How to Trade at CoinFLEX for Beginners

How to Trade at CoinFLEX for Beginners


How to Register at CoinFLEX
 

How to Register a CoinFLEX Account on Web【PC】

1. Visit coinflex.com and click "Register" or go directly to the registration page: https://coinflex.com/user-console/register
How to Trade at CoinFLEX for Beginners
2. On the registration page, sign up using your email address or MetaMask.

To sign up using your email address:

a. Input your email address and add a strong password. 

b. Tick the box if you have read and agreed to CoinFLEX Terms of Service.

c. Then, click "Register".
How to Trade at CoinFLEX for Beginners
How to Trade at CoinFLEX for Beginners
A verification email is sent to your email address. Enter the verification code and click the "Submit" button inside!
How to Trade at CoinFLEX for Beginners
A CoinFLEX account has been created successfully.
How to Trade at CoinFLEX for Beginners
To sign up using your MetaMask:

Choose "MetaMask" and click "Connect".
How to Trade at CoinFLEX for Beginners
Import or create a new wallet of MetaMask, Using that wallet to connect to CoinFLEX.
How to Trade at CoinFLEX for Beginners
How to Trade at CoinFLEX for Beginners
How to Trade at CoinFLEX for Beginners

How to Register a CoinFLEX Account on your phone【APP】

1. Open the CoinFLEX App you downloaded, click on the profile icon in the upper left corner.
How to Trade at CoinFLEX for Beginners
Click "Register".
How to Trade at CoinFLEX for Beginners
a. Input your email address and add a strong password. 

b. Tick the box if you have read and agreed to CoinFLEX Terms of Service.

c. Then, click "Register".
How to Trade at CoinFLEX for Beginners
How to Trade at CoinFLEX for Beginners
A verification email is sent to your email address. Enter the code.
How to Trade at CoinFLEX for Beginners
A CoinFLEX account has been created successfully.
How to Trade at CoinFLEX for Beginners

How to Download CoinFLEX APP?

1. Visit coinflex.com and you will find "Download" on the left of the menu.
How to Trade at CoinFLEX for Beginners
2. Based on your mobile phone operations system, you can choose "Android Download" or "iOS Download".
How to Trade at CoinFLEX for Beginners
You can download CoinFLEX application directly from the App Store or Play Store.
How to Trade at CoinFLEX for Beginners
How to Trade at CoinFLEX for Beginners
How to Trade at CoinFLEX for Beginners

How to Verify at CoinFLEX
 

The KYC levels listed

Three levels in total;

KYC 1, Withdrawal limit: 10,000 USD lifetime (only limit the value of USD and USDT );

KYC 2, Withdrawal limit: 10,000 USD/24h (only limit the value of USD and USDT);

KYC 3, Withdrawal limit:  No limit.

Note:

1、KYC is not necessary until you want to withdraw more than 10,000 USD lifetime.

2、After registered, the default level of KYC is level 1, so the user starts to apply from KYC 2.
 

Increasing withdrawal limits/KYC

Once logged in to your main account select KYC from the user centre dropdown this gives you the email address to contact to get the process started.

How to Trade at CoinFLEX for Beginners
How to Trade at CoinFLEX for Beginners

KYC1 is the default, if you want to upgrade to KYC2, please enter your real identity information and the system will automatically review.

How to Trade at CoinFLEX for Beginners

How to Trade at CoinFLEX for Beginners
Then for KYC 3, you will be required to provide some materials via [email protected]
How to Trade at CoinFLEX for Beginners


How to apply for KYC 3

To extend the withdrawal limit, please send email to [email protected] with below materials

For Individual account:

(1) passport

(2) address proof (issued within 3 months such as utility bill, phone bill, bank statement, ID with address).

(3) form (https://cdnm.coinflex.com/wp-content/uploads/20210901081214/CoinFLEX-Individual-KYC-Form-v2.pdf)


For Corporate account:

(1) form (https://cdnm.coinflex.com/wp-content/uploads/20210705075822/CoinFLEX-Corporate-KYC-Form-Nov-2019.pdf)

(2) list of documents found here(https://coinflex.com/corporate-onboarding/).
 

