BitFlip Review: Full Analysis
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The rise of Bitcoin and other cryptos over the past years has opened up a new world of investment. The crypto space began to grow as companies’ trooped in to invest in crypto ventures such as wallets, exchanges, payment processing companies and so on.
Bitflip is one of the companies that came into the crypto space last year (2017), but it has already made a name for itself as one of the most user-friendly and secure cryptocurrency exchanges in the world. The bitflip exchange is one of the best exchange platforms around at the moment, and we will look at the reasons why.
What Is BitFlip?
BitFlip is an exchange platform that was established in 2017 and over the past few months has become popular due to its Nano (formerly RaiBlocks) trading pairs. The exchange can be found online at BitFlip.li and is known for featuring both fiat currencies and digital currencies.
As a cryptocurrency exchange, BitFlip was launched in June 2017. The company is located in Hong Kong even though most of its communications are in Russian.
Top trading pairs on BitFlip include; Nano, Revain, Ripple, and more. The exchange platform allows users to trade those digital currencies for other currencies such as BTC, USD, RUB, ETH, and others. Having been established in 2017, the trading volume on BitFlip is still relatively low compared to industry heavyweights like Coinbase, Cex.io, and others. At the moment, BitFlip processes roughly $500,000 USD in trading volume per day, with more than half or their trading volume involving Nano pairs.
BitFlip is known as an open cryptocurrency exchange platform as it supports every country in the world including the U.S.
The crypto space is still lagging when it comes to certain things such as offering users convenient trading, operational support for users, easy withdrawal of funds via online banking and listing of popular currencies without predatory commissions. BitFlip was established to solve this issues.
Bitflip trading platform was developed to make it easy for the masses to trade cryptocurrencies and other fiat currencies while they are assured of a reliable level of account protection. The user interface of the platform is easy to navigate, making it perfect for beginners. Their secure withdrawal of funds mechanism has helped them achieve reduced transaction fees.
Buying/Selling on BitFlip
The Bitflip exchange platform doesn’t have a limit on the amount to be deposited as long as the account has been verified.
Bitflip accepts several payment methods on their platform. You can deposit or withdraw fiat currencies using a number of e-payment systems like WebMoney, Perfect Money, AdvCash, Capitalist, Payoneer, Payeer, and QIWI. However, withdrawing via payment methods such as bank wire and credit card payments are not available at Bitflip.
The available currencies on this platform are many. The platform supports several fiat currencies like USD, EUR, RUB, THB, and UAH. This has made it easy for its users to purchase cryptocurrencies directly with fiat currencies or cash out their cryptos.
Their fees range widely for all their deposit methods. For credit card transactions, users are charged at a rate of 4.9% + 100 RUB (for Russian Rubles, for example) or 4.9% + $5.50 USD (for US Dollars). Other transfer methods usually range from 1.9% to 5% per transaction.
However, Bitflip charges very high when it comes to fiat currencies. Charges on fiat currencies also vary depending on the payment methodology you decide to use. For deposits, users are charged up to 4.9% per deposit while withdrawals are up to 5.9%. Depositing in crypto is free though while withdrawals for crypto has fewer charges, roughly 0.001 BTC per withdrawal.
For the crypto withdrawal method, withdrawing Russian Miner Coin (RMC) doesn’t attract any fees.
When it comes to their general trading, the platform charges maker fees of 0.10% and taker fees of 0.18%. However, the fees begin to decrease once you have traded more than 5 BTC in each 30 day period.
You do not need to verify your identity before making any trades on Bitflip. However, to keep your account safe from cyber-criminals, the platform will require you to undergo the 2-factor authenticator.
You can do this via SMS or using Google authenticator. It is advised though to use Google Authenticator. To do this, download the Google Authenticator on your mobile device and input your email. The email to be used must be the same as the one you are using on Bitflip.
Go to the account verification section on Bitflip and click on Google authentication. Scan the code that is displayed on your mobile while logged in to the authenticator app. Once the code has been scanned, you are good to go.
Bitflip Special Features
Numerous altcoins available for trade
One of the most appealing things about this platform is the availability of several digital assets. Asides from the popular ones such as Bitcoin, Ethereum, and Ripple, you can also trade smaller altcoins on Bitflip. This platform is unique considering the fact that the less popular coins like Revain and Bitcoin White are more actively traded than Bitcoin.
Supports fiat trading
The Bitflip wasn’t created to only carter for crypto trading; fiat currencies are also traded on this platform. Opening an account here means you can actively participate in the stock and crypto market simultaneously.
Supports several fiat currencies and payment methods
Bitflip exchange is one of the few that supports so many fiat currencies. They support USD, EUR, RUB, THB, UAH, and others. Their payment methods are also numerous, making it easier for their users to deposit and withdraw funds from their accounts.
Is Bitflip safe?
