Bitflip Cryptocurrency Exchange Full Comprehensive Overview 2018

Bitflip Cryptocurrency Exchange Comprehensive Overview 2018

in Cryptocurrency

BitFlip is a new cryptocurrency exchange platform established in 2017 in Hong Kong. The cryptocurrency exchange allows users to trade both fiats and crypto coins. Meanwhile, the trading volume of the exchange is comparatively low so far - around $500.000 per year, including Nano pairs. 

 

Contents: 

  1. How to sign up and create an account at BitFlip crypto exchange
  2. Bitflip security measures
  3. How to deposit and withdraw USD
  4. Bitflip coupons payment
  5. Payment methods
  6. Available Cryptocurrencies
  7. Available Fiats
  8. Bitflip fees
  9. Customer Support 
  10. Bitflip affiliate program
  11. Bitflip Dividends
  12. Bitflip pros and cons
  13. Conclusion
  14. Useful links

 

I didn't find any country restrictions on the crypto exchange website, so it seems the exchange is available worldwide. 


 

How to sign up and create an account

 

Bitflip sign up

 

  • Complete the sign-up form, then click "Register"

  • Note that the crypto exchange doesn't send any verification link to your email address

  • The exchange will suggest then to fill the authorization form

 

Bitflip authorization form 

 

The interface of the BitFlip cryptocurrency exchange is easy to understand. 

 

Bitflip interface

 

  1. The first one represents a candlesticks trading chart. Read more about cryptocurrency charts here.
  2. A list of trading pairs with the up-to-date exchange rates and changes 
  3. Limit orders where you can leave an order to buy or sell cryptocurrency 
  4. Sell orders show the price and the currency of the other trader's orders. You can choose one to trade your cryptocurrency if it suits you 
  5. The same as the sell orders, but here you can choose the suitable order to buy some currency
  6. Your active orders display
  7. Deals section reflects the finished orders 
  8. Trollbox section where all the users can chat and troll each other. However, it seems to be inactive 

 

Bitflip security measures

Bitflip doesn't support ID verification and provide the following security measures: 

  1. 2FA (Two-factor authentication) - a short piece of code which they send to your phone to log in. You can use a Google authenticator as well. For that, download it on your phone and input the same e-mail you use on Bitflip. Then go to Bitflip, proceed to account settings, click on Google authentication and scan the suggested code.
  2. HTTPS protocol for all the operations on the exchange. 
  3. Verification and recognition with your computer's IP/country/city: 

 

Bitflip verification

 

However, I didn't find on the website any information related to the methods of keeping customer's funds, the history of the company nor the crypto exchange's team: 

 

Bitflip about section

 

As for me, I would have thought hundred times before trusting them my money. 


 

How to deposit and withdraw USD

  • Click on "My wallets" or your login to proceed to the wallets page

Bitflip wallets

 

  • Then click on "Deposit" button to make a deposit. 

 

Bitflip deposit

 

  • The system will display the available types of payment for USD deposits: 

 

Bitflip deposit

 

And a wallet address for BTC (or any other cryptocurrency you choose) deposits: 

 

Bitflix BTC deposit

 

  • The withdrawal process is similar to the deposit one. Just click on the withdrawal button in front of the cryptocurrency you want to withdraw, fill in the form and get the money on your wallet. To withdraw money you will have to enable 2FA in the settings section of your account. As easy as that! 

 

Bitflip USD withdrawal

Bitflip BTC Witdrawal

 

Pay attention to the withdrawal methods on Bitflip. They are not the same for each fiat currency. 

  • USD - Perfect Money
  • EUR - Capitalist 
  • RUB - YandexMoney, Advcash
  • THB - none. The same with the deposit section. It seems it is not supported at all. 
  • UAH - Advcash

 

Bitflip coupons payment

Bitflip uses coupons for fee-free transferring money between the users. Click on the link or on the "Coupons" button in your account to proceed there: 

 

Bitflip coupons

 

To create your own coupon make the following steps: 

  1. Choose a wallet you will use
  2. Fill in the amount you are going to reserve
  3. Enter a 2FA code
  4. Click on the "Create Coupon" button
  5. Copy the string of numbers and letters which is a coupon and put it in a safe place

 

Хостинг картинок yapx.ru

 

To activate your coupon just paste the string of numbers and letters in the "Activate coupon" section which is below the "Create coupon" one, click "Activate coupon" and the sum of money will be transferred to your crypto wallet account. 

 

Хостинг картинок yapx.ru

 


 

Payment methods

Bitflip carries out the following payment methods: 

  1. Interkassa
  2. Advcash
  3. Capitalist 
  4. Perfect Money
  5. YandexMoney
  6. Payoneer
  7. PAYEER

Note that Bitflip doesn't support debit or credit cards. 


