BaseFEX Review 2021

Cryptocurrency trading has gained immense momentum in recent years. It is an alternative medium of investment with new trading strategies that can strengthen any trader’s financial portfolio. The most common way to trade in cryptocurrencies is through authorized crypto exchanges and crypto derivatives exchanges. BaseFEX is one such advanced cryptocurrency derivatives exchange with many features and services to attract cryptocurrency traders worldwide.

Let us go into a BaseFEX exchange review to find out all about its mode of operation.

BaseFEX Summary

Headquarters Eden Island, Mahé
Found in 2018
Native Token None
Listed Cryptocurrency BCH, BNB, BTC, EOS, ETH, LTC, XRP
Trading Pairs 10+
Supported Fiat Currencies No
Supported Countries Almost All
Minimum Deposit 0
Deposit Fees Free, but do take network fee
Transaction Fees Maker – 0.02%
Taker – 0.06%
Withdrawal Fees Free, but do take network fee
Application Yes
Customer Support 24/7 via mail, live chat

What Is BaseFEX?

BaseFEX describes itself as a crypto derivatives exchange. It is primarily a futures trading platform. BaseFEX at present offers only Bitcoin futures trading. It also provides traders highly-leveraged contracts for different cryptocurrencies valued up to 100x times. BaseFEX offers perpetual swap contracts for BTC (Bitcoin), ETH (Ethereum), BCH (Bitcoin Cash), XRP (Ripple), BNB (Binance Coin), and EOS Electro-Optical System). But all profits and losses on BaseFEX trading are paid in Bitcoin and USDT.

BaseFEX is now trying to expand its services into leveraged contracts for other cryptocurrencies and altcoins besides USDT settled contracts and BTC settled contracts.

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BaseFEX Features

Some of the most interesting BaseFEX exchange trading platform features are:-

High Leverage

Traders can trade with different currency pairs on BaseFEX with leverage of up to 100x times. This is one of the highest rates of leverage on offer in the crypto derivatives market.

Low Fees

BaseFEX does not charge any deposit and withdrawal fees, and other fees are also very low.

High Security

BaseFEX prides itself on having a very secure system. BaseFEX was one among four out of 400 companies that were given an A+ rank on Mozilla’s Observatory Test.

No Manipulation

The main aim behind the creation of BaseFEX was to create a platform that was free from what the founders saw as ‘market manipulation’ in other exchanges.

Strong Servers

BaseFEX users never encounter transaction failures due to system overloads or server shutdowns. BaseFEX servers are able to handle as much traffic and trade volume as some of the biggest online platforms.

Top Grade API

The API used by BaseFEX is designed with a lot of care to ensure it can handle huge volumes of data and still remain easy and accessible for users. The BaseFEX trading interface is designed to be user-friendly and easy to navigate. 

Secure Storage

BaseFEX stores users’ digital assets in cold wallets. These wallets have multi-signature safety systems. No user keys are ever saved on cloud systems that can be accessed by hackers.

KYC not Necessary

BaseFEX users do not need to complete a lengthy KYC process in order to start trading on the platform. BaseFEX claims that they do not share any user information with governmental authorities.

Access to Stablecoins

Users on BaseFEX can use stablecoin settlements like USDT. This ensures that once a trade is completed, the amount received by the user will not be affected by any market changes.

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Products and Services of BaseFEX

Futures Trading

Users can place futures contracts for Bitcoin.

Perpetual Trading

Users can complete Perpetual Contracts for multiple cryptocurrencies like BTC, ETH, BCH, XRP, BNB, and EOS.

Customer Support

Provides 24 x 7 customer support to guide them through the trading process or to solve any issues with regards to their BaseFEX transactions. 

Mobile Application

It has a mobile application for easy and quick access to trades whenever and wherever. This ensures that traders never miss out on any market opportunities, even when they are on the go. The trading interface of the BaseFEX application for mobile users is simple and smooth. 

Access to Historical Data

Users can create their accounts on the platform and easily access detailed logs of historical data regarding previous trades on the platform. This data will act as much necessary investment advice for the users.

BTC/USDT Settlements

Profits and losses on BaseFEX are settled through payments in BTC or USDT. 

Insurance Fund

It has an insurance fund feature that takes over a user’s unfilled positions before the Auto-Deleveraging system kicks in.

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What are Order Types on BaseFEX?

BaseFEX lets users choose out of four different order types:-

Market Orders

These are the simplest, and orders are transacted and filled immediately at the current market rates. The trading fees for market orders are comparatively higher than for other order types.