Even though Bitflip has ensured everything possible to make sure your accounts and fund are safe, there are still some questions about them.
Bitflip keeps making efforts to become as safe as possible. To do so it has implemented a newly developed encryption technique. The technique was created by Bitflip team and it’s a one-way encryption, which guarantees that the e-mail for input cannot be accessed.
In order to answer the question “Is Bitflip legit?” we need to check out a couple of essential parameters. Community trust is a very important parameter that you need to take into account because most of the time people share the same thing form a certain service. In case something is not trustworthy you definitely do not need to get involved in it. The trust towards BitFlip exchange platform varies a lot from user to user. Some users seem to trust BitFlip fully and appear to be good customers. Some other users have recorded complaints regarding the responsiveness, issues regarding the transactions and in some cases losing coins. In other words, the reputation of BitFlip may not be the best but there are some people who like it and are loyal customers of BitFlip exchange.
The first red flag of the company is there is no information on their website concerning how they operate the exchange. Furthermore, there is no information on where they are keeping their customers’ funds, and if it is cold storage or not. Information such as these is vital to know if the company is secure or not.
Apart from that, Bitflip has some security protocols such as 2FA that boosts its security ranking. While going through their website and other forums, we encountered several negative reviews about Bitflip. The company currently has a 2-star rating, with users complaining of low trading volumes and slow processing time.
They also implement multi-server confirmation which is helpful when conducting various transactions. The BitFlip team ensures that the data is safely kept by the company and no outside parties can have an access to it.
Bitflip also uses HTTPS. Bitflip has an internal purse where it stores the coins and those are available for withdrawing, bidding as well as for personal account.
You can contact their customer support via email and problems are usually resolved within 24-48 hours.
Another way of communicating with Bitflip is via their Reddit page, where the customer support service is responding to user complaints, concerns, and reviews concerning different matters. The chat is usually a faster way of contacting the customer support than the e-mail. Some users have been complaining and worrying about the irresponsiveness of Bitflip customer support, however, they have been contacting the users sooner or later. The responsiveness is hard to predict, which appears to be a disadvantage of Bitflip as it may vary from a month to a couple of hours.
In case you want to make a withdrawal, the speed of the process highly depends on the method that you have chosen to withdraw with. To be more precise, it is usually up to 5 work days, however, in some cases, it can take as long as one month, however, luckily similar cases are rather rare. As a for the withdrawal of the coins – it is rather quick and takes place usually within 10 to 15 minutes after you make the request, as the whole process is automated.
How to use Bitflip
Registering and using Bitflip is very easy,
- Go to their official website and click on the register button. You will be required to fill in your name, email address, and
- After that, click on register and your account will be created. Upon accessing your account, go to your profile and activate the 2FA security. This is necessary before moving funds to your wallet.
- After verifying your account. Check the right-hand side of your screen and click the wallet you wish to use. Click on deposit and the payment method options will appear. Click on the payment option you wish to use and proceed to deposit funds into your account.
- After depositing funds, you can head to the market and start trading. if you wish to make a withdrawal, follow the same procedure and insert the amount in fiat currency that you wish to withdraw.
- To transfer funds from an exchange platform or another wallet to your Bitflip account, click on the receive tab on your software. Proceed to double-click the first “Receiving” address and copy it to your clipboard.
- Paste the copied address into the field tagged “Receiving Bitcoin address” and insert the amount of crypto you want to transfer. Click send after that; the Bitcoin sent will reflect on your wallet after that.
- To send Bitcoin or any other crypto to another exchange platform or wallet, follow the same procedure above but in this case, you will click the Send” tab. Insert the crypto address you wish to send to in the pay section and then insert the amount you wish to send.
BitFlip Review Summary
BitFlip became a popular exchange platform due to its Nano pairs. It is also known for accepting several payment sources and charges competitive maker and taker fees. Its trading volume despite low at the moment keeps increasing.
- Supports several fiat currencies.
- Many altcoins are available for trade.
- Supports several payment methods.
- Has a high fiat currency fee.
- No information about the company and how they store their client’s funds.
- They don’t support margin trading.
- Bank transfers and cards not accepted.
- Has several bad reviews due to low trading volumes and slow transaction speed.
From all indications, the Bitflip exchange still has a long way to go before it convinces more traders of its legitimacy. Since it was established a few months ago from the time of this review though, they still have time on their side.
The verification process is not a must and it is up to the users and their preferences. People usually tend to like Bitflip because of the few requirements and limits that it puts on the users as well as relatively low fees. However, if you want to deal with a highly professional, safe platform with a very good customer support you may end up being a little bit unhappy with the Bitflip exchange platform.
To learn more about the crypto space and get the answer to all your crypto-related questions, you are welcomed to view the other multiple pages on our website. Thank you for reading along and, look forward to always keeping updated with us.