How to Deposit at CoinFLEX


Depositing Crypto

Select the “Deposit” tab under “Wallet” after login.
How to Trade at CoinFLEX for Beginners
Then select the coin which you want to deposit by selecting the drop down list and selecting the desired coin, for reference the box will display USD by default. Finally, copy the deposit address and paste into the platform which you want to withdraw from, or you can scan the QR code to complete the deposit.
How to Trade at CoinFLEX for Beginners


Depositing XRP

Ripple (XRP) Memo, also known as Destination tag, is a 6-10 digit identification tag that is used in the XRP network to send XRP to a specific account within an exchange. While cold wallets may not require a destination tag to send or receive XRP, they are certainly required for exchanges. If you do not specify where you want the XRP to go with the destination tag, the XRP will remain in the exchange’s main account but won’t be deposited into your account.

CoinFLEX users are required to include their Memo as well as their deposit address when transferring funds. This can be found under the deposit address. Please remember, if you use the wrong memo your XRP will not show up in your account.
 

Buy Crypto

1. Log in to the CoinFLEX official website, click "Buy Crypto" in the upper center of the homepage to enter the page of buying coins.
How to Trade at CoinFLEX for Beginners
2. Select the Currency and enter the purchase amount, then click "Continue".
How to Trade at CoinFLEX for Beginners
3. Weve sent a verification code to your email address.
How to Trade at CoinFLEX for Beginners
Get the code and enter it.
How to Trade at CoinFLEX for Beginners
3. Enter the payment page, and click "Continue" after confirming the payment details.
How to Trade at CoinFLEX for Beginners
4. The detailed purchase record can be viewed in "Trade History" on the CoinFLEX platform.

Frequently Asked Questions (FAQ)

What kinds of coins can I deposit on CoinFLEX

At present, support BAL, BAND, BCH, BTC, COMP, CRV, ETH, FLEX, LINK, SNX, SUSHI, UNI, USD, USDT, YFI, YFL, flexBTC, flexETH, flexUSD. This is subject to change as we will add more in the near future. The ‘Deposit’ dropdown will give the full list.
How to Trade at CoinFLEX for Beginners


What if no deposit arrived to my account

The transfer of blockchain asset can be divided into 3 steps: transfer-block confirmation-credited to account.

1、 Successful transfer means that the platform or wallet from which the coin was withdrawn has performed the transfer operation;

2、Complete block confirmation. Blockchain congestion, delay, etc. that will cause your asset to be delayed;

3、After completing the minimum number of confirmations required by CoinFLEX, we will credit the coin for you;

However, there exists some situations:

(1) If the transaction surpassed the minimum number of confirmations, please wait patiently as the coin should be shortly credited to your account;

Here are the minimum number of confirmations required by CoinFLEX for reference, However, network congestion、delay may cause the deposit process to be longer.

ETH ERC20 = 12

SmartBCH BCH SEP20 = 12

BNB = 20

DOGE = 50

other = 1

(2) If the blockchain explorer shows that the confirmation is complete, but the CoinFLEX account has not been received, please provide email, account ID, asset type, and TXID;

(3) If you have not found the TXID after withdrawn from sender side for a long time, please contact the sender’s platform.
 

How to Trade Crypto at CoinFLEX
 

Basics of how to trade on CoinFLEX

Spot trade for this example – buying 0.003 BTC:

Having made a deposit, you are ready to start trading on CoinFLEX. Please take the following steps:

1. Make sure that you have enough assets for the trade you want to make. In this case the account has $54.0221 USD.
How to Trade at CoinFLEX for Beginners
2. Go to the trading page by selecting ‘trade’ in the top left of the dashboard screen (this opens up the trading interface in a new window) and in the trading interface window choose a trading pair from the drop down which appears when you select the market selector field in the top left hand corner. (e.g. Spot and then USD/BTC which means the USD to BTC spot market)
How to Trade at CoinFLEX for Beginners
How to Trade at CoinFLEX for Beginners
3. Specify the order size and order price. At present we offer ‘Limit’, ‘Market’ or "Stop Limit" orders.

  • A limit order attempts to execute at a price defined by you,
  • A market order executes at the current available ‘market’ price
  • A stop-limit order combines a stop-loss order and a limit order. Stop-limit orders allow traders to set the minimum amount of profit they’re happy to take or the maximum they’re willing to spend or lose on a trade. Once you set a stop-limit order and the trigger price is reached, a limit order will be placed automatically, even if you are logged out or offline. You can strategically place stop-limit orders by considering resistance and support levels and the asset’s volatility


4. Select “Buy BTC” or “Sell BTC” to  trade, limit order example, buying 0.003 BTC at Price: $43,518.
How to Trade at CoinFLEX for Beginners
Market order example
How to Trade at CoinFLEX for Beginners
Stop Limit Order
How to Trade at CoinFLEX for Beginners

Once you have selected ‘BUY’ you will then see a small green ‘order filled’ notification appear in the bottom right corner of the screen. Then you will see that the USD balance has reduced, the BTC balance has increased under the trade ticket and if you select the ‘trade records’ tab in the bottom section of the trading UI you will see the executed BUY order at $43,518 for 0.003 BTC. 
 

