CoinFlip Review (Crypto Exchange Review + Fees + Coin List)

CoinFlip is a leading Bitcoin ATM operator and US-based cryptocurrency exchange created in 2015. CoinFlip has various Bitcoin ATM machines placed in different locations throughout the USA in 48 states. CoinFlip has over 300k customers and over 3000 Bitcoin ATMs nationwide in the USA. Users may purchase Bitcoin and few other top cryptos through the CoinFlip online portal or with cash through its ATMs.

Note that CoinFlip requires varying levels of KYC (Know Your Customer) identity verification protocols to be completed for buying cryptocurrency in the amount worth above $900 USD. CoinFlip is only open to US investors and not open to any international investors.

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History of CoinFlip

CoinFlip was created in 2015 to empower those who were left out by the traditional banking system to join an innovative and global economic system. CEO Ben Weiss first started as COO in 2016, has grown the company to over 200 employees, and today leads the company based in Chicago. CoinFlip is the highest volume provider in the Bitcoin ATM space and maintains some of the lowest barriers to buying Bitcoin. CoinFlip has found that a significant portion of its ATM user base is comprised of underbanked and even low-income individuals who want to transact primarily in cash. By accessing Bitcoin, they now have a brand new avenue for paying bills, transferring money seamlessly around the world, investing in a new asset class, and more. CoinFlip hopes to create a global ecosystem of kiosks in order to push adoption and to continue its mission to get crypto into as many people’s hands as possible.

As of 2022, CoinFlip has expanded to over 3000 ATM machines across 48 states in the USA and has over 1M cash-to-crypto exchanges and counting.

CoinFlip is best for:

Beginner and intermediate cryptocurrency investors and traders who desire access to buy Bitcoin or other top leading cryptocurrencies with cash, bank transfer, wire, or debit/credit cards using a US-compliant service and strong support presence
Crypto buyers and investors who prefer to buy crypto in person or locally instead of solely through online exchanges, however CoinFlip does offer a trading desk to buy crypto with bank transfers, wire transfer, and debit or credit cards. This service is not well-suited for active traders.

PROS

Physical Bitcoin ATMs
Online trading desk available
24/7 ATM customer service
Low minimums and high limits
Business owners can host CoinFlip ATMs

CONS

Very high fees
Limited to US only
Only 10 spot cryptocurrencies available, and only Bitcoin available at the ATMs
No crypto-to-crypto trades
No derivatives or online charting
Full KYC required

Pros & Unique Features

The biggest perk of CoinFlip is its unique network of Bitcoin ATMs across the USA which is the only way a user can buy Bitcoin directly with USD cash, but residents of some states are currently unable to use CoinFlip services. CoinFlip allows users to buy and sell Bitcoin with cash through their network of over 3000 ATMs. Users can alternatively become a CoinFlip Trading Desk client to buy crypto with bank transfers or with debit and credit cards. Users can find ATM locations here.

CoinFlip offers 10 spot cryptocurrency market offerings, with no crypto-to-crypto functionality and no derivatives or substantial online charting or trading platform with a trading engine beyond a trading desk.

CoinFlip’s trade desk can be used by online users to buy and sell cryptos with payment rail access to banking. The trade desk offers clients personalized, white-glove service with on-demand and live help. CoinFlip offers low minimums and high limits in using this option, but note that it requires full KYC compliance.CoinFlip offers same day settlement on all wire transactions and live 24/7 customer support via phone or email. CoinFlip also offers price matching, promising the best price among competitors within a 5 mile radius from the relevant ATM. Same day ACHs up to $25K are offered and standard ACHs can be carried out for higher amounts. As of yet, clients are not able to buy with ACH payments, but this feature is planned to be released soon. Users who have used the ATMs need to register separately online to become a client of the trade desk services. The trade desk is available on weekdays 7AM-6PM CST only. Users must be approved to submit trades and then are provided payment instructions, after which the trade is executed at the current market rate upon receipt of funds unless specified otherwise. Settlement is done after trade execution by the team.

