A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of BitFlip consists of four parts: general information, fees, deposit methods and security.
UPDATE 4 June 2019: Following the declared bankruptcy of this exchange, it reached an agreement with another exchange – BITEXBOOK – stipulating that all of Bitflip’s operations will be migrated to the BITEXBOOK-platform. This means that all of Bitflip’s users and their holdings will be transferred to BITEXBOOK, provided that the Bitflip-users have complied with certain migration actions as informed by Bitflip. Accordingly, the Bitflip-platform will likely be dissolved within the near future when all of the migration activities have been executed.
UPDATE 5 December 2019: It is no longer possible to access the website. Accordingly, we think the final chapter in the Bitflip-book has been written and we have marked the exchange as dead.
BitFlip’s domicile country is Hong Kong. There are loads of coin exchanges from Hong Kong. Hong Kong is in a way the Mecca of cryptocurrency trading. A non-exhaustive list of competitors to this exchange on its home turf is Binance, Bit-Z and KuCoin.
BitFlip does not explicitly prohibit US-investors from trading on its exchange. In any event, all US-investors should still do their own independent analysis of any problems arising from their residency or citizenship. In a worst case scenario, they are still prohibited from trading at one or several exchanges that could be the best cryptocurrency exchange site for them.
BitFlip Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at BitFlip:
BitFlip Trading fees
Never forget to check the trading fees of an exchange you are interested in trading at. Before reading the below information it can be worth clarifying the following: what is a taker fee, and what is a maker fee? As your No. 1 trading cryptocurrency guide, we will help you with that.
Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. Makers are so named because their orders make the liquidity in a market. Takers are the ones who remove this liquidity by matching makers’ orders with their own. The maker-taker model encourages market liquidity by rewarding the makers of that liquidity with a fee discount.
Finally, it should be noted that many exchanges have trading fees that are reduced as volumes are increased, meaning that you are incentivized to trade in higher volumes. The fees listed in this review and in the comparison table are excluding any such volume discounts.
BitFlip’s trading fees for takers are 0.18%. This fee is below the industry average which is around 0.25% and thus constitutes a competitive advantage against the majority of other top crypto exchanges in the market. Also, the exchange offers makers a reduced fee of 0.10%.
The above fees are definitely competitive but we should note here that many exchanges are indeed moving towards the lower trading fees, many in the range of 0.10% – 0.15% for both takers and makers.
BitFlip Withdrawal fees
Let’s say you trade at a top crypto exchange with trading fees that are competitive enough. You have met your investment goals and you are looking to buy house with bitcoin. But in order to buy the house, you need to withdraw the funds. And BAM! – the exchange can make up for its low trading fees at one fell swoop. BitFlip charges a withdrawal fee amounting to 0.003 BTC when you withdraw BTC. This is essentially in line with industry average.
BitFlip accepts deposits through both wire transfer and credit cards. Many crypto investors of course view this as very positive.
One might ask why security is even a feature that we at Cryptowisser have looked for at the different top crypto exchanges. Two reasons:
- Exchanges store a massive amount of valuable personally identifiable information. From names to addresses, to government identification details, taxpayer identification number and a lot more; and
- Exchanges handle of course a lot of cash or coin deposits and withdrawals.
Examples of successful hacks are countless. The most famous is probably the Mt.Gox-hack that left thousands of users without a penny (worth $450 million at that time and x times more today). But many other exchanges have faced similar outcomes. We don’t want your exchange – and specifically not your funds at the exchange – to be subject of a cyber-attack! Our security score is the result of testing the webpage of each exchange at Observatory by Mozilla (https://observatory.mozilla.org/) which has helped over 125,000 websites by teaching developers, system administrators, and security professionals how configure their sites safely and securely.
BitFlip’s security score is B, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is far above average when it comes to top crypto exchanges and could also be a factor making you conclude that BitFlip is the best cryptocurrency exchange site for you.
There are only a few exchanges that – like the above exchange – receive Mozilla Observatory-scores of B or higher. The following list includes 9 such exchanges with very impressive security scores: