COINFLIP

What is COINFLIP？

CoinFlip, a cryptocurrency ATM operator venturing into exchange services. While not as renowned as major exchanges, it offers unique features—spot and margin trading, staking. CoinFlip isn't the typical exchange; it's a Bitcoin ATM provider with online trading and card options via Simplex. Plus, it's accessible across 20,000+ US and Canada locations.

Pros and cons

Regulatory Authority

COINFLIP is subject to regulation by two regulatory agencies. The first agency is the Nationwide Multistate Licensing System (NMLS), with a regulation number of 1975146. The exchange is regulated and holds the MTL License under the name GPD Holdings LLC.

The second regulatory agency is the Financial Crimes Enforcement Network (FinCEN), with a regulation number of 31000172544936. However, it's worth noting that COINFLIP has exceeded the regulation status requirement set by FinCEN. The Financial Crimes Enforcement Network (FinCEN) is a bureau within the United States Department of the Treasury that collects and analyzes information about financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes.

Security

Here are some of the security measures applied for CoinFlip:

• Two-factor authentication (2FA): CoinFlip requires users to enable 2FA for their accounts. This adds an extra layer of security by requiring users to enter a code from their phone in addition to their password when logging in.
• Cold storage: CoinFlip stores most of its users' funds in cold storage, which means that they are offline and not connected to the internet. This makes them less vulnerable to cyberattacks.
• SSL encryption: CoinFlip uses SSL encryption to protect all sensitive data transmitted between its servers and users' browsers. This helps to prevent hackers from intercepting and stealing data.

Cryptocurrencies available

CoinFlip currently lists over 40 cryptocurrencies. The exchange has been adding new coins at a relatively slow pace in recent months. In the past 6 months, CoinFlip has added only 5 new coins.

How to open an account？

The registration process of COINFLIP can be broken down into the following steps:

1. Visit the COINFLIP website and click on the “Get Started” button. This will redirect you to the registration page.

2. Fill in the required information, including your email address and password. Make sure to choose a strong password to enhance the security of your account.

3. Agree to the terms and conditions, privacy policy, and any other applicable agreements provided by COINFLIP.

4. Complete the verification process. This may involve providing personal identification documents and proof of address to comply with regulatory requirements.

5. Once your account is verified and approved, you will receive a confirmation email. Click on the link provided in the email to activate your account.

6. Log in to your COINFLIP account using your registered email address and password. You are now ready to start trading virtual currencies on the COINFLIP platform.

How to Buy Cryptos？

Purchasing cryptocurrency through CoinFlip is a user-friendly process:

1. Currency Selection:

Start by choosing the cryptocurrency you wish to buy on the terminal screen. Press the “BUY” button to initiate the purchase process.

2. Quantity Input:

The terminal will prompt you to specify the quantity of crypto you want to purchase in USD. Enter the desired amount to proceed.

3. Wallet QR Code Scan:

Scan your wallet's QR code (public key) using the ATM's scanner. This ensures that the purchased crypto is directed to your intended wallet.

4. Cash Insertion:

Insert bills into the ATM until you've reached the exact amount of crypto you want to purchase.

5. Confirmation and Completion:

Once the required amount is reached, press the “Buy Bitcoin” or “Buy Altcoins” button located at the bottom right of the screen to confirm the transaction. Your purchase will be immediately broadcast to the respective cryptocurrency network.

6. Transaction Confirmation:

You'll receive confirmation that the transaction is underway, and you can monitor the cryptocurrency as it travels to your wallet. The process is efficient, allowing you to securely acquire digital assets through the CoinFlip ATM.

Fees

In a different approach, CoinFlip avoids maker-taker fees and sets specific fee ranges for its services.

ATM Fees

When you buy crypto at CoinFlip Bitcoin ATMs, they add a fee of 15.99% to the regular price of the crypto. This fee goes to CoinFlip and is calculated based on their own price index. If you have a discount code, it takes money off this CoinFlip fee. On top of this, CoinFlip also includes a changing network fee, which covers the cost of using blockchain to process your transaction. Usually, this network fee is $2.49, but it might be higher depending on the type of crypto you're buying and how busy blockchain is.

Cryptocurrencies that can be purchased at a CoinFlip Bitcoin ATM: Bitcoin (BTC) \ Litecoin (LTC) \ Ethereum (ETH) \ Dogecoin (DOGE) \ Aave (AAVE) \ Stellar Lumens (XLM) \ Chainlink (LINK) \ USD Coin (USDC) \ PAX Gold (PAXG)

Cryptocurrencies that can be sold at a CoinFlip Bitcoin ATM that facilitates selling: Bitcoin (BTC) \ Litecoin (LTC)

Online Crypto Purchase with Card Fees

When purchasing online, the total fees sum up to 5.98%. Here's the breakdown: CoinFlip's transaction fee is 2.99%. Likewise, Simplex, the service used, also adds a 2.99% fee, with a minimum of $5. Remember, these extra charges come on top of the displayed rate during checkout.

Trade Desk Fees

For CoinFlip Trade Desk, fees vary from 0.5% to 4% based on the transaction size. Bigger trades and high monthly volume can substantially lower fees.

Deposit & Withdrawal

CoinFlip offers multiple deposit options. You can use credit cards on their website via Simplex. Alternatively, deposit paper cash using their Bitcoin ATMs. Transactions are fast; pressing “Buy Now” at the ATM sends your transaction within 3 minutes.

Is COINFLIP a Good Exchange for You？

CoinFlip stands out as the best exchange for traders who love to buy cryptocurrencies through ATMs. With a widespread network of Bitcoin ATMs, CoinFlip provides a convenient and accessible way for users to purchase digital assets using cash. This makes it an ideal platform for individuals who prefer the ease and familiarity of in-person transactions facilitated by ATMs. CoinFlip's focus on this method of cryptocurrency acquisition caters specifically to traders who value the simplicity and immediacy of purchasing digital currencies through physical terminals.

COINFLIP may be a good exchaneg for traders in the following types:

• Traders who love to buy cryptocurrencies through ATMs.
• Traders who are reside in the United States and Canada.
• Traders who pursue a well-regulated trading environment.