BitForex Review 2023
BitForex is a global cryptocurrency exchange with low fees, high liquidity, and security that provides a rich suite of trading tools, such as spot trading (over 300 trading pairs), margin trading, perpetual trading, Turbo Stater (IEO, INO, Vote for listing), BitForex Earn, NFT marketplace, and Crypto Loans. Launched in 2017, BitForex has over 6 million users in over 200 countries and regions.
Our BitForex exchange review will discuss the BitForex platform's services and products, pros and cons, trading fees, security, etc., and demonstrate how to register on the exchange to start trading and maximize profits.
What Is BitForex?
BitForex is one of the leading cryptocurrency trading platforms with a worldwide presence in over 200 countries. Despite being new in the cryptocurrency exchange industry, BitForex exchange has over 6 million users worldwide. It offers a wide range of advanced trading tools, such as token trading, margin trading, BitForex Earn, NFT marketplace, and perpetual futures contracts with leverage up to 100x.
The company is headquartered in Hong Kong, registered in the Republic of Seychelles, and has international teams in Germany, Singapore, Malaysia, Estonia, the Philippines, etc. As a startup, BitForex received over $20 million in funding from famous crypto investors such as TRON, Block VC, Crypto Capital, and Genesis Capital.
BitForex currently supports more than 300 trading pairs and 163 cryptocurrencies, among them Bitcoin (BTC/USD), Bitcoin Cash (BCH/USD), Ether (ETH/USD), Litecoin (LTC/USD), Ripple (XRP/USD), etc. The company offers its own BitForex Token (BF) and a referral program, allowing BitForex members to earn commission on transaction handling fees. Moreover, the BitForex trading engine is capable of processing up to 1.6 million orders per second, significantly more than the trading engines of most crypto exchanges worldwide.
As an "entry-level exchange," BitForex supports such deposit methods as Wire transfers, cryptos from other exchanges, credit and debit cards, cash, and bank account transfer.
BitForex has a mobile phone app for iOS and Android devices that can be downloaded from AppStore and Google Play. The mobile app is suitable for crypto traders on the move and features an intuitive and mobile responsive design. The platform's web version is mobile-friendly and can be used on smartphones.
How Does BitForex Work?
BitForex offers several products and services, including CApp Town, BF sector, EazySwap, BitForex MT5, etc. It has adopted a Tiered Margin Ratio System to avoid the liquidation of significant positions, which can have an enormous impact on market liquidity. It works by offering lower leverage to larger positions held, with a higher Initial Margin Ratio required. BitForex deposits a portion of the entire transaction asset and gives the remainder allowing the user to take leading positions without risking the cash.
BitForex Security
Our BitForex review has revealed that there have been no security breaches or hacks on the exchange since its launch. BitForex service uses a hardware wallet to safeguard the users' accounts and funds.
According to the Bitforex website, user money is stored as follows:
Additionally, the business uses a hot wallet because the user needs to fulfill withdrawals in the queue.
- 98% of user funds are stored in a multi-signature cold wallet offline across various locations worldwide, ensuring an extra layer of protection. To withdraw funds from this wallet, account users will require the permission of multiple members of BitForex’s internationally distributed management backend team.
- The hot wallet stores 0.5% of the funds used to execute withdrawals, etc.
- Other security measures include multi-factor authentication, such as 2FA, SMS verification, and insurance security coverage.
- Protection from Distributed Denial of Service (DDoS): Intelligent load balancing and routing when moving between servers to improve performance. Real-time malicious traffic detection blocks malicious server requests.
- BitForex has a leading global system for monitoring the security of digital assets.
- BitForex migrated to a new data server, and the security team performed a comprehensive audit, including a deep analysis of all source code and dependencies.