Limit Orders

A limit order lets users specify a maximum and a minimum rate at which they want to trade. These orders may take some time to get executed if the current market rates are out of the specified range of the limit order.

Trigger Orders

As the name suggests, these orders are triggered and executed when the market rates are compatible with the trigger conditions and the trigger price set by a user. A trigger price includes three factors like mark price, index price, and market price.

Stop Loss take Profit Orders

These orders are specifically designed to reduce a trader’s losses even while trading volatile risk assets on an open market. A stop loss order does not enter the order books until the market rate moves against the user’s position and matches up to a trigger price. A take profit order, on the other hand, does not enter any order books till the market moves in favor of the user’s position and reaches a trigger price.

On BaseFEX, the stop loss take profit (SLTP) orders are not a separate category. Once the user places a market order, a limit order, or a trigger order, they can put in SLTP conditions for the entry price of the order.

BaseFEX Review: Pros and Cons

Pros Cons
100X leveraged contracts. Futures trading only in Bitcoin.
Relatively lower fees for trading. Perpetual contract trading in only limited cryptocurrencies.
No KYC requirements. No proper documentation from recognized regulatory authorities.

BaseFEX Registration Process

To start trading on BaseFEX, users need to create and sign up for an account on the platform. The account creation page is available from the BaseFEX website. For this, they first need to complete a registration process. Users need to submit their basic details like email id and create a password and username for their account to complete the registration.

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How to Deposit Funds on BaseFEX?

BaseFEX does not allow fiat currency funding. Funding can only be done through Bitcoin. Users need to deposit their BTC into their margin trading account before they can start trading. If the traders do not own any BTC, they will first have to go to a digital currency exchange to exchange their fiat currency for the minimum BTC value for trading. Then they can use their BTC to place different trading orders. But the BaseFEX account has to be funded with enough currency to cross the required initial margin and the maintenance margin for any trade orders to be fully executed.

BaseFEX Fees

BaseFEX Deposit Fees

BaseFEX does not have any charges for deposits.

BaseFEX Trading Fees

BaseFEX users trading in traditional futures contracts with BTC have to pay very small percentages of Taker fees and Maker fees depending on the trading volume. The futures contracts are divided into seven categories from Level 0 to Level 6, depending on the volume of BTC trade in a month. For Level 0, the maker fee is 0.0200%, and the taker fee is 0.0600%. For Level 6, the maker fee is 0.0050%, and the taker fee is 0.0300%. BaseFEX claims that its trading fees are much lower than market standards.

For perpetual contracts trading on BaseFEX, the funding interval is 8 hours for both kinds of funding- BTCUSDT and BTCUSD. The long funding rate for BTC/USDT is 0.0100%, and the short funding rate -0.0100%. For BTC/USD, the long funding rate is 0.0100%, and the short funding rate is -0.0100%. The negative short funding rates are actually rebates on trade from BaseFEX.

Although check the below table to know the fee details properly:-

Level Trading Volume Last 30 Days (BTC) Maker Fee Taker Fee
LV 0 >= 0 0.0200% 0.0600%
LV 1 >= 100 0.0200% 0.0500%
LV 2 >= 500 0.0150% 0.0500%
LV 3 >= 2000 0.0150% 0.0400%
LV 4 >= 8000 0.0100% 0.0400%
LV 5 >= 25000 0.0100% 0.0300%
LV 6 >= 60000 0.0050% 0.0300%

BaseFEX fees also depend on another special feature called the Market Making Program. Users or organizations can apply for this program, and those who get selected will get a rebate of up to 0.05% on their trading maker fees because of their important service of providing liquidity in the market. Prominent venture capital firms are usually part of the Market-Making scheme because of their role in controlling liquidation prices.

BaseFEX Withdrawal Fees

BaseFEX does not charge any withdrawal fees. But high volume traders may have to pay a very small amount as network fees while withdrawing their BTC or USDT. This rate depends on the load on the blockchain network at any given time. Get more details about its fee structure here.

What Cryptos Does BaseFEX Support?

BaseFEX is a cryptocurrency derivatives exchange. All trades are finally settled and paid out in the form of BTC or USDT. For futures contract trading, only BTC and USDT are supported. But for perpetual contracts, BaseFEX supports a few more digital currencies like BTC, XRP, BCH, ETH EOS, BNB, and LTC. 

BaseFEX Wallets

A BaseFEX user’s digital assets are stored in their BaseFEX wallet until they withdraw the funds. This wallet is a multi-signature wallet. It uses seven signatures, and a minimum of five signatures are required from the BaseFEX partners to withdraw any funds from the wallet. The BaseFEX wallet is an offline wallet. No information is stored on cloud-based platforms. This protects traders’ assets from theft by hackers and digital criminals.

