Be ready to learn everything about BitForex exchange. A good crypto exchange review has to talk and detail everything about the selected exchange under discussion to help traders and crypto lovers find their preferred one.
In the same way, our BitForex exchange review will entirely discuss all the essential factors that traders should look up to before deciding to trade cryptocurrencies on BitForex.
Since its inception in 2018, BitForex has maintained a positive name in the space of the crypto exchange market. This is because of its focus on being a safe, secured, and advanced open-source trading platform for everyone.
It strives to take its customers to the next level of generation of financial tools and crypto trading portfolio. Also, the ins and outs of this BitForex exchange review include trading fees, available leverage, deposit methods, services and products, trading experience, and more.
Table of contents
- BitForex Exchange Review
- BitForex History Overview
- BitForex Token Details
- BitForex Exchange Features
- BitForex Exchange Product and Services Offered
- BitForex Exchange Mobile App
- BitForex Exchange Fees
- BitForex Security Review
- BitForex Exchange Pros and Cons
- BitForex Exchange Review Final Score
|Available on mobile||Yes|
|Number of supported coins/tokens||163|
|Number of supported trading pairs||300+|
|Native token||BitForex Token (BF)|
|Supported fiat currencies||USD, EUR|
|HQ Location||Hong Kong|
BitForex History Overview
Nowadays, there are a lot of crypto exchange platforms that help traders to buy and sell various digital currencies. Despite this, not all exchanges are user-friendly. Also, some exchanges need proper knowledge of dealing with accounts, funds deposits, features, support team, etc.
However, let’s look at BitForex exchange alone – a trade site that offers tokens and derivatives services.
BitForex is among the few other user-friendly exchanges. It has features that make it a promising crypto platform with low trading fees. Unlike other exchanges with a hefty KYC process, you don’t need to complete any KYC of your account when using BitForex.
Above all, this BitForex exchange review will also dissect broadly all features of the BitForex exchange platform. With this said, it is very essential to keep reading this BitForex exchange review to get advanced knowledge about BitForex exchange before investing your hard-earned money in it.
With its many benefits, BitForex provides token deals and derivatives services in the global crypto market arena. Moreover, the platform has over 5 million users mainly from 200 countries with over 300 trading pairs. Historically, BitForex has its headquarters in Hong Kong and is registered in the Republic of Seychelles.
Moreso, individual persons including Jason Luo, CEO, and Co-Founder, Garrett Jin, VP, form the executive team of the BitForex exchange. They also have groups in Germany, Estonia, the Philippines, Malaysia, and Singapore.
Meanwhile, the BitForex exchange has its native ERC20 token called BitForex Token (BF). The BT token helps the swapping ecosystem and allows customers to earn a commission over their referral program.
According to BitForex, its exchange network can process around 1.6 million orders per second. This sounds awesome compared to other crypto exchanges. Along with this, BitForex exchange entered USD 315 million 24 hour trade volume. With this, the exchange becomes the world’s 11th most significant 24-hour trading volume.
Like other cryptos, BitForex Token has its own proof of platform ownership. They are created primarily through community, trade mining, and ecosystem mutual building and are progressively released. Moreover, BitForex exchange will buy back 80 percent of costs as BF. If this happens, all BF account holders will have the opportunity to vote on platform issues and community management.
At the time of writing, BitForex Token’s price is $0.002844 with a 24-hour trading volume of $253,401. In addition, the BF token is up 0.92% in the last 24 hours. However, BF Token raked on #796 place on Coinmarketcap. Similarly, it has a circulation supply of 4,274,185,558 BF coins. But, the maximum supply is not available.
In this section of our BitForex exchange review, we will further discuss the products and features of the exchange. Notably, BitForex offers various products and services for its account holders. The features include CApp Town, BF sector, EazySwap, BitForex MT5, and others making coin trading.
