BitFlip Review by professional Forex trading experts the “ForexSQ” FX trading team.
BitFlip offers trading via a single account and does not provide trading on margin. As this cryptocurrency exchange supports fiat currencies, its clients must undergo identity verification.
Quite a lot fiat currencies accepted
BitFlip supports many “traditional” fiat currencies: USD, EUR, RUB, THB and UAH. So, its users can buy coins directly with cash, or cash out their cryptocurrencies. Of course, these transfers come with a price (see details below).
Many payment methods supported
On this exchange you can deposit or withdraw fiat via a number of e-payment systems, such as AdvCash, Capitalist, Payoneer, Payeer, Perfect Money, QIWI, WebMoney. Unfortunately, convenient payment methods such as bank wire and credit card payments are not available;e at this exchange.
Numerous altcoins available for trade
There are a number of digital assets available at BitFlip. Apart from the most popular Bitcoin, Ethereum and Ripple, one can also trade in many „smaller” altcoins. Actually, it seems that less pop[ular coins such as Revain, and Bitcoin White are the most actively traded on this exchange.
Low trading fees, discounts available
Trading at BitFlip is comparatively low-cost: Market makers pay 0.10% per trade and market takers are charged with 0.18%. On top of that, high-volume traders get discounts.
Relatively nice trading platform
BitFlip’s trading platform is web-based and easy to use. It has some basic charting, however there are no technical analysis tools.
High fiat transfer fees
As we said in the beginning, transfers from crypto to fiat at BitFlip are charged with quite solid fees. Charges vary depending on the payment method, but deposits are charged up to up to 4.9%, and withdrawals with up to 5.9%. As is usually the case, deposits in crypto are free of charge, with withdrawals are charged with small fees, such as 0.001 BTC.
No margin trading
You cannot trade on margin at BitFlip, which is not unusual for the sector. Nonetheless, some investors might need some leverage to gear up their trading, all the more so if they have been trading with forex brokers. That being said, some of these brokers offer trading in Bitcoin and other altcoins (in the form of CFDs).
No info about the company, storage of client funds
We could not find any information on BitFlip’s website regarding the company that operates the exchange, BitFlip limited. According to the data in LinkedIn, it is a Hong-Kong based company, obviously developed by a team of Russian origin. Furthermore, we could not find any information on whether BitFlip keeps customers’ funds in cold storage, which is essential for the exchange’s security.
We encountered quite a lot negative user reviews on BitFlip. Most of the people are complaining about low trading volumes and slow processing time.
A Hong Kong-based crypto-exchange whose founders seem of Russian origin, BitFlip offers trading in many cryptocurrencies and also accepts fiat currencies. While its trading fees are attractively low, one cannot say the same about the fiat transfer charges.
As regards security, we could not find any information on whether BitFlip keeps customers’ funds in cold storage.
We remind you that you can also trade in Bitcoin and other altcoins with forex brokers. Below you can find a list of companies that are trusted and licensed by the respective financial watchdogs.
BitFlip Review Conclusion
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