coinpass.com Reviews 106

Coinpass and the team members I interacted with (Jeff and James) were nothing short of outstanding.

We are A&J School – a UK-registered online secondary school with students in 20 different countries including the Middle East, the US, and Asia.

International payments often take 5-7 working days and cost the parents of our students money and a lot of time to set up.

Jeff and James helped us set up our business account on Coinpass which enabled us to receive crypto payments from our clients abroad in approximately 7 mins.

What surprised me the most was that Jeff (CEO) made 30 mins in his diary to jump on a video call with me to personally walk me through onboarding. This is so different to every single bank I ever worked with!!!

Coinpass does have a lot of compliance requirements upfront (who are the payers, proof of address, source of funds, etc.) however once a payer is processed and approved, payments are quick.

Once we receive crypto (we usually go for one of the stable coins) we immediately convert it into fiat currency and withdraw to our UK bank account.

We were sceptical initially but we are believers now. I fully trust Jeff, James, and the team and am extremely satisfied with how we have been looked after.

11/10

Great service and support.
Fast deposit from my bank account.
Bought some bitcoin on the dip!!!

They let you sign up and deposit funds quite easily. The UI is abysmal, really reminds of me of some sites from the early 00s, but it is usable.

But, once it comes to withdrawing funds, then the bad UI will be the least of your worries.

These guys ask you for you birth certificate, your bank statements, copies of your payslips, invoices if you are operating as a company, references from your registered accountant.

I was surprised they didn't demand to have me send a vial of my blood to them.

The worst part is, they do all of this over email.

Seriously, there is no secure file upload system involved here, everything is just attachments in emails.

They do not have a phone to talk to them and the support people misspell things and use incorrect grammar. I am still convinced they are a scam as I haven't been able to withdraw anything from them.

If not a scam then these guys are gearing up to lose a lot of customers over their bad practises and the ticking time bomb of a security incident due to their lack of secure processes.

I am currently on day 1 of trying to withdraw funds from my account. If I ever make it, I will be closing my account immediately.

EDIT 1: Still on day 1 here, I have added a bank account by sending bank statements and other sensitive documents over emails with a support member. I tried to withdraw my funds and was immediately sent an automated email asking for the same documents I have already uploaded. Including justification for purchasing crypto assets. If all of this was needed in the first place then it should have been part of the onboarding process. Not when trying to withdraw money

EDIT 2: Currently on day 3 of trying to withdraw money and coinpass has officially disabled withdrawls from my account. The bank statements that I had previously sent are now not enough and they are asking for the following:

● Copy bank statements
● Employment details (copy payslips)
● Details of current investments (e.g. periodic statement from your investment broker or provider)
● Reference from your accountant
● Inheritance (confirmation from lawyer or provision of supporting documentation)

EDIT 3: On day 4 now and still no money withdrawn. I asked my accountant if it´s normal for brokerages to ask for a "reference" and he said that it is not and he has never heard of such a thing before. Coinpass support refuse to answer my questions and only ask for more documentation, without any indication of how many documents they need before they will enable withdrawls from my account

EDIT 4: After 4 days of arguing, withdrawls have been enabled on my account and I recieved the money into my account on day 5 along with an apology and the following explanation:

"coinpass may conduct checks prior to the User withdrawing User Funds from the coinpass Account E-Wallet for the purposes of preventing fraud, money laundering, terrorist financing and other financial crimes. This may delay or prevent the User from withdrawing the User Funds. It is necessary for Enhanced Due Diligence (“EDD”) to be conducted where a client deposit or withdrawals fiat or cryptocurrencies if:

● Single Withdrawal value over £5,000+
● Single Deposit value over £10,000+
● Combined Year to Date Deposit/Withdrawal value over £50,000 or more.
● Promptly notify Coinpass if you discover or suspect any security breaches relating to their Coinpass Account or log in credentials;
● Cumulative withdrawals and/or deposits over £5,000 and £10,000 respectively within a 14-day period may trigger EDD checks to be undertaken. In these instances, verification of the client’s source of funds/wealth will be performed."

So because my transfer was over £5,000, it was blocked and I was treated as a potential financier or terrorism or money launderer....

