What is Flipster? A Beginner’s Guide

4 months ago 2

ARTICLE AD BOX

Trading platforms have become essential in the cryptocurrency market, playing a crucial role in the industry. Although many projects claim to offer these toolsets, only a few provide the necessary tools to streamline the crypto trading experience for everyone, regardless of their trading expertise.

This article will discuss Flipster, one of the fastest-growing crypto derivatives exchanges that offers traders a fast and frictionless trading experience, through its comprehensive suite of trading tools. We will explore the project’s origin, operation, security features, and everything in between.

Quick Navigation

What is Flipster?

Flipster is a cryptocurrency derivatives trading platform designed for traders to access perpetual futures. The exchange also helps crypto traders ride on the latest trends in the market with new trading opportunities. Traders can turn their insights to earn and maximize profits by trading.

But what are cryptocurrency derivatives? A cryptocurrency derivative is a financial instrument used by advanced crypto traders. As the name implies, it ‘derives’ its value from an underlying crypto asset. Crypto derivatives allow traders to learn about the asset’s price movement and speculate on its future price without necessarily owning it.

Perpetual futures are a particular type of cryptocurrency derivatives, and this is where Flipster comes in. As a trading platform that focuses on crypto derivatives, Flipster offers perpetual futures listings on the latest crypto assets.

It is worth noting that some of the symbols offered on the Flipster trading app are unavailable on other derivatives exchanges. Also, more symbols are added to the platform regularly, presenting traders with various trading options.

Other perks include the minimal cost of conducting trades. Flipster offers zero trading fees, which means that investors and traders who use the platform will earn more profits as they will not be required to spend a part of their trading profits to pay trading fees.

Founded in 2021, Flipster is backed by Presto Labs, the largest crypto quantitative trading firm in Asia.

The Flipster app can be downloaded on iOS and Android, enabling traders to monitor their crypto portfolios and trade market movements on the go. Additionally, the platform supports web trading, enhancing its versatility. Users can make fast moves and capitalize on opportunities using either web browsers or mobile devices, for a seamless trading experience anywhere they go.

How to Register on Flipster

To access Flipster’s suite of products, you must register an account on the platform. Creating an account on Flipster is easy. Here’s a step-by-step process:

Step 1: Download and install the Flipster mobile application from Google Play or the iOS App Store.

Step 2: Once the Flipster app opens, click “Get started” to proceed.

Step 3: You must sign up with your email address and create a secure password for your account. Then, read and agree to the “Terms of Use” and “Privacy Policy.” There is a “referral code” space you can fill in if a friend has referred you.

Step 4: Click “Get started” on the mobile application.

Step 5: To complete the registration process, you will receive an email confirming your registration. Open your email inbox and complete the Flipster account email verification by clicking “Verify email.”

Step 6: After initial registration, you must undergo an identity verification process to access all platform features on Flipster. The Know Your Customer (KYC) process involves confirming your identity by submitting personal information such as your resident country, a photo of your identity document, your mobile number, and a selfie.

These measures aim to contribute to the overall security of your Flipster account and help prevent fraudulent activities.

How to Buy Crypto on Flipster

After creating and securing your account, you can start trading cryptocurrencies on your Flipster account. Choosing the right coin or token is crucial, as selecting the wrong asset or underlying network can result in a permanent loss of funds. Here’s a step-by-step guide on how to buy crypto on Flipster:

Step 1: Log into your Flipster account.

Step 2: On the mobile app, tap “Assets” and click “Receive” crypto to proceed.

Step 3: Search for and select the coin or token of your choice from the list to deposit into your Flipster account to proceed.

Step 4: Scan the QR code or copy the wallet address (a combination of random letters and numbers) and paste it into the address field on the sending account.

Note: Multiple networks may support the transfer of some assets. Therefore, ensure you select the correct network, as wallet addresses will differ depending on the chosen network. Also, the transfer of some assets may require a destination tag. Please make sure to input the destination tag correctly on the sending platform.

Step 5: Submit the withdrawal request on the sending platform. It is important to remember that transactions sometimes take time to confirm. Confirmation time varies depending on the network traffic and the blockchain.

How to Trade Crypto on Flipster

After depositing cryptocurrencies into a Flipster account, users can commence trading activities on the platform. Flipster is designed to offer a fast and seamless trading experience, allowing traders to make instant trades and monitor their portfolios on the go. The platform’s high liquidity and narrow bid-ask spreads enable traders to execute trades at favorable prices.

Flipster offers perpetual futures trading. This section will also explain the meaning of several trading features and tools.

Perpetual futures are a derivative financial instrument that allows a trader to speculate on the price of an underlying asset without owning it. This type of trading distinguishes itself from traditional futures contracts by enabling traders to open or close positions without an expiry date. Perpetual futures suit traders wishing to gain long-term exposure to a particular asset.

