CoinFlip

CoinFlip Review

What is CoinFlip?

CoinFlip is an American crypto exchange. It has been active since 2016. A very special thing with this exchange is that they allow you to purchase Bitcoin and 6 other cryptos for paper cash. They make this possible through having various Bitcoin ATMs placed in different locations in the country. The below map shows where the ATMs are located. One can notice that the Northwest aren’t that vastly populated with ATMs, whereas Chicago, Florida and Michigan have been more lucky.

Same-day Settlement

Another strong feature of CoinFlip is that they offer same day settlement on all wire transactions, and live customer service and support (24/7). Also, this exchange has a price matching offering. Through this offering, they promise that they will offer the best price among all of its competitors within a 10 miles radius (from the relevant ATM).

Company Details

There is clear info on the exchange’s website about the name of the company running the exchange (GPD Holdings, LLC), registered address, phone numbers etc. This is of course comforting, as an entity trying to defraud you wouldn’t provide you with all that detailed info.

KYC

As for the KYC, these are the requirements (in trading volume per day):

USD 5 to USD 900 – Name and phone number 

USD 901 to USD 3,000 – Name, phone number and government issued ID

Finally, USD 3,001 to USD 8,000 – Name, phone number, government issued ID and SSN

US-investors

CoinFlip is available to US-investors. However, it is only open to US-investors. Also, it is not yet open to all US-investors. Residents of any of the following states are currently not able to use CoinFlip’s services: New York, Washington, Idaho, Wyomin, Utah, Arkansas, Mississippi, Massachusetts, Vermont, Maine, New Mexico, Minnesota and Louisiana (we might have missed one or two in the foregoing list).

OTC-desk

In June 2020, CoinFlip launched an OTC-desk. OTC stands for Over the Counter, and with an OTC-desk, you can execute larger trades with quick settlement. Trades that you for pricing reasons (also known as “slippage”) don’t want to execute on on the open market. CoinFlip's OTC-desk is called CoinFlip Preferred.

CoinFlip Trading View

Different platforms have different trading views. And there is no “this overview is the best”-view. You should see for yourself 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 crypto 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 see that it feels right to you. As this exchange operate quite differently from standard centralized exchanges, we have not been able to acquire a view of the trading interface here. Rather, there is no real trading interface.

CoinFlip Fees

CoinFlip Trading fees

This exchange is different from most other exchanges in the way that it does not offer trading between cryptos. CoinFlip is a crypto ATM company that exchanges cash for crypto and they do not have trading as a feature. Accordingly, the standard taker fees and maker fees (where the industry average is 0.25% per order) are difficult to compare against. 

The rate for BTC at the CoinFlip-ATMs is 6.99% above the "Tradeblock XBX index spot price" for buys, and 3.99% below for sells. We have combined these two fees and set the CoinFlip-fees (for both takers and makers) in our database to 5.49%.

CoinFlip Withdrawal fees

CoinFlip's standard mining fee, i.e. the fee you need to pay when withdrawing, is USD 0.99. This is nothing to worry about, but quite OK.

Deposit Methods

At CoinFlip, you can deposit through credit card seeing as you can buy crypto at the platform’s website through Simplex. And, as mentioned above, you can also deposit paper cash through using any of their Bitcoin ATMs. This can be helpful especially for newer crypto investors. Wire transfer is however not possible yet. But CoinFlip will open an OTC-desk in the near future and according to info to Cryptowisser, they might offer wire transfers then to that function.