Overview
In this Coinflare Review, we’ll review the platform’s features and services. It addresses various subjects such as trading options, fees, security protocols, and customer support, giving a complete overview of the Coinflare experience. Whether you’re a seasoned trader or a beginner, the article provides essential insights to guide your decisions about using Coinflare for your cryptocurrency trading needs.
What is Coinflare Exchange?
Coinflare (formerly BITFLEX) is a recently established cryptocurrency exchange that debuted in December 2022. Its mission is to simplify and enhance the experience of crypto investment and trading for users worldwide. Operating out of Seychelles, Coinflare is a tech-centric firm offering a platform for both spot and derivatives trading across diverse cryptocurrencies.
Coinflare is renowned for its accessible and intuitive interface. The platform is designed to be user-friendly, catering to newcomers and seasoned traders with advanced trading tools. Emphasizing a smooth user experience, Coinflare strives to facilitate effortless buying, selling, and trading of cryptocurrencies, regardless of a user’s experience level.
Bryan Wui Yang, the CEO of Coinflare, boasts significant expertise in the financial sector. Together with his team, he has diligently developed a trading platform that is both secure and dependable. The exchange employs industry-standard security protocols to safeguard user funds and data from cyber threats and other security risks.
Coinflare is a fresh and thrilling exchange that has rapidly become popular among cryptocurrency traders. Its intuitive interface, sophisticated trading tools, and affiliate program cater to both beginners and seasoned traders.
If you’re in search of a new platform to trade cryptocurrencies, Coinflare is certainly worth exploring. You can begin trading Bitcoin and Altcoins with leverage up to 100 times on Coinflare today. Use this link to register and receive a complimentary bonus on your first deposit.
How Does Coinflare Work?
Coinflare is a relatively recent cryptocurrency exchange that provides options for both spot and derivatives trading across various cryptocurrencies. A key highlight of Coinflare is its intuitive interface, which simplifies the process for newcomers to register and begin trading without any difficulties.
Additionally, the platform has an affiliate program that enables users to earn rewards by bringing new users to the exchange. Coinflare frequently interacts with its users by hosting various competitions and campaigns, offering them opportunities to win prizes and rewards. With several campaigns happening simultaneously, users can potentially win thousands of dollars through Coinflare.
Security and legal compliance are of utmost importance to Coinflare. The exchange employs top-tier security measures and adheres to the highest standards of legal compliance to protect user funds and data from cyberattacks and other security threats. Another notable aspect of Coinflare is its international presence.
24/7 support is consistently available to help users with any inquiries or problems they may encounter. This guarantees that users can trade at any time and from any location, without the concern of being unable to resolve an issue. Moreover, it provides low trading fees, making it a cost-effective choice for traders at any level. Whether you’re just starting or have vast experience, Coinflare stands out as an excellent option for those in search of a dependable and user-friendly cryptocurrency exchange.
Coinflare Services And Features
Coinflare is now providing these services:
- 1. Spot trading
- 2. Derivatives trading
Spot Trading
Spot trading is a type of cryptocurrency trading where users can purchase or sell digital assets at the prevailing market rate. Spot trading, a straightforward and popular method for both novice and seasoned cryptocurrency traders. Coinflare provides spot trading services for five different trading pairs: Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Tron (TRX), and Cardano (ADA). The platform’s spot trading feature is designed to be user-friendly and intuitive, making it an excellent option for beginners who want to trade cryptocurrencies at the current market prices.
Derivatives Trading
Derivative trading involves the buying or selling of contracts whose value is based on an underlying asset, like a cryptocurrency. Coinflare provides the option to trade derivatives in the form of USDT perpetual contracts for leading cryptocurrencies such as Bitcoin, Ethereum, and Cardano ADA. The derivatives trading feature on Coinflare provides leverage trading, enabling users to trade with funds exceeding their account balances. For BTC and ETH, users can access leverage up to 100x, whereas for other derivative pairs, leverage trading. With leverage, traders can operate with more capital than they possess, which can lead to greater potential profits. However, it also introduces a higher level of risk. Coinflare’s derivatives trading feature allows seasoned traders to possibly boost their earnings through leverage, while also offering newcomers a chance to learn about and engage in cryptocurrency derivatives trading.