Users can also buy Bitcoin and other leading cryptocurrencies online with a debit or credit card; this service is powered by Simplex. Verification is required for this access and note that the ATMs only accept cash so users wishing to purchase crypto using debit or credit cards will need to do so through this online portal.

CoinFlip also offers a program for business owners to host CoinFlip Bitcoin ATMs and earn passive income. Through this program, ATM owners can be paid to host CoinFlip’s ATM in their store at no cost to the business owner as CoinFlip handles shipping, customer support, and cash collections. Business owners can also enjoy increased foot traffic and support Bitcoin locally.

As for customer support, CoinFlip offers constant 24/7 support via phone or email. The CoinFlip team also maintains a blog with regular updates. CoinFlip also runs a merchandise store. There is also a learning knowledge base offered with free articles to learn about crypto.

Cons & Disadvantages

The main disadvantage of CoinFlip is that its ecosystem of products and crypto financial services is nowhere comparable to any full-featured exchange offering such as Binance, FTX, Crypto.com, or many others. CoinFlip is much better thought of as primarily a cryptocurrency ATM platform for using USD cash to buy crypto, and alternatively its online platforms as secondary ways to buy crypto with wire/ACH/cards.The online platform is not a trading interface with any trading engine nor full-featured exchange, but rather an OTC trade desk that can execute trades. There are no order books users can see, no charting or advanced order type functionality, no derivatives and that too, there are very limited spot cryptocurrency offerings with only 10 coins offered.

Fees using CoinFlip’s services are therefore also far higher than for using a traditional cryptocurrency exchange as noted above. Fees can range from 0.5% and higher, depending on volume. On average, the rate for buying Bitcoin at CoinFlip’s ATM can be 6.99-9.9% when buying crypto and 4.99% when selling crypto across CoinFlip Bitcoin ATMS, in addition to a fluctuating network fee of $1 to $3. Fees are included in the price of cryptocurrency sold.

US users who wish to transact with far more exchange and trading functionality with or without KYC may opt to use competitors like KuCoin or Binance, thereby gaining access to a much wider selection of trading instruments such as margin and futures, among a far more expanded spot trading instruments offering.

CoinFlip Fees

CoinFlip does not have an exchange trading interface nor order books being that it is not an exchange platform, and does not use maker-taker fees. Instead, CoinFlip institutes separate ranges of fees for each of its services.

ATM Fees

Fees are quoted to range between 6.9-9.9% across all CoinFlip Bitcoin ATMs. This CoinFlip fee is on top of the cryptocurrency’s spot price based on index prices. If the user has a discount code, the discount is deducted from the CoinFlip fee.

The Bitcoin blockchain charges its own fluctuating network fee given to miners as a reward for processing transactions. CoinFlip does not collect this fee, and it is delivered directly to the miners that process the transaction. This fee ranges from $1.99 minimum to over $3 depending on the state of the blockchain network at the time of transaction.

CoinFlip offers a rate-matching program that will match the best price across any other competitor ATM within a 5 mile radius.

Buying BitCoin or Crypto Online with Cards Fees

The total fees when buying online are 5.98%. CoinFlip charges a 2.99% transaction fee.

The Simplex service charges a 2.99% transaction fee, with a minimum of $5. These extra charges apply in addition to the rate provided at checkout.

Trade Desk Fees

CoinFlip Trade Desk fees range between 0.5% to 4% depending on transaction volume. Fees can drastically decrease for larger trade sizes and for customers with high monthly trading volumes.

Other Fees

There are no other fees charged besides the ones noted above for each service.

Account Tiers & Limits

Since CoinFlip is not a typical exchange, the limits are listed per service.

