We were joined with Leslie from CoinFLEX Team .
About Leslie :
I am the Chief Strategy Officer at CoinFLEX, overseeing global growth as well as product selection and focus (basically, anything that needs to be done).I joined from Binance last year, where I headed up the OTC and Global Key Account coverage team. Previously I spent 15 years in finance.
About CoinFLEX (by Leslie):
CoinFLEX is the world’s first Physically Settled Cryptocurrency Exchange. We aim to serve a range of different users in the market, from advanced traders, to institutions. For advanced traders, we aim to make powerful trading tools – our aim is to make trading exciting and accessible .
For the institutional market, with our many years of finance experience (i.e. I am an old guy), we aim to serve different firms such as miners, OTC desks, hedge funds, in their hedging needs.
One of the unique things about having a physically settled exchange is, the ‘Lending Product” is very compelling. It may not be “DeFI” but the ease of settlement makes “the carry trade” very simple .
About FLEX Token :
FLEX is the token that powers the CoinFLEX Exchange. The Exchange Token space is pretty developed nowadays, but we do have our unique traits.
- Firstly Staking FLEX on the exchange provides a range of benefits.
- Lower fees
- Higher Affiliate payments
- Currently we offer Rewards! For every 100 FLEX staked for 30 days, you receive a reward of 1 USDT.
Using FLEX, you can get some of the lowest trading fees in the buisness. Our standard fees are 0.03% for both taker and maker. But you can lower fees buy staking I would say, a modest amount of FLEX.
Lowest fess on our exchange are effectively 0% maker and 0.01% taker.
Finally, (and importantly), FLEX is a transaction mining token. There is a fixed airdrop every day, and the coins are split amongst traders according to their taker trade volumes.
I will say our tokenomics are very different to FCoin! I’m just to gorig to throw it out there first.
Q. ASIA is a very vibrant market and most exchanges are competing campaigns here to entice users and grow,
with CoinFLEX you see how ASIA is and do you plan to develop & expanding here?
We are definitely focused on Asia. We feel Asia is more than 50% of the global market if not more. We do have a presence with an office in Hong Kong. And we are looking to hire to cover the region more throughly too. We are cognizant that there are many different subcultures in the crypto space and we want to make sure we cater to as many as possible .
Q. Do users demands and feedbacks considered in the development of CoinFLEX ecosystem? If yes, In which ways do you provide this?
How does CoinFLEX team decide to list new coins/tokens? Is community demands considered in listing process? Also how will be CoinFLEX de-list process?
We think user feedback is the most important thing in the crypto space. To that point we do have a telegram chat room https://t.me/coinflex_EN Where you can join. we have CoinFLEX representatives there responding 24/7 and hopefully can address everyone’s questions and concerns.
We have plans to list more tokens in the future, but on a case by case basis. As we are a futures exchange and very focused on advanced traders (Trading Technologies is our partner – you can check them out on the web – very well established in the futures trading space), we will mainly be focused on listing liquid pairs .
Q. Protecting users/member data and privacy has become a problem that many companies/projects must face in their development.
So can you explain a bit about #FLEX Security???
The founding members of CoinFLEX came over from CoinFloor, the first UK Crypto exchange. They have a 7 year track record of security before coming over – no security incidents. We also use a custodian to custody our coins on the exchange – BitGO.
Q. A True Futures exchange must have the following
High Order Matching Speed.Does Coinflex meet these pain points ?
There are few things that make us feel confident of our throughput.
We currently have rate limits of over 200 orders/second, which is one of the highest in the industy. So far we have not seen any slowdown.
Many institutional clients have commented that our API is one of the most stable out there.
But these are famous last words! The load on a crypto exchange is immense. I would say higher than all traditional markets. We will continue to put resources on robust matching technology .
Q. How could CoinFlex Justify that there will be no fake Volume on its Exchange?
There’s lots of discussion about this and people come up with metrics. I think the best way to do this is to actually put in a bid or offer (limit order) on the exchange. Does trading totally stop? Do you never get your order traded? Or does it trade quickly?
I feel how quickly you can get inside limit orders traded is more important than say, Open Interest or Market depth. But these are all ways to evaluate ‘liquidity’.
Q. What is your strategy/plans to attract the new users and keep them in #CoinFlex side because day by day so many new projects created ?
Great questions! We have come up with what we feel is a great competitions platform
Many exchanges have competitions, but we are creating an entire platform and ECOSYSTEM where communities can set up their own competitions, set their own prizes, do their own marketing and not have to involve us at all!
