Coinfloor, a UK bitcoin exchange has announced a few key changes as December hits the calendar. The company has declared that from December 15th, 2017, they will discontinue the Express Buy service, increase fiat and cryptocurrency deposit minimums, and reinstate trading fees. All of the details of the changes can be found below.
Ending the Express Buy service
Express Buy (formerly Coinfloor Market) allowed clients to purchase smaller amounts of bitcoin through Coinfloor approved brokers. As of December 15th, 2017, the Express Buy service will be discontinued. Clients can continue to buy bitcoins using Coinfloor Exchange as normal.
Increasing Fiat currency and Cryptocurrency Deposit Minimums
Coinfloor is increasing the minimum required deposit amounts for all fiat currencies and cryptocurrencies.
The deposit minimums as of December 15th, 2017:
|Asset||Current Minimum deposit amount||New Minimum deposit amount|
|Bitcoin (XBT)||0.0050 XBT||0.0500 XBT|
|Bitcoin cash (BCH)||0.0050 BCH||0.0500 BCH|
|Pound Sterling (GBP)||1,000.00 GBP||2,500.00 GBP|
|Euro (EUR)||1,000.00 EUR||2,500.00 EUR|
|Polish Zloty (PLN)||1,000.00 PLN||2,500.00 PLN|
|US Dollar (USD)||1,000.00 USD||2,500.00 USD|
Reinstating trading fees and ending percentage deposit and withdrawal fees
In order to be more in line with industry practice, Coinfloor will be reinstating trading fees on the Coinfloor Exchange. At the same time, percentage fees on fiat deposits and withdrawals will be retired leaving only the flat fees charged by its banks or incurred while processing blockchain transfers in addition to the trading fees.
The fee schedule as of December 15th, 2017:
Exchange Trading fees
|Coinfloor fee||30 day trailing trading volume|
|0.30%||< 500,000||< 2,000,000||< 500,000||< 500,000|
|0.20%||500,000 – 1,000,000||2,000,000 – 4,000,000||500,000 – 1,000,000||500,000 – 1,000,000|
|0.10%||> 1,000,000||> 4,000,000||> 1,000,000||> 1,000,000|
Coinfloor believes this new fee structure will be more familiar with its new and existing clients.