Bitcoin ATMS

KYC requirements apply for transactions above $900 USD, with government-issued ID being required. Transactions below this amount only need to enter in a name and phone number.
Transactions above $3000 will additionally need to input a social security number.
Limits: $16k per day, call customer support for larger limit, limits reset at midnight local time

Trade Desk

$100 minimum transaction and maximum depends on the identification provided
Full KYC required for using the trade desk

Online Portal

KYC required through Simplex
Methods allowed include Visa or Mastercard via Simplex service

Crypto Security

CoinFlip is not a traditional cryptocurrency exchange, but rather offers primarily Bitcoin ATM services as well as an online trade desk and credit/debit card options through a third-party service called Simplex.

Bitcoin ATM operators host their ATMs in locations such as gas stations, restaurants, and convenience stores, which means the areas in which they are located are well-lit with staff members nearby.

Users should still practice common sense safety tactics such as being aware of their surroundings when using the ATM, not allowing anyone to help, not counting cash in public, using a trusted digital wallet with private keys kept safe from digital intrusion, and only contacting official CoinFlip customer support if they require help with the transaction.

CoinFlip Review Conclusion

CoinFlip is not the best option for those looking for a full-featured cryptocurrency exchange to buy or sell cryptos, and is not a viable option for any sort of active traders. CoinFlip is a good, if not the best option, for those looking to buy Bitcoin specifically with USD cash without regard for much higher fees than would be found on exchanges.

CoinFlip is also a good option for those who wish to purchase other top cryptos (limited to top 10 coins) with instant settlement wire transfers with high limits, or those wishing to purchase crypto online through its partner Simplex in the online platform using any Visa or Mastercard debit or credit card.

While CoinFlip offers a track record of being on the market since 2015, offering around the clock live support, and having over 3000 Bitcoin ATMs around the US making it a good option for US investors including those who are unbanked to obtain access to crypto, it is not an ideal option for buy-and-hold investors due to fees that are at least 10x as high as those of the average crypto exchange, and it is absolutely not a viable option at all for traders due to a lack of order book or exchange functionality.

CoinFlip only offers 10 cryptocurrencies in its trade desk and online platform served by Simplex for card users, but only offers Bitcoin in its physical ATMs, making its crypto selection much more limited than even the most limited US-only exchanges such as Binance US or FTX US
Unbanked individuals with no access to traditional banking or those who prefer to buy crypto with cash can use CoinFlip’s Bitcoin ATMs to do so with minimal KYC, but KYC (ID) is required above $900 and even more verification (SSN) required above $3K
Traders looking for more spot crypto offerings, or advanced derivatives instruments, or crypto financial services like crypto debit cards or crypto loans may prefer other exchanges such as Binance or FTX

Other Alternatives

For customers who desire access to a simple user interface with more trading pairs, with mobile functionality for even buy-and-hold investors, and access to banking system rails, Coinbase, and Voyager can make great alternatives with a more competitive amount of cryptocurrencies offered to trade and far more competitive trading fees and functionality, as well as US compliance. However, only CoinFlip allows users to buy Bitcoin with USD cash.

Beginners, buy-and-hold investors, and traders of all volume amounts may prefer the easy to use features and functionality of Coinbase or Coinbase Pro with its brand presence, US regulatory approval, and cryptocurrency education that even provides the chance to earn free cryptocurrency for learning.

Even other US exchanges such as Kraken and Gemini are better suited for buy-and-hold investors or casual to intermediate cryptocurrency users who desire a much larger selection of cryptocurrencies offered compared to CoinFlip’s 10 spot offerings, while active traders who need access to order books and advanced charting functionality will prefer using FTX, Binance, or KuCoin though their fee structures and product offerings differ. CoinFlip is the most expensive method to obtain cryptocurrency.

For customers who desire to trade and invest in stocks in addition to top cryptocurrencies and do not mind having access to only the top 20 cryptos on the market, Webull and Robinhood are brokers that offers US equities and still a larger selection of cryptocurrencies than CoinFlip.