Flipster offers over 250 perpetual futures listings, including Bitcoin (BTC) and Ethereum (ETH), that can be traded with leverage of up to 100x. The platform features a wide range of tokens, including ones not readily found on other derivatives exchanges, and some of which have low visibility in spot markets.

When a symbol is added to a launchpad and goes live on top trading platforms, Flipster will announce its perpetual futures listing within hours. Additionally, traders can anticipate frequent additions of altcoin derivatives, providing more opportunities for diversifying their crypto portfolio.

On Flipster’s trading platform, users can place orders through the order zone using two methods:

Margin Trading: Traders can enter positions with funds larger than their trading account. It provides precise control over the margin allocated for each trade, but the quantity of contracts can fluctuate based on the opening price.

Position Size: Users can specify the contract quantity directly. This approach offers a stable, fixed amount for each trade, ensuring clarity and consistency.

Order Types

Under the Order Types section, there are several features:

Market Order: Buy or sell at the best available price.
Trigger Order: Set a trigger price that must be reached before executing a market order.
Leverage: Trade with a small initial capital of a larger order amount. On Flipster, users can adjust the leverage amount of up to 100x, according to their trading strategy.

What Are Long and Short Positions?

Buy-Long: Buy orders placed by traders who want to benefit from the increasing price of a crypto asset.

Sell-Short: On the flip side, short positions are sell orders typically placed in bearish markets with the expectation that the price will decline from the entry point.

Trading Features

Multiple Positions: Open up to five positions or pending orders per symbol, supporting diversification and risk management.

Trigger Order: Set instructions to execute a trade only if specific predefined conditions are met, such as price levels and market movements.

Adjust Funds Invested: Add or remove funds invested in an open perpetual swap position, to impact the liquidation price in your favor.

Close Custom Amount: Enjoy the flexibility to partially close an open position, manage risk by reducing market exposure, or realize partial profits.

Flipster’s Security Review

Security is essential when dealing with cryptocurrencies and should be a fundamental aspect of any crypto platform to protect users’ funds from potential breaches. Flipster prioritizes this by providing a safe environment for crypto traders.

User safety and asset security are top priorities on Flipster, which is why the platform adheres to strict Anti-Money Laundering (AML) and Know-Your-Customer (KYC) protocols. To combat bad actors who exploit cryptocurrencies, Flipster requires users to verify their identities by uploading a copy of an identity document, among other verification requirements, before gaining access to platform features, such as depositing and withdrawing crypto assets.

Industry-standard security measures, such as two-factor authentication, are mandatory for all Flipster user accounts. These measures contribute to the overall security architecture of a Flipster account and help prevent fraudulent activities. Although these security steps may seem inconvenient to some users, their benefits outweigh the drawbacks. Additionally, the Flipster team continuously monitors all transactions for suspicious activity.

To demonstrate its commitment to protecting users’ accounts, Flipster regularly updates and improves its security measures in response to emerging threats and technologies. The platform also performs ongoing security assessments and compliance checks.

Moreover, Flipster embodies transparency principles by regularly auditing its reserves and publishing its Proof of Reserves (PoR) on its website, which is regularly updated. PoR is a form of verification that ensures all user assets held on Flipster’s platform are fully backed on a 1:1 basis and are securely managed.

By prioritizing the safety of users’ assets, Flipster allows traders to verify that their assets are accounted for. This commitment reinforces users’ trust and confidence in Flipster, which gives them peace of mind.

Flipster’s Key Products

Here are some of the products that make Flipster stand out:

Instant Flip

Flipster’s Instant Flip feature allows users to quickly change their trading position (long/short) with a single tap. This feature helps users to take advantage of opportunities or protect one’s trades in response to volatile market conditions. Users can quickly capture market opportunities or safeguard trades without delay.

As earlier mentioned, Instant Flip enables users to adjust their trading strategy easily, which is perfect for when the market changes rapidly, or trends are reversing. A trader can immediately limit losses or secure profits. It simplifies the process, so they don’t have to go through multiple steps to change market positions.

When utilizing the Instant Flip feature, users will close an open position and simultaneously open a new position in the opposite direction.

How to Use Instant Flip:

First, download the Flipster app, create an account, and complete the identity verification process.
Then, navigate to the Trade tab and select an existing position from the Open Positions section.
Depending on whether you have a long or short position, you will see the option to “Flip to short” or “Flip to long.”

For a Long-to-Short flip, the exit price for your long position will be the Best Bid Price, and a new short position will be opened at this price.

For a Short-to-Long flip, the exit price for your short position will be the Best Ask Price, and a new long position will be opened at this price.

