The CoinCorner review analysis and compares Coincorner to other platforms from a critical perspective. Coincorner offers both exchange marketplace and wallet services at the same time, like other platforms such as Bitpanda. The transactions are carried out instantly while external addresses, no matter if they are hardware or online, can be swiped easily. Thus, we made a review of the CoinCorner’s wallet services in terms of its features and functions.
We compare the CoinCorner wallet platform with other storage services, such as BitPanda, Jaxx, and Exodus to provide you with a more accurate picture of what is good and bad about the company. We conclude the article with historical milestones, pros & cons and remarks regarding the overall performance of the wallet.
CoinCorner was launched in summer, 2014 as a bitcoin online services provider, based on the Isle of Man. The wallet services and those of the exchange are available for traders coming from 30 countries only, mostly EU.
The registration process requires a lot of personal details from the beginning, even if you wish to download the wallet n your phone or on the desktop. The verification is a must, thus the storage and usage of the coins are not private, as it is the case with Jaxx and Exodus. The registration page is shown in the picture below, with much other fill-out spaces hidden as well.
Wallet’s Properties & Functions
All of the regular wallet services are available at CoinCorner, as you can send, receive and maintain coin balances. You also have exchange marketplace where you can directly buy and sell cryptocurrencies using your wallet. You can also withdraw or deposit digital money using external addresses, such as hardware & paper wallets or other online stashing platforms.
Opening an account at CoinCorner and wallet addresses is free of charge, which is common in the industry. You have transaction history as well as charts showing you your balances in real time. The transfer of coins might take up to 24 hours, depending on the traffic level and general clutter in the blockchain network of the cryptocurrency used.
CoinCorner supports only bitcoins at the moment, while other digital currencies are not available. The platform positions itself as bitcoin provider only, thus it can be fairly assumed that other coins will not be available in near future.
Many other wallets, when compared with CoinCorner, offer a lot more variety when digital money is concerned. Jaxx offers over 50 coins, Exodus 18 of them while even BitPanda offers four coins for its clients.
Platforms and Features
CoinCorner offer three distinctive platforms for you to use for stashing purposes. The wallet can be used on the web and can be downloaded for free on your desktop computer or phone devices. Users of both iOS and Android are supported by CoinCorner, something that BitPanda, for example, does not have.
Other platforms like Jaxx and Exodus have the same extensions as CoinCorner. In all extensions, functions and features are the same, while the desktop is considered as the most secure one, acting like a cold storage.
In this section, we are mainly concerned with wallet expenses, which are in line with industry network fees. The issue starts with exchange and deposit/withdrawal costs, which are really high when compared to other exchanges, such as Coinbase and BitPanda. Credit card purchases would cost you 5%, not counting for the large exchange rate.
Most of the traders would sue CoinCorner’s wallet services in addition to the exchanges, thus the bank transfers are the option in order to lower down the expenses. Be warned that Bank account payments can take up to five business days to complete.
The exchange offers two-factor authentication (2FA) as well as cold storage features though desktop installation of the wallet. The security is thus similar to Exodus, though at a lot lower level than Armory or hardware devices such as KeepKey and Trezor.
The verification process does limit potential hackers registering in the system but the overall security might be breached externally as well. The company claims it keeps 95% of the coins in cold storage, although we did not find evidence proving the claim.
CoinCorner offers FAQ section, ticket system and how-to guides that beginners will find quite useful when registering and using wallet account. The said learning programs touch upon many functions that can be applied outside of the CoinCorner’s platform.
You can also reach the support using request program if the guides or FAQs were not sufficient enough for you to address the issue.
The wallet itself has no large issues but conceding the company as of whole, the story turns out to be different. Most of the user reviews are negative, stating that fee structure is really high when compared to other platforms.
The constant issues with GBP bank deposits and withdrawals push the costs even higher, as the conversion is needed from one fiat currency to another. Most traders praise the easy-to-use interface but put very little importance on it.
The company started its operations in July 014 and has developed PAI and mobile platforms in the same year. In 2015, CoinCorner added EUR as additional fiat currency accepted at the exchange and wallet platforms. The year 2016 brought iOS platform as well, while customer base grew towards 50.000 users.
Pros and Cons
+ extensive educational tools and guides
+ fiat currencies also supported by the wallet (GBP and EUR)
- limited regional coverage (only 30 countries available)
- long and extensive registration and verification of an account
- only bitcoins are supported by the wallet and exchange
- bad reputation due to the large transaction and deposit/withdrawal fees
All in all, if you are looking for a cheap way to get coins and maintain them CoinCorner might not be for you. First, you need to complete the extensive verification process, which might take few days to be done completely. Next, deposit fees are quite high if GBP bank transfers are not used when withdrawing /depositing fiat money.
The security is average while services are in line with the industry, without unique features that would distinguish the platform. CoinCorner’s wallet is like any other, easy to use but without any distinctive competitive advantage. There are numerous other choices out there on the market that you can use instead.