BitForex Fees
- Deposit and Withdrawal Fees
BitForex doesn't charge a deposit fee for depositing money, and digital currency withdrawal fees are based on network costs. The exchange charges a 0.0005 BTC withdrawal fee, below the global industry average. Depending on the crypto, there are some limitations for withdrawals. For example, the maximum daily limit for Bitcoin is 100 BTC. Additionally, you must set two-factor or SMS authentication before activating a withdrawal request. You can fund your BitForex exchange wallet using a bank account or a credit card.
- Trading Fees
Trading fees are charged for each executed order based on various fee structures. Fees are calculated in the Realized P/L (profit/loss) and work on a maker & taker structure. As for the spot market, there is a flat 0.1% spot trading fee, which is lower than those charged by most cryptocurrency exchanges
- Maker Fee and Taker Fee
Maker fees apply when you add liquidity to the order book, while taker fees are charged when you remove liquidity from the pool. With BitForex, makers and takers pay a flat fee of 0.1% for spot trading. For perpetual contract trading that involves other currencies, the BitForex Exchange applies a flat 0.06% fee to both makers and takers.
BitForex Features
Our BitForex review has looked into the various features offered by the BitForex exchange, such as:
Spot Trading
BitForex spot trading is one of the easiest ways of buying cryptocurrencies. The user interface for spot trading is straightforward. Trading pairs are on the left, the price chart is in the middle, the order book is on the right, and assets buy and sell access options are at the bottom.
At the website's main menu, go to the ‘Spot' trade page. Enter the order size and price for the trading pair you want to trade with and confirm. After the order is completed, your money will be credited to your Exchange wallet, and the order will be moved to the Order History tab.
TradingView
TradingView is an excellent charting interface for traders who rely on technical analysis to refine their trading edge and get a competitive advantage in their business. The chart offers live prices, comprehensive trading tools, and indicators, allowing traders to draw trend lines and arrows and add chart patterns. It further helps in limit or stop orders.
CApp Town
CApp Town is an open platform based on the BitForex Exchange that connects digital currency traders to multiple blockchain apps, including CoinGecko, Twitch, Paxful, and Matrixport. CApp Town is an essential feature for BitForex, aiming to eliminate the inconsistencies between various blockchain protocols.
EazySwap
EazySwap is a decentralized token mechanism for ERC-20 tokens. The significant benefits of EazySwap are - no gas fees, slow slippage, and quick matching. It offers more than 980 ERC20 tokens for trading and rewards liquidity pool providers with up to 80% of the pool’s trading costs.
Ethereum 2.0 Staking
With this feature, users can stake Ethereum tokens on BitForex. The minimum amount to stake is 0.1 ETH, and you can exchange your ETH tokens anytime. The platform also provides rewards from the BitForex pool based on the number of staked tokens.
BF Sector
The BF sector is a separate trading zone for DeFi, NFT, and Polkadot tokens. The section shows the available DeFi tokens and includes a spot exchange sector where users can stake on any listed tokens.
MetaTrader 5
Another interesting feature worth mentioning is MetaTrader 5, enabling users to trade traditional finances and goods with additional opportunities without leaving the platform. MT5 aims to expand the economic landscape of the cryptocurrency sector and currently supports BTC, ETH, USDT, and XRP currencies. Users can fund their MT5 account by directly transferring funds from their wallets.
Perpetual Contracts
Perpetual contracts are a special type of futures contract with no specific expiry date, so users can hold assets as long as they choose. The absence of expiration allows traders to hold leveraged positions perpetually till the margin is sufficient. Significantly high leverage is one of the most exciting features of BitForex perpetual contracts allowing you to enhance your position up to 100x.
The BitForex Token
The BitForex Token is generated through trade mining, community, and ecosystem mutual building. BitForex exchange uses 80% of its trading fees as purchase-back and allows token holders to vote on platform growth and community management.
BitForex Turbo
BitForex Turbo is a listing platform created for premium IEO listings worldwide. It assists blockchain startups in raising money and expanding their presence across the crypto ecosystem. It's a great place for users to become part of high-quality industry projects, develop their products, and increase adoption. Users can also view trade pairings, total allocation, start/end times, etc.
