CoinFlex -First Physically Delivered Cryptocurrency Futures Exchange

General

 

Accounts

 

Two-factor authentication

 

Deposits and Withdrawals

 

Conversion

 

Collateral & Leverage Funding

 

Contracts

 

Liquidation

 

Profit/Loss

 

Settlement

 

Order Types

 

Fees

 

API

 

Security

General

What is CoinFLEX?

CoinFLEX (Coin Futures and Lending Exchange) is a physically delivered cryptocurrency futures exchange. CoinFLEX offers investors the ability to hedge Bitcoin and other cryptocurrency exposure forward using collateral in Bitcoin and/or Tether. We also offer spot exchange order books.

Please view our About page to learn more about CoinFLEX and our leadership team.

What are the trading hours?

Our order books are open to trade 24/7, outside of scheduled maintenance.

What is the relationship between CoinFLEX’s futures contracts and the underlying spot order book?

Since CoinFLEX’s futures contracts are physically delivered, there is a natural “basis trade” or “cash and carry trade” mechanism to align prices together. This is because, at expiry, anyone holding a position in CoinFLEX’s futures contracts will either be delivered, or will need to deliver, the underlying digital asset.

Why does CoinFLEX use XBT code for Bitcoin instead of BTC?

Bitcoin has not yet been ratified by the International Organization for Standardization. We choose to use a code that complies with ISO 4217 standard for currencies. Since Bitcoin is not associated with any specific country, the standard dictates that it should start with an X as does Gold (XAU) and Silver (XAG).

If you would like to know more about ISO 4217 standard, click here.

Accounts

How do I create an account?

You can create a CoinFLEX account in under a minute. Please visit the Register page and enter the email and password you would like to use to access your account. Click sign up and check your email for the email verification link. Once verified and 2FA authentication is set up, you can sign in as a user and deposit your preferred digital asset from our options via the My Account Deposit tab.

What is two-factor authentication (2FA)?

Two-factor authentication (2FA) adds an extra layer of security to your login details. It is a security feature which utilises “something you know” paired with “something you have”. The first of these is a password and the second is a physical device, either a mobile phone, tablet, computer or a YubiKey. Two-factor authentication provides much stronger security compared to using only a username and password.

We currently offer two different options to access your account via 2FA:

Authy App: This option utilises your phone number to verify your account with a One-Time Password (OTP). OTP is valid only for a single use and cannot be used again for authentication.

When applying for your account, choose the ‘Authy’ option and enter your phone number without the country code (e.g. 07712343456). You will receive an SMS asking you to download the Authy app and register your account with them. Once this is done, every time you log in to your account you will need to provide the OTP security token displayed in the app. For more information, visit the Authy FAQ: https://www.authy.com/faq.

YubiKey: This is a one-time password (OTP) generator device in form of a small USB stick.

When applying for your account choose the “YubiKey” option and enter your YubiKey token. You will need to provide the security token generated by your YubiKey every time you sign in to your CoinFLEX account. You can purchase a compatible YubiKey on Amazon. FIDO U2F Security Key is not a compatible key. For more information, visit the YubiKey FAQ: http://www.yubico.com/support/faq/

If you have any questions surrounding the setup of 2FA , please view our two-factor authentication FAQ section of our Security page.

Why does CoinFLEX require two-factor authentication (2FA)?

Two-factor authentication is designed to prevent any unauthorised access to your account and is required at all times for your security and the safety of your funds. We believe that passwords, as a standalone method of authentication, are not sufficiently secure for financial services companies such as CoinFLEX.

Many people use the same passwords on multiple services. If a person’s password was compromised by a malicious hacker, there is a risk that other online services they use could also be compromised. As a financial institution, CoinFLEX must undertake security measures to protect our clients from this type of security vulnerability.

How do I change my password?

It is possible for you to change your CoinFLEX account password by going to the Sign In page, clicking “Did you forget your password?” and following instructions.

We require passwords with a minimum of 8 characters. We will not have any access to your password, nor will we be able to send it to you, so please ensure it’s memorable to you. Changing your password requires using an Authy or YubiKey token, if you have already set this up for your two-factor authentication.

