BitFlip is an exchange for carrying out exchange operations, cryptocurrency trading. This is a relatively young site, the official start date is June 17, 2017. In a short time, the team managed to increase the trade turnover (from $ 10,000 in June to $ 750,000 in September) and the number of clients (according to the whitepaper).
To attract investment for further development, in the fall, BitFlip held an ICO, during which investors could purchase FLIP tokens. On February 6, 2018, all holders of the FLIP token on the Bitflip exchange received the first dividends.
Important. Update 2. The legal successor of BitFlip is StreamCapital Group LTD, which owns the BITEXBOOK exchange. All balances will be transferred to this exchange in accordance with the agreement reached. See your BitFlip account for details.
The official website is bitflip.cc.
The site, in addition to the Russian language, has an English version. The trading platform is mainly aimed at working with a Russian-speaking audience from Eastern Europe.
The BitFlip exchange works with fiat money and offers convenient ways to deposit and withdraw money. Payment systems available: Webmoney, Qiwi, Yandex.Money, Advcash, Payeer, Capitalist, Payoneer, Interkassa. Fiat money accounts: USD, EUR, RUB, UAH. Of course, you can also make a deposit by transferring a cryptocurrency. Fiat money withdrawal depends on the payment system and takes up to 5 days (in some cases, up to 30 days). The stated time for the withdrawal of cryptocurrencies is from 10 to 15 minutes.
The following cryptocurrencies (tokens) are available for trading: Bitcoin, Litecoin, Ethereum, Ripple, Dash, Doge, BitFlip, Revain, Russian Miner Coin, RaiBlocks, Tronix, FoodCoin, Real Estate Asset Ledger, EOS, Bitcoin White. The most liquid ones are Revain (R), Ripple (XRP).
The commission on the BitFlip exchange is dynamic and depends on the type of transactions made (taker or maker) and the trading volume for the month. For most clients it is: 0.18% for takers and 0.1% for makers.
The daily trading turnover on the site is 812 thousand US dollars (February 11, 2018). The main volume falls on the pairs: R / BTC (66%), R / RUB (14%), XRP / RUB (5%).
BitFip Exchange is developing according to the Roadmap with outlined plans for the year. Some points have already been completed, for example, automating the withdrawal of money to Yandex Money. The plans by the end of the year are to reach a minimum daily trade turnover of USD 10 million. Let’s see the implementation.
Registration on BitFlip
To register on the Bitflip exchange, go to the official website bitflip.cc and fill out a simple form. Read the “Rules for the operation of the service” (public offer).
Specify the real mail, on a good service (preferably Gmail), in the future it cannot be changed. Password – a complex combination of numbers and letters (uppercase and lowercase), various special characters. Account security is the main thing in working with any exchange.
To enter the site, you need to enter your mail and password. After registration, we recommend that you enable two-factor authentication to protect your account from fraud and hacking. By the way, this is a prerequisite for withdrawing money from the BitFlip exchange.
Go to your personal account on the Bitflip exchange by clicking on the account name at the top and select the “Settings” section.
Download the Google Authenticator app to your phone or tablet (links are given), launch it and scan the barcode or enter the secret key. You will see a six-digit number that you need to enter into the form and click “Enable Authentication”.
In the “Settings” section, you can change the password, add a phone number and e-mail for notifications.
Continuing the article: “Bitcoin Exchange“.
How to replenish the BitFlip cryptocurrency exchange and withdraw money
To fund or withdraw money from the BitFlip exchange, you can click on the profile icon at the top of the page or select “My wallets”:
Opposite the account, you need to click “Deposit” or “Withdraw”. The exchange provides convenient input methods like fiat currencies and cryptocurrencies.
For example, for replenishing an account USD (US dollar), payment systems are available: Advcash, Payoneer, Perfect Money, Qiwi, Webmoney, Payeer, Capitalist and payment aggregator Interkassa, through which you can replenish your account from Exmo.me, WEX, Ecoin; mobile operators Beeline, Megafon, Tele2, MTS; cash (Euroset and Ibox) and in other ways.
When replenishing with cryptocurrency, it must be transferred to the specified wallet address:
When fiat money is entered, crediting occurs in manual mode, in cryptocurrency – depending on the network load. Withdrawal rules: Fiat money – 5 days; cryptocurrencies – within minutes.
The commission depends on the payment system. When entering regular money:
Continuing the review: “Rating of cryptocurrency exchanges 2019“.
How to buy cryptocurrency on the Bitflip exchange and trade
On the Bitflip exchange, to buy (sell) cryptocurrency, you need to select a trading pair. For example, BTC / USD:
Then proceed to create an order. Limit execution is implemented on BitFlip. You need to specify the cost of buying or selling yourself, based on the order book for sell and your expectations for the further movement of the rate. There is not much liquidity on the floor, so the glass is almost empty.
To create an order, you need to specify the amount of BTC and set the price yourself, based on real market conditions. The screenshot shows the buyback of the first placed sell order from the order book (you can just click on it, the lines will be filled in):
Trading commissions on the BitFlip cryptocurrency exchange:
Article: “Trading cryptocurrency on the exchange“.
Reviews on BitFlip
Benefits of the BitFlip exchange:
- Fiat money deposit and withdrawal.
- Not loaded with anything superfluous site interface. Everything is clear and simple.
- The exchange development plan for 2018 was presented (Update. As of October 2018 – 99% not completed).
- Payment of dividends to Flip token holders.
Disadvantages of BitFlip:
- Low liquidity.
- Non-informative graphs for analysis.
- Lack of development.
Update 31.10.2018. BitFlip is having problems. Many clients do not receive SMS, 2FA codes are not suitable, there is no withdrawal of fiat money and cryptocurrency. Do not make deposits and withdraw funds by any means.
11/14/2018. Bitflip is bankrupt. Do not enter funds!
12/14/2018. The assignee of debts is the Bitexbook exchange. Details in your Bitflip account.