BitForex is a global cryptocurrency exchange with low fees, high liquidity, and security that offers a comprehensive set of trading tools, including spot trading, margin trading, perpetual trading, Turbo Stater, BitForex Earn, NFT marketplace, and Crypto Loans. BitForex, founded in 2017, has over 6 million members in over 200 countries and regions.
Our BitForex review will go through the BitForex platform’s services and products, pros and disadvantages, trading costs, security, and so on, and show you how to sign up for the exchange and start trading to maximize earnings.
What is BitForex?
Some digital currency sites require a thorough grasp of cash deposits, account management, rewards, features, support staff, ticketing system, etc. BitForex is a promising digital asset marketplace with minimal transaction costs. No KYC is necessary for easy account browsing and other user-friendly features.
This BitForex review will go over all aspects of the trading platform. To avoid issues, it is vital to read reviews published by specialists who have in-depth knowledge of this product before making an account. BitForex is a global cryptocurrency market platform that offers token trading and derivatives. It was started in 2017 and already has over 300 trading pairs and over 3,500,000 users from 200 countries.
BitForex has offices in Germany, Estonia, the Philippines, Malaysia, and Singapore, among other places. The leadership team includes Jason Luo, CEO and Co-Founder, Garrett Jin, VP, and others. The native token is the BitForex Token (BF), an ERC20 token that enables the switching ecosystem. Customers may also earn a commission through their referral program.
According to the business, the site’s trading engine can process around 1.6 million orders per second, which is massive compared to other cryptocurrency exchange platforms. It has a USD 315 million 24-hour trade volume, giving it the world’s 11th largest 24-hour dealing volume.
How does BitForex Works?
BitForex provides a variety of goods and services to its account users, including Capp Town, BF Sector, EazySwap, BitForex MT5, and others that facilitate coin trading. The site employs the Tiered Margin Ratio System, which aids in avoiding the liquidation of notable positions, which can substantially influence the business liquidity of any account.
It promotes trade agreements with less leverage to more significant roles. BitForex deposits a fraction of the total transaction asset and returns the balance, allowing the user to take leading positions without putting money at risk.
However, because such investors are always at business risk, this might result in a loss. In the next section of the BitForex review, we will look at its security features.
Since the exchange’s inception, there have been no security breaches or hacks, according to our BitForex study. To protect users’ accounts and cash, BitForex employs a hardware wallet.
BitForex holds user funds in the following ways:
Furthermore, the company employs a hot wallet since the customer must complete withdrawals in the queue.
- 98% of user money is held offline in a multi-signature cold wallet at various locations worldwide, adding an extra degree of security. Account holders will need the consent of numerous members of BitForex’s globally dispersed management backend team to withdraw funds from this wallet.
- The hot wallet keeps 0.5% of the cash used to make withdrawals, etc.
- Multi-factor authentication, such as 2FA, SMS verification, and insurance security coverage, are additional security measures.
- DDoS protection: Intelligent load balancing and routing while traveling between servers to increase performance. Harmful traffic identification in real-time prevents malicious server requests.
- It also has a world-class system to monitor digital assets’ security.
- BitForex moved to a new data server, and the security team conducted a thorough audit, including a thorough examination of all source code and dependencies.
BitForex Review: Fees
The exchange does not charge a deposit fee for making a deposit, and network expenses determine digital currency withdrawal fees. The exchange charges a withdrawal fee of 0.0005 BTC, lower than the worldwide industry average. Withdrawal restrictions vary. You must also enable two-factor authentication before initiating a withdrawal request. You can use a bank account or credit card to finance your BitForex exchange wallet.
Various fee schemes use trading fees for each executed order. Fees depend on a maker/taker basis and are part of the Realized P/L. There is a fixed 0.1% spot trading cost, which is cheaper than the fees paid by other cryptocurrency exchanges.
It charges maker fees when liquidity is added to the order book, whereas taker costs remove liquidity from the pool. Makers and takers pay a fixed charge of 0.1% for spot trading on BitForex. The BitForex Exchange charges both makers and takers a flat 0.06% fee for perpetual contract trading involving foreign currencies.
BitForex Cryptocurrency Exchange Features
Our BitForex review investigated the many features provided by the BitForex exchange, such as:
1. Spot Trading
One of the simplest methods to purchase cryptocurrency is through BitForex spot trading. The user interface for spot trading is simple. The trading pairs are on the left, the price chart is in the center, the order book is on the right, and the assets buy and sell access options are at the bottom. Navigate to the ‘Spot’ trading page from the website’s main menu.
Confirm your order size and price for the trading pair you wish to trade with. Your money will credit to your Exchange wallet after completing the transaction, and it will add your order to the Order History tab.
TradingView is a fantastic charting interface for traders that use technical analysis to sharpen their trading edge and get a competitive advantage in their business. The chart provides live pricing, extensive trading tools, indicators, and the ability for traders to draw trend lines and arrows and add chart patterns. It also aids in restricting or halting orders.
3. CApp Town
CApp Town is a public platform based on the BitForex Exchange that links digital currency dealers to various blockchain apps such as CoinGecko, Twitch, Paxful, and Matrixport. It is also a crucial feature for BitForex that aims to overcome discrepancies between different blockchain technologies.
Next in BitForex Review is the EazySawp token. It is an ERC-20 token decentralized token system. EazySwap has no gas prices, slow slippage, and speedy matching. It trades over 980 ERC20 tokens and pays liquidity pool providers up to 80% of the pool’s trading fees.
5. Ethereum 2.0 Staking
Users can stake Ethereum tokens on BitForex using this functionality. The minimum stake amount is 0.1 ETH, and you can trade your ETH tokens anytime. The program also offers BitForex pool payouts based on the quantity of staked tokens.
6. MetaTrader 5 (MT5)
Another noteworthy feature is MetaTrader 5, which allows customers to trade traditional financial and items with new chances without leaving the site. MT5 seeks to broaden the economic panorama of the cryptocurrency industry and presently supports the currencies BTC, ETH, USDT, and XRP. Users may fund their MT5 accounts by sending cash straight from their wallets.
These are some of the best features we will witness in this BitForex Review.
Despite being a newcomer to the cryptocurrency exchange business, BitForex has already reached a milestone and earned the confidence of over 3 million customers, outnumbering many other leading cryptocurrency exchanges. The product is appealing and provides cutting-edge tools (including all trading tools) and access to features that improve the staking experience. Furthermore, the website features a mobile app for Android and iOS users, allowing it to reach a larger audience.
The BitForex exchange offers a secure and transparent environment for staking currencies, other altcoins, perpetual contracts, and spot trading. It aims to provide the best security, with 98 percent of user funds maintained in cold storage wallets. Furthermore, the FAQ section addresses many topics, including safety.