To change your password:

Click on the “Log In” button
​Click “Did you forget your password?” link
Enter your email address to receive a message with a link to the Reset Password page
You will receive an email from CoinFLEX with a link to the Reset Password page
​Enter your new password twice and enter your 2FA token (if the token field is displayed).
Click “Change Password”
​You will be redirected to the logged in view with a notice: “Your password was changed successfully”
Click “Sign Out”
​See notice: “Signed out successfully”

You will now be able to sign in with your new password

NOTE: If you are requested to enter a 2FA token, you must provide one. For YubiKey users, please use your YubiKey.

Are there any account restrictions?

Unfortunately we cannot currently accept users from the following regions: Residents of the USA, Canada, Singapore, Cuba, Iran, Syria and North Korea or any other jurisdiction where the services offered by CoinFLEX are restricted, are also prohibited from holding positions or entering into contracts at CoinFLEX.

If it is determined that any CoinFLEX user has given false representations as to their location or place of residence, CoinFLEX reserves the right to close any of their accounts immediately and to liquidate any open positions.

Why does it open a separate tab to trade on CoinFLEX?

CoinFLEX has a white-label partnership with Trading Technologies, a leading high performance futures trading software provider. Trading on CoinFLEX is accessed via the My Account Trade tab.

Where can I find my transaction history?

Trade history from the last 30 days can be accessed via the My Account Trade History tab.

History of deposits and withdrawals from the last 30 days can be accessed via the My Account Deposits and Withdrawals History tab.

Additionally, a CSV download of full history (not limited to last 30 days) is available within My Account.

Two-factor authentication

What can I do if I don’t receive the registration SMS token?

An SMS token is sent only during the Authy registration stage during the application process for a CoinFLEX account. An SMS is not sent for signing in or resetting a password.

If you’ve been using SMS to sign in to your CoinFLEX account, you will be required to download Authy app on your smartphone or computer (as a Chrome extension) and register it with the same phone number you have been receiving the SMS on. CoinFLEX will appear on your list of accounts without the need to type codes or use QR codes.

SMS is a best effort protocol, meaning your carrier will do it’s best effort to deliver the message to you. High network traffic or SPAM filters could prevent you from receiving the registration text message.

If you have not received the SMS, please follow these steps:

  • Verify that you have entered your phone number correctly.
  • Confirm that you are using a web browser that supports SMS requests.
  • Install the dedicated app. Opening https://www.authy.com/install within your phone or computer browser will show you if there is an app for your device. You must enter the same phone number you used when applying for your CoinFLEX account. If you see CoinFLEX on the list of your Authy accounts, you can use the token from the app instead of the SMS token.

If you still do not receive the SMS or cannot install the Authy app, please contact CoinFLEX Team, providing the phone number you were trying to use (including the country code).

Deposits and Withdrawals

What can I deposit to trade on CoinFLEX?

All of our users can deposit Bitcoin to trade on CoinFLEX. Following further basic KYC, users can be enabled to deposit Tether (USDT) or USD Coin (USDC).

How do I deposit funds?

Your deposit details for both Bitcoin, USDT, or USDC are accessed via the My Account Deposit tab.

How do I withdraw funds?

You can enter your withdrawal details for either Bitcoin, USDT or USDC via the My Account Withdraw tab.

What are the minimum deposit and withdrawal amounts?

The minimum deposit and withdrawal amount is 0.001 bitcoin, 10 USDT and 10 USDC.

How do I change my withdrawal address?

If you wish to change your withdrawal details this can be done under the My Account Withdraw tab. Please note we do not currently allow users to reuse a withdrawal address once it has been changed.

How long does it take for a withdrawal to be processed?

As we keep up to 1% of customer deposits outside of cold storage, withdrawals can be processed instantly.

Is there a fee to deposit / withdraw Bitcoin, Tether or USD Coin?

No, CoinFLEX does not charge a fee for any form of deposits or withdrawals. When withdrawing Bitcoin, the minimum Bitcoin network fee is set dynamically based on blockchain load.

Can I send my payouts directly to my CoinFLEX deposit address?

Yes you can. Efficiency of our systems is not affected by freshly mined bitcoin. Please bear in mind our minimum deposit amount.

Can I send cryptocurrency to someone else from my CoinFLEX account or accept payments?