I will be looking for another exchange to do business with after this experience

Originally set up this account through my Ltd. UK company so that I can buy crypto assets through my business. At the time I thought this was the only such exchange that was offering the service to UK limited companies, but I've since discovered that Kraken also provide the service to UK companies.

Coinpass has an extremely lengthy and time-consuming on boarding process. Really subpar trading dashboard interface, with very limited options. You can't even set a stop loss!

Customer Service is abysmal, it's simply a Zendesk portal connecting you to a non-native English speaker who responds with either nonsense or ChatGPT created junk.

The trading platform itself is buggy, clunky and somewhat temperamental. It wasn't enjoyable to use at all, and I was often left scratching my head, wondering why something was or wasn't working.

The fees are expensive, and on top of all of this they sent her emails recently announcing that they had been compromised and the various client data has been hacked!

Thank god I got my crypto assets off this junk exchange and onto Kraken.com before the hack happened.

Avoid, you can find much better than this.

They can't even look after your data, never mind your coins. Confirmed data protection breach on 7th May 2024. Platform is seriously lacking in security and functionality. AVOID AT ALL COSTS AND SEEK A PROPER ALTERNATIVE.

Almost impossible to get your money out of there. Be warned. Now they want to know where I originally got the money and ask such ridiculous questions as: "Can you send us any documents like investments, savings account, sales proceedings..." I literally cannot get them to transfer any of my money back to my bank. I really think this is a scam site. Try getting 10 quid out and see.
Update - they are trying to get this review taken down. Please be warned they are a SCAM. DO NOT USE.

Very easy onboarding!
I was able to onboard our company within a day and the support team dealt very well with some unusual circumstances around age of beneficial owner. A positive experience.

The worth service , since i am not young every little thing that i want to do in my account they stop i might be old but i use other exchanges that don't treat old people that way! I don't recommend to go here ,i don't know how the treat the young generation but with me its a joke , Update ! now they are giving me another reason why i can't get my money . i will make sure to continue sending reviews until i will get my money back scammers

Having used Coinpass for the past 3 years I’ve bought, sold and transferred crypto assets many times. I’ve found the platform reliable, easy to use and it’s improving with each upgrade. I’ve also contacted the help desk a few times during this time with questions and each time they have handled my issues exceptionally well.
I’ve recommended Coinpass to friends and family and I’m happy to continue to do so.

The support was excellent - very clear, concise and helpful answers and information so that I was able to achieve what I wanted to do with minimum fuss. Links were provided to make the process crystal clear and everything worked smoothly. I appreciated the willingness of the support person to help, check the status of my account at each stage and follow through with me.

Super app – customer service & Technical support are only seconds away with their excellent online chat. Steve particularly helped me through both a customer service and technical issue. Response time was within 10seconds and resolution within about 20mins. (mainly down to my own lack of understanding!)

Highly recommended. Thank Steve and Coinpass for both a great tool and service.

They do not respond to emails and are just impossible to deal with. I will be escalating my complaint to the Financial Ombudsman Service.

Got my £15 referral instantly and bought some XLM

Firstly you have to send official identification which is fair enough for security etc, what I don’t get is moving money from your bank to your Coinpass wallet is straight forward No issues, but when you want to move money the other way suddenly you have to provide them more proof this time a household bill. After providing proof of identification plus having to set up passwords plus excepting monies etc I don’t get the having to provide the bill, I don’t remember seeing that when signing up and sending money to my wallet, so be aware read small print.

Great UK based exchange. Had a few issues and support sorted them out very quickly (even on a Sunday!!). Instant bank deposits are a huge bonus.

Coinpass is quick, simple and straightforward to use and the Customer Service is excellent- would definitely recommend!

The platform is simple to use. But can be slow to navigate at times, there is only a limited amount if coins that can be bought and sold through coinpass but there being added all the time.

Coinpass is great for uk first time investors site still nedds a tweak or two limited coins but work in progress star rating 3.75

All my queries have been acknowledged and my account manager has been very helpful, considerate and friendly.
The feedback from actions is very good and instant so you know that it's received.

Excellent service, very quick and well laid out website and interface. A real pleasure to use.