CoinFlip vs Gemini

CoinFlip and Gemini are different in the sense that CoinFlip is mostly a service offering Bitcoin ATMs for cash-only users and a few other online services, while Gemini if a full-featured exchange, like the others noted below.

Even despite Gemini’s fee schedule being higher than that of the average crypto exchange, the fees at CoinFlip are far greater. The minimum fee tier at Gemini starts at 0.35% for takers and 0.10% for makers, with a flat transaction fee between $0.99-$2.99 and 1.49% transaction fee for trades over $200, so there are extra fees per transaction and extra “auction” fees, which CoinFlip does not have due, but the CoinFlip minimum fees will be 0.5% only at their trade desk which is not applicable for all traders or users. The fees for ATMs are 6.9% minimum and for buying online are 5.98%, minimum.

US investors and traders are allowed to use Gemini with KYC compliance since Gemini is regulated and based in the USA. Neither CoinFlip nor Gemini offers any margin or futures products. KYC is minimal at CoinFlip unless above certain transaction amounts, plus buying Bitcoin with cash is the least intrusive of options, so CoinFlip is the winner for privacy.

Gemini offers 62 coins and 86 trading pairs, while CoinFlip offers at max 10 spot offerings for its ATM and trade desk both. Gemini offers other services such as Gemini Earn and more.

CoinFlip vs Crypto.com

Crypto.com really shines against CoinFlip for investors due to its extensive suite of crypto financial services including its Visa card with up to 8% CRO rewards on purchases, Crypto Earn for up to 14% per annum on crypto deposits, and more. CoinFlip does not offer such crypto financial services but is tailored more to be a Bitcoin ATM service for those who wish to buy with cash and may prefer the privacy afforded with that, those who are unbanked.

Crypto.com also offers more staking and lending services with average tier fees compared to its competitors, but those fees are substantially lower than those of CoinFlip. Compared to CoinFlip’s selection of 10 major cryptos, Crypto.com offers 150 coins and over 260 trading pairs, most of which are accessible to US users with a simple mobile app with access to banking rails. Though Crypto.com is not an advanced traders’ exchange like FTX may be better suited for, it is still a better choice for the average investor looking for the best way to get involved in crypto.

CoinFlip vs Coinbase

CoinFlip offers no advantages over Coinbase for almost every type of investor or trader, except for those who prefer minimally invasive KYC that is still dealing with a compliant US company such as CoinFlip.

Coinbase’s fees start at 0.5% for both makers and takers for the lowest fee tier, which is middle of the road as far as crypto exchanges go and still about 10x cheaper than those of CoinFlip, so Coinbase wins in the fee department.

Only Coinbase offers the option of advanced charting and crypto-to-crypto trading pairs using Coinbase’s Coinbase Pro product or mobile app. Neither Coinbase or CoinFlip offer any margin or leverage futures trading products. CoinFlip offers no charting or orderbooks and instead only offers access to a trade desk with OTC functionality.

CoinFlip only offers 10 coins, while Coinbase offers 139 coins and 402 pairs, so Coinbase’s selection is much more extensive.

Coinbase is a public US company and offers transparency into its industry-leading security along with its brand reputation, while CoinFlip is also compliant in the US, but not as big of a brand.

Ultimately, users who desire both competitive fees and a greater selection of trading products than what either FTX or Coinbase offer may find the choices below equally valuable.

CoinFlip vs Kraken

Kraken offers margin trading at up to 5X leverage even for US investors and several other margin offerings, while CoinFlip offers no margin or leverage trading at all, and instead only 10 spot offerings.

Kraken uses a maker-taker fee schedule, starting at 0.16% maker fees and 0.26% taker fees at the entry level which is more competitive than the fee schedule for CoinFlip for certain.

Kraken also offers a large variety of cryptocurrencies and pairs (93 coins, over 400 pairs), so users who value a large selection and advanced traders who seek margin will prefer using Kraken.

