BitForex Review for Canada
Despite the constantly improving design and functionality, the most valued features of crypto exchanges haven’t changed with time — high liquidity, robust security, low fees, and a decent choice of markets.
- Operating Since 2017
- Cryptocurrencies Supported 300+
- Fees Vary
- Deposit Methods Wire transfer, cryptos from exchanges, credit/debit cards, bank account transfer
- Fiat Currencies USD and EUR
- Verification Methods Email and phone
- Margin Trading Yes
- Futures Trading Yes
There are a few golden rules for everyone entering the crypto industry:
- Start trading small.
- Develop a reasonable cryptocurrency trading strategy.
- Extreme volatility is to be expected
Find a trusted crypto exchange that meets your trading needs, and you can get started in the cryptocurrency market with confidence.
There are more than 500 active cryptocurrency exchanges. Each one has its own set of features, target markets, and investment plans. So, it can be tormenting to pick the best fit, especially now, when cryptocurrency exchanges have gone beyond the regular buy-and-sell services.
Interestingly, when combing through the features of BitForex, we got the impression the designer must have had deep insight into the market — the interface of the exchange ticks all the boxes. Let’s now see what makes BitForex unique from other “bits”, such as BitStamp, BitStamp, BitFlyer, and so on.
BitForex was established in the middle of 2018, which makes it a relatively young exchange if we count in crypto years. The exchange is a Seychelles-registered company with headquarters in Singapore and active operating teams across a few other countries, including Hong Kong, Germany, and Malaysia. It’s a global digital-currency platform available in over 180 territories worldwide with an impressive user base of more than 3,500,000 registered traders.
The launch of BitForex was an instant success — yet, the fact that it managed to jump to the top-10 high-ranked exchanges immediately after its release raised the eyebrows even of the most crypto-romantic figures at that time.
Moreover, Bitforex was openly supported by well-established names in the industry, such as Tron, Block VC, QTUM, and IT leaders like Microsoft and Lenovo, which allegedly invested around $20 million in this project.
Because of the attention it gained, there were juicy controversies that Bitforex adjusted volume numbers, but as the exchange passed the test of time — maintaining a steady position on CoinMarketCap — the allegations gradually faded out.
Still, the BitForex platform causes fierce debates among avid crypto-traders — they either adore it or detest its trading approach. Objectively, the exchange has a decent choice of trading opportunities, including spot trading, margin, and derivatives trading, a referral program, and its own native token.
Supported cryptocurrencies and payment methods
The exchange offers a solid selection of 163 cryptocurrencies available on the spot market and nine perpetual contracts with leverage.
The spot list, in addition to Bitcoin (BTC), includes a number of market-dominant altcoins such as Ethereum (ETH), Binance Coin(BNB), Litecoin [LTC], Dogecoin (DOGE), Bitcoin Cash (BCH), Tether (USDT), Ripple (“XRP”), Stellar (“XLM”) and Cardano (ADA), Polygon („MATIC”), etc.
These trading pairs are the futures market at BitForex: BTC/USD and ETH/USD. LTC/USD is BCH/USD. XRP/USD is EOS/USD. XRP/USD is BNB/USD. GRIN/USD is BEAM/USD.
When it comes to fiat currency, Bitforex doesn’t offer fiat-to-crypto pairs on its spot market, but it uses the U.S. Dollar as a base currency with futures.
BitForex lets users make simple entry-level purchases of BTC and LTC using USD or EUR. The exchange cooperates with the renowned provider Simplex, enabling debit card and credit card payments.
Finally, don’t let the exchange name mislead you into thinking that BitForex supports trading forex. It doesn’t.
Transaction Fees and Limits
Based on the choice of trading service, we can conclude that BitForex targets seasoned traders who make multiple transactions during the day. A competitive pricing schedule is essential for this category of users and BitForex has it — the exchange charges below the average standard, without any hidden fees and surcharges.
BitForex doesn’t make a difference between maker and taker fees on the spot market — it incurs a flat fee of 0.1% on all available trading pairs. Trades with perpetual futures, on the other hand, will cost you either 0.04% or 0.06%, depending on your position as a maker or taker, respectively, but only for trading pairs that contain BTC and ETH. The fixed rate for all other pairs on futures markets is 0.06%.
Withdrawals and deposits
The exchange doesn’t charge for crypto deposits, while the fee for fiat purchases is set individually by the payment provider Simplex. Withdrawal fees depend on the type of cryptocurrency you’re transferring out. For example, it’ll cost you around 0.0005 BTC to withdraw Bitcoin, which is slightly below the industry average.
