London, United Kingdom
1 Quality Court, WC2A 1HR London, United Kingdom
Ethereum, Ethereum Classic, Litecoin
British Pound, Euro, United States Dollar
Bank wire, Litecoin, Ethereum
Coinfloor is a brand of Coinfloor Limited and provides an online platform where traders can exchange bitcoins with fiat currencies. The company is based in the United Kingdom and prides itself as one of the early pioneers of bitcoin exchange platforms. Coinfloor business model is structured to offer a safe online platform where bitcoin brokers, investors, and other interested parties can meet and exchange bitcoins with fiat currencies.
Coinfloor does not sell bitcoins but provides a conducive marketplace for bitcoin buyers and sellers to meet and exchange bitcoins. The company offers high-security bitcoin storage services and maintains high liquidity to ensure that trading funds are made available whenever needed by the account holders.
There are several kinds of cryptocurrencies which can be traded on the Coinfloor website. The outstanding one is the bitcoin (BTC/XBT) which has gained wide acclaim over the years due to its high-security features and the position which it holds as the pioneer coin of the decentralized cryptocurrency technologies. The other common crypto coin which is traded on Coinfloor is the Bitcoin cash (BCH), a recent fork of the Bitcoin classic.
Coinfloor provides a user-friendly interface for those who would like to open a trading account. One can open an account by signing up on their website and filling out the required details. There are also options to sign up as a private or corporate investor. After submitting the application details, the staff at Coinfloor reviews the details and approves or disapproves the application based on correctness of the details, adherence to the terms and conditions, and the proof that the trader is of legal age. The company accepts the UK and non-UK traders, though the confirmation process for the UK-based applicants tends to be faster than for non-UK applicants.
To increase their user security, Coinfloor will not only require you to provide the usual email and password combination but you will also be required to use an authentication app linked with your mobile phone number to authenticate your account. This two-level authentication system is important in securing traders’ investment and reducing the possibility of cryptocurrency-related fraudulent activities.
Order Book: Coinfloor provides an electronic order book which has a table of buy and sell interests placed by the various traders participating in the market. The Coinfloor order book bids provide important information such as the bitcoin quantity the price and the total amount of fiat currency needed to purchase such a bid.
The company has the sterling pound as the preferred reference currency. This implies that those who have other types of fiat currency will have to exchange them for the British pound before participating in the Coinfloor exchanges. However, this is not an insurmountable challenge since there are numerous financial service companies which offer these fiat currency conversions.
OTC: An Over the Counter Market (OTC) is a form of trading which is done without the supervision of the trading exchange provider. This implies that the usual trading standards and the transparency set by the trading avenue are bypassed. Instead, the traders who wish to undertake OTC trading sign a bidding bilateral agreement which acts as a guide on how they will conduct the exchange.
Over the Counter (OTC) transactions are not always made public implying that they have a less likelihood of affecting the current price levels of the market. OTC transactions are usually requested by large investors who would like to privately trade on an exchange system.
Coinfloor has an OTC feature on its trading website. This feature is tailor-made to suit large-scale investors such as the investment institutions and other authorized firms willing to trade with large blocks of exchange. The handling of the post-sell procedures is defined by the bilateral contract made between the two traders.
API: Application Programming Interface (API) is a term used to describe the protocols which are used to develop a third-party system dependent on the functions of another system. For instance, an online system may provide an interface for software developers to create apps which will access specific pieces of information from the online system, process information, and update records on the main system. The programming standards used to connect these two systems forms the Application Programming Interface (API) protocols.
Coinfloor offers an API socket connection standards for those who would like to develop apps which connect and process information on its system. The access keys are available on the user’s dashboard. This implies that for one to develop an app which accesses information on the Coinfloor system, he/she must first have an account with the company. The API standards used to develop this HTTP (Hyper Text Transfer Protocol) and web socket connections can be accessed on the GitHub website, a leader in the open source software world.
Private and Corporate Investment Options: Coinfloor offers a private investment service, a feature which has been customized for individuals who would wish to participate in cryptocurrency exchange. To understand each client better, Coinfloor provides an inquiry form where the private investor can fill their details and get attended to by one of the Coinfloor private investors’ support staff.
For corporate clients, Coinfloor has featured services designed to cater to the needs of institutional investors. Once a corporate investor signs up, they are provided with access to bitcoin and sterling pound trends and other trading information to facilitate a proper understanding of the market conditions. The corporate clients also enjoy direct access to investment experts at Coinfloor who work closely with these investors to foster their investment goals.
Cryptocurrencies have been shown to have the potential to define new standards of exchange in the international economy. Although investing in bitcoins poses a greater risk, the returns associated with such investments are worth the risk. Coinfloor is one of the brands which has edged out a niche in cryptocurrency exchange. It has done so by creating a secure trading environment for its clients, incorporating support services for both private and corporate investors, and by providing a reliable online system for easier execution of orders. For individuals and corporate investors who would like to undertake bitcoin trading, Coinfloor should be part of the brands which they should consider while evaluating reliable bitcoin exchange companies.