We want to create a platform like say, taobao or Amazon, where people can start their own business on our exchange.
Q. What is your long-term vision of the industry where the COINFLEX exchange works? Are you afraid that one day there will be another project with more innovative technology that can replace COINFLEX?
The Exchange market is extremely competitive. I think many exchanges can survive, but you need to differentiate yourself. CoinFLEX differentiates ourselves by being focused on the trading experience (rather than first time user experience), educating the community about how to risk manage positions and make a living trading, rather than ‘spray and pray’ or ‘yolo 75x long’
Our physically settled structure will have more use cases in the future, with our Lending product that we look to roll out in the coming months .
Q. For the sake of INCOMING NEWBIES into crypto how EASY/INTERACTIVE is coinflex UX/UI??
How does coinflex handle new crypto TRADERS in terms of SUPPORT, EDUCATION and LEARNING
I will say, we are more for advanced traders. But everyone can learn! We hve “CoinFLEX TV” directly on our interface with many education and teaching videos, and do visit our youtube channel at:
Q. What has been the biggest technical challenge that you overcame this year?
Also What is your target in 2020?
So far in late 2019 and early 2020 we have been focused on building products, and laying the foundations for future growth. Hence we haven’t been as aggressive on brand awareness and marketing. But with the Competitions platform out, and the FLEXLend product soon , we are more ready to make the interface more user friendly and responding to customer feedback
Q. What is your business model? Who are your potential customers and which markets are you targeting on ?
Very simple. Be the cheapest exchange to trade on, so you can trade large volumes and try many strategies without much slippage on fees. With that ethos we want to be the most liquid crypto futures exchange in the world.
I have mentioned our customers earlier. We are targeting a global audience and people who want to spend time learning about trading and having a career in trading.
Q. Can you tell us about your commercial Partnerships???
and how is your business development progress until now ???
As mentioned, we have been building the technical foundation, but we look to be partnering with many trading platforms, charting platforms, data aggregators and API aggregators in the coming months.
Q. What about your Lending program, how is the business model in this area for customers?
We see a lot of products in the market right now, that customers find interesting. Financial platforms out there. Celsius, Nexo, BlockFI, Cred, Compound to name a few big ones. We think it’s great, given how low interest rates are in most parts of the world! However I feel what a lot of these platforms who is act as P2P (peer to peer) platforms, where they lend coins to crypto funds
But do you know what the crypto funds do?
They come onto exchanges like ours, and (Buy Spot, Sell Futures) to make 20-30% per annum! So basically in a way we are cutting the middleman and making a simple product for the average user to benefit from these high lending rates.
Q. Do you specifically have trading competitions for noobs like me?? And how easy is your platform for trading by inexperienced??
Yes! And we have many guys in the CoinFLEX telegram room who will handhold you on how to get started. We love to trade for fun!
Q. What are the Current major issues in Businesses which is trying to solve? as well as which types of businesses CoinFLEX is focusing on ? Explain some benefits For Investors
We think crypto trading right now is still in a relatively early stage. In order to “Long” Bitcoin futures, then flip around when the market turns, you probably have to click 4-5 times and type a lot of numbers. Lots of room for typos and error.
At CoinFLEX, we have a platform pioneered by TT (Trading Technologies). This patented platform allows simple one click execution of advanced risk management order types. We hope to bring this from the traditional futures market to the crypto world so we can increase trading sophistication in the space and hopefully better risk management!
Q. Do you plan to create new use cases for the #FLEX token to increase its value?
Yes! But nothing confirmed for now. Suffice to say do look for best practises outside as well as some ideas ourselves to come up with new use cases. For tokens utility and velocity are important factors in how often it is used and traded so we are working on that .
Q. The biggest problem of users is manipulation and sudden fluctuations. Can users cheat to avoid competition in trade? Can it manipulate price? Can it cause sudden fluctuations?
What precautions do you take for users who cause volatility in prices?
One way we stand out is in physical settled contracts. This prevents suspicious activity around futures expiration where the final settlement price is based on other spot exchanges. This also means we are less directly affected by ‘flash dumps’ similar to what Bitmex/Bitstamp experienced in May 2019. This is one of many ways we aim to prevent manipulation. But talking about this would be an AMA in itself!.
Q. How could CoinFlex Justify that there will be no fake Volume on its Exchange?
I mentioned this. I have seen 20+BTC orders place inside the bid offer, and trade almost immediately. Because we have low taker fees. it’s very easy for limit orders to get hit and the book is very dynamic.
