UK Faster Payments and reduced fees implemented on bitcoin exchange Coinfloor

UK bitcoin exchange Coinfloor announced today, that with their recent sale of CoinfloorEX, the company will now be re-focusing on its core GBP and EUR bitcoin exchange offering and customer base. To start this off, Coinfloor has brought back UK Faster Payments.

Faster Payments are a GBP only deposit and withdrawal method that is fast and inexpensive when transferred from UK banks. With Faster Payments, only a standard 6 digit sort code and an 8 digit account number (along with a user’s Coinfloor assigned deposit reference code) are needed to effect a GBP deposit transfer.

Fee-free UK Faster Payments until end of February

To commemorate the launch of UK Faster Payments Coinfloor 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 Coinfloor to charge £2.50 for deposits and £5 for withdrawals using this mechanism. The exchange says it 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, Coinfloor has reduced the minimum deposit and withdrawal amounts. The deposit minimum will be £/$/€1000, down from £/$/€5000. Finally, our withdrawal minimum will be £/$/€500, down from £/$/€2000.

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

Review the table below for a summary of the new deposit and withdrawal fees and minimums taking effect:

Asset Deposit Fee Min Deposit Amount Withdrawal Fee Min 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.

[perfectpullquote align=”full” bordertop=”false” cite=”The Coinfloor Team” link=”” color=”” class=”” size=””]”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.”[/perfectpullquote]

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