With 550% monthly sign-up growth and 4500% monthly trading volume growth, Flipster is the go-to exchange for users across 87 countries. Offering a diverse selection of over 200+ perpetual futures listings, Flipster offers leverage of up to 100x, all available through their lightning-fast, intuitive, and secure app. Traders have the freedom to make instant flips, monitor their portfolios, and capitalize on market movements—anytime, anywhere.

The Challenge

The importance of a robust automated verification solution cannot be overstated. Flipster’s goal was to streamline the customer onboarding and identity verification experience while enhancing security and meeting regulatory requirements. 

Why Sumsub?

Flipster works with customers from a wide range of countries, often with specific verification challenges. Sumsub offers a comprehensive package of features, including Liveness, extensive ID analysis, and a customizable user journey. Sumsub’s solution has helped Flipster rise to the challenge and maintain compliance across different jurisdictions.

The Solution

Flipster’s verification process is organized into two main onboarding levels (depending on the region) with corresponding level requirements. They use the following Sumsub’s features:

• ID Verification
• Liveness and Face Match
• Proof of Address Check
• Phone Verification
• Fraud Networks

The Fraud Networks feature is an excellent first line of defence, giving Flipster greater insights for detecting and monitoring customers. 

The Results

The results of integrating Sumsub were obvious from day one. The median verification time is now 1 minute and 18 seconds, while the pass rate is now above 70% and climbing.

Future plans

In the near future, Flipster aims to:

• Reach over 1 million users
• Form strategic partnerships
• Create a unique and memorable brand to stand out in the crowded CEX market
• Launch web trading for desktop users
• Diversify their range of assets 
• Strengthen community engagement 

Sumsub will accompany Flipster on their road to success, helping them with frictionless onboarding and seamless identity verification worldwide.