Q. About Flexcoin, what features and advantages does it offer for users; Is investing in it a good option conceptually?
- Supply: Airdrops every day based on taker volumes
- Demand: CoinFLEX profit buy&burns, Burning FLEX for fee rebates, FLEX Staking for fees and affiliate payouts
I would summarize it that way. Do read our whitepaper! lots of detail there.
Q. OTC is a potential market, Coinflex plans to implement this market?
Probably not right now – not our forte. Definitely not fiat. Fiat is a very complex problem than a lot of very qualified people are trying to provide solutions for.
Q. What revolutionary features would be on COIN FLEX that other exchanges at present doesn’t have
- Competition platform
- Easy to use, attractive lending product
- Advanced, customizable trading interface
- Really really low fees (really).
Q. What’s your outlook on the future of cryptocurrencies? What can we do to keep increasing adoption?
Passionate communities like this one! I do think the world is quickly changing to a more decentralized nature. Just look at the coronavirus and how it (unforunately) has changed working habits in geographies affected by it. Remote working, global remote companies, borderless transactions. This is all the future and there’s nothing anyone can really do about it.
Q. Currently, so many futures exchanges launching like recently Binance launched its futures exchange. How will Coinflex attract users in this hard competition?
It’s tough! We’re focused on making it fun, and we’re upfront that we love trading. Welcome suggestions! More competitions, more prizes, gamified interfaces. Do talk to us if you have ideas. We will listen!
Q. Currently, There are many Rules and Regulation are there on cryptocurrencies and exchanges ? How coinflex trading platform can face these problems ?
In some country even people are still cannot freely buy or use crypto, I believe coinflex aiming worldwide users, how do you team handle these problem
This is a tough one to really answer given the uncertainty. I will say we go with best practises and many exchanges have blazed a trail in front of us. We will follow local regulations in various locales.
Q. The biggest dilemma as of now in crypto is volatility and liquidity issues. What steps have been taken by coinflex to overcome it?
I actually think there’s plenty of liquidity (in the majors). it’s really how to trade to protect yourself. What matters more are tools to protect ‘the retail trader’ more than liquidity. With HFT being more prominent in all markets I unfortunately don’t see much change of flash crashes abating any time soon.
Q. Do I need KYC to enjoy all the awesome features and facilities of Coinflex.
There are many futures exchange that meets the pain points of simplicity and convenience by eliminating KYC,
Give us a try.
Q. How did you implement your experience while at Binance to develop CoinFlex ??
Well Binance is a very successful company and they hve a great culture! I learned a lot there, especially how to be customer first and to engage with the community. CoinFLEX is however a very different exchange by nature and so hopefully we can take all the good I have experienced at Binance and try to apply it here!
Q. How efficient is your REST API?? Can I connect with my bots?? What auto-trading platforms are currently supported??
Most exchanges take order submission through REST. We can do it too, but actually the best way is to connect via Websocket. We are one of the few exchanges doing this and that is why we can handle so much throughput
Q. Why is CoinFLEX better? Why is there not the biggest activity on the CoinFLEX exchange?
Growth needs to be organic! Hopefully more people can understand our exchange and what we are trying to do, and we continue to improve. We do have good liquidity on the exchange with a good mix of users globalls and by user type. We need to work harder to spread the message, improve the user experience and come up with new and cool ideas.
Q. Most people learned about the name Coinflex relatively recently. What are the biggest obstacles to mass adaptation of this solution .
There’s a lot of competitors out there and frankly, the space is much more mature and they have good product too! so it’s really differentiation, reaching out to passional traders around the world. We will need to work harder on this!
Q. We are all aware of the security threats posed to exchanges and we have seen exchange set up INSURANCE funds. How secure is Coinflex and do you have any such Insurance fund
Our insurance fund consist of FLEX as maturity. Dare I say some people think an insurance fund makes things safer but other guys don’t like how insurance funds constantly build up and never empty at other exchanges!
I will say you have seen a lot less mention on insurance funds nowadays. The market has developed greatly in the past 2 years and we have seen a lot of sophisticated algo traders enter the market which has lowered the need for insurance funds. Exchange technology has improved too .
Telegram IDs of AMA winners are given below :
All winners are requested to dm t.me/proplene to get their reward .
Dont forget to follow us on https://twitter.com/theblockcircle
and join us on t.me/theblockcircle