Introducing FLEXcoin and the futures exchange behind it
CoinFLEX has made a name for itself as “the first physically delivered cryptocurrency futures exchange”. Unlike other exchanges, CoinFLEX enables traders to settle their futures contracts in actual cryptocurrencies, with the goal being to solve the settlement issue with cash-settled Bitcoin futures.
Trading futures may seem complicated to most retail traders. To help make it more accessible, CoinFLEX is currently working on a new interface which enables anyone interested in trading futures to get started with ease.
Built as a token on the Simple Ledger Protocol (SLP), FLEX has a total supply of 100 million coins issued over a two-year period. Like many other exchange tokens, it is used directly within the CoinFlex exchange as a native currency to reward traders.
However, while most exchanges typically use their native currency to reward traders by lowering fees, CoinFLEX incentivizes takers of a deal with their token.
Traditionally, if a trade doesn’t find a taker, it won’t be closed leading to liquidity issues. When this happens, the trader looking to close a deal will suffer a loss. FLEX addresses this issue by rewarding takers of deals, which ultimately leads to increased liquidity.
The amount of FLEX that takers receive depends on their total taking trading volume. Introduction of the FLEX rewards has resulted in both increased liquidity and tightened spreads within the exchange.
100 FLEX can then be used to get a 50% discount on all trading fees for 24 hours time frame. In the future, CoinFLEX plans to add further benefits and privileges for FLEX holders.
Additionally, CoinFLEX uses 20% of its revenue each quarter to buyback and burn FLEX, reducing the overall supply of the token.
Until now, the easiest way to get FLEX was to either trade on or buy directly through the CoinFLEX exchange. With the listing of FLEX on the Bitcoin.com Exchange you will now be able to trade FLEX against a variety of other tokens!