Coinflex Crypto Exchange Review 2023 : Pros & Cons

What Is Crypto Exchange ?

The ability to purchase, sell, and trade cryptocurrencies like Bitcoin, Ethereum, Litecoin, and others is provided by a cryptocurrency exchange. These marketplaces enable users to trade their digital assets for fiat money or other cryptocurrencies and serve as middlemen between buyers and sellers.

Cryptocurrency exchanges’ features, security, and user interface can differ. While some exchanges allow anonymous trading alternatives, others demand account creation and verification from customers.

Furthermore, some exchanges provide sophisticated trading tools like margin trading and futures contracts, while others are more geared towards novice traders and provide straightforward buying and selling alternatives.

Popular cryptocurrency exchanges include Coinbase, Binance, Kraken, and Bitstamp, to name a few. Before trading or investing, it’s crucial to do your homework and comprehend the risks involved with using a crypto exchange.

What Is Coinflex Crypto Exchange ?

A cryptocurrency exchange called Coinflex provides a platform for trading digital assets. The exchange opened for business in 2019 and has its headquarters there. With a wide variety of cryptocurrency assets supported, including Bitcoin, Ethereum, and other well-known altcoins, Coinflex seeks to offer traders a high-speed and low-latency trading experience. The fact that Coinflex offers physically settled futures contracts is one of its distinctive features. As a result, traders receive the underlying cryptocurrency asset rather than cash upon the expiration of the futures contract. For dealers who want to receive the traded asset in person, this function is especially appealing.

Coinflex Crypto Exchange Quick Facts

How To Register At Coinflex Exchange?

To register on Coinflex , click Register Now button at the top of the page. You can also start creating an account directly through the form on the main page.

You only need to enter your e-mail and come up with a password. If there is a referral code, it is also entered at this stage. Password requirements: at least 8 characters, numbers, upper and lower case.

Click ” Create Account ” then go to your email to verify it. Enter the code you received and registration is complete. You can start replenishing your account.

Coinflex Exchange Supported Countries

Coinflex Exchange is a cryptocurrency exchange that supports users from various countries around the world. However, the availability of services may vary depending on the location of the user.

Exceptions are the US, China, Japan and countries in the Middle East. Syria and North Korea are also countries whose nationals cannot trade on Coinflex .

How To Verify Your Coinflex Cryptocurrency Account ?

There is no mandatory verification at Coinflex , but you can pass it if you wish. At the moment, the only restriction imposed on unverified users is the withdrawal limit of Free. In the future, depending on the actions of regulatory authorities, conditions may change.

For verification, you can use one of four documents to choose from: passport, driver’s license, identity card or residence permit. Artificial intelligence is used to evaluate the authenticity of documents. This service is provided by the Onfido online identification service, already used by the Coinflex , Revolut platforms.

How To Buy Crypto Or Deposit Crypto At Coinflex Crypto Exchange?

There are two main options for topping up your balance on Coinflex . Firstly, you can buy cryptocurrency with a bank card – it’s fast and convenient. Go to the ” Buy crypto ” -> ” Buy crypto with a credit card ” section.

Choose a cryptocurrency (currently there are 13 coins available for purchase in this way). Enter the amount and select the fiat currency to be used for payment.

After that, you will need to select a payment channel: each of them has conditions. You can choose between Simplex, Mercuryo, Banxa and Moonpay. Click ” Buy ” next to the appropriate option.

Agree to the terms and confirm the transition to the site of the payment provider. Enter information about the card and its owner, confirm the transaction. Cryptocurrency will be credited to the exchange account within a few minutes.

Second Method

You can transfer digital assets to the balance of the exchange from any external crypto wallet. For this:

• Go to the “Deposit” section from the “Assets” menu.

• From the drop-down list, you can select the cryptocurrency you want to deposit into your account.
• The wallet address will appear. You need to copy it and send funds to it from another wallet or exchange. Please note that only bitcoin can be sent to bitcoin addresses, similarly with other coins.
• You can also click “Show QR code” – for transfers from a mobile wallet, this is a more convenient option.

