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Saturday, January 22, 2022

Coinflex Exchange Review: It Is Legit & Secure Exchange

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About Coinflex Exchange

Coinflex Exchange is a crypto exchange platform that extends various financial products for crypto trading and investing. One of the features that make it stand out from other exchanges is delivered perpetual futures. Moreover, It safeguards investors from crypto exposure with low index and price settlement risk. 

CoinFLEX enlarges deliverable swap deals with 100X leverage with no expiration date. in simple words, it is a bitcoin and crypto derivatives platform that allows investors or traders to buy, sell, and exchange cryptocurrency using financial products. Here, we take a look at the features of the trading app which will be beneficial for all the traders who searching to know every detail of it.

The bitcoin futures markets have lived for numerous years now and have built a productive bitcoin trading community. Here, you will get all the detailed information about the digital app.

Basic Information

ExchangeDetails
Exchange NameCoinflex Exchange
Exchange TypeCryptocurrency
Withdraw FeeFree
Deposit FeeFree
Taker Fee0.10%
Maker Fee0.5%
Website Homepage

How To Sign Up & Start Trading

You Sign Up For A User Account By Providing Basic Information.

On Every Exchange You Will Get Option For Sign Up Or Create Account . Just Fill Some Basic Details Like Name , Email , Password , Security Question Etc For Registration . It Is First Step To Start Trading On Any Exchange

You Then Receive An E-mail In Your Mailbox To Activate Your Account.

Before You Can Login, You Must Active Your Account With The Code Sent To Your Email Address.Then You Will See A Message That Your Financial Account Is Activated And Ready To Go. This Means That You Can Log In And Start Trading In Cryptocurrency.

Identity Verification

For Successful Verification You Will Need Identity Documents. For Example, You Can Use A Driver’s License Or Passport, Where The Name Is Duplicated In Latin Letters.Confirmation Of Identity On Exchange Is An Optional Step. The Procedure Must Be Completed Only If You Want To Remove The Restrictions Of Btc On Deposit Or Withdrawal Of Funds Per Day.

CoinFLEX Trading fees

Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. Many exchanges divide between takers and makers. Takers are the one who “take” an existing order from the order book. Makers are the ones who add orders to the order book, thereby making liquidity at the platform.

This platform charges takers 0.10% per trade on the spot market, which is quite in line with industry average for the newer modern exchanges. However, according to the biggest study ever performed on crypto exchange trading fees, the industry average taker fee was found to be 0.213%. So in comparison with that, CoinFLEX is far below industry average. Makers receive a 50% discount on their trading fees compared to takers and only pay 0.05% on the spot market. The corresponding figures for contracts trading are 0.06% for takers and -0.02% for makers.

FLEX BalanceDerivativesSpot MarketsSpread TradingRepo Trading
0-0.02% Maker, 0.06% Taker0.06% Maker, 0.10% Taker0.03%0
1000-0.02% Maker, 0.03% Taker0.02% Maker, 0.06% Taker0.01%0
100,000-0.02% Maker, 0.03% Taker0.01% Maker, 0.04% Taker0.005%0
500,000-0.02% Maker, 0.03% Taker0% Maker, 0.03% Taker0.005%0

CoinFLEX Withdrawal fees

Withdrawal fees are usually fixed and vary from crypto-to-crypto. If you withdraw BTC, you pay a small amount of BTC for the withdrawal. If you withdraw ETH, you pay ETH. The last time we did an empirical study of the BTC-withdrawal fees in the crypto exchange market, we found that the average BTC-withdrawal fee was approx. 0.0006 BTC per BTC-withdrawal.

Coinflex Exchange doesn’t charge anything for crypto withdrawals, but not only that, they also cover the network fees involved when making a withdrawal. This is actually quite unusual. Many exchanges say “they don’t charge any withdrawal fees”, but the user still has to pay network fees to the miners processing the withdrawal (which are distinct from the exchange itself).

Deposit Methods

In order to trade here, you must have cryptocurrency to begin with. The only asset class you can deposit to CoinFLEX is cryptocurrency. However, if you really like CoinFLEX but you don’t have any crypto yet, you can easily start an account with an exchange that has “fiat on-ramps” (an exchange where you can deposit regular cash), buy crypto there, and then transfer it from such exchange to this exchange. 

Is Coinflex safe?

Coinflex Exchange has implemented standard two-factor authentications (2FA) protocols for users to have that added layer of security. As you know, 2FA enables another layer of protection, meaning a malicious attacker won’t be able to access your funds without access to Google’s 2FA protocol.

The exchange also operates with a 99% cold storage policy, with only 1% of the entire funds being stored in ‘hot wallets’. Per the Security page, the system has been designed “such that no single person, vault location or device failure could compromise the integrity of user Bitcoins.”

Furthermore, all user information submitted by users passes through a “Transport Layer Security (TLS) protocol, which adheres to strict procedures that prevent unauthorised access. Per the website’s Security page, personal information is also locked behind 2FA protocols.

Coinflex Exchange Review

7.3

CURRENCY VERITY

6.5/10

REPUTATION

7.5/10

CUSTOMER FEEDBACK

7.0/10

CUSTOMER SUPPORT

8.5/10

DESIGN

7.0/10

Pros

  • Multiple Accounts Division
  • Low Fees
  • No KYC
  • A Wide Variety of Trading Pairs

Cons

  • Low Liquidity
  • does not support US Citizen
  • Complicated Trading Interface
  • Trading Restrictions for some Countries
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