No. CoinFLEX is not a wallet service and does not allow payments or third party withdrawals. We require all clients withdraw their bitcoins directly to their own wallets.

CoinFLEX allows withdrawals between platforms where the account is held in your name if the Terms of Service of the other platform allow for such a transaction. We reserve the right to discontinue this permission, and if we do so, you will be notified in writing via email.

Please note, that withdrawals another platform are at your own risk. If the funds do not clear on the other platform after being confirmed on the blockchain, we will not be in a position to aid you with any potential issues on the other end.

Conversion

What is conversion?

Conversion is a tool that allows you to move assets from spot balances into futures balances and vice versa . As you must hold at least one side of the contract’s ‘[Asset]/[Counter]’ to trade on that contract’s order book, you make conversions from spot assets to futures assets to trade specific futures contracts.

On the expiry of the contract you have traded, you must convert your futures balances (including potentially profits) back to spot XBT, USDT or USDC balances.

How does conversion work?

To trade on a futures order book, you must convert spot assets (XBT, USDT or USDC) into a future assets account (for example, XBT/USDT.APR19 and USDT/USDC.APR19). There is no exchange rate when using the conversion function.

For example, 1 XBT/USDT.SPOT = 1 XBT/USD.1503 and vice versa. If spot assets are converted to future assets, these can be converted back again at any point during the contract’s life. However, profits can only be converted to spot assets after contract expiry.

How do I use the conversion function?

You can convert your Bitcoin, USDT or USDC into your futures assets account under the My Account Conversion tab.

What happens to converted funds at settlement?

At contract settlement, all future assets are instantly converted into spot assets and added to your spot balance.

Collateral & Leverage Funding

What is collateral?

To enter a leveraged position, you must use some of your own funds as collateral for the trade. The amount of your funds used for a position is calculated through the required margin ratios. CoinFLEX is flexible on your choice of funding and allows collateral to be posted in both Bitcoin, USDT or USDC. In addition, your collateral can be used to trade, i.e. collateral of 1 Bitcoin at 10x leverage = 11x max position.

What is leverage funding?

Leverage Funding is what you request from CoinFLEX to trade on leverage.

How do I post collateral?

Collateral can be posted in either Bitcoin, USDT or USDC for all leverage funding requests. However, by settlement, any outstanding leverage funding must be fully collateralized with the same underlying asset.

Can I trade with leverage?

Yes, CoinFLEX allows up to 20x leveraged trading on our futures contracts. Leverage is determined by the Initial Margin and Maintenance Margin levels.

What is Initial Margin?

The minimum amount of collateral – Bitcoin, USDT or USDC – that you must post in order to open a position.

What is Maintenance Margin?

The minimum amount of collateral – Bitcoin or USDT – that you must maintain to keep a position open. If after trading, your margin balance drops below this level, CoinFLEX will initiate auto-liquidation to restore your margin ratio back up to your initial margin ratio level.

Does the margin ratio remain constant during the contract period?

Other than periods of extreme volatility, the margin ratios will remain at a constant level for the majority of the contract period. However, during the last three business days of the contract, open contracts will enter the Ramp Up schedule where the margins will be steadily increased so that by the last day of this repayment period, all positions will be fully funded, ready to deliver the digital asset.

Contracts

What is a futures contract?

A futures contract is an agreement to buy or sell a commodity, currency or other instrument at a predetermined price at a specified time in the future.

What does physically delivered mean?

In a physically settled CoinFLEX Bitcoin futures market, any user who holds a contract at expiry will be owed 0.0001 XBT whilst owing the USD amount based on the price at which the contract was bought.

At expiry, a user who has sold a contract will owe 0.0001 XBT and will be owed the USDT amount based on the price at which the contract was sold.

How do physically delivered Bitcoin futures differ from cash settled Bitcoin futures?

The differences occur in how the contracts are settled at expiry.

In a cash settled Bitcoin futures contract, a participant will receive the difference between the price at which they entered into the trade and the expiry price, which is usually determined by an index composed of one or more spot exchange prices. This difference will be paid in ‘cash’ between the participants holding positions at expiry. ‘Cash’ in this case can sometimes be Bitcoin or USD.

