What Is BitForex?
Presently there are hundreds of digital currency platforms that help traders to trade different digital coins. However, not all are user-friendly, and some need a proper understanding of funds deposits, dealing with accounts, benefits, features, support team, ticketing system, etc. The same goes for BitForex, a type of trade site which is relatively new and offers token and derivatives services. With low trade fees, no KYC required, accessible account browsing, and other user-friendly features make BitForex a promising digital asset platform. This Bitforex review will cover every aspect of the exchange platform. It is essential to read reviews written by experts who carry in-depth knowledge about this product before creating the account and to avoid facing any problems.
BitForex is a global Cryptocurrency market site that provides token deal and derivatives services. It was founded in 2017 and now offers over 300 trading pairs and a user base of over 3,500,000 people from 200 countries. The company is headquartered in Hong Kong, registered in the Republic of Seychelles. They also have teams in Germany, Estonia, the Philippines, Malaysia, and Singapore. Jason Luo, CEO and Co-Founder, Garrett Jin, VP, and others make up the executive team. The BitForex Token (BF), an ERC20 token that supports the swapping ecosystem, is the native token. They also provide a customer the opportunity to earn a commission through their referral program.
According to the company, the site’s dealing engine can process around 1.6 million orders per second, which is enormous compared to other cryptocurrency exchange websites. BitForex recorded USD 315 million 24 hour trade volume, making it the world’s 11th most significant 24-hour dealing volume.
BitForex Exchange Reviews – Platform Interface
BitForex Exchange Summary
|Listed Cryptocurrency||142 Coins & Tokens|
|Supported Fiat Currencies||USD|
|Transaction Fees||For Spot |
Maker fees- 0.1%
Taker fees- 0.1%
Maker fees- 0.04%
Taker fees- 0.06%
Maker fees- 0.06%
Taker fees- 0.06%
|Withdrawal Fees||Depends on the Coin/Token & network cost|
|Customer Support||24/7 via Submit request form, Help Center, & Mail Support|
How Does BitForex Work?
BitForex offers multiple products and services for its account holders, including CApp Town, BF sector, EazySwap, BitForex MT5, and others making coin trading with any issue. The site uses the Tiered Margin Ratio System helping to avoid liquidation of prominent positions having a significant impact on the business liquidity for any account. It offers trade deals with lower leverage to more prominent roles. BitForex deposits a portion of the entire asset of the transaction and gives the remainder allowing the user to take leading positions without risking the cash. However, because investors with such investments are constantly susceptible to business risk, this might result in a loss.
Features of BitForex Exchange
CApp Town is one of the features of BitForex that connects cryptocurrency account holders to a variety of Blockchain apps. Finance (Matrixport, Paxful), entertainment (Twitch), and information are some of the application areas available (CoinGecko). On their business site, users can even apply for their own CApp.
BitForex Exchange Review – CApp Town Feature
The BitForex sector or (BF) is the DeFi zone available on the site. This section shows the DeFi tokens available; clicking on a trading pair under “Spot” will take the user to the spot exchange if staking on any of the tokens listed.
BitForex Exchange Reviews – BF Sector Feature
EazySwap is a decentralized token mechanism based on the ERC20 standard. There are no gas costs, little slippage, and quick matching on this exchange, and there are over 980 distinct ERC20 tokens to pick from and trade. Liquidity pool providers are rewarded with up to 100% of the pool’s trading costs. Currently, only ERC20 coins are supported on the business site, but they plan to add support for mainnet tokens shortly. There are fewer listing criteria on EazySwap than on other DEXs if the user wants to list a token.
BitForex Exchange Reviews – EazySwap Feature
Ethereum 2.0 Staking
With Ethereum 2.0 Staking, users can stake Ethereum tokens on BitForex. Users can start staking with as little as 0.1 ETH and keep or exchange staked ETH at any time. The site will provide staking incentives and platform fees by staking ETH on BitForex; the staked ETH will become ETH2, which will be instantly available for trade.
BitForex Exchange Review – Ethereum 2.0 Staking Feature
Product and Services Offered by BitForex
According to the BitForex review, there are various products offered for BitForex account users. Some of these are mentioned below-
BitForex features a MetaTrader platform (MT5) that allows account users to trade traditional financial goods with additional offers and possibilities. With this product, they hope to broaden the economic landscape of the BTC sector by doing so. The costs are minimal, and base currencies for an MT5 account include BTC, ETH, USDT, and XRP.