Coinflare KYC Process
At Coinflare, users have the option to decide if you want to complete the KYC verification or not. Unlike many other platforms, Coinflare lets you register and begin trading without requiring mandatory KYC procedures. The exchange provides several KYC tiers, each with its own withdrawal limits. This allows you to choose the level of identity verification you’re comfortable with, tailoring your trading experience to your needs. Although enhanced security and higher withdrawal limits are available through KYC verification, it is optional.
With Coinflfare, you have the freedom to decide the degree of privacy and control over your data that you prefer. Moreover, Coinflare has incorporated well-known security services like Fireblocks, Coincover, and Jumio to enhance the protection of your assets. It’s important to note that KYC is mandatory only if you want to withdraw over $20,000 daily or $500,000 monthly, offering you both convenience and compliance with essential regulations.
How to Register on Coinflare?
Registering with the Coinflare cryptocurrency exchange is a simple and hassle-free process. Follow this step-by-step guide to begin:
- Go to the Coinflare official website and select the “Sign Up” button.
- On the registration page, input your email address or phone number and set up a password. You have the option to enter our promo code “0YZLKQI” or use our referral link to gain a bonus when you register. Once all required details are filled in, click the “Create Account” button to begin.
- On the next page, you’ll be asked to provide your first and last name along with your country of residence. Complete the form with the necessary details and click “Continue” to proceed.
- After that, you will get a ‘Verification’ code sent to your email, which is used to verify your account.
- Coinflare allows you to deposit funds and begin trading right away without needing to complete a KYC process, making it easy to start your journey on this exciting new cryptocurrency exchange.
How to Deposit Funds on Coinflare?
Adding funds to Coinflare is a simple and intuitive procedure. Begin by visiting the homepage and selecting the “Assets” tab. Next, choose “Wallet” from the dropdown list, which will take you to the deposit page. On this page, you can pick the cryptocurrency you want to deposit and move forward with the deposit steps.
To deposit USDT or other cryptocurrencies, click on the deposit button next to the respective currency on the Coinflare wallet page. This action will lead you to a page where you can generate a unique wallet address. For USDT, you have the choice between the ERC20 and TRC20 networks. After choosing your preferred network, copy the generated wallet address and paste it into the wallet you are using to transfer funds.
After you have successfully transferred funds to your wallet, you are all set to start trading on Coinflare. Additionally, if you are interested in participating in margin tradingUtilize derivatives by clicking the “Transfer” button next to your funds to move them to your derivatives wallet seamlessly.
How to Trade on Coinflare?
If you’re interested in beginning to trade on Coinflare, there are two primary forms of trading: Spot trading and Derivatives trading. You can find more information about each of these options below.
How to Trade Spot Market on Coinflare?
To start spot trading on Coinflare, it is a simple process. Just go to the homepage and choose the “Spot” option. After clicking on it, you’ll be taken to the spot market interface, where you can start trading cryptocurrencies with ease. Select the BTC/USDT dropdown located at the top left of the screen to change between different cryptocurrencies.
We’ll use Bitcoin as an example to illustrate the process of purchasing it on Coinflare’s spot market.
To buy or sell Bitcoin on Coinflare, navigate to the right side of the screen and click on the “Buy” tab located on the large rectangle labeled “Place Order.” Here, you can set a limit order to buy Bitcoin at your preferred price. Enter the price at which you wish to buy BTC and the amount of USDT you want to spend, then click “Buy” to finalize the transaction. For instance, if you want to buy $50 worth of BTC in the spot market, you would follow these steps.
After inputting the necessary details, you can select the “Buy BTC” button to complete your transaction once the market price hits your set limit order price. A confirmation message will pop up, and when you confirm it, you’ll get a notification indicating that your purchase was successful.
