Flipster is a cryptocurrency exchange that launched in 2021 and has quickly gained popularity in the crypto trading community. The platform offers a wide selection of perpetual futures contracts alongside options for spot trading. With over one million users and a monthly trading volume exceeding $20 billion, Flipster also operates in over 200 countries.
The exchange provides more than 350 perpetual contracts, catering to traders interested in perpetual futures trading, despite a more limited selection of spot trading pairs. To enhance user experience, Flipster includes passive APR rewards in its Earn Campaign, a Launchpool to stake and earn rewards, and various reward programs. Flipster is a platform that is appealing to both beginner and advanced traders alike because of the ease of use of its user interface and its zero-fee trading option.
In a short period of time, Flipster has made a significant impact in the crypto trading industry, particularly for users interested in perpetual futures trading. The platform’s zero-fee trading is a distinctive feature that allows traders to maximize their profits. With access to over 350 perpetual contracts, traders have numerous opportunities to diversify their trading portfolios.
However, there are some areas that could be improved. For example, the spot trading option is currently limited to six cryptocurrencies as of writing, which may not meet the needs of traders looking for a broader selection. Furthermore, the compulsory identity verification procedure might pose a barrier to some users, and the lack of fiat on-ramps could deter new traders or beginners from entering the cryptocurrency market.
Key Features and Advantages of Flipster
Disadvantages of Flipster
Unlike many exchanges that charge maker/taker fees, Flipster has adopted a zero trading fee model for all crypto trades, along with deep liquidity and real-time performance analytics in a streamlined interface. Whether you’re flipping short-term market trends or managing long-term positions, the platform is designed for speed, efficiency, and usability.
Flipster started as AQX in June 2020, short for “Access, Quality, and Xtraordinary.” The platform was created to address two common crypto trading issues of limited risk protection and poor liquidity. AQX launched its public beta on May 18, 2022. In July 2023, the platform rebranded as Flipster to emphasize a more engaging and user-friendly trading experience. Since the rebranding, Flipster has experienced rapid growth, offering more than 350 perpetual futures contracts and serving users in more than 200 countries.
In the era of digital trading, security breaches, unfortunately, occur from time to time, and even major platforms like Binance are not immune. For instance, in 2019, Binance experienced a security breach that resulted in the theft of 7,000 BTC. The key question becomes – how does a platform respond? Flipster has gone above and beyond to protect users.
To date, Flipster has not reported any external hacks or Maximal Extractable Value (MEV) attacks. While no external attacks have occurred, Flipster continuously enhances security through encryption, two-factor authentication (2FA), and regular audits. The platform partners with Fireblocks for cold storage solutions and conducts thorough reviews of its internal controls to stay ahead of emerging threats.
Flipster follows strict Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols, which require every user to submit identification documents, such as a passport, ID card, or driver’s license—and typically a selfie or live verification before they can deposit or withdraw funds. This verification process can be completed directly within the app, thanks to an integration with Sumsub that streamlines the experience.
Once users upload their documents and receive approval (which usually occurs quickly, with an email notification sent upon approval), they can start trading. While some may find mandatory KYC procedures inconvenient, Flipster has made the process relatively quick and effective, enhancing security by preventing bad actors from using the platform.
Flipster protects user funds using industry-standard measures through Proof of Reserves (PoR). They regularly publish audits that show all customer assets are fully backed 1:1 by reserves. This allows users to check that their account balances are included and confirms that Flipster does not use fractional reserves. PoR ensures that if all users decide to withdraw their funds, Flipster can process every request. This is important, especially after recent industry collapses. By frequently updating the Proof of Reserves, Flipster shows accountability and reassures users that their money is safe and securely held. Additionally, users can verify their account balance via the Merkle Tree self-verification tool on Flipster.
Flipster is committed to securing user information and digital assets beyond the measures already mentioned. In December of 2024, Flipster achieved ISO/IEC 27001 certification, which is widely recognized for establishing high standards in information security management for organizations. The security measures implemented by Flipster demonstrate their relentless dedication to protecting users’ data and assets in an increasingly complex digital world.
In addition to being an ISO/IEC 27001 certified organization, Flipster has partnered with Fireblocks to secure digital assets in cold storage, ensuring they are safely held offline. The platform implements two-factor authentication (2FA) for an extra level of protection and includes end-to-end encryption, keeping user data secure. Flipster enlists third-party security experts to conduct regular reviews and audits of its security measures, ensuring compliance with international industry standards. Role-based access control (RBAC) is employed to limit access to sensitive data based on employees’ roles. Additionally, Flipster has a response plan for security incidents that outlines procedures for emergency responses in case of a breach, while adhering to global privacy and protection laws, including GDPR. Through these comprehensive security measures and its robust response plan, Flipster is committed to creating and protecting a safe and reliable environment for users to trade and manage their assets.
Reference links for the security section of the article:
These accomplishments underscore Flipster’s rapid growth and continued commitment to innovation and user-focused development.
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