This CoinFLEX review talks about some of the topmost and prominent features of the exchange. These features and details are important for people to know about, especially if they are new to the crypto space. There are several crypto trading platforms, but they differ based on the features and services offered to the users.
This is why, if you come across a popular crypto exchange, it is not necessary that it matches your criteria and requirements. Therefore, it is important that you carefully choose an exchange by knowing about the available features in detail and then matching those details with your criteria and needs.
The CoinFLEX exchange is a crypto derivatives platform and was established in 2019. It allows people to buy, sell and exchange digital assets using financial products. It is quite popular among the crypto traders around the world. Therefore, if you also intend on using it to trade crypto then you should first know the features mentioned below.
CoinFLEX Review on KYC Verification
KYC stands for know your customer and this verification process is a detailed procedure that strengthens the security offered by the exchange to the users. This is a detailed identity verification process that requires the users to verify their identity. This makes it fairly difficult for scammers to compromise the security of the exchange and funds of the users.
Even though this verification process aims to add to the security offered to the users, it also limits the audience who can access the exchange. This can reduce the number of people who can use the exchange and start trading.
However, if you are interested in using the CoinFLEX exchange and want to open an anonymous account then you should know that can do so on this platform because it does not require the users to complete KYC verification. This platform uses other high-end security systems to ensure that the users’ funds and accounts are kept safe from any kind of threat.
Impressive Leverage Offered
This CoinFLEX review addresses one of the biggest factors every crypto trader should know about, which is leverage trading. This is a popular form of trading and is also known as margin trading. Trading with leverage means you can borrow funds from the brokers and open bigger trading positions without investing a big amount from your funds.
The borrowed amount is called leverage and is different on different exchanges. The crypto trading platforms and exchanges that support leverage trading offer different leverage ratios.
The CoinFLEX exchange, however, is known to offer one of the highest leverages in the crypto market, which is up to 250x. Knowing the details of the leverage offered by an exchange and getting familiar with the concept is important before you step into it as a crypto trader.
In this CoinFLEX exchange review you can learn about the user interface of the platform, which is one of the most important aspects to know about, especially for people who are new to the crypto space. Some of the cryptocurrency exchanges in the market are specifically designed for the professional traders and investors. Whereas, there are several other platforms that are designed to cater the needs of beginners and experts alike.
Therefore, if you are new to the crypto space you should opt for a platform that is compatible with your needs and makes crypto investing and trading easy for you.
The CoinFLEX exchange has a simple design, which makes it easy for beginners to navigate and use it, even if they have no prior experience.
Fair Fee Structure
The fee structure of an exchange is one of the most important aspects that beginners should take a look at before they start using the platform for buying, selling or trading crypto.
This is why, this brief CoinFLEX review, talks about the fee charged by the exchange, which is lower than its competition. The fee structure is also fair and transparent and does not include any extra charges that are not disclosed beforehand.
The trading fee charged by the exchange is based on the market maker and taker model, according to which:
- Market makers are required to pay -0.02% fee
- Market takers are required to pay 0.06% fee
Level of Security Offered
The safety and security offered by an exchange is another major aspect that requires the attention of people who are new to the crypto space. Choosing a secure exchange can help novice investors and traders in overcoming security risks that can otherwise make the overall experience unsafe and stressful.
Some of the security systems used by the CoinFLEX exchange are as follows:
- Two-factor authentication protocol
- Transport Layer Security (TLS)
- 99% cold storage policy