To sell Bitcoin in the spot market, go to the “Sell” tab in the “Place Order” box and follow the same steps.
How to Trade in the Derivatives Market on Coinflare?
To enter the derivatives market on Coinflare, First, you’ll need to move funds from your spot wallet to your derivatives account. To accomplish this, go to your spot wallet, choose the asset you wish to transfer, and click on the transfer button.
Input the amount of USDT you wish to transfer and then click confirm.
After successfully transferring your funds, you can begin derivatives trading by clicking the “Derivatives” button at the top of the page. This action will grant you access to Coinflare’s perpetual contract markets. To choose the perpetual contract you’d like to trade, simply click on the tab in the top-left corner that displays the contract name, such as BTCUSDT-P. For this review, we’ll use ETHUSDT-P as our example.
On the right side of the screen, there is a large rectangular box where you can initiate a long or short trade.
To initiate a long position, you need to first input your chosen order price into the specified field for a limit order. Next, pick the leverage ratio you prefer. Be aware that opting for higher leverage ratios increases the potential risk involved. Coinflare enables users to select a leverage ratio ranging from 2x to 100x. After deciding on your leverage, input the amount of ETH or USDT you wish to commit to this position. For instance, we will use 2x leverage with 50 USDT. Lastly, click on the “Open Long” button to execute the trade and establish your position.
After you click on “Open Long,” a confirmation window will pop up requesting you to check and verify the details. Once you have thoroughly reviewed and confirmed the information, simply click on the “Confirm” button to proceed with opening your long position.
You can keep an eye on your status in real time in the box below the Trading View chart to see whether you’re currently making a profit or a loss.
To exit your position, just click the “Limit” button found in the “Close By” section. Next, input the price at which you wish to close your position and hit “Confirm.” Your position will be closed automatically once the market price hits your specified limit order price.
You can also choose to set “Take Profit” and “Stop Loss” prices by clicking the “Add” button in the TP/SL section. In this area, you can specify the price at which you would like to take profits and the price at which you want to cap your losses. You will be able to see your potential gains or losses here as well.
To short the price of Ethereum or any other cryptocurrency, just follow the steps in the “Short” section of the “Place Order” box. Remember, you’ll only make a profit if the asset’s price drops. If the price rises, it will negatively impact your position.
Is Coinflare Secure?
Coinflare takes the security of its users very seriously, and advanced technology is used to provide a secure trading environment. The website is protected with HTTPS encryption and includes multiple security features to defend against hacking and unauthorized access. To offer an extra layer of protection, two-factor authentication is available. Users can choose to secure their accounts using either Google Authenticator or mobile phone-based authentication methods.
Furthermore, Coinflare provides an “asset password” function that adds an extra level of security for users’ wallet contents. This feature mandates that a unique password be entered for any asset withdrawal or transfer attempt, thereby safeguarding the assets from unauthorized access.
Additionally, Coinflare has teamed up with Fireblocks, a top security solution provider, to bolster its security protocols. Through this collaboration, Coinflare has adopted state-of-the-art security measures to guarantee the protection and safety of user data and funds. Overall, Coinflare is a reliable and safe platform that prioritizes the protection of its users. The range of security measures and collaborations in place shows the exchange’s dedication to providing a secure trading environment for its users.
Promotional Campaigns on Coinflare
The Coinflare Campaigns section is a standout feature of the exchange that distinguishes it from its competitors. By regularly hosting campaigns, users have the opportunity to earn rewards and increase their earnings beyond standard trading. Some of these campaigns include the Coinflare Futures Tournament, a trading competition with rewards up to 60,000 USDT; Monthly Top Inviter rewards offering prizes up to 2,000 USDT to top referrers; and the Coinflare Monthly Trading Sweepstakes, where participants can win prizes like the latest iPhone, iPad Mini, Apple Watch, and more.
