Coinflex is a cryptocurrency exchange launched in 2019 by a team of experienced traders and entrepreneurs. It is headquartered in Hong Kong and is regulated by the Hong Kong Securities and Futures Commission (SFC). Coinflex is focused on providing a secure and user-friendly platform for trading digital assets, with advanced trading features for professional traders.
It also uses a range of security measures, including multi-factor authentication, cold storage, and regular security audits, to protect its users’ assets and data. Additionally, Coinflex offers insurance coverage for its users’ assets.
Features of Coinflex
Coinflex has several features which serve its customers. These include:
- Multiple trading pairs: Coinflex supports a variety of cryptocurrency trading pairs, including BTC, ETH, BCH, XRP, and more. It also offers trading pairs with stablecoins like USDT and USDC.
- E-learning platform: Coinflex has an e-learning platform called Campus. Digital asset trading resources shared include articles, webinars, and tutorials that cover topics such as technical analysis, risk management, and trading strategies. This helps traders make informed decisions and manage their portfolios effectively.
- FlexDAO: FlexDAO represents a pioneering approach to governance, voting, and feedback for a centralized exchange, with a focus on user participation. To join the initiative, participants need to stake at least 1 FLEX Coin and will be entitled to receive 10% of CoinFLEX’s daily revenue as well as 10% of quarterly profits. This model sets a significant precedent for corporations to empower their users and community members with a decentralized voice.
- Leverage Trading: Coinflex allows users to trade with leverage up to 100x. However, this feature is only available to those who have passed the KYC verification.
- Physical Delivery Futures: Coinflex is a platform that focuses on physically-settled futures contracts for Bitcoin and other digital assets. These contracts require the delivery of the underlying asset upon expiry, which helps to ensure that the price of the futures contract is closely aligned with the spot market price of the underlying asset. This feature makes Coinflex an attractive platform for traders looking for a more reliable and transparent way to trade futures contracts.
- Flexible Trading Options: Coinflex also offers a variety of trading options. These include futures trading, spot trading, and options trading. Depending on their risk tolerance, users have the option to trade with varying margin requirements.
Coinflex can be accessed both as a desktop application and a mobile system. On mobile, both iOs and Android devices can access the application. Other features of the platform include an affiliate system, advanced trading tools (real-time market data, charting tools, and order types like stop-loss and take-profit orders), and customer support.
Tokenomics of Coinflex
Flexcoin (FLEX) is the native cryptocurrency of the CoinFLEX exchange and is an ERC-20 token that runs on the Ethereum blockchain. It serves multiple purposes on the CoinFLEX platform, such as providing discounts on trading fees, participating in the FLEXUSD Protocol, and staking for FLEXDAO.
Additionally, CoinFLEX has implemented a buyback and burn mechanism for FLEX tokens, which involves using a portion of the exchange’s revenue to purchase FLEX tokens from the market and then burning them, which reduces the total supply of FLEX and potentially increases its value.
Flexcoin is designed with ERC20 and SEP20 standards. It has a maximum supply of 100,000,000
Team behind Coinflex
Mark Lamb, former co-founder of Coinfloor (UK’s first Bitcoin exchange), is the CEO of Coinflex. He has over two decades of experience in the financial industry. Sudhu Arumugam serves as the Chief Risk Officer of Coinflex. With over 15 years of experience in risk management, Sudhu previously held the position of Head of Risk Management at ICE Clear Europe.
The CTO of Coinflex is Emmanuel Alamu. He has been a Software Developer for more than a decade and was previously a senior software engineer at HSBC.
On the advisory team for Coinflex are Polychain Capital, a cryptocurrency investment fund; Diginex, a digital assets financial services company; Roger Ver, Bitcoin investor, and entrepreneur; and Jehan Chu, the founder and managing partner of Kenetic Capital, a blockchain investment firm.
Roadmap of Coinflex
From the Coinflex website, there is no shared roadmap. However, there have been some milestones reached over the years. In 2019, Coinflex released a market-making program where traders are rewarded for the liquidity they provide on the exchange, launching its physically delivered Bitcoin futures contracts.
Coinflex launched two new products in 2020, AMM Futures and Interest Rate Swap, to provide liquidity for users. While in 2021, Coinflex announced a partnership with Chainlink to provide price reference data for its new stablecoin, FLEXUSD, and launched a DeFi protocol called FlexUSD Protocol to enable users to earn interest on their holdings.
In 2022, in a bid to expand, Coinflex launched Coinflex.US, the US version of the exchange. According to Coinflex, it was done to provide its services to US citizens including zero-fee trading and interest-earning stablecoin offerings.
Read also;
What are Centralized Exchanges? & How to Use them
Decentralized Exchanges & How to Use them
