In this BitForex Review, we will look at the platform’s features, security, and customer service offerings and weigh the pros and cons.
- 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
- About BitForex
- Platform Features
- The BitForex Token
- Depositing on BitForex Exchange
- BitForex Trade Fees
- Customer Support Team
- BitForex Review – Pros & Cons
- BitForex Review – Frequently Asked Questions
- Bitforex Review for Australia: Safest Bitcoin Trading Platform
- Bitforex Review for Canada: Safest Bitcoin Trading Platform
- Bitforex Review for United Kingdom (UK): Safest Bitcoin Trading Platform
There are many cryptocurrency platforms available, with new ones arriving every day. Most focus on offering enhanced features and more incredible speed, while a smaller number promote their overall design and platform API.
Developers need to thoroughly understand all elements of cryptocurrency trading as well as security protocols to create a seamlessly linked experience. At BitForex, the developers and programming team have created a new generation trading platform featuring a user-friendly interface, solid cryptocurrency offerings, and low fees.
BitForex is a digital currency exchange with more than 3.5 million clients worldwide. Launched in Hong Kong, the company is now registered in the Seychelles and platform management and ownership teams around the world, including Estonia, Germany, Malaysia, the Philippines, and Singapore.
BitForex specializes in digital token and derivatives trades, and their native BitForex Token (BF) makes it possible for traders to earn interest and commissions via a referral program. BitForex deals with more than 300 digital currencies, from major cryptocurrencies to meme currencies.
BitForex boasts some of the most powerful technology in crypto exchanges, with supercomputers that are capable of processing more than 1.5 million orders on a per-second basis. Daily trading volumes at BitForex are no joke either, with more than 660 million USD traded over 24 hours.
Supported Digital Currencies
BitForex supports more than 300 cryptocurrencies and altcoins, including:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Binance Coin (BNB)
- Ethereum (ETH)
- EOS (EOS)
- Grin (GRIN)
- Litecoin (LTC)
- Tron (TRX)
- Ripple (XRP)
BitForex is also one of the few centralized digital asset exchanges that support “meme coins.” Meme coins are cryptocurrencies that rapidly gain popularity, primarily due to influencers and investors promoting them online. Some meme coins supported on BitForex include Dogecoin (the original meme coin), Shiba Inu, and SafeMoon.
The BitForex platform offers a wide range of services and features, all of which require the creation of a user account. Opening an account on BitForex is straightforward and fast. Users claim and verify a new trading account by providing an active email address. Once you are emailed a registration or verification code and activate your account, you can take advantage of all the crypto trading platform offers.
The exchange platform offers a social trading feature. Also called copy trading, social trading allows users to link their crypto portfolios with another trader’s portfolio. The platform supports perpetual contracts, spot trades, premium IEO offerings, and more.
Spot trading is easy to use. The trading pairs are located on the left. In the middle, you will see the price chart. The order book is to the right. Assets buy-and-sell access options are at bottom.
When selecting a crypto exchange, the charting interface is one of the most important considerations, especially if you rely heavily on technical analysis for trading. The trading interface needs to be well laid out and simple. BitForex accomplishes this easily with their TradingView.
The trading interface has no complicated menus or distractions. You can easily switch between different asset classes via the clean, intuitive charts. Advanced trading tools and indicators are also available to refine the edge to maximize trading profits and minimize your risk. Among the chart indicators you can add are:
- Average True Range
- Bollinger Bands
- Relative Strength Index
- Simple Moving Averages
This feature links digital currency traders to supported blockchain apps, including:
You can fill out an application for your own personal CApp Town account and gain access to multiple blockchain apps from a central hub. This feature is a crucial model for BitForex, and they hope it will eliminate the discrepancies between different blockchain protocols. CApp Town does not rely on any particular company or entity to function.
This feature displays DeFi tokens available as trading pairs. It is under the spot exchange tab.
Supports ERC20 trades and swaps with minimal slippage, providing users with instant and real-time matches on their orders. BitForex also provides over 980 ERC20 tokens and digital asset for investors to choose from when trading. For users that are liquidity pool providers, 100% of associated trading costs are theirs to keep.