 

Available Cryptocurrencies

Bitflip supports 20 crypto coins: 

  1.  Bitcoin (BTC)
  2. Litecoin (LTC)
  3. Ethereum (ETH)
  4. Bitcoin Cash (BCH)
  5. Ripple (XRP)
  6. DASH
  7. Dogecoin (DOGE)
  8. GameFlip (FLIP)
  9. Revain ®
  10. Remicoin (RMC)
  11. Bitcoin Gold (BTG)
  12. Nano (XRB)
  13. TRON (TRX)
  14. Foodcoin (FOOD)
  15. REAL (REAL)
  16. EOS (EOS)
  17. BitWhite (BTW)
  18. Linda (LINDA)
  19. Benjamins (BEN)
  20. CasinoCoin (CSC) 

 

Available Fiats

Bitflip supports five fiats: 

  • US dollar(USD)
  • Euro (EUR)
  • Russian Ruble (RUB)
  • Thai baht (THB)  (however, I didn't find how to deposit or withdraw the currency) 
  • Ukrainian hryvnia (UAH)

 

Bitflip fees

Bitflip takes very high fees, depending on payment method and currency. 

 

Bitflip fees

 

Besides, Bitflip fees depend on the person who makes an order - taker (who buys or sells without order creation) and maker (who creates an order to sell/buy): 

 

Bitflip taker maker fees


 

Customer Support 

Bitflip has a F.A.Q. question on the website where they give answers on the popular questions: 

 

Bitflip FAQ

 

However, there is no any filling form to ask your own question. Although, the other customer support service which is also supposed to work, allows to ask a question. Why "supposed"? Because I didn't get any answer within 3 hours: 

 

Bitflip chat support

 

My message wasn't even seen, as you can see on the screen. 

 

They say, the e-mail support is available as well, but I didn't find the Bitfind's support email on the website. 

 

Six hours later, a consultant replied and provided an email address (contact@bitflip.cc), where I should ask my question again: 

 

Bitflip support 

 


 

Bitflip affiliate program

The working mechanism of the program is simple: you invite an active trader to the Bitflip platform and get an income from the percentage of his deals. 

Here is how the crypto exchange team describes how to do this: 

 

"First you should register on platform. Then go to userspace clickcing on your name on top fo the page and affiliate program menu. You will find special link there that should be used for inviting new traders. You can invite traders on any page just save ref parameter in link."

 

Well, I tried to register but there is no any link or a register button on the page. 

 

Besides, they promise from 40 to 70 percent from their fees related to the deals of the users you are supposed to invite. 

 

Depending on your partners' income, the percentage is the following: 

  •  from $100 to $1999 – 45%
  • from $2000 to $4999 – 50%
  • from $5000 to $14999 – 55%
  • from $15000 to $99999 – 60%
  • above $100000 – 70%

 

Moreover, they promise an increased percentage for the "partners who are serious interested for small deposit". To learn more about the program, click here.  


 

Bitflip Dividends

Bitflip offers a special dividends program for FLIP holders. To participate in the program one should have 1000 FLIP on the crypto exchange account and do not use it for trades. In exchange, they will "split 10% of all commissions from deposits and trades for whole pool". 

 

To find out how many percents you have just click on the "Dividend program" button in your account page:

 

Bitflip dividents program


 

Bitflip pros and cons

Pros

  • Five fiat currencies accepted
  • A lot of supported payment methods
  • Plenty altcoins available
  • Intuitive trading platform
  • Low crypto coins transfer fees

 

Cons

  • How to deposit and withdraw THB? 
  • No convenient payment methods such as Webmoney, PayPal, credit/debit card
  • The candlestick chart saves cash history and shows something awful: 

 

Bitflip candlestick chart

 

  • High fiat transfer fees
  • Margin trading is not supported
  • No information about the team and how the crypto exchange works, where they storage customers' funds
  •  A lot of complaints on the transactions speed
  • A lot of misprints, untranslated pieces of texts: 

 

Bitflip untranslated text

Bitflip misprints

 

Conclusion

Bitflip cryptocurrency exchange has become popular thanks to to its Nano pairs transactions.

 

However, the platform does not look like a product of the team of specialists. We cannot even know the names of the team members nor the information about the company. We just know that they exist on the cryptocurrency market, registered their business in Hong Kong and run the crypto exchange with a low trading volume. Will you trust your money to such a company? Where do they store your money? What are the guarantees they won't disappear tomorrow with you money? There are a number of questions without answers. As you can see from the overview, the platform is just a mix of bugs, and not a fully functioning crypto exchange.  

 

Nevertheless, taking into account the dividends and affiliate programs, the team of the crypto exchange is rather ambitious. We will watch for their further development and can wish them good luck. 

 

Useful links

 


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