Coinflex Crypto Exchange Review: It Is Good Or Bad?

About Coinflex Crypto Exchange

Coinflex Crypto Exchange is a cryptocurrency exchange registered in the Seychelles. It has been active since 2019. CoinFLEX is an exchange spun off from Coinfloor and was co-founded by Mark and Sudhu. The platform is most known for having launched the world’s first physically delivered crypto futures exchange, being the first exchange to launch crypto spreads and repo markets that are allowing people to capture yield and perpetual traders to take delivery. The platform recently launched flexUSD, an interest yield bearing stablecoin, and PNT (promissory note tokens) tokenizing uncollateralized debt for trading firms.

Coinflex Exchange Basic Points

How To Start ?

How To Sign Up At Coinflex Crypto Exchange ?

It Is Very Easy To Sign Up At Coinflex Exchange . Just Click On Sign Up Button At Website .Fill Registration Form With Correct Details Like Your Email , Phone Number , Password Etc . Once You Fill All Data You Get Verification Link At Your Email . Just Verify Your Link For Successfully Verification.

How To Deposit Fund At Coinflex Exchange ?

Once your account has been verified, click on the ‘DEPOSIT’ button, which you’ll find at the top right-hand side of the screen. Choose which currency you want to deposit and then you will be provided with the Wallet details that you need to transfer the funds to .

How To Trade At Exchange ?

Once your account is funded, you can then begin day trading at Valr. Click on the ‘TRADING’ button at the top of the screen, and you will be taken to the main trading area. You now need to select the trading pair that you want to trade. Finally, enter the amount that you want to buy, decide whether you want to do a ‘market order’ or ‘limit order’, and then place your trade.

How To Withdraw At Coinflex Exchange ?

Withdrawing your funds from Swipe is very easy. Go to the “Withdraw” window, select the asset you want to take out and fill all the required fields. Note that you won’t be able to withdraw currencies if you haven’t secured your account with 2FA and/or whitelisted addresses.

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.

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 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.

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. Use Exchange Filters to easily see which platforms that allow wire transfer or credit card deposits.

The Stablecoin for Everyone

– The world’s first interest earning stablecoin

– Earn interest every 8 hours

– Fully backed and redeemable with USDC

– Earn wherever you hold it – even in cold storage

Is Coinflex safe?

CoinFLEX 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.”

Customer support on CoinFLEX

Customer support on CoinFLEX is good but falls short against the competition, which supports live-chat help session.

Thankfully, CoinFLEX has an extensive ‘FAQ’ section which is very useful if you’re unsure on what to do next. To add to that, you can also contact the team via email if the solution is not in the FAQ.