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CoinFLEX

latest release: 2.7.0 ( 12th November 2021 ) last analysed  22nd November 2021 Not functioning anymore 
4 ★★★★★
8
30th April 2020

Jump to verdict 

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Do your own research!

Try out searching for "lost bitcoins", "stole my money" or "scammers" together with the wallet's name, even if you think the wallet is generally trustworthy. For all the bigger wallets you will find accusations. Make sure you understand why they were made and if you are comfortable with the provider's reaction.

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The Analysis 

(Analysis from Android review)

App Description

CoinFlex is “the world’s first physically delivered cryptocurrency derivatives exchange”. It supports XBT, ETH, BCH, Tether, among other things.

Google Play Critical Reviews

Woke Progress Akwu
★☆☆☆☆ October 16, 2021
Not able to register…. please the technical system should do something fast about this.

Xong Vang
★☆☆☆☆ October 14, 2021
Cannot even register for an account

Termination Clauses in Terms of Service

CoinFlex has a termination clause that grants them the power to:

Section 21.2 We may terminate this Agreement (and close your Account) at any time and for whatever reason upon giving you 7 days’ notice.

Section 21.3 We may terminate this Agreement (and close access to your Account) immediately

They also have account suspension powers

Section 2.9.2 We reserve the right to suspend or revoke your access to the Platform at any time without prior notice to you. If we suspend your profile, your Account or terminate your access to the Platform, then we may also close any open orders and administer a Close Out of any outstanding repayments of Leverage Funding at that time.

Security

CoinFlex has a 99% cold-storage policy.

The App

We tried downloading and registering on the app but were not able to receive the email verification.

Verdict

As a cryptocurrency derivatives exchange that holds 99% of funds in cold storage, CoinFlex is a custodial service. However, due to the registration seemingly not functioning since October last month, we will also classify this as defunct.

(dg)

Verdict Explained

This product went out of business ... or so. Read the analysis for details.

As part of our Methodology, we ask:

Is the product still supported by the still existing provider? If not, we tag it Defunct! 

Discontinued products or worse, products of providers that are not active anymore, are problematic, especially if they were not formerly reproducible and well audited to be self-custodial following open standards. If the provider hasn’t answered inquiries for a year but their server is still running or similar circumstances might get this verdict, too.