Checking trade history

Select the “Wallet History” under the “Wallet and Order”, next select “Trade History” on the left hand side of the screen, then you can select the market and history you want to check. Additionally, you can download the history record within 3 months.
How to Trade at CoinFLEX for Beginners


View all history

You can view the history of your deposits, withdrawals, transfers, delivery, consolidated up to three months prior, you can also download the record.

On the main dashboard, select the ‘Wallet and Order’ tab and in the dropdown box select ‘Wallet History’. In the next screen you can select the coin and date parameters you desire, you can also toggle between deposits, withdrawals, transfers, deliveries and consolidated, there is also a ‘consolidated’ option to view everything in one table.
How to Trade at CoinFLEX for Beginners

Deliverable Perpetual Futures

Futures Intro

A Futures contract is a derivative which has its value tied to an underlying asset such as Bitcoin. A Futures contract is an alternative to spot trading where one can reduce risk and increase profit opportunities using leverage, which is the ability to buy more of a product than what the funds in your account would normally allow if one were trading the spot currencies. Someone who deposits $1,000 USDC can buy (long) up to $100,000 worth of Futures on CoinFLEX, with the $1,000 as “initial margin”. Instead of buying bitcoins they are entering into a contract with another user on the platform who is short. Futures have a set expiry date. Upon expiry, all positions must either be closed out – or will be delivered (longs get BTC, shorts get USD). Many traders prefer Perpetual Futures because there is no expiry date on them.
How to Trade at CoinFLEX for Beginners


Physical Perpetual Futures

Exchanges offer Perpetual contracts which never expire, meaning a user can enter a long or short position and hold it as long as they want to or close out anytime. CoinFLEX offers Physical perpetuals. This means that if a user wants, they have the option of locking a perpetual position for delivery and receipt (for longs) or sending (for shorts) the Bitcoin or crypto relating to their position. This effectively allows a user to obtain all the benefits of perpetuals (leverage, no expiry, low fees) while also obtaining the benefits of spot, which is that a user can hold coins in cold storage, lend them out or spend them externally.
How to Trade at CoinFLEX for Beginners


Perpetual Futures vs Spot Trading

Trading Spot requires a user to deposit full funds before buying or selling an asset, whereas with Perpetual Futures, leverage allows a trader to buy more than they have in their account, or buy what they intend to buy without fully funding. Perpetuals also allow a user to short the asset, without going to the trouble of borrowing it. This can enhance a user’s returns, for example:

  • User A deposits $1000 and buys 0.1 BTC at a price of $10,000.
  • User B deposits $1000 and buy 1 BTC of perpetuals at a price of $10,000

In the scenario where BTC goes up (e.g. 9,000 to 10,000), User B will make 10X the amount of money they deposited (in this case, 1,000 x 10 = 10,000). However if the BTC/USD Mark Price goes down to the Liquidation Price then User B will be liquidated, losing their entire deposit.

Perpetuals are also typically far cheaper to trade compared to Spot trading. CoinFLEX fees for example are 0.03% if you are the taker, and pay users 0.02% for providing liquidity. Spot exchanges on the other hand are typically 0.10-0.50%, making short term trading opportunities nearly impossible.
 

How to Withdraw from CoinFLEX


Withdrawing Crypto

Select the “Withdraw” tab under the “Wallet” after login.
How to Trade at CoinFLEX for Beginners
Then select the coin which you want to withdraw by selecting the drop down list. You can then input the withdrawal address and the amount, please take care during this step, withdrawal to an incorrect or invalid address is irreversible in crypto currency.
How to Trade at CoinFLEX for Beginners


Minimum deposit and withdrawals

1、0.0001 minimum deposit for all assets, but for withdrawal, the minimum amounts is 0.0001 for all asset except DOGE、DOT、XRP at the moment.

DOGE:1

DOT:1

XRP:20


2、CoinFLEX does not charge fees on deposits.

3、The withdrawal fees depends on the network cost (0.03%) , the coin on ERC20 network will pay for the network cost, Please see the Withdraw page for details on the current network fee for your withdrawal.
 

Changing withdrawal address

If you withdraw to an address, the system will remember that address and treat it as the default withdrawal address, if you wish to change your withdrawal details this can be done under the “Security” tab.
How to Trade at CoinFLEX for Beginners

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