BaseFEX API

BaseFEX uses GitHub hosting services with cutting-edge technologies for their API. The BaseFEX API is developed by experts in the field, who create a smooth programming experience that can operate without any glitches. The BaseFEX API can handle huge volumes of data and transactions. The BaseFEX API manages millions of transactions every single second. 

BaseFEX Bonus

BaseFEX exchange offers a special bonus for users with high trading volumes. Traders whose BaseFEX trading account places orders worth at least 35 million USD within seven days are eligible for the BaseFEX Bonus. The BaseFEX Bonus gives these specific traders a 50% reduction or trading fee discounts on all their trading fees. BaseFEX believes that very low trading fees will encourage these users to trade even more through their platform. 

BaseFEX Mobile App

BaseFEX has a mobile app that can be hosted on all Android devices with an API above 21. This highly responsive mobile app makes it easier and accessible to trade with BaseFEX. Users can purchase futures contracts and perpetual futures contracts from the BaseFEX crypto derivatives exchange.

The BaseFEX mobile trading options are designed to be user-friendly for both beginners as well as experienced traders.

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BaseFEX Security and Safety Measures

BaseFEX is the top-ranked cryptocurrency derivatives exchange. It is also one among only four cryptocurrency exchanges out of more than 400 that has an A+ rank on the Mozilla Observatory Test. BaseFEX takes all the security measures to protect traders’ digital assets. Some of BaseFEX’s most important safety and security measures are:-

  • BaseFEX conducts regular security audits to find any potential weaknesses in their security system.
  • They also conduct regular stress tests and update their safety measures.
  • All BaseFEX accounts are protected with 2-factor authentication. This protects the user’s account from being breached.
  • BaseFEX uses SSL encryption for all traffic flows to their website and platform. The main objective of BaseFEX is to protect users from all forms of cyber crimes and personal information leaks.
  • All personal data is encrypted by BaseFEX. All passwords are also presented in the forms of cryptographic hashes.
  • The BaseFEX wallets are cold wallets. The wallets are kept offline to protect users’ funds from cloud-related assets and data leaks. The wallets also have a seven signature security layer.
  • All BaseFEX withdrawal requests also go through a manual auditing process.
  • All deposit addresses sent by BaseFEX have to be verified by an external party for some particular codes of the BaseFEX founders. If any security issues are noticed, the transaction is immediately shut down.

BaseFEX Customer Support

BaseFEX has a reliable and efficient customer service team always at the service of their customers. 

  • Its customer support team is available 24 x 7.
  • All customer support team personnel are trained finance professionals who can solve most issues raised by customers.
  • Its customer support is available through email, a BaseFEX blog, and a live chat option on the BaseFEX platform.

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BaseFEX Review: Conclusion

BaseFEX reviews suggest that it is a widely used derivatives trading platform. It has developed a great security service that assures customers of safe trading. The BaseFEX motto of integrity about fee structures has also made them a very trusted cryptocurrency derivatives exchange. But there are still some ambiguities regarding BaseFEX’s regulatory certifications.

BaseFEX reviews listed on their website from crypto traders mention the benefits of the platform, like the low trading fees and good leveraging rates. This BaseFEX exchange review also shows that it is a brand dedicated to its goal of creating authorized crypto exchanges that does not bet against its own customers.

BaseFEX is quite popular among the Bitcoin derivatives trading platforms at current positions, but as it expands into other altcoins and cryptocurrencies, its user-base will also keep growing.

FAQs

Is BaseFEX Platform Safe?

BaseFEX takes several security measures to protect sensitive data and customer assets. BaseFEX security has multiple layers of security and a Bitcoin multi-signature address. BaseFEX is also very popular in many countries. But some countries like the USA and Canada don’t allow transactions through BaseFEX because of a lack of proper regulatory certifications.

What Is a Futures Contract on BaseFEX?

It has been defined on the BaseFEX website as a contract to buy or sell a currency at a predetermined market price at a particular time in the future. On BaseFEX, futures contracts are only available for Bitcoin.

How Much Leverage Does BaseFEX Offer?

Very high leveraged trading on the contract is a characteristic feature of BaseFEX. BaseFEX offers 100x leverage for their cryptocurrency trading contracts.

How Does BaseFEX Calculate the Settlement Price?

Settlement price refers to the price at which a futures contract is finally settled. BaseFEX finds its settlement prices by calculating the average overtime before the futures contract settlement. But the period over which this average is calculated varies across different financial instruments and may change the values of the BTC settled contracts.

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