How To Withdraw Crypto Asset From Coinflex Exchange ?

Having completed all the necessary trading operations, it’s time to withdraw the received assets to an external wallet. Go to ” Assets ” -> ” Withdraw “. Please note that the operation is only available after enabling two-factor authentication in the settings. This is for added security and requires less than a minute, so don’t neglect this measure.

Select a cryptocurrency and enter the withdrawal amount. Each coin has its own withdrawal fee, for example, for BTC it is 0.00057 BTC. Click ” Output “. By default, the exchange processes applications three times a day, however, hourly withdrawals are available for Premium users. Also, the time of receipt of the cryptocurrency is affected by the workload of the blockchain network.

How To Secure Your Coinflex Account ?

To safeguard your money and private information, you must secure your CoinFLEX account. You can take the following actions to secure your account:

1. Enable Two-Factor Authentication (2FA): Two-factor authentication (2FA) is supported by CoinFLEX to increase account security. By installing Google Authenticator or Authy on your smartphone and connecting it to your CoinFLEX account, you may enable 2FA.
2. Use a Strong and Unique Password: Choose a distinct password with a variety of capital and lowercase letters, numbers, and special characters. Don’t use common words or phrases, and don’t use the same password for other accounts.
3. Protect the information on your Account : Never divulge your CoinFLEX login information or 2FA code to a third party. Avoid phishing scams by only accessing your account through the CoinFLEX website.
4. Keep an eye on your account activity: Check your account activity frequently to make sure there haven’t been any fraudulent purchases made or login attempts made. With CoinFLEX, you can view a transaction history of all your previous trades and deposits.
5. Keep Your Devices Secure: Verify that the antivirus software on your computer and mobile devices is up to date and that the most recent security updates are installed on them.
6. Use Whitelisting: CoinFLEX enables you to add IP addresses to a whitelist that have access to your account. Whitelisting makes sure that only dependable gadgets can access your account.
7. These pointers can help you keep your CoinFLEX account safe and shield your money from illegal access.

Fees taken when buying virtual currency

Overview

Please refer to the fee schedule below.

• Fees are dependent on the market you are trading in (Spot, Futures, Spread or Repo);
• Fees are deducted post trade;
• You may enjoy a discount fee rate with FLEX. The flexFLEX holdings and the discount fees can only be paid in FLEX;
• Fees are paid in FLEX by default.
• Rebates are paid in FLEX.

How do you earn fees with AMM+?

• AMM+ receives Maker Rebates of 3 basis points every time you’re traded with.
• AMM+ bots are scalping USD profits between a set of trading orders.

Deposits / Withdrawals Fees

CoinFLEX does not charge fees on deposits.

Withdrawals of BCH, FLEX, flexUSD and DOT are free for users – CoinFLEX covers all fees involved.

A withdraw fee equal to the current network fee is charged on BTC, ETH, USDT, USDC and other supported ERC20 tokens. Please see the withdrawal page for details on the current network fee for your withdrawal.

Trade On Go Coinflex Is 100% Mobile Friendly

It is made to be available from a variety of mobile browsers and devices, enabling traders to manage their positions, look at charts, and place trades while on the move. The platform also offers a user-friendly interface with features and settings that can be changed to fit personal tastes. Before making any decisions, it’s usually a good idea to do some research and read customer reviews.

How To Contact Coinflex Customer Support Team?

You can take these steps to get in touch with the Coinflex customer care team:

Visit the Coinflex Website : at www.coinflex.com, then select “Help” from the menu at the bottom of the home page.

The Coinflex Help Center Page : Will be reached after the redirect. Here, you can use keywords to search for your problem or just peruse the topics that are offered.

Click on the “Contact Us”: link at the bottom of the page if the Help Center is unable to resolve your issue.

You’ll be taken to Coinflex’s contact page : You can enter your name, email address, and message in the contact form below.

After completing the form, use the “Submit” button. Within 24 to 48 hours, you should hear back from the Coinflex customer care staff. After this period of time, you can follow up with them by sending them another message or getting in touch with them via their social media accounts.