Additionally, the exchange’s social media platforms are very active, frequently highlighting new campaigns that offer users further chances to earn rewards. This ongoing user engagement and dedication to improving the overall user experience underscore Coinflare’s commitment to providing a rewarding and enjoyable trading environment.
Social Community
Coinflare Cryptocurrency exchange Coinflare has fostered a dynamic community on social media platforms like Discord and Telegram. These communities provide a venue for traders to exchange insights and experiences. By joining these groups, users can stay informed about the latest updates, learn valuable trading strategies, and engage in new campaigns as they are introduced.
This sense of community allows Coinflare to offer a more personalized and approachable user experience. Additionally, Coinflare maintains an active social media presence, regularly posting new campaigns and engaging with its users. Coinflare’s dedication to building a strong and involved community distinguishes it from other cryptocurrency exchanges.
Trading Fee
This exchange features low trading fees, appealing to both casual and professional traders. It offers an initial rate of 0.1000% for makers and takers, which is competitive within the industry. As users advance their membership level, the trading fees can decrease further, giving extra motivation to trade on the platform. The fee structure is as follows:
Spot Trading Fee
Membership/Tier Level | Maker Fee | Taker Fee |
Regular User | 0.1000% | 0.1000% |
Level 1 | 0.0800% | 0.0900% |
Level 2 | 0.0600% | 0.0800% |
Level 3 | 0.0500% | 0.0700% |
Level 4 | 0.0450% | 0.0650% |
Level 5 | 0.0350% | 0.0500% |
Level 6 | 0.0250% | 0.0460% |
Futures Trading Fee
Membership/Tier Level | Maker Fee | Taker Fee |
Regular User | 0.0220% | 0.0600% |
Level 1 | 0.0200% | 0.0500% |
Level 2 | 0.0180% | 0.0450% |
Level 3 | 0.0180% | 0.0425% |
Level 4 | 0.0160% | 0.0375% |
Level 5 | 0.0140% | 0.0350% |
Level 6 | 0.0100% | 0.0300% |
Customer Support
Coinflare stands out from other cryptocurrency exchanges due to its exceptional customer support. The team is consistently available to help users with any issues or concerns, whether it’s questions about specific trading pairs, technical problems, or general guidance. The customer support is both prompt and professional, emphasizing Coinflare’s dedication to ensuring a smooth trading experience and showing their commitment to customer care.
With a knowledgeable and responsive team, Coinflare guarantees that users receive the assistance they need without being left in the dark about cryptocurrency trading. Additionally, the exchange offers multiple communication channels, including a live chat feature on the website, an email contact, and social media accounts, making it convenient for users to reach out to customer support.
Conclusion
Coinflare is a new digital currency exchange providing plentiful trading choices for beginners and experienced traders alike. The site is easy to navigate, featuring an uncomplicated and user-friendly interface for trading cryptocurrencies. It has adopted strong security protocols, such as two-factor authentication, asset password safeguards, and the Know Your Customer (KYC) process, to protect users’ assets. One of the most appealing aspects of Coinflare is its minimal trading fees, beginning at 0.015% for makers and 0.06% for takers, and they decrease as the user’s trading volume grows.
Additionally, the platform offers a membership program that includes extra perks such as lower trading fees, priority customer support, and access to exclusive features. Coinflare In addition, it provides a range of campaigns and incentives to motivate and reward its community. These initiatives include referral programs, trading competitions, and token airdrops, giving traders the chance to earn extra rewards while using the platform.
Coinflare is an excellent choice for anyone wanting to venture into cryptocurrency trading. Boasting a secure and user-friendly platform with low transaction fees, it caters to both beginners and seasoned traders. In summary, Coinflare stands out as a reliable exchange for those looking to trade cryptocurrencies. Begin trading Bitcoin and Altcoins with leverage of up to 100x today on Coinflare. Take advantage of our special Cryptos Beginner x Coinflare Promotion and receive a complimentary 10 USDT bonus on your first deposit.