While there is no minimum or maximum deposit limit, withdrawals have certain restrictions depending on the crypto . For Bitcoin, the maximum limit is 100 BTC per day. Also, when you activate a withdrawal request, you have to enable either SMS authentication or 2FA (two-factor authentication) first. You will need to wait approximately 20 days to update your account password before you can initiate a new withdrawal.
If you use BitForex synchronized with the MT5 platform, there is a separate fee for all types of sales and purchases, depending on the asset itself. For trading crypto, the fee is set to 0.08% of the total transaction value unless you hit a trading volume of 1,000 in a timespan of 30 days or store at least 50 BTC on the trading platform. These large-scale players do not pay any fees.
BitForex Features and Special Products
You’ll notice the professional touch of the BitForex exchange immediately after your login. The exchange has a sophisticated design that doesn’t make it seem cluttered despite its many trading options.
The order book stands on the right, the charting view is placed on the left, while on the bottom page, you can see all new trading offers. The exchange uses the TradingView interface as a charting tool, which is a familiar environment for crypto traders. There are a variety of indicators that can be clearly viewed, such as Bollinger bands, average true range and simple moving averages.
Moreover, BitForex ensures face-paced crypto transactions thanks to the advanced machine engine it utilizes, which is claimed to process nearly 1.6 million orders per second. Now, let’s round-up all trading activities you can take part in as a BitForex user apart from the standard spot market.
Perpetual contracts are a long-established trading practice in the stock market and a perfect fit for the behavior of cryptocurrencies. These are contracts between two parties who agree to execute a trade at a specific time in the future. Unlike regular futures, perpetual contracts don’t have an expiry date, giving traders more space to speculate on the crypto price regardless of whether they plan to go short or long.
This class of futures contract makes more than half of the total trading volume of BitForex mainly because the exchange offers a very intuitive environment for executing perpetual trades. The interface differs from the spot market a bit — you’ll find all information about the active contract on the left side, the order book on the right, and your open contracts at the bottom.
The most attractive feature of Bitforex perpetual contracts is the insanely high leverage the exchange offers. If you trade Bitcoin or Litecoin, you can enhance your position up to 100x, while other supported cryptos can reach 50x (EOS) or 25x (XRP).
Margin trading can be extremely risky and should only be used by highly skilled traders. However, the exchange has reliable protection mechanisms that protect against financial collapse.
You can link your BitForex account to MT5 (MetaTrader 5, which is the standard platform for experienced and traditional stock traders. It offers highly professional technical analysis trading tools with over 30 types of price chart presentations and market indicators.
You can access 300 markets with high leverage by registering for BitForex.
Copy trading or social trading is another popular feature on modern crypto exchanges. This allows you to connect your portfolio with that of other traders and mimic their moves. The best thing is that on BitForex, you’ll pay no extra fees for using this option, except for the percentage your mentors receive for any realized profit.
Crypto-trading exchanges that operate as AMM (automate market maker) protocols revived the obscure decentralized exchanges by offering easy-to-use platforms and a solution to their liquidity issues. This trading approach is rather different from traditional exchanges because AMMs deal with another type of digital asset — smart tokens — and don’t act as a custodian or facilitator of the transaction.
BitForex is a centralized exchange, but it offers a sub-platform that allows users to swap ERC20 tokens. Since the new crypto waves are moving in a fully decentralized direction, Bitforex is actively working on expanding the scope of tokens available in this market.
CApp Town, another BitForex decentralized product, allows you to access a variety of decentralized apps (dAPPs) not only in crypto-trading but also apps from finance and real estate. It even has the ability to access the entertainment industry that is built on top of blockchain technology.
The most popular infrastructure for creating such apps is Ethereum, but it’s not the only one out there. A few blockchain alternatives like EOS and Tron are gradually but surely entering the dApp landscape as well. The problem is that cross-chain interaction between protocols and apps of different blockchains is rather difficult. And that’s the very purpose of CApp town — to bridge crypto users with multiple blockchain-based apps.
Although the CApp project is still in its infancy, it is already overcoming some regulatory hurdles. However, it is a significant step towards decentralized dominance within the virtual ecosystem. BitForex users are able to access Matrixport, CoinGecko and other decentralized apps through one checkpoint.
BitForex also has a DeFi area that allows you to search for DeFi tokens that are supported by BitForex, but not listed on the spot market. So, if you see a “gem” in the array of new smart tokens, you can pull a trading pair containing that crypto to the spot market.
Ethereum 2.0 Staking
While the world is eagerly waiting for the new Ethereum version, where the Proof-of-Work (PoW) protocol will be replaced with a more environmentally sustainable one Proof-of-Stake (PoS), BitForex users can become part of the transition and earn some profit.
