimum deposit and withdrawal amounts. Our deposit minimum will be £/$/€1000, down from £/$/€5000. Finally, our withdrawal minimum will be £/$/€500, down from £/$/€2000.  

Please note, the UK Faster Payment minimums are in effect as of today while all other minimums changes take effect from 1st March 2019.

Please review the table below for a summary of the new deposit and withdrawal fees and minimums taking effect from 1st March 2019:

Asset Deposit fee Minimum deposit amount Withdrawal fee Minimum withdrawal amount
Bitcoin (XBT) 0.0000 XBT 0.0500 XBT 0.0010 XBT* 0.0050 XBT
Bitcoin cash (BCH) 0.0000 BCH 0.0500 BCH 0.0010 BCH* 0.0050 BCH
Ethereum (ETH) 0.0000 ETH 0.0500 ETH 0.0010 ETH 0.0050 ETH
Pound Sterling
(GBP; Faster Payments only)
2.50 GBP 1,000.00 GBP 5.00 GBP 500.00 GBP
Pound Sterling
(GBP; all other payment methods inc SWIFT/CHAPS/ BACS)
30.00 GBP 1,000.00 GBP 30.00 GBP 500.00 GBP
Euro (EUR) 1.50 EUR 1,000.00 EUR 1.50 EUR 500.00 EUR
US Dollar (USD) 10.00 USD 1,000.00 USD 75.00 USD 500.00 USD

* There is an adjustment to XBT and BCH withdrawal fees to more accurately account for our multi-signature withdrawal transaction processing overheads.


KEY HIGHLIGHTS:

  • You can now deposit and withdraw GBP funds with Coinfloor via UK Faster Payments for free until 28 Feb 2019 then:
    • Deposit fees of £2.50 (formerly £5.00) for GBP Faster Payments and
    • Withdraw fees of £5.00 (formerly £60.00) for GBP Faster Payments
  • GBP deposit and withdrawal minimums decreased to £1000 and £500 respectively.
  • We aim to process Faster Payments deposits and withdrawals within 60 minutes of receiving, within business hours.
    • Faster Payments will usually credit your account the same day but may take up to 1 business day initially.

We are really excited about cryptocurrency in 2019 and expect to see many commercial, technological, and regulatory advances in the space over the coming months. We remain committed to providing our customers with an ever more convenient, focused and useful service that helps them gain exposure to this incredible new innovation. We hope that you see today’s announcement as a demonstration of our intent.

The Coinfloor Team

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