In addition to this, BitForex uses Tiered Margin Ratio System to avoid liquidation that significantly impacts any business liquidity accounts. Also, it gives trade deals with lower leverage to more notable roles.
Furthermore, BitForex deposits a part of the whole asset of the transaction and gives the remainder by allowing the user to take leading positions without risking the cash. But, because investors with such investments are regularly susceptive to business risk, this might end in a loss.
CApp Town is one of the features of BitForex exchange. It connects crypto account holders to a variety of Blockchain apps. For example, users can get access to entertainment, finance, and lifestyle-related apps. Information on some applications is, available on CoinGecko. On their official site, users can even apply for their own CApp.
The BitForex sector or (BF) is the decentralized finance (DeFi) zone on the site. Moreover, this section displays the DeFi tokens available. Users can click on a trading pair under Spot to take them to the spot exchange.
EazySwap is a decentralized token based on the ERC20 standard. Therefore, there are no gas fees, little slippage, and quick matching on this exchange. In addition, there are over 980 different ERC20 tokens to pick from and trade. Moreover, Liquidity pool providers get rewards of up to 100% of the pool’s trading costs.
Currently, the business site supports only ERC20 coins. But, they propose to add support for mainnet tokens shortly. Notably, there are some listing standards on EazySwap than other DEXs if the user wants to list a token.
Ethereum 2.0 Staking will allow users to stake Ethereum tokens on BitForex. Therefore, users can start staking with as little as 0.1 ETH and keep or exchange staked ETH at any time. In addition, the exchange will give staking incentives and platform fees by staking ETH on BitForex. As a result, the staked ETH will become ETH2, which will be instantly available for trade.
According to the BitForex exchange review, there are different products proposed for BitForex account users. You can check the list below:
BitForex features a MetaTrader platform (MT5) that renders account users to trade popular financial goods with different offers and possibilities. Notably, with this product, they hope to expand the economic view of the BTC sector. In addition, the prices are minimal, and base coins for an MT5 account include BTC, ETH, USDT, and XRP.
Social Trading, also called Copy Trading, links the portfolio of separate users’ portfolios. One can access the feature using the BitForex exchange trading site account.
Post mode is used by other APIs, while their Quote API uses Get Mode. Method requests server addresses, API accesses credentials, and request time. Also, SignData needs to be signed for API queries outside APIs. Moreover, Spot’s API carries a broad range of data types, including ticker, depth, cancel an order, symbol, etc.
Multiple IEO projects in recent years carry zero financial value. Fortunately, this site proposes a golden chance for future IEO projects with zero possible increases in this contracting industry. BitForex Turbo is a listing interface made by BitForex for premium IEO listings all over the world. At the same time, users can also observe trade pairings, total allocation, start/end times, etc.
The platform for spot dealing is pretty manageable. The homepage is extremely user-friendly, with trading pairs on the left, while the price chart is located in the middle. There is also an order book on the right, and assets buy and sell access options are at the bottom.
This product from BitForex has a user-friendly platform. For example, there is contact data 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. In addition, the perpetual contract enables leverage up to 100x.
BitForex Exchange Mobile App
BitForex Exchange Mobile App is ready for both Android and iOS devices. It has an intuitive User Interface that is incredibly uncomplicated and easy to use. Therefore, you will be able to access all the features and services easily from the mobile app.
BitForex Exchange Fees
Our BitForex exchange review is essential to consider the exchange fees for swapping or transferring coins. As such, most sites require fees, either withdrawal or deposit fee or for both. BitForex, however, doesn’t need money for a deposit. On the other hand, it requires a fee of 0.0005 BTC as a withdrawal fee, which is moderately less than other crypto exchanges.
The Realized Profit and Loss is utilized to define trading fees. However, trade costs are estimated on a maker & taker basis. Thus, it calculates prices depending on whether the trader provides or removes any liquidity from the trading exchange.
The spot dealing or flat fee is priced for both the maker and the taker fee. As a result, the spot trading fee is 0.1% for both maker & taker, lower than the industry rate of 0.25%.