In a physically delivered Bitcoin futures contract, at the point of settlement, any participant who has sold Bitcoin futures for USDT futures (taken a ‘short’ position) will have that amount of USDT delivered to them. Similarly, any participant who has bought Bitcoin futures against USDT futures (taken a ‘long’ position) will have Bitcoin delivered to them.

What futures contracts does CoinFLEX currently offer?

Please view our Specifications page to view our most up-to-date futures contracts offering.

What maturities will be listed?

Per underlying instrument, there will be at least two contracts live at any one point in time, i.e. the current month’s contract period and the next month’s Monthly

Monthly: Last Friday of the month: January (F), February (G), March (H), April (J), May (K), June (M), July (N), August (Q), September (U), October (V), November (X), December (Z).

Full 2019 Expiry Dates Schedule below:

Monthly 29-Mar 26-Apr 31-May 28-Jun 26-Jul 30-Aug 27-Sep 25-Oct 29-Nov 27-Dec
What are the asset codes for trading CoinFLEX’s futures contracts?

Monthly: [Asset]/[Counter].[MMM][YY]
E.g. if a user trades the March 2019 Bitcoin Futures contract, the contract will be: XBT/USDT.MAR19 (H19), April 2019 = XBT/USDT.APR19 (J19), May 2019 = XBT/USDT.MAY19 (K19), etc.

How do I trade April futures, for example?

CoinFLEX’s system differs from other exchange systems as our futures contracts are physically delivered, plus you can post margin using bitcoin (XBT) or stablecoin (USDT or USDC).

If you want to buy XBT, you must have leverage funding requested in USDT.
If you want to sell XBT, you must have leverage funding requested in XBT.

Scenario 1: If you wish to take a long leverage position and you have XBT as collateral:

  • Deposit XBT collateral and convert to the futures contract XBTAPR19 account. (Conversion)
  • Use the collateral to request leverage funding in USDTAPR19. (Leverage Funding)
  • Use the leverage funding borrowed in USDTAPR19 to enhance XBTAPR19 account balance. (Leveraged)
  • Buy or Sell that specific futures contract with your now enhanced futures balance. (Position)

Scenario 2: If you want to take a short leverage position and you have XBT as collateral:

  • Deposit XBT collateral and convert to the futures contract XBTAPR19 account. (Conversion)
  • Use the collateral to request leverage funding in XBTAPR19. (Leverage Funding)
  • Your total enhanced futures account balance is now in XBTAPR19. (Leveraged)
  • Buy or Sell that specific futures contract with your now enhanced futures balance. (Position)

Scenario 3: If you want to take a long leverage position and you have USDT as collateral:

  • Deposit USDT collateral and convert to the futures contract USDTAPR19 account. (Conversion)
  • Use the collateral to request leverage funding in USDTAPR19. (Leverage Funding)
  • Your total enhanced futures account balance is now in USDTAPR19. (Leveraged)
  • Buy or Sell that specific futures contract with your now enhanced futures balance. (Position)

Scenario 4: If you want to take a short leverage position and you have USDT as collateral:

  • Deposit USDT collateral and convert to the futures contract USDTAPR19 account. (Conversion)
  • Use the collateral to request leverage funding in XBTAPR19. (Leverage Funding)
  • Use the leverage funding borrowed in XBTAPR19 to enhance USDTAPR19 account balance. (Leveraged)
  • Buy or Sell that specific futures contract with your now enhanced futures balance. (Position)
What is the difference between futures contract accounts XBTAPRI19 and USDTAPR19?

From a trading perspective, there is no difference. It is designed in this way so that you are able to request leverage funding for the contract to leverage trade the particular futures contract.

Depending on which type of leverage funding you took out, XBT (borrowing bitcoin to fund a short position) or USD (borrowing USD to fund a long position), you will be allowed to either buy (using available USD Apr balances) or sell futures (using available XBT Apr balances).

Can I trade directly between contracts (i.e. calendar spreads)?

Not at present. However, we are on track to offer functionality to trade basis (Futures – Spot) and trade directly between listed contracts in 2H2019 without executing separate trades.

Do I have to hold a contract to expiry?

No, you can close out or roll your position at any point before the settlement date, which occurs on the last Friday of the month. To roll, you must close your position in the expiring month and replicate it in the next month using separate transactions.

