CoinFlip is a US-based cryptocurrency exchange. This exchange is unique in that you may use paper money(fiat) to buy Bitcoin and six other cryptocurrencies. They do this by strategically deploying Bitcoin ATMs across the nation.
The ATM locations are shown on the map below. Notably, ATMs are scarce in the Pacific Northwest, while Chicago, Florida, and Michigan have fared better.
The second point of difference for CoinFlip is that they provide same-day settlement on all wire transfers, as well as live customer support and help. Additionally, this exchange offers a price matching service. They guarantee that they will provide the best pricing among all of their rivals within a 10-mile radius via this service.
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Coinflip KYC Policy and Legality
The following criteria apply to KYC:
Between $5 and $900 – Basic Details
Between $901 to $3,000 for Basic details and government-issued identification
Finally, you must give your name, phone number, government-issued identification, and Social Security number for amounts between USD 3,001 and USD 8,000.
CoinFlip is now accepting US investors. However, it is only open to investors based in the United States. Additionally, it is not currently available to all US investors. Residents of New York, Washington, Idaho, Wyoming, Utah, Arkansas, Mississippi, Massachusetts, Vermont, Maine, New Mexico, and Minnesota, among other places, are no longer eligible to utilise CoinFlip’s services.
CoinFlip will open an OTC desk in June 2020. OTC stands for Over the Counter, and an OTC desk allows you to do bigger transactions with a faster settlement time. Trades that you do not want to perform in the open market due to worries about price. CoinFlip Preferred is CoinFlip’s over-the-counter (OTC) desk.
Coinflip Bitcoin ATM Model Explained
To buy or sell cryptocurrency at CoinFlip Bitcoin ATMs, customers must first register, and the information needed varies depending on the amount of bitcoin being purchased or sold. Users must provide their phone number and name on the ATM screen when withdrawing less than USD 900.
For amounts ranging from USD 901 to USD 3000, customers will be asked to submit a picture of their state-issued identification as well as a selfie taken with the ATM camera. This will be a one-time registration procedure, and customers will not need to re-register to use ATMs.
The user is asked to enter the kind and amount of cryptocurrency they want to purchase at the ATM, and the transaction is completed after this information is submitted and the “buy” button is clicked.
Bitcoin requires a minimum purchase of USD 10, while other cryptocurrencies need a minimum purchase of USD 5. The cryptocurrency is then sent to the user’s cryptocurrency wallet or exchange platform, such as Binance or Poloniex.
Customers wishing to sell bitcoin must first choose the amount of cash they want to withdraw, at which point the ATM will print a redeemable voucher including a public key QR code and the quantity of cryptocurrency that will be transferred to the specified address. They may use the voucher by scanning it, and the ATM will provide them with cash after the confirmation of the transaction.
Charting and Orderbook
Diverse trading perspectives are available on numerous platforms. Additionally, there is no “this is the best overview” perspective. You must decide which trading perspective is the most advantageous for you. All views include the order book, or at least a portion of the order book, a price chart for the selected coin, and order history.
Additionally, there are usually buy and sell boxes. Consider the trading perspective before selecting an exchange to ensure that it seems to be a good fit for you. We were unable to see the trading interface since this exchange operates in a manner distinct from conventional centralised exchanges. There is no trading interface at all.
This exchange is unusual in that it does not allow users to swap bitcoin. CoinFlip is a cryptocurrency ATM that converts fiat money to cryptocurrency but does not provide trading services. As a result, it’s impossible to compare typical taker and maker fees.
How to buy from Coinflip Bitcoin ATM?
For purchases, the rate for BTC at CoinFlip-ATMs is 6.99 percent more than the “Tradeblock XBX index spot price,” while for sales, it is 3.99 percent lower. These two costs have been merged, and CoinFlip’s fees in our database have been reduced to 5.49 percent.
The normal mining fee on CoinFlip, that is, the amount you must pay when withdrawing, is USD 0.99.
CoinFlip allows credit card deposits, and users may buy cryptocurrencies on the platform’s website through Simplex. Additionally, as stated before, you may deposit paper money at any of their Bitcoin ATMs. This is particularly advantageous for new cryptocurrency investors. On the other side, wire transfer is not presently available.
CoinFlip ATMs have an intuitive, fast, and easy interface that rapidly takes money, allowing customers to spend less time at the machines waiting for transactions to complete. Additionally, utilising CoinFlip ATMs to buy and sell cryptocurrencies is straightforward due to the absence of a lengthy registration procedure.