Kraken is accessible in 48 US states with KYC and is regulated and licensed by FinCEN in the USA, so users who may just want to purchase <$3k worth of Bitcoin without KYC but don’t mind 5%+ fees may opt to use CoinFlip.

CoinFlip vs Binance

Binance is the leading global crypto established exchange by trading volume, offering a much larger selection of cryptocurrencies than many of the exchanges mentioned above – over 351 coins and over 1300 pairs, which is only marginally beaten by KuCoin when it comes to centralized exchanges.

Traders looking solely for the most advanced trading options such as high leverage margin and futures products may prefer FTX over both options, however Binance Futures offers many USDT futures pairs that are not offered on FTX at the moment. CoinFlip offers only 10 spot options, which is still smaller than Binance US’s extremely limited spot selection.

Binance’s base maker-taker fee is also far more competitive than that of CoinFlip by almost 50x, starting at 0.1%, and offering further 25% reduction in fees if paid in BNB.

Binance offers a more extensive web and ecosystem of products, support, and liquidity, especially given its larger daily volume as compared to CoinFlip.

Binance is the most popular and well-known futures market in the global cryptocurrency industry and well-known for its extensive futures pairs. The Binance exchange is not at all accessible to US persons and US customers will have to use Binance US which is a much more limited version of its global parent site, with only 64 coins and 130 pairs. In contrast, only US users are allowed to use CoinFlip.

Binance requires full KYC now to trade even spot products, and various levels of KYC are needed for using CoinFlip services below $3K in transactions.

In summary, traders and intermediate users alike who value a large selection of cryptocurrencies, products like staking, lending, and more, competitive fee structures, and futures and margin products will prefer Binance, but unbanked users or anyone needing to buy crypto in a convenience or hurry without making an exchange account can use the services offered by CoinFlip either online or in person at an ATM.

FAQ – Frequently Asked Questions

Is CoinFlip Safe?

Yes, CoinFlip has been around since 2015 and processed over 1 million transactions for over 300K customers. They offer 24/7 customer service that always picks up the phone.

Bitcoin ATM operators host their ATMs in locations such as gas stations, restaurants, and convenience stores, which means the areas in which they are located are well-lit with staff members nearby.

How long does CoinFlip Withdrawal take?

Upon using the Bitcoin ATM and pressing “Buy Now” at the ATM, transactions are sent within 3 minutes but depending on the congestion of the Bitcoin blockchain network may take slightly longer to complete. There is no withdrawal since CoinFlip is not an exchange or custody wallet, however CoinFlip does send the user the crypto purchased in a transaction across all of its offered services – ATMs, trade desk, and online portal. All crypto purchased is sent instantly upon payment, and in the case of the trade desk, users must first be approved to submit trades and then are provided payment instructions, after which the trade is executed at the current market rate upon receipt of funds unless specified otherwise. Settlement is done right after trade execution by the team.

Is CoinFlip a good exchange?

CoinFlip is not an exchange and therefore is not the best option for those looking for a full-featured cryptocurrency exchange to buy or sell cryptos, and is not a viable option for any sort of active traders.

CoinFlip is a good option, if not the best option, for those looking to buy Bitcoin specifically with USD cash without regard for much higher fees than would be found on exchanges. For someone who values minimally invasive KYC and convenience or wishes to use cash to buy Bitcoin, CoinFlip is useful.

Where is CoinFlip located?

CoinFlip’s corporate office is located in Chicago. CoinFlip maintains over 3000 Bitcoin ATMs across the USA, which can be located and found here.

Does CoinFlip require KYC?CoinFlip offers minimal KYC for using its ATMs but requires full KYC for its trade desk or online portal. KYC tiers can be seen below for using the ATMs.

Bitcoin ATMS

KYC requirements apply for transactions above $900 USD, with government-issued ID being required. Transactions below this amount only need to enter in a name and phone number.
Transactions above $3000 will additionally need to input a social security number.