Until a contract settles, it is only possible to convert futures balances back into spot balances that are not in use as collateral. Profits cannot be converted out of the futures contract until settlement. If you have made a loss after repaying your obligations you will only be able to convert your remaining balance. To roll after making a loss you will need to post more collateral to replicate the position in the new month.

Liquidation

What is auto-liquidation?

Auto-liquidation is when the exchange automatically buys or sells futures contracts on your account to keep you in a margin compliant position and occurs when you breach your maintenance margin. Auto-liquidation will bring your position back to the initial margin ratio level

Please be aware that this margin compliant calculation is done for each processed leverage funding request taken out on an individual basis. For example, you may take out leveraged funding to be leveraged long XBT/USDT.APR19, but also take out leveraged funding later to be short XBT/USDT.MAY19 in a rallying market. Although you have no net exposure aggregating both months, the short leg may well be liquidated (and vice-versa on a down move in the market).

You will be solely responsible to manage the collateral across each individual processed leverage funding request to make sure that both are margin compliant.

What does being margin compliant mean?

For any leverage funding you have taken out, you must ensure your collateral meets the margin ratios set by CoinFLEX.

Which margin ratio is used for auto-liquidation?

A combination of both. The original obligation requires the initial margin requirement, but liquidations will not occur unless the lower maintenance margin ratio threshold is under threat of being breached. If the margin ratio goes below this maintenance margin ratio level, auto-liquidation will occur such that your remaining position is back and compliant, only up to the initial margin ratio level.

Will my spot assets balances be used in the margin calculations for futures contracts?

No, these will not be used automatically. You will need to visit the My Account Conversion tab on our website to convert these spots assets to futures assets (XBT/USDT.APR19 or USDT/USDC.APR19) to ensure that the auto-liquidation algorithm uses these balances in it’s calculations for margin compliance.

How is the liquidation price calculated?

The price will be the best price or combination of prices that can be obtained from placing trades on your behalf on the order book you are being liquidated in.

How is liquidation executed?

The liquidation process is automated. An algorithm runs in the background checking yours and everyone else’s positions constantly. Any action that needs to be taken by our liquidation algorithm happens automatically when a position is no longer margin compliant.

Please note that should a user’s position run afoul of margin requirements, we will only liquidate enough of that user’s position to bring them back in line with our initial margin requirements. This is in contrast to some other derivatives exchanges who will fully liquidate a user’s position once it breaches the maintenance margin threshold.

Profit/Loss

Example 1:

Suppose Adam is a trader who wants to track his profits in USDT ($T).

Adam enters a long position by using his USDTAPR19 Balance and buys $T 6000 worth of XBT/USDT.APR19 futures contracts with an average entry price of $T 3000, which is equivalent to 2 XBT. Market price moves up to $T 3700.

His unrealised profit/loss (UPL) is the difference between the market price and average entry price:

UPL = ($T 3700-$T 3000) times 2 XBT= $T 1400

The market price moves up again to $T 5000 and Adam decides to close his position and lock in his profits by selling his 2 XBT at $T 5000. His final profit/loss (PL) after having closed his position is:

RPL = ($T 5000 - $T 3000) times 2 XBT = $T 4000

Adam’s profit/loss (PL) of $T 4000 only becomes realised at settlement of the futures contract.

Example 2:

Suppose Ben wants to short XBT futures but he has only USDT balance. He can request Leverage Funding in XBT using his USDT as collateral.

Ben enters a short position of 2 XBT @ $T 3000 by using his Leverage Funding of 2 XBT requested on his XBTJUN19 futures account. The market price moves down to $T 2500 and he decides to buy back 2 XBT to close out his short position and lock in his profits. His profit/loss is therefore:

RPL = ($T 3000 - $T 2500) times 2XBT = $T 1000

Example 3:

Suppose Cara is a trader who has balance in XBT only and wants to track her profits in XBT. She wants to enter a long position in XBT/USDT.APR19 Futures. She can request Leverage Funding in USDT using her XBT as collateral.

