Coinfloor Boosts UK Deposit Speeds In Customer Satisfaction Bid

Nermin Hajdarbegovic
Jun 30, 2014 at 19:11 UTC
Updated Jul 9, 2014 at 15:03 UTC

UPDATE (30th June 20:00 BST):
Updated with comment from Coinfloor

UK-based bitcoin exchange Coinfloor is now accepting domestic deposits via local bank transfer in an effort to accelerate its local payments services.

The feature was brought about by popular demand thanks to a Coinfloor customer survey that found that the majority of Coinfloor’s users (47%) would like to see faster local payments.

Coinfloor also credited its customers with helping it continue to improve its services, stating:

“The trust, support and feedback of our users has played a significant role in our course of action and focus over the last two months.”

The news follows Coinfloor’s March decision to open customer registration, and its April announcement that it would seek to make its reserves publicly auditable. Coinfloor had originally sought to open registration for its services in November, but cited technical problems as the reason for the delay.

Faster Payments on Coinfloor

The requested local payments feature has now been delivered via UK’s Faster Payments Service (FPS). The new deposit method is completely free when the transfer originates with UK banks.

“We are also waiving the GBP deposit fee for all customers depositing into our Capital Account,” Coinfloor added.

Deposits will be processed at 2 PM on business days, but may take up to 24 hours. Users will need a copy of their UK bank details including a new reference code from Coinfloor’s deposit page. The minimum deposit amount for the Capital Account is £500.

“Any users depositing less will be charged £20 for having their deposit rejected,” Coinfloor added.

Debit cards, margin trading and more

coinfloor-survey-2014

Coinfloor indicated the announcement is part of a broader effort that could find it integrating more offerings suggested by customers.

For example, the survey also revealed that almost one-third of Coinfloor’s users would like to use a bitcoin debit card, and according to the company’s survey chart, work on the card is already in progress. Ten percent of Coinfloor users would add margin trading and short selling functionality, while another 5% are interested in rebates for market makers.

Coinfloor did not indicate whether all these features and services will be eventually become a part of its platform.


Correction: A previous version of this article stated that a maximum deposit amount for the Capital Account is £500.

Image via Coinfloor

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