As a novice crypto investor or trader, you should know the details mentioned in this brief CoinFLEX review before you use the exchange. This is a helpful and important tip you should consider and follow, regardless of the cryptocurrency exchange you choose for buying or trading crypto. Knowing the details and features offered by a platform can help you make an informed decision regarding the kind of platform you should choose.
There are several crypto exchanges available in the market and choosing one without proper information and experience can be difficult for you. On the other hand, knowing your options and comparing them with your criteria can help make the research easier.
CoinFLEX Review on KYC Verifications
KYC verification process is an additional layer of security that adds to the reputation and trustworthiness of an exchange. This process requires the users to verify their identity by providing necessary documents.
One of the benefits of this verification process is that it keeps the platform and users’ accounts and funds safe from any kind of cyber threat as the fraudsters cannot access the exchange. However, it also limits the number of people who want to access the account and open anonymous accounts.
However, if you are interested in using the CoinFLEX exchange and want to open an anonymous account then you won’t have a problem because this platform does not require KYC verifications. It makes use of other high-end security systems that make it a secure exchange.
One of the Highest Leverages
Leverage trading supported by a platform is a major plus point for many potential users, especially people who want to start trading crypto. This is one of the most popular types of trading and is also known as margin trading.
If you opt for leverage trading, you can open bigger trading positions by borrowing funds from the brokers, which is called leverage. The amount you can borrow varies from one exchange to another and also on the leverage that is supported by the platform. Some crypto exchanges offer leverage as high as 100x. However, in this brief CoinFLEX review, you can get to know that it offers one of the highest leverages in the market, which is up to 250x.
Lower Fees Than Others
Another major factor that you need to know about before you choose the CoinFLEX exchange is its fee structure. As a beginner, you will find that every crypto exchange has a fee structure that includes. More or less, the same kinds of fee. However, the amount charged by an exchange varies from one platform to another. Some platforms also include hidden charges in their fee structures, in which case such an exchange should be avoided.
Therefore, before you choose this exchange. You need to know the details of the fee mentioned in this brief CoinFLEX exchange review.
- Market taker fee: 0.06%
- Market maker fee: -0.02%
- No fee required for making withdrawals
- No fee required for making deposits
Security Offered by the Exchange
The safety and security offered by an exchange can be a major deciding factor. For you as your security should always be your topmost priority. This brief CoinFLEX review focuses on the highlighting features of the exchange. One of which is the security offered to the users.
This platform aims to make sure that the users are able to have a good experience of buying or trading crypto. Through this exchange, which is why it makes use of state-of-the-art security systems. That offer utmost security.
As a user of the platform, you can store 99% of your funds in the cold wallet storage.
- Two-factor authentication protocols (2FA)
- Transport Layer Security protocol (TLS)
One of the ways a brief CoinFLEX review can be helpful for you is it can give you a good idea. About the kind of features that will be offered to you as a user. If you know the kind of platform you want to choose and if it matches your criteria. Then you can choose the exchange and trade crypto. Therefore, as a beginner, you should have the above-mentioned information.