Cara then enters a long position of 2 XBT @ $T 3000 by using her Leverage Funding of $T 6000 requested on her USDT.APR19 futures account. The futures contract market price moves up to $T 3700, hence her unrealised profit/loss is:

UPL = (1/$T 3000 - 1/$T 3700) times $T 60000 =~ 0.3784 XBT

In this case, Cara’s UPL is in XBT as she decided before trading to track her profits in XBT. Her unrealised profit/loss (UPL) is the difference between the market price and average entry price.

Cara decides to close her position and sells $T 6000 worth of XBT to realise some of her profits at the current futures contract market price of $T 5000.

Cara decides to close her position and sells $T 6000 worth of XBT to lock in her profits at the current futures contract market price of $T 5000. Her profit/loss (RPL) is:

RPL = (1/$T 3000 -1/$T 5000) times $T 6000 = 0.8 XBT

Example 4:

Suppose David wants to enter a short position in XBT/USDT.MAR19 futures. He can use his own XBT balance or request Leverage Funding to enhance his short position.

David enters a short position by selling 2 XBT at $T 3000 and receives $T 6000. Market price moves down to $T 2500 and David decides he wants to lock in his profits.

RPL = (1/$T 2500 - 1/$T 3000) times $T 6000 = 0.4 XBT

When can I take out profits?

Profits made from trading a given futures contract cannot be withdrawn until after 12pm UTC on the expiry date of that contract.

Settlement

What is the settlement method?

CoinFLEX futures contracts are physically delivered. This means an owner of one Bitcoin futures contract at settlement is entitled to receive 0.0001 XBT whilst a seller is entitled to receive the USDT based on the price at which they traded the contract.

When does settlement occur?

Settlement occurs on the last Friday of the futures contract period at 12:00 UTC.

What happens at settlement?

If leverage funding has not been repaid previously, it is automatically due for repayment on the same day as the last day of the Contract month, which is the last Friday of that month. Once settlement has occurred, you may withdraw any profits that you have made on the leveraged trade.

What is margin Ramp Up?

Margin Ramp Up is the repayment period schedule that occurs towards the end of an open futures contract period. CoinFLEX will increase margin requirements over two business days starting on the Wednesday before the settlement date of the contract to ensure all users are able to deliver in accordance with their settlement obligations. Once every hour for 24 hours starting at 12pm UTC on Wednesday until 12pm UTC on Thursday, CoinFLEX will increase the margin requirements for all users.

The increase in margin requirements refers to the decreasing maximum leverage funding available throughout the couple days of trading once the Ramp Up schedule starts.

Example at 10x Leverage on 1 Bitcoin (XBT):

 

Day Time (UTC) Leverage Funding Leverage Ex Collateral* Margin Ratio
Wednesday 11:00 10 XBT 10:1 10.00%
Wednesday 12:00 8 XBT 8:1 12.50%
Wednesday 13:00 6 XBT 6:1 16.67%
Wednesday 14:00 4 XBT 4:1 25.00%
Wednesday 15:00 3 XBT 3:1 33.33%
Wednesday 16:00 2.5 XBT 2.5:1 40.00%
Wednesday 17:00 2 XBT 2:1 50.00%
Wednesday 18:00 1.5 XBT 1.5:1 66.67%
Wednesday 19:00 1.25 XBT 1.25:1 80.00%
Wednesday 20:00 1 XBT 1:1 (fully collateralized) 100.00%
Wednesday 21:00 0.95 XBT 0.95:1 (over-collateralized) 105.26%
Wednesday 22:00 0.9 XBT 0.9:1 (over-collateralized) 111.11%
Wednesday 23:00 0.85 XBT 0.85:1 (over-collateralized) 117.65%
Thursday 00:00 0.80 XBT 0.8:1 (over-collateralized) 125.00%
Thursday 01:00 0.75 XBT 0.75:1 (over-collateralized) 133.33%
Thursday 02:00 0.7 XBT 0.7:1 (over-collateralized) 142.86%
Thursday 03:00 0.65 XBT 0.65:1 (over-collateralized) 153.85%
Thursday 04:00 0.6 XBT 0.6:1 (over-collateralized) 166.67%
Thursday 05:00 0.55 XBT 0.55:1 (over-collateralized) 181.82%
Thursday 06:00 0.5 XBT 0.5:1 (over-collateralized) 200.00%
Thursday 07:00 0.45 XBT 0.45:1 (over-collateralized) 222.22%
Thursday 08:00 0.4 XBT 0.4:1 (over-collateralized) 250.00%
Thursday 09:00 0.375 XBT 0.375:1 (over-collateralized) 266.67%
Thursday 10:00 0.35 XBT 0.35:1 (over-collateralized) 285.71%
Thursday 11:00 0.325 XBT 0.325:1 (over-collateralized) 307.69%
Thursday 12:00 0.3 XBT 0.3:1 (over-collateralized) 333.33%