Ethereum 2.0 Staking
If you wish to build your digital assets and put a long-term investment strategy into place, the option for Ethereum 2.0 staking is an appealing and handy one. Staking is available to all Ethereum users at all times, letting users become node service providers. And the staking point is very low – only 0.1 ETH.
The MetaTrader or MT5 offers users access to open trade positions on traditional finances and goods, allowing them to venture outside without leaving the platform. MT5 accounts support four base currencies:
MT5 offers users more options and opportunities when trading traditional financial products. They are aiming to broaden the economic landscape for the cryptocurrency industry.
BitForex gives you more than 300 trading pairs and up to 200x leverage. Contract for Difference trading is also possible.
CFD trading allows you to trade assets by entering into a contract with a broker, rather than opening positions on a specific market.
These are the CFDs available for various products:
- Forex and Cryptocurrencies – Over 100 CFDs
- Commodities-over 20 CFDs
- Indices- over 10 CFDs
- These fees are very low.
BTC, ETH and XRP are the base currencies supported by USDT.
To fund your MT5 Account, you can directly transfer funds from your wallet. They provide advanced tools for technical analysis that you can use at your leisure. There are over 30 technical indicators, timeframes and interactive charts available.
The BitForex Token
The BitForex Token (BF) is geared toward the trading platform’s community and is compounded by trade mining and blockchain building. BitForex uses BF to buy out 80% of its sustainability costs. For token holders, BF offers them a voice in where platform resources are spent and on issues within the platform. They also have the opportunity to join in discussions about the growth and management of the platform.
Depositing on BitForex Exchange
Depositing funds into your BitForex account is very easy. Simply log in to your account, go to the Assets panel, and select the amount you want to deposit from your hardware crypto cold wallet address into your platform wallet.
BitForex has a relationship with Simplex to facilitate deposits using all credit cards. There is no low threshold on deposits. You can also go through Simplex to withdraw or purchase assets from the platform.
Deposits supported on BitForex include:
Traders can also engage with the Spot Crypto Market through the trading interface.
BitForex Trade Fees
The fee structure is one of the most important considerations when selecting a cryptocurrency exchange. Exchanges employ trade fees on actions and transactions based on various fee structures. BitForex charges a 0.0005 BTC fee on withdrawals, a very competitive fee compared to other exchanges’ withdrawal fees. No fees are employed on deposits.
BitForex transaction fees are different when it comes to taker fees and maker fees. Makers add liquidity to the pool while takers remove it. Spot trading fees with BitForex are set at a flat rate of 0.1% for makers and takers.
Perpetual fees for stakers in Bitcoin or Ethereum are 0.04% for the makers and 0.06% for the takers. The BitForex Exchange administers a flat 0.06% fee for makers and takers for perpetual trades with other currencies.
If you buy crypto or sell any digital asset through the MT5 platform, BitForex charges a commission fee. Forex and commodities are fixed at 10 USD per trade, with a 0.08% rate set for cryptocurrency trades through MT5.
Customer Support Team
BitForex provides excellent customer service and support, addressing issues and handling problems quickly and effectively. The platform utilizes a ticketing system so traders can directly contact BitForex with any technical or financial problems experienced while using the platform.
The platform also offers an extensive library of reference information in its FAQ section. BitForex also provides a live chat service for questions and support access, and they are readily available via email for more detailed or complex inquiries. When tested, the support service responded promptly within 24 hours of contact.
You can also try contacting BitForex’s customer support team via their social media channels.
As of this BitForex review, the trading platform has no history of any cybersecurity issues, including data breaches, malware, or spam. More than 98% of the platform’s assets are stored in hardware wallets protected with multi-signature coding. This means that in order to make a withdrawal of funds, several BitForex team members are required to sign off on the transaction.
Additional security protections include:
- Offline cold storage wallets
- Hot wallets
- DDoS software
- Two-factor authentication
As stated above, BitForex has never suffered a direct cyberattack but compared to other systems using similar protocols, you can be confident in the strength and stability of their security systems in place.
BitForex Review – Pros & Cons
- Supports more than 300 digital currencies and tokens
- Low trading fees
- Impressive security features
- High liquidity
- Convenient, easy-to-use mobile app
- Supports leverage trading
- Some features due for an upgrade
- Some lack of transparency
BitForex Review – Frequently Asked Questions
BitForex’s site provides an extensive library of information and answers to Frequently Asked Questions about using the platform. Most user queries and concerns can be answered by searching through the database. For additional inquiries and issues, the BitForex customer service ticketing system allows users to get in touch with a BitForex team member directly and quickly – Most responses are within 24 hours.