What are the Deposit and Withdrawal Methods and Fees for CoinFlip?

Deposit Methods – users may deposit via only cash fiat in the ATMs to exchange for cryptocurrency. Using the trade desk, users may use wire transfer or bank transfers. Using the online portal, users may use any Visa or Mastercard debit or credit cards.

Withdrawal methods involve primarily crypto withdrawal to the user’s wallet upon successful purchase. However, users can also sell crypto at different rates to CoinFlip, including exchanging Bitcoin or Litecoin to cash at a CoinFlip ATM. By using the trade desk users can access more withdrawal methods upon execution, such as wire or bank transfer.

There are no additional withdrawal or deposit fees.

What is the Minimum Withdraw Amount for CoinFlip?

When using a CoinFlip Bitcoin ATM, the user can purchase anywhere from $20 to $16,000 worth of crypto using cash, depending on the cryptocurrency being purchased and the user’s CoinFlip account registration status for KYC. Users may call customer support to potentially access a higher limit which resets at midnight local ATM time each day.

The CoinFlip trade desk maintains a $100 minimum transaction and maximum depends on the identification provided, so minimum withdrawal amounts are limited by that condition as well.

How do you withdraw from CoinFlip?

Find your closest Bitcoin ATM: https://coinflip.tech/bitcoin-atm
Select the crypto you wish to sell or buy (and withdraw fiat cash upon selling either Bitcoin or Litecoin only, or withdraw crypto upon exchanging cash)
Accept the terms and conditions presented on the ATM screen
Select your cash limit—up to $900 or more than $900. The user will have to register for the ‘more than $900’ option. If so, proceed through registration with some KYC tier to become a registered customer.
Enter phone number
Select the amount to withdraw. Depending on the machine, you will only be able to withdraw in increments of $50.
Scan the QR code with your digital wallet application.
Wait for one network confirmation. Once the transaction has been confirmed, the user will receive an automated text message stating that the funds are ready for withdrawal. If this is not received, the user should call CoinFlip customer service.
Withdraw your cash (or crypto to your wallet provided).

Is CoinFlip a wallet?

No, CoinFlip is a service provider providing 3 main ways for users to purchase cryptocurrencies: (1) its physical Bitcoin ATMs located across the USA, (2) its trade desk and OTC service, and (3) its online portal where users may purchase crypto using credit or debit cards in partnership with Simplex.

How to use CoinFlip? See steps above for how to use a CoinFlip ATM. To use the CoinFlip trade desk, users will have to register here and undergo KYC. The trade desk is available on weekdays 7AM-6PM CST only. Users must be approved to submit trades and then are provided payment instructions, after which the trade is executed at the current market rate upon receipt of funds unless specified otherwise. Settlement is done after trade execution by the team.

To use the CoinFlip online portal to buy crypto using a credit or debit card, go here.

CoinFlip User Reviews

Astounded Reddit user makes a post about the high ATM fee of 6.99%. u/imcited notes: “That’s the rate with the fee. 6.99% is not bad for an ATM, the industry standard is over 12%.” u/imafirinmuhlazer adds an interesting point: “[I’m] pretty sure [that’s] literally the lowest fee you can get on any crypto atm”
Users trying to understand CoinFlip’s fee model. As an alternative option with a much lower service fee, u/kungPOWERchicken responds: “If you are using cash check out LibertyX’s cvs promo where it’s a flat 4.95 fee to buy up to $500 of bitcoin per day.” Though for this, “you generate a barcode in their app and then the cvs cashier scans the barcode and you pay cash. not an atm.”
A Redditor states they used a small amount to see how it works, and that it “is super quick and easy!” Though it is important to note that “you can choose where to deposit. All you need is a photo of the receiving address QR code. You cant manually input a address.”
User reports a good experience with his first time using a CoinFlip ATM: “I had a sense of relief and renewed belief in crypto yesterday using this ATM and thought I would share my experience with you.”