*As CoinFLEX allows users to trade with collateral, on top of Leverage Funding, the leverage multiplier in each scenario would be technically plus 1, i.e. 10x leverage is actually 11x (including collateral).

CoinFLEX reserves the right to change the margin Ramp Up schedule and Ramp Up rate at any time.

What happens if I don’t make the increasing Ramp Up margin ratio requirements?

If after any hour cut-off during Ramp Up, your margin does not make the stated Ramp Up threshold, CoinFLEX will initiate auto-liquidation to restore your margin ratio back up to the initial margin ratio requirements.

Do I have to hold a contract into the margin Ramp Up period?

No, you can close out or roll your position at any point before the settlement date. To roll, you must close your position in the expiring contract period and replicate it in the next contract period, using separate transactions.

Until a contract settles, it is only possible to convert futures balances back into spot balances that are not in use as collateral. Profits cannot be converted out of the futures contract until settlement. If you have made a loss after repaying your leverage funding, you will only be able to convert your remaining balance. To roll after making a loss, you will need to post more collateral to replicate the position in the new contract period.

Order Types

Market Orders:

A market order is an order to be executed immediately at current market prices. Traders use this order type when they have an urgent execution.

Limit Orders:

A limit order is an order used to specify a maximum or minimum price the trader is willing to buy or sell at. Traders use this order type to minimise their trading cost, however they are sacrificing guaranteed execution as there is a chance the order may not be executed if it is placed deep out of the market.

Stop Orders:

A stop order is an order that allows users to buy or sell when the price reaches a specified value, known as the stop price. This order type helps traders protect profits, limit losses, and initiate new positions. CoinFLEX will offer stop limit orders specifically.

What is price banding?

Price banding is a mechanism that subjects all orders to price validation and rejects market orders outside the given band to maintain orderly markets and accidental “fat fingers”.

Orders into CoinFLEX may be restricted from matching at prices deviating more than 10% above (when buying) or below (when selling) the underlying spot price, as determined by a composite index created by the exchange.

Bands are calculated dynamically for each product based on the last price, plus or minus 10%. Thus, if markets quickly move in one direction, the price bands dynamically adjust to accommodate new trading ranges.

Fees

Are there trading fees?

Yes, CoinFLEX charges a trading fee on every completed trade, set at 0.03% for both makers and takers. We only charge fees after an order is matched – not for placing an order. The fees are the same across all order books.

Please view our Fees page for more information.

Is there a fee on deposits or withdrawals?

No, CoinFLEX does not charge a fee for any form of deposits or withdrawals. When withdrawing Bitcoin, the minimum Bitcoin network fee is set dynamically based on blockchain load.

API

Does CoinFLEX offer API solutions?

Yes, CoinFLEX offers a fully featured REST API and streaming WebSocket API that are optimised for ultra-low latency connections. We provide native libraries and sample clients in popular programming languages for your use.

Please view our API page for more information.

Where can I find CoinFLEX’s API documentation?

Please view our API documentation in GitHub here.

Where can I find my API credentials?

Once you have logged in, you can view your API credentials via the My Account API Details tab.

Security

How does CoinFLEX keep my funds safe?

CoinFLEX operates with a 99% multi-signature cold storage policy with up to only 1% stored in a hot wallet. All our users’ Bitcoins are received, stored and sent out from within multiple underground vaults.

Please view our Security page for more information on our rigorous security practices.

What is a cold multi-signature wallet?

It is a Bitcoin wallet, stored offline that requires m of n signatures in order to spend any funds. In the case of CoinFLEX, it requires 2 of 3 partners to sign any transaction before funds may be spent.

Is my password secure in CoinFLEX’s database?