Social Trading, also called Copy Trading, will link the portfolio of other users’ portfolios. However, one can use this feature for traders using the BitForex trading site account.
Other APIs utilize Post mode, while their Quote API uses Get Mode. Method request/access server addresses, API access credentials, request time, and SignData must all be signed for API queries outside APIs. Spot’s API supports a wide range of data types, including ticker, depth, cancel an order, symbol, etc.
Many of the IEO projects in recent years carry zero monetary value. Fortunately, this site offers a golden opportunity for upcoming IEO projects with zero potential growth in this contracting industry. BitForex Turbo is a listing platform and was created by BitForex for premium IEO listings all over the world. Users can also view trade pairings, total allocation, start/end times, etc.
The user interface for spot dealing is pretty simple. Trading pairs are on the left, in the middle is the price chart; the order book is on the right, and assets buy and sell access options are at the bottom.
This product from BritFex has a user-friendly interface. There is contact information on the left side of the account page; on the right, the order book, and at the bottom, there are positions with specifics like P&L and open orders. The perpetual contract allows for leverage of up to 100x.
BitForex Exchange Review: Pros and Cons
|High liquidity with low trade fees.||Lack of Transparency.|
|Available in Mobile App version.||Many features need more upgrades.|
|Supports more than 163 crypto coins.|
|Leverage up to 100x.|
BitForex Registration Process
As per our BitForex review, one of the exciting parts of BitForex is that the user does not have to provide any personal information to complete the KYC process. Follow all instructions. The team will review the account. To register and open a verified account, below are the steps:-
- Visit the BitForex website.
- Register & verify email on the exchange.
- A verification mail will have an invitation code.
- BTC Transactions.
- Start coin dealing on BitForex.
During the KYC process, the account user needs to provide exact details asked to complete the verification process and have a verified account.
BitForex Review – Registration Process
How to Deposit Funds on BitForex?
Traders do not find any problem in depositing money on BitForex. Below are the steps:-
- Visit the website and select the Assets option available on the top right corner of the wallet page.
- Select ‘Deposit’ from the left-hand menu.
- Users can choose their favorite assets and send them from the hardware wallet to the wallet address provided.
BitForex has partnered with Simplex for depositing funds or money using any credit card. BitForex does not have any minimum deposit requirement. After one confirmation, the deposited coin will arrive, and after three proofs, it will be valid for withdrawal.
Buying Crypto with BitForex Exchange
Simplex can be used for buying currency from the site. To purchase, below are the steps:-
- To access the account wallet, go to the upper right corner and click on ‘Assets’ of the website account.
- Click ‘Purchase Crypto with your Credit Card at the bottom of the page, then ‘Purchase Now’.
- Users can choose the Cryptocurrency to deposit (BTC, ETH, LTC, BCH, XLM, USD, or EUR).
- Users need to enter the money now to spend on the assets listed above.
- Click ‘Purchase’ to complete the transaction.
Users can even trade digital coins using the Spot Market in accounts. Below are the steps to follow:-
- At the main menu of the website, go to the ‘Spot’ trade page.
- Specify the order size and price for the trading pairs you want to trade with.
- Confirm the purchase. Your money will be credited to your Exchange wallet after the order is completed.
- The order will be moved to the Order History tab after it has been completed or canceled.
According to our BitForex review, when it comes to swapping or transferring coins, it is essential to consider the exchange fees. Different sites charge fees, either withdrawal fee or a deposit fee or for both. BitForex does not charge a penny for a deposit. However, it charges a fee of 0.0005 BTC as a withdrawal fee, which is relatively less than other cryptocurrency exchanges.
The Realized P&L is used to determine trading fees. Trade costs are calculated on a maker & taker basis, with prices varying based on whether the trader provides or removes any liquidity from the trading exchange.
Spot Trading Fees
The spot dealing or flat fee is charged for both the maker fee and the taker fee. The spot trading fee is 0.1%(for maker & taker), lower than the industry rate 0.25%.