The maker price for perpetual staking is 0.04 percent in BTC or ETH. At the same time, the taker fee is 0.06 percent. But, if you trade other currencies, both maker and taker fees will be 0.06 percent.
The firm requires users a commission fee while selling or buying from the MT5 platform. Also, the MT5 cost for commodities or forex is 10 USD. At the same time, the crypto trading fee is 0.08%.
BitForex Security Review
To date, as per our BitForex exchange review, there are no cases of data crime or coin theft from the site. Moreover, the BitForex service uses a hardware wallet to secure the account and funds of traders. According to the exchange, 98 percent of user funds are deposited in an offline, multi-signature wallet.
However, making a fund withdrawal from this wallet requires the members’ permission of BitForex’s internationally distributed management backend team. Also, it’s called the cold wallet. Additionally, the firm uses a hot wallet because the user needs to perform withdrawals in the queue.
The cold storage maintains more than 98% of user funds in an offline, multi-signature wallet, requiring 4 of 7 hardware security modules (HSMs) to possess globally distributed management team members to approve all transactions.
If an administrator is settled and forced to log into the platform, a single HSM would not be enough to initiate a transfer of funds. Therefore, the dare to acquire enough of these devices to access cold storage is equivalent to impossible.
The hot wallet keeps only certain funds to fulfill withdrawals in the queue, approximately 0.5%. Therefore, to refill the hot wallet, you must initiate a 4 of 7 HSMs transfer from the cold wallet to the hot wallet.
BitForex moved to a new data server, and the increased security team performed a full audit of the entire stack, including a deep analysis of all source code and dependencies.
Intelligent load balancing and failover routing between servers to help increase performance. Not just this but, Real-time malicious action detection blocks malicious server requests. Automatic inline moderation means decrease latency and increases uptime. Through encrypted connections with HTTPS TLS 1.3, pricy and execution are improved.
One popular coin safety feature in trade sites is the 2FA or two-factor authentication. And as expected, BitForex does have it. Under this, the user will require to use a registered number/email and password for account authentication before successful login.
BitForex Exchange Pros and Cons
Like most crypto exchanges, there are some pros and cons that every trader needs to know. Therefore, on this BitForex exchange review, we gather the pros and cons that you need to know before considering this exchange.
- Low trading fees and High liquidity
- No deposit fee
- TradingView Charts with advanced tools
- The platform supports over 163 cryptocurrencies
- Spot and perpetual trading pairs
- Leverage up to 100x
- Intuitive and simple User Interface
- Remarkable security measures
- Easy-to-use user interface
- Extremely low fees and easy trading for ERC20 tokens compared to other DEXs
- Great referral program
- Lack of transparency
- The platform is in its first phases and a bit less popular
- Customer service response is a little slow
- Minimal DeFi offering
- Terms of service do not specify unsupported countries if any outside of China
Lastly, jump to the final score of the BitForex exchange review. The final score for the BitForex exchange is based on Coin Quora’s own view. However, this study does not serve as financial advice. In other words, traders and investors need to do their own analysis before placing money on crypto exchanges and trade.
- Services offered: 4.5/5
- Reputation 4/5
- Cryptocurrency support: 4.8/5
- Fees: 4.8/5
- Security: 4.5/5
Review Score: 4.52 / 5
No need to upload personnel data or no KYC procedures needed to start trading with BitForex.
BitForex does not render the service to trade the foreign exchange market (Forex) as the company name suggests.
The BitForex exchange is headquartered in Hong Kong and is registered in the Republic of Seychelles.
BitForex BF token is the local token of the BitForex ecosystem. It is proof of platform ownership.
Disclaimer: This material must not be used as the basis for making any investment decisions. This serves only as helpful material about the crypto exchange. Trading digital assets involve risk and can result in the loss of investment capital. Hence, always make sure to do in-depth research before engaging or investing in any crypto assets