Features Of Coinflex Crypto Exchange

Trading Pairs:

A wide range of trading pairs are available on Coinflex, including those for Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and many more.

Trading with leverage

For a certain trading pairs, Coinflex enables users to trade with leverage of up to 100x.

Future Pairs:

On Coinflex, users can trade perpetual futures contracts, which are futures with no expiration date.

Flexible Statement :

Contracts can be settled in a variety of cryptocurrencies, including Bitcoin, Ethereum, and Bitcoin Cash, thanks to Coinflex’s flexible settlement system.

Low Fees :

With a maximum taker charge of Coinflex provides some of the lowest costs in the sector.

Tools for advanced Trading:

Coinflex offers its users a variety of tools for advanced trading, including as a trading API, customisable charts, and more.

Security:

Coinflex uses a range of security methods, such as cold storage, two-factor authentication, and recurring security audits, to protect users’ money.

User-Friendly Interface:

Exmo has a user-friendly interface that is easy to navigate, making it ideal for both beginner and advanced traders.

Lending:

Users can earn money on their cryptocurrency assets by lending them through Coinflex.

Coinflex Good Or Bad Points

Users of the cryptocurrency derivatives trading platform CoinFLEX can trade both spot and futures contracts. Following are some potential advantages and disadvantages of utilising CoinFLEX:

Good points:

1. Competitive fees: When compared to other cryptocurrency derivatives platforms, CoinFLEX has relatively cheap fees. For makers and takers, the trading commission for futures contracts is approximately.
2. Many trading options: CoinFLEX provides a number of trading options, such as spot and futures contracts for Bitcoin, Ethereum, and other cryptocurrencies.
3. Platform that is secure: CoinFLEX is overseen by the UK’s Financial Conduct Authority (FCA), which offers users some level of protection and reassurance that their money is secure.
4. User-friendly design: Both experienced and new traders may use CoinFLEX with ease thanks to its user-friendly design.

Bad points:

1. Minimal customer support: Users who require help with their accounts or transactions may find CoinFLEX’s limited customer support alternatives annoying.
2. Low liquidity: Because CoinFLEX is still an emerging platform, its liquidity is still growing. In comparison to more established platforms, this could lead to lower trading volumes and greater spreads.
3. Restricted selection of cryptocurrencies: CoinFLEX provides a number of contracts for Bitcoin and Ethereum, but it does not yet support trading for a large number of additional cryptocurrencies.
4. Hazards connected to trading derivatives: Before engaging in any trading on the platform, users should be informed of the potential dangers connected to trading derivatives, especially futures contracts, which carry a high level of risk.

Is Coinflex Is Safe Platform To Trade ?

Since it is a regulated platform, CoinFLEX adheres to industry-standard security protocols to safeguard customer funds and data. CoinFLEX trading does come with dangers, though, and users should take care to safeguard their money as with other cryptocurrency trading platform.

Because of the Financial Conduct Authority’s (FCA) regulation of CoinFLEX in the UK, there is some assurance that the platform is operating in accordance with industry norms. To protect user data and cash, CoinFLEX employs industry-standard security features like SSL encryption.

In order to protect user assets in the event of a hack or security breach, CoinFLEX holds the majority of its cash in offline, cold storage wallets. Two-factor authentication (2FA) is a requirement for users of CoinFLEX in order to assist prevent unwanted access to user accounts.

Coinflex Conclusion

In addition to futures and options contracts, Coinflex also provides perpetual swaps and other cryptocurrency derivatives. It was started in 2019 and has its headquarters in Hong Kong. Coinflex offers cheap trading fees, a wide range of trading tools, and seeks to create a user-friendly and secure platform for trading cryptocurrencies. Users have generally given Coinflex excellent feedback and complimented it for its user-friendly interface, quick and seamless trading, and minimal costs. But, there are risks involved with trading on Coinflex, including as market volatility and security worries, just like there are with all cryptocurrency exchanges. Before trading on the site, consumers should carefully weigh these risks.

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