Bitforex recently offered the ETH2/ETH pair for a fixed price. This allowed users to stake ETH2 and receive ETH2 in exchange. The exchange will use the staked ETH to take part in the ETH2 node validation and share the profit with investors depending on their contribution. The minimum entrance amount is 0.1 ETH.
After the official release of ETH2, the difference between the two coins will not be there. This is due to the differences in production mechanisms that existed before and after the PoS era. Users can trade with staked amounts at any time.
Finally, on BitForex, you can find a valuable listing platform with a variety of premium IEO projects and keep track of all updates — release dates, pre-sales, and allocations. It can be difficult to keep track of all the IEO events that come and go. Yet, the BitForex Turbo system will give you a clean organizer not to miss a promising opportunity.
Other APIs use Post mode while their Quote API uses get mode. SignData, API access credentials, request times, and method request server addresses must all be signed to allow API queries that are not API-related. Spot’s API can handle a variety of data types including ticker, depth and cancel an order.
This is a separate trading zone for NFT tokens, Polkadot, Defi. When you trade on the BF sector, you facilitate the creation of an open and immutable blockchain.
Is BitForex Safe to Use?
Although allegations of fake volumes were made against the exchange, they never received an official investigation from the courts. Over time, Bitforex proved itself to be a trustworthy marketplace with millions of loyal customers scattered around the globe. It has not forced traders to engage in any type of identity manipulation or financial frauds during its short existence.
From a technical perspective, BitForex employs the robust security measures:
- Keeps the majority of circulating crypto assets in multi-signature wallets (offline cold wallets and hot wallets combined) distributed across various locations worldwide;
- It requires 4 of the 7 HSM (hardware safety modules), which makes hackers unable to access the funds.
- For better account security, supports 2FA and Google Authenticator
- Uses anti-DDoS protections that automatically blocks server requests in real-time;
- Smart load balancing is used to ensure safer performance.
All in all, Bitforex has one of the healthiest security systems in the entire industry but it lacks governance transparency and regulatory backup by an official financial institution.
Customer Support Team
The general feeling is that BitForex delivers high-standard customer support even though they don’t provide a direct phone line. If you face any issue throughout the registration or trading process, you can reach out to the BitForex customer team through a ticketing system, email, or rely on their chatbot for common issues. You won’t have to wait more than 24 hours for a response.
BitForex exchange may be a relatively new company, but its customer service team has earned a solid reputation in the industry. They are responsive, helpful, and kind to customers’ needs. You can use their ticketing system to reach them directly. They are able to quickly resolve queries for many customers.
The BitForex FAQ section provides information about trading fees, coin withdrawals, deposits, tokens and other features. You can reach the team via email or live chat. The support team will respond within 24 hours to any questions or complaints that are sent by email. All details regarding problems, complaints, or other issues related to any product should be included in the email.
Finally, don’t underestimate BitForex Telegram Channel — it can be a great source of news and trading tips.
Pros & Cons
As we mentioned at the beginning, users’ opinions and BitForex exchange reviews are rather conflicting among the large user base. We tried to balance the pros and cons of each option from an objective perspective.
- High liquidity of most commonly traded pairs;
- Simple interface to simplify complex trading features
- Low trading fees.
- Users can pick their favorite digital assets and send them from the best cryptocurrency hardware wallet to the wallet address provided.
- Transparency about company formation;
- Uncertain terms of service
- The list does not include some popular cryptos.
Does BitForex provide a mobile app?
Bitforex has a mobile app available for both iOS and Android devices. The app offers a compact and clean trading view and more importantly, it supports nearly all trading features you can find on the original web platform (bitforex.com).
Can US citizens trade futures on BitForex?
Even though BitForex isn’t licensed by the Commodity Futures Trading Commission or any other regulatory body across the States, no specific statement points out that US traders can’t use the futures market.
Is KYC necessary on BitForex?
Bitforex has a very loose policy regarding KYC verification. You can use the services of the exchange as an unregistered user without restrictions (but you will need to register by email). The exchange will ask you to undergo ID verification only if the exchange notices abnormal IP address behavior and if your trading volume exceeds $10,000+ per day. It is not the amount that triggers the alert, but your IP address.
BitForex is a next-gen crypto exchange that comes with a full package of services under one roof. This, combined with the affordable fees and clear design, makes BitForex a promising destination for a full crypto experience, especially for those who want to stay busy on the blockchain and diversify their portfolios.
Click here to see a list of top cryptocurrency exchanges to buy Bitcoin and other crypto in Canada. The list includes famous exchange platforms such as Coinbase.
However, if you want to keep a low profile and make a one-off Bitcoin investment without reading Bollinger Bands, it’s perhaps better to turn to a brokerage-like crypto exchange.
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