What is Bitflex Crypto Exchange?

Bitflex is a centralized cryptocurrency trading platform run by Bryan Ee, Halid Musa, and Kyle Turner. The exchange simplifies the crypto trading experience by reworking the complicated user interface often found on many crypto exchanges.

Bitflex has a global availability but does not serve United States citizens, those sanctioned by the United Nations and Canada, and those on a list of 26 countries that includes Vanuatu, Ethiopia, Uganda, Hong Kong, Malaysia, and Syria. Some countries are on the list due to their strict cryptocurrency regulations or complete ban.

Security

The platform has security-conscious people on its main team and is guided by the highest ethical standards. Turner, for example, is the head of cyber security and has previously held this role in other top firms like KPMG and SAFBC.

The exchange requires users to embrace extra security measures like two-factor authentication (2FA) through industry-standard methods like Google Authenticator. Bitflex doesn’t, however, explicitly outline how it stores its assets and whether it maintains proof of reserves. The platform uses a third party, CoinCover, to protect users' assets through an insurance-backed guarantee.

Supported Cryptos, Trading pairs, and Fees

The Bitflex crypto exchange only has 11 supported cryptos on its spot market which is extremely low compared to other platforms like Binance, Bybit, and OKX which have hundreds of supported coins in their spot section.

Bitflex’s small list of supported coins on its spot market spills to its derivatives section where it has less than 60 trading pairs.

Bitflex uses a tiered system to determine a user’s fee obligation. A user’s 30-day trading volume, measured in Bitcoin (BTC), determines a user's level. Level 0 users, for example, pay 0.015% maker and 0.06% taker fees. The fees drop as you move up the levels.

Products and Services

The trading platform only offers two major products: spot and derivatives cryptocurrency trading. It lacks in-demand products like staking, NFT trading, and crucial services like peer-to-peer (P2P) trading. The exchange also currently lacks an option to buy crypto assets requiring users to buy coins elsewhere and deposit them on the platform to start trading.

User Interface and Customer Support

Bitflex has a simple user interface with fewer items, probably due to its small number of products and services. It offers customer support through a dedicated contact page and social media platforms.

Final Remarks

From the above Bitflex crypto exchange review, it’s evident that the platform is ideal for people starting in the crypto trading scene. This is supported by an easy-to-use user interface. Its trading fees are lower than some of those offered by other exchanges making it suitable for traders looking to maximize their profit margins.