Earn Campaign

Flipster’s Earn Campaign lets users trade and earn additional crypto assets simultaneously. The platform offers up to a 20% Annual Percentage Rate (APR) on users’ USDT balance. There is no lock-up period, and rewards are given out daily. Eligible participants will receive campaign rewards in their Flipster accounts within a business day.

Launchpool

Flipster’s Launchpool allows users to earn more from their cryptocurrency holdings by providing various rewards on token staking. By staking their assets, users can generate daily earnings, enhancing their returns beyond the potential price appreciation of their crypto. Additionally, users can boost their profits by up to 4x by meeting a minimum trading volume or becoming a Flipster VIP.

VIP Program

As a Flipster VIP, you receive exclusive benefits such as trading rebates, VIP Earn Pools with daily rewards of up to 3,000 USDT at the time of writing, extra APR for special campaigns, and extra trading commissions on referrals. By joining the Flipster VIP Program, users can access these perks and maximize their earnings. Users qualify to become a Flipster VIP by maintaining a minimum deposit of 50,000 USDT or by having a 15-day trade volume of 3 million USDT.

Referral Program

Flipster’s Referral Program enables users (referrers) to invite their friends (referees) into the trading platform using a unique referral link. For 90 days after registration, the referrer will receive a 3% APR on their referee’s wallet balance and receive trading commissions. For example, if the referee deposits 1,000 USDT, the referrer gets 30 USDT (annually). The referrer also receives trading commissions on their referrals.

Rewards Hub

Flipster’s Rewards Hub gives both new and existing users a head start on their crypto journey by offering up to 150 USDT in rewards. Users can earn these rewards by completing simple tasks such as identity verification, making a net deposit of 50 USDT, executing their first trade, and achieving a trading volume of 100,000 USDT or more. The USDT amount for each task can be claimed immediately, but the payment is made only after all tasks are completed. Rewards are distributed seven days after finishing all tasks, and users must maintain a net deposit of 50 USDT until then to be eligible for the payment.

Flipster Airdrop Campaigns

The airdrop campaigns offer users the opportunity to win up to 1,000 USDT worth of position airdrops without any investment. To participate, users have to register for the campaign and collect one chip daily, with each chip guaranteeing a minimum of 2 USDT worth of airdrop. The more chips collected, the higher the chances of winning the top prize of 1,000 USDT worth of airdrops.

Frequently Asked Questions (FAQs) About Flipster

Is Flipster Safe?

Since the platform has not recorded any security breaches at the time of writing, Flipster is considered safe. The platform’s focus on security makes it a reliable choice for users. To ensure the safety of user assets, Flipster conducts regular audits of its reserves and publishes the results as Proof of Reserves (PoR) on its website.

Proof of Reserves is a verification method that guarantees all user assets held on Flipster’s platform are fully backed 1:1 and securely managed. This means that for every asset a user has on the platform, Flipster holds an equivalent reserve. By regularly updating their PoR, Flipster allows users to verify that their investments are fully accounted for, boosting user trust and confidence in the platform.

Additionally, all user accounts are urged to use two-factor authentication (2FA) for added security, enhancing the platform’s overall security measures.

What Are Flipster Trading Fees?

Users can trade with zero fees on Flipster. Additionally, Flipster doesn’t charge fees for depositing assets, although users may incur network fees when transferring cryptocurrencies on-chain. This allows traders to maximize profits by avoiding transaction costs, making Flipster an excellent choice. For more information, please visit Flipster’s fees page.

Does Flipster Require KYC?

Flipster prioritizes user safety and asset protection by adhering strictly to AML and KYC protocols, which require users to submit personal details before accessing the platform’s products.

The Flipster team continuously monitors all transactions to detect suspicious activity promptly. They are committed to regularly updating and improving security measures in response to evolving threats and technological advancements, ensuring ongoing user account protection. Security measures implemented to safeguard customers’ accounts include:

Customer Identification Program (CIP): Involves information about clients—name, date of birth, address, and ID number.
Customer Due Diligence (CDD): Verifies a customer’s identity and assesses their risk for suspicious financial transactions.
Enhanced Due Diligence (EDD): Used for higher-risk clients, this involves collecting extra information to prevent infiltration, bribery, or money laundering.

Where Can I Download the Flipster App?

To start with Flipster on your mobile device, download the app from the Google Play Store or the Apple App Store. Alternatively, you can also scan the QR code on the Flipster website for easy access to the app on your iOS or Android device.

Conclusion

This article has explored Flipster and its essential products. With security as a top priority, the crypto derivatives trading platform aims to offer users extensive trading tools and utilities. As with any crypto platform, users are strongly urged to perform due diligence before using Flipster.

The post What is Flipster? A Beginner’s Guide appeared first on CryptoPotato.

Read Entire Article