Does BitForex Support Forex (FX) Trades?
BitForex does not support Forex products. However, it does allow users to deal in currencies and contracts that follow analog Forex assets.
Is There a Mobile App for BitForex?
Yes, BitForex has a mobile phone app available for Android and iOS users. You can download the app from the Google Play Store or the Apple Store. The BitForex app is easy to use and ideal for conducting business on the go.
The web version of BitForex can also be used on smartphones and is very mobile-friendly.
Is BitForex Safe?
BitForex is generally considered safe. It has stable, robust infrastructure and safety protocols in place and additional protections such as multi-signature wallets for digital asset storage to prevent scam. That being said, the trading platform has not encountered a serious cyber-attack or suffered a breach of any kind yet.
Is BitForex Legal?
By all accounts, and based on observation, BitForex is entirely legal. The digital currency exchange has millions of users and investors on board, and that number continues to grow.
Is There a Demo Mode on BitForex?
There is no demo mode on BitForex. If you are a beginner looking to learn how to trade cryptocurrency without any capital, you will need to find an alternate exchange with a risk-free trading option.
Is ID Verification Necessary?
No, KYC procedures are not required to establish an account with BitForex, nor is personal information necessary to verify identity before trading. All that is needed to set up an account and start trading is a valid email address.
Can US Traders Use BitForex?
The BitForex website does not explicitly state that US investors can trade on the platform. It also does not say that they may not. The best course for US customers is to consult with your own state’s rules regarding cryptocurrency exchanges and consult federal regulations before trading on BitForex or any cryptocurrency exchange.
Does Bitforex Support Fiat?
Yes, Bitfored supports USD and EUR Fiat currencies as of now.
What Deposit Methods Does Bitforex Supports?
BitForex’s deposit methods are so easy that anyone new to crypto investing can quickly pay for any asset. BitForex can be called an “entry level exchange” because it supports many payment methods, such as wire transfer, cryptos from exchanges, credit cards and debit cards, bank account transfer, and even cash transfer.
Can US Traders Use BitForex?
BitForex’s website doesn’t explicitly state whether US traders can trade on Bitforex. Bitforex states that it has a clear policy of “No geographic restrictions”. BitForex allows people from the USA to sign up and purchase crypto assets via BitForex, according to a Reddit Thread.
Bitforex Review for Australia: Safest Bitcoin Trading Platform
BitForex, a Cryptocurrency marketplace that offers token deal and derivatives services worldwide, is called BitForex. It was established in 2017, and has over 300 trading pairs. The exchange offers a wide range of services including derivatives, margin trading, and token trading that caters to both beginners and professional crypto traders alike. The site now has over 3,000,000 users from over 200 countries. The company’s headquarters are in Hong Kong and is registered in the Republic of Seychelles.
BitForex has also established teams in Germany and Estonia, as well as Malaysia, Singapore, Malaysia, and the Philippines. Jason Luo, CEO, Co-Founder, Garrett Jin (VP), and other members make up the executive team. The native token is BitForex Token (BF), which is an ERC20 token that supports the swapping ecosystem. A customer can also earn a commission by referring others.
According to BitForex, the site’s trading engine can process approximately 1.6 million orders per minute, which is a huge number compared to other cryptocurrency exchange sites. BitForex’s 24 hour trade volume was USD 315 millions, which makes it the 11th largest 24-hour trading volume in the world according to CoinMarketCap.
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.
BitForex is a new cryptocurrency exchange, but it has already achieved a significant milestone and gained the trust of more than 3 million users, which is a huge advantage over other top cryptocurrency exchanges. The product is user-friendly and provides cutting-edge tools, including all trading tools & access to additional features that enhance the stake trading experience. The website also has an app for iOS and Android users. This gives it access to a wider audience.
BitForex is a secure and transparent platform for spot trading, staking coins and various altcoins. It was designed with security in mind. 98 percent customer money is kept in cold storage wallets. The FAQ section also covers safety.