How to Register With BitForex?
Easy and hassle-free registration is one of the best parts of the platform, as it doesn't require any personal information for KYC verification. Users just need to register with their email, verify their email, and start trading by first purchasing or transferring Bitcoin.
How to Deposit Funds on BitForex?
BitForex makes it easy to deposit funds into your account. You just need to log in, go to the ‘Assets' section, select ‘Deposit’ and choose the crypto coin you want to deposit from your crypto wallet using the given wallet address. The platform accepts deposits in over 163 cryptocurrencies and supports all credit cards. BitForex doesn't have any minimum deposit requirement.
How to Buy Crypto With BitForex Exchange?
With the BitForex trading platform, users can instantly buy Bitcoin and other cryptocurrencies with a credit card. To purchase crypto on BitForex, users must log in, navigate to ‘Assets,' then ‘Purchase Now,’ select the crypto coin, and finalize the payment. Moreover, users can also trade digital coins using the Spot Market in their BitForex account.
BitForex Leverage
BitForex exchange provides leverage up to 100x on perpetual contracts. It works by using a Tiered Margin Ratio System to prevent the liquidation of large positions. Cryptocurrency leverage trading can be a helpful tool for traders to benefit from small price changes to grow the balance much faster.
BitForex Customer Support
The BitForex website offers customer support services and a comprehensive FAQ section covering all the basic questions users may come across, such as fees, coin withdrawal, deposits, features, tokens, etc. The platform also features a ticket system with a 24-hour response time and a live chat service to get in touch with the support team directly. Email support is also available, allowing users to report any issues or queries via email and get a quick response within 12 hours.
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FAQ
Is KYC Necessary on BitForex?
No KYC procedures are required to start trading with BitForex. The exchange allows using its services as an unverified user with just email registration and may request additional ID verification only in case of observing an unusual IP address behavior and if your daily trading volume is more than $10,000.
Is BitForex Legit to Use?
Yes, BitForex is completely safe and legit to use and has high-security features.
However, we suggest that US customers check with their own state rules or federal rules before trading on BitForex.
Can You Trade Forex (FX) on BitForex?
No, the BitForex exchange only allows Bitcoin and other listed coins, but not any type of Forex product.
Final Words
BitForex provides a safe crypto platform for staking coins, a wide range of altcoins and perpetual contracts, and spot trading. Despite being a relatively new exchange, it comes with a complete package of products and services and a high level of security, with 98% of client funds held in cold storage wallets. All this, combined with competitive BitForex fees, intuitive interface, and the lack of KYC processes, make it a promising destination for a full crypto experience.
Most BitForex reviews are satisfied with its convenient, intuitive interface, the charting platform provided by TradingView, low trading fees, a wide variety of trading pairs with high liquidity, and innovative products and services.
BitForex accepts CNY bank exchanges, making it easy for users to purchase crypto from fiat-based stores and allows earning commissions through its generous referral program. The platform uses advanced tech and embraces the latest trends and functionalities for a comfortable trading experience.
Security is another advantage of the exchange. BitForex has proved to be a trustworthy exchange due to its impressive security measures implemented to prevent scams and hacks.
Finally, the sign-up process on the BitForex platform is easy and doesn't require personal information or KYC processes; just email or phone number verification is enough to start trading.
On the downside, BitForex is a comparatively new exchange and comes with its own set of risks. The exchange's lack of transparency regarding the company’s establishment, background, and team members, the uncertainty in its terms and conditions, and questionable trading practices are troubling, although not crucial for using the exchange.
Sure, BitForex still has to earn itself more trust and reputation. But so far, the exchange offers many advantages and positive signs to give it a try as a safe, feature-rich, and user-friendly trading platform.
Read more: https://coinstats.app/blog/bitforex-review/
Text source: CoinStats Blog