Your passwords are hashed using bcrypt with 10 cost factors, an adaptive cryptographic hash function for passwords.

Why CoinFLEX does not support SMS for 2FA log in?

As you may be aware from news stories in the press, there has been a recent increase in the instances of people having their mobile phone numbers taken over by malicious attackers via social engineering of mobile phone operator staff.

In summary, the attack involves a hacker contacting a victim’s phone operator and convincing a call centre agent to transfer the victim’s phone number over to another, hacker controlled, SIM card.  From there, the hacker arranges to reset the victim’s email using the SMS recovery option on their email account by which point the hacker often has all the information they need to access the vast majority of the victim’s online accounts.

What makes this different from other attacks is that someone could have reasonably good security and it can still be circumvented.

To prevent this, we recommend that you do not in any way enable the use of your phone number to recover access to your email address or vice versa.

Below is a short summary of useful steps you can take to secure your email, mobile phone and phone number if you are not already doing so.

How to secure your email

All email systems are different but high level we recommend the following:

  • Do not use SMS or voice for 2FA access to your email (unless there is no other option).
  • Do not use SMS or voice for password recovery for your email account (even if there is no other option).
  • Set up device based 2FA solutions such as Authy* or Google Authenticator so that authentication is only possible if you have the actual phone and not just the phone number.
  • Only ever enter 2FA credentials directly on the site they are meant for. Do not pass the details on to anyone or approve a Google prompt or Microsoft Authenticator notification even if you have previously been contacted and told to expect this 2FA request.
  • Do not reuse passwords anywhere. One account, one password.
  • Do not use password hints.

* Although Authy asks for a phone number to ease setup, by default it does not allow switching physically to a new phone, even if the phone number has not changed. This should not be disabled (by allowing Multi Device 2FA) unless it is enabled only for the period when a new device is intended to be added (such as the Chrome App or a second known phone) and then immediately disabled.

How to secure your mobile phone and phone number

  • Encrypt your phone.
  • Set up a lock screen password, PIN, etc.
  • Take advantage of any extra security features from your phone operator, such a requiring an extra PIN or password before changes can be made to your account.
  • If your phone stops working and a restart does not fix the problem, contact your phone operator immediately to find out why.
  • Contact your phone operator and, if possible, ask them to require you to personally go into an operator owned store with a proof of identity in order to transfer your phone number to a different SIM card*.

* Unfortunately, this last suggestion is not foolproof and you must take action to secure your phone and email in order to limit the damage caused in the event a hacker succeeds in taking over your phone number.

CoinFLEX’s security additions in light of the increased “phone number takeover” risk

Since day one, all CoinFLEX users have been required to set up either Authy (SMS and App) or YubiKey Two-Factor Authentication. So if someone were to find out a user’s username and password they would still not be able to log into their account without the user’s Authy One-Time Password token or YubiKey device. 2FA on CoinFLEX is, and always has been, mandatory.

The above advice goes beyond Bitcoin. As we all grow to rely on the internet and our phones more, the cost of our smart devices and online accounts being hacked also increases. Please be vigilant and hopefully you can prevent your phone or email being taken over or at least limit the damage significantly if they are.

Helpful links:

What is a YubiKey?

Why YubiKey wins?

Buy a YubiKey compatible with your CoinFLEX account

What is Authy?

Authy for PC – is this still Two-Factor Authentication if I am using the same device?

Using Multi-Device with Authy and device control

PCMag – Two-Factor Authentication: Who Has It and How to Set It Up

 

How can I disclose a suspected security vulnerability to CoinFLEX?

Protecting our users’ security is paramount to CoinFLEX, and we recognise the importance of security researchers. If you suspect a security vulnerability, please contact us at [email protected]. We offer compensation for vulnerability disclosures.

 

Register for a free account
Sign up takes less than 2 minutes

Prohibited Countries: American citizens and residents of the United States of America, Cuba, Iran, Syria, Sudan, North Korea, Afghanistan and any other Countries that are restricted from trading on our platform are prohibited from holding positions or entering contracts at CoinFLEX.

If it is determined that any CoinFLEX trading participant has given false representations as to their location or place of residence, CoinFLEX reserves the right to close any of their accounts and to liquidate any open positions.