If you don’t want to buy Bitcoin and other cryptocoins on the Bitforex trading exchange, don’t worry because we’ve prepared an in-depth list of the best Australian platforms to buy cryptocurrencies.
Bitforex Review for Canada: Safest Bitcoin Trading Platform
BitForex is a Cryptocurrency market that offers trading pairs and derivatives services. It was launched in 2017 and offers more than 300 trading pairs. The exchange provides a variety of services, including token trading, margin trading, derivatives, and margin trading. This service is available to professional and beginner crypto traders. Users come from over 350 countries. The company is located in Hong Kong and registered in the Republic of Seychelles.
BitForex has teams in Germany, Estonia and the Philippines. Jason Luo is the CEO and co-founder. Garrett Jin, VP and other executives make up this executive team. The native token is BitForex Token BF, an ERC20 token which supports the swapping industry. Through their referral program, they offer customers the chance to earn commissions.
According to the company’s website, the site can process approximately 1.6million orders per second. This is huge compared with other cryptocurrency exchange websites. BitForex was the world’s 11th-largest 24-hour trade volume at USD 315million.
BitForex is still a young company but the customer support team has gained a reputation for being reliable and helpful. Customer service problems are solved quickly and efficiently by the support team. The support team has a ticketing product that customers can use to contact them directly. Their team is highly trained to answer customers’ questions instantly.
BitForex has, despite being a relatively new exchange in cryptocurrency, achieved a major milestone and gained trust from more than 3,000,000 consumers, surpassing many top cryptocurrency exchanges. It is easy to use and has cutting-edge tools. A mobile app is available for both iOS and Android users to make the website more accessible.
BitForex offers a transparent and safe environment for trading spot, spot, and altcoins. It has 98 per cent of customer money kept in cold storage wallets. This is to ensure security. The FAQ section provides information on safety and other aspects.
Now, if you don’t feel like giving BitForex a shot, don’t worry, here are the best crypto trading platforms to exchange Bitcoin in Canada.
Bitforex Review for United Kingdom (UK): Safest Bitcoin Trading Platform
BitForex provides cryptocurrency trading services and token deals. It was founded in 2017 with over 300 trading pairs. The exchange offers many services such as margin trading, token trading and derivatives. It caters to both professional and novice crypto traders. There are now over 3,500,000 users, mainly from 200 countries. The company is headquartered at Hong Kong, and is registered in Republic of Seychelles.
BitForex also has offices in Germany Estonia, Malaysia, Singapore, the Philippines, Malaysia and Estonia. Jason Luo (CEO and Co-Founder), Garrett Jin (VP), as well as other members of the executive team make up our executive team. The native token of BitForex Token is (BF), an ERC20 token supporting the swapping community. You can also earn commissions through their referral program.
According to the company, the site’s dealing engine can process about 1.6 million orders every second. This is quite impressive compared to other cryptocurrency trading websitessuch as Coinbase. BitForex had the 11th highest 24-hour trading volume of any cryptocurrency exchange, with USD 315,000,000 in 24 hours.
BitForex exchange is still relatively new, but its customer support has established a strong reputation. The customer support team is responsive and helpful in solving customer service issues. Users can contact them via a ticketing platform. This team has the ability to resolve many customer queries instantly.
BitForex, although it is still a new platform in the cryptocurrency trading industry, has reached a landmark and earned the trust of over 3,000,000 users. This is an improvement on many other cryptocurrency exchanges. The product is interactive and includes cutting-edge tools. Additionally, the website offers a mobile app that is compatible with both iOS and Android devices, which gives it an even wider reach.
BitForex provides a safe, transparent environment for spot trading, the staking of coins, various altcoins, perpetual contracts, as well as staking bitcoins. It was built with security and holds 98 percent of customers’ money in cold storage wallets. The FAQ section addresses all aspects of the product, including safety.
On a side note, just in case you’ve already tried BitForex and not satisfied for some reason, take a look at our post about the best crypto exchanges to buy Bitcoin in UK.
You should trade with BitForex if you want to trade with over 300 crypto assets with a reasonable liquidity pool, like an exchange with spot and perpetual trading pairs, and want an exchange with global access. As noted above in our BitForex Review, the exchange offers low fees, a responsive trading platform, and a user-friendly mobile trading app.
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