- Simple and easy to use trading platform
- Variety of fiat currencies supported
- Diverse selection of cryptocurrency assets
- Lacking key information
- Very poor customer support
- Very high fees with fiat currencies
- Basic trading platform
BitFlip is a new cryptocurrency exchange that was only recently established in June of 2017. The brokerage provides crypto exchange services for buying, selling and exchanging various cryptocurrency assets in a safe and secure online trading environment. The BitFlip company is headquartered out of Hong Kong and was created by a dedicated team of blockchain enthusiasts of Russian origin. The BitFlip exchange provides their services to traders from around the globe but primarily targets their services to traders in Russia or of Russian decent. The exchange offers their services in both the Russian and English languages and accepts and supports numerous fiat currencies for the buying and selling of cryptocurrencies.
Like most cryptocurrency exchanges, BitFlip is not licensed or regulated by any reputable regulatory authorities. As well, BitFlip has little to none information regarding their team, company, or experience and is therefore a very skeptical crypto exchange to deal with. However, since their establishment, BitFlip has built up a decent reputation and has thus far provided reliable and competent cryptocurrency exchange services. So, should you trade on the BitFlip cryptocurrency exchange or use a more well established and reputable cryptocurrency exchange? Find out in the following review where we break down all aspects of the BitFlip exchange and discover if they’re worth trading with and can be trusted.
As with most cryptocurrency exchange platforms and unlike many traditional trading brokerages, BitFlip features their very own proprietary web based trading platform. The platform is accessible via nearly every web browser across desktop computers and smart mobile devices. The trading platform is very simple and easy to use making for a seamless trading experience for beginners. As well, the platform accommodates the needs of most casual intermediate level cryptocurrency traders by providing a simple charting package for analyzing the price of cryptocurrency assets. Also, traders can view the order books to see the current market sentiment and range of orders being placed. Traders also have access to a troll box where they can interact with other traders on the platform. However, the interaction done here is rarely useful and primarily filled with inexperienced traders talking nonsense. Unfortunately, the trading platform does not support any sort of advanced technical analysis, watch lists, market news, etc. All in all, the trading platform is very basic and does not support any advanced or interesting functionalities whatsoever. However, this can be a good thing for beginner to intermediate traders.
BitFlip facilitates the trading of cryptocurrency assets with Bitcoin trading pairs and a range of fiat currency pairs. The fiat currencies supported by BitFlip include; US Dollar (USD), Euro (EUR), Russian Ruble (RUB), Thai Baht (THB), and the Ukrainian hryvnia (UAH). All of the cryptocurrencies supported on BitFlip can be traded for any of the fiat currencies supported. This is probably the best feature of the BitFlip exchange as most cryptocurrency exchanges do not support this many fiat currency to crypto trading pairs. As for the cryptocurrency assets supported, see them listed below.
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Bitcoin Gold (BTG)
- Ethereum (ETH)
- Flip (FLP)
- Litecoin (LTC)
- Ripple (XRP)
- Dash (DASH)
- Doge Coin (DOGE)
- Revain (R)
- Russian Miner Coin (RMC)
- Nano (NANO)
- Tron (TRX)
- FoodCoin (FOOD)
- Real (REAL)
- Eos (EOS)
- BitWhite (BTW)
- Linda (LINDA)
- CasinoCoin (CSC)
- OmiseGO (OMG)
Fees and Commission
BitFlip imposes various fees for different aspects of their trading services. For instance, traders incur fees for depositing and withdrawing fiat currencies via different methods. For instance, for deposits via credit card, traders are charged 4.9% + $5.50 USD and other deposit methods usually range from 1.9% to 5% per transaction. Withdrawals of fiat currencies incur fees of up to 5.9%. Therefore, dealing with fiat currencies on BitFlip can be very expensive as the fees are quite high. On the other hand, cryptocurrency deposits are absolutely free, and withdrawals tend to be around 0.001 BTC.
As for trading fees imposed by BitFlip, traders incur maker fees of 0.10% and take fees of 0.18%. Traders with a higher trade volume of 5 BTC within a 30 day period will benefit from reduced trading fees.
Security and Fairness
The BitFlip cryptocurrency exchange has little to none information about their company and history let alone the security measures they implement. We know that BitFlip is not licensed or regulated but have thus far provided reliable trading services. The exchange does implement two factor authentication via SMS messaging to login and confirm transactions, but other than that we are unaware of further security measures. The overall community sentiment of BitFlip is good, but we did come across some complaints.
The customer support at BitFlip is mediocre at best. Customers can reach support representatives only via email and usually receive a response within 24 – 48 hours. The BitFlip website does feature an FAQ page but it is very incomplete, much like other aspects of the BitFlip website. Additionally, customers can try interacting with support reps via BitFlip’s social media channels, but they are not very active.
Overall, the BitFlip cryptocurrency exchange is just another crypto exchange with mediocre services. The most positive aspect of BitFlip is their support of 5 different fiat currencies. However, the fees involved with using said fiat currencies are very high. The trading platform provided by BitFlip is very simple and easy to use but lacks any sort of depth and advanced features. BitFlip is not licensed or regulated and has vary little information published about them. Therefore, we cannot recommend BitFlip as a viable cryptocurrency exchange to trade with.
The following are the common questions that customers inquired about BitFlip.
Is BitFlip regulated?
No, it is not regulated.
Is BitFlip a scam?
No, BitFlip is a legit cryptocurrency exchange with real traders using their platform.
Where is BitFlip based?
BitFlip is based out of Hong kong.