BitFlip

BitFlip Review

BitFlip’s domicile country is Hong Kong. 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 Fees

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.

Deposit Methods

BitFlip accepts deposits through both wire transfer and credit cards. Many crypto investors of course view this as very positive.