The maker cost for perpetual staking in BTC or ETH is 0.04 percent, while the taker fee is 0.06 percent. If you trade a currency that isn’t BTC or ETH, the maker and taker fees will both be 0.06 percent.
The firm charges users a commission fee while selling or buying from the MT5 platform. The MT5 fee for commodities or forex is 10 USD. At the same time, the fee for Cryptocurrency trading is 0.08%. Get more detail about BitForex fees structure from here.
For any trader trading from the account, the charting interface is one of the most significant factors to consider. Particularly for traders who rely on technical analysis to get a competitive advantage in the business. This is where the TradingView product comes to the role. The chart offers live prices, and the interface is perfect for a new trader who decided to use it. One can use the comprehensive tools to learn (trading tools), and indicators suggest evaluating or understanding and optimizing earnings. The tool lets traders create trend lines, arrows, and chart patterns, and they come in various periods. It further helps in limit or stop orders.
Account users are offered with immersive chart indicators that can be added to the chart like:-
- Relative Strength Index
- Bollinger Bands
- Average True Range
- Simple Moving Averages
BitForex Token Details
Like every other crypto-token, BitForex Token is proof of platform ownership. BF tokens are generated primarily through community, trade mining, and ecosystem mutual building and are progressively released. BitForex exchange will purchase back 80 percent of costs as BF. BF account holders will have the opportunity to vote on essential platform issues and community management in the future.
BitForex Review – BitForex Token(BF)
BitForex provides users leverage of up to 100x through perpetual contracts. For traders, leverage trading may be a helpful product. It allows users to take advantage of very modest price changes to increase the balance faster.
Below is the list to get more understanding:-
- BTC- 100x Leverage
- Litecoin- 100x leverage
- EOS- 50X Leverage
- Ripple- 25x Leverage
To date as per our BitForex review, there have been no cases of a data breach or coin steal from the site. BitForex service uses a hardware wallet to safeguard the account and funds of traders. According to the site, 98 percent of user money is stored in an offline, multi-signature wallet. To withdraw funds from this wallet, account users will require the permission of multiple members of BitForex’s internationally distributed management backend team. It is also called the cold wallet. Additionally, the business uses a hot wallet because the user needs to fulfill withdrawals in the queue.
BitForex has real-time harmful traffic detection software that automatically blocks server requests to safeguard the crypto swap from Distributed Denial of Service (DDoS) attacks.
Two Factor Authentications
One common coin security feature in trade sites is the 2FA or two-factor authentication, and BitForex does have it. Under this, the user will need to use a registered number/email and password for account authentication before successful login.
BitForex Customer Support
Although BitForex exchange is a new firm, its customer support service has already gained a good name in the industry. The support team is effective, kind, and responsive to solve customer service issues. They have a ticketing system product that users may use to contact them directly. The team is well-trained to solve queries of many customers instantly. The FAQ section serves users with all the details about dealing fees (including all trading fees), coin withdrawing, deposits, features, tokens, etc. The team can also be reached through the live chat service or email. Moreover, for any queries to solve or any complaint to be sent via email, the response is within hours by the support team. The email should have all details about problems, complaints, and other issues with any product.
BitForex Reviews – Customer Support
BitForex Review: Conclusion
Despite being new in the cryptocurrency exchange industry, BitForex exchange has achieved a milestone and won the trust of over 3 million consumers compared to many other top cryptocurrency exchange. The product is engaging and offers cutting-edge tools (including all trading tools) & access to features, enhancing the staking experience. Moreover, the website has a mobile app for Android and iOS users, giving it a broader audience to access. The exchange provides a safe and transparent environment for staking coins, various altcoins and perpetual contracts, and spot trading. It is built with security in mind, with 98 percent of customer money held in cold storage wallets. Moreover, the FAQ section covers all aspects, including safety.
Is BitForex Safe and Legit to Use?
Yes, the BitForex product is completely safe and legit to use. It has good fund security features and user-friendly products for the trade.
Does BitForex Have a Mobile App?
BitForex has a mobile phone app for Android and iOS users and is downloadable from the respective app store. The app is designed to be user-friendly and mobile adaptable, making it ideal for traders on the go.
Can You Trade Forex (FX) on BitForex?
As the name suggests, BitForex exchange only allows Bitcoin and other listed coins, but not any type of forex product.