In this BitForex Review, we will be looking into all of BitForex's features and assessing whether or not BitForex is a safe choice.
Get 50% of your friends' trading fees when you invite them to trade on BitForex!
Disclaimer: We want to emphasize that this is not financial advice. Cryptocurrencies operate in a volatile market, where values can drastically fluctuate in a blink of an eye. It is imperative to conduct thorough research and seek guidance from a qualified financial advisor before investing.
Background And History
BitForex is a well-known cryptocurrency exchange that has gained popularity for its efforts to establish a secure, professional, and user-friendly trading platform for individuals interested in participating in the evolving world of digital currencies.
The exchange positions itself as a pioneering force in the cryptocurrency trading sector by offering an extensive array of trading tools. These tools encompass spot trading, which involves a wide variety of trading pairs numbering over 300, as well as margin trading, derivatives, BitForex Earn, Turbo Stater (a platform for IEO, INO, and listing voting), an NFT marketplace, and a forthcoming product called Crypto Loans. This comprehensive suite of offerings aims to cater to the diverse trading preferences and strategies of its user base.
Additionally, BitForex has streamlined the process of acquiring cryptocurrencies for users through the Buy Crypto section, allowing them to conveniently use their debit or credit cards for such purchases. The platform prides itself on ensuring accessibility across various devices, supporting trading activities on web browsers, iOS, and Android applications.
Established in 2017, BitForex is headquartered in Hong Kong and is registered in the Republic of Seychelles. It has successfully expanded its user base to over 6 million individuals across more than 200 countries and regions worldwide. To further support its global operations, BitForex has established independent operating teams in key locations like Germany, South Korea, Singapore, and Russia.
BitForex's commitment to evolving alongside the dynamic cryptocurrency market is evident through its consistent introduction of new features. By adapting to changing market needs, the exchange seeks to maintain its relevance and appeal to its user base.
As individuals consider their options in the cryptocurrency trading landscape, exploring BitForex using an invitation code may provide them with an opportunity to engage with the platform's offerings and services. It's important to thoroughly evaluate the features, fees, security measures, and user experiences provided by any cryptocurrency exchange before making decisions.
Central to their security architecture is the cold wallet solution. More than 98% of user funds are stored in an offline cold storage mechanism, significantly minimizing the potential exposure to online threats. What distinguishes this approach is its multi-signature requirement for transactions. To carry out any transaction, the consensus of 4 out of 7 hardware security modules (HSMs) is mandatory. These HSMs are held by members of the globally distributed management team. Even in the unfortunate event of an administrator's credentials being compromised, the possession of a solitary HSM would not grant unauthorized access, ensuring an exceptional level of fund protection. The distributed nature of these safeguards makes unauthorized access a monumental challenge.
In tandem with the cold wallet, the hot wallet is designed with security as a paramount consideration. It holds only a small portion of funds required for processing withdrawal requests, mitigating potential losses in the event of a breach. Similar to the cold wallet, accessing funds within the hot wallet necessitates a multi-signature approach. Four out of seven HSMs must agree to initiate a transfer from the cold wallet to the hot wallet, ensuring that any movement of assets undergoes rigorous verification.
Beyond the wallet infrastructure, BitForex has demonstrated a commitment to comprehensive data security. A migration to a new data server was coupled with an in-depth audit of the entire technology stack. This included an exhaustive analysis of the source code and its dependencies. This approach highlights BitForex's dedication to maintaining the integrity of their platform and the data it handles.
To defend against external threats, BitForex employs advanced Distributed Denial of Service (DDoS) protection measures. Intelligent load balancing and failover routing among servers enhance performance, while real-time detection mechanisms swiftly identify and block malicious traffic requests. Automatic inline mitigation measures further contribute to decreased latency and increased uptime. In the interest of maintaining encrypted and secure connections, BitForex employs HTTPS TLS 1.3, concurrently enhancing both security and performance.
Deposit and Withdrawal Fees
There are no deposit fees on BitForex, digital currency withdrawal fees are based on network costs.
BitForex Perpetual Contract Trading Fees
- For every executed order, there is a Trading Fee. Trading fees will be calculated in the Realized PNL.
- The cryptocurrency that is corresponded to the contract type will be taken for the trading fees. For BTC/USD Perpetual Contract Trading the trading fee will be taken in BTC. These transaction fees will be calculated in Realized PNL and will be shown under Realized PNL.
- Fees = (Cont. * Cont. Unit / Fill Price) * Fee Rate
- Maker Fees are paid when you add liquidity to the order book by placing a limit order below the ticker price for buy, and above the ticker price for sell.
- Taker Fees are paid when you remove liquidity from the order book by placing any order that is executed against an order on the order book.
In the realm of financial trading, spot trading stands out as a fundamental and effective investment approach. It represents a straightforward method of acquiring cryptocurrencies like Bitcoin with the anticipation that their value will appreciate over time, allowing for profitable selling in the future. BitForex emerges as a leading exchange platform that empowers individuals to engage in spot trading. Notably, this platform extends a key advantage to its users: the freedom to seamlessly purchase or sell various coins in exchange for USDT or other tokens, all guided by market trends and speculations.
BitForex's entry into the NFT domain isn't just about the buzz of global crypto adoption – it's about rolling up their sleeves and supporting the creative souls, the artists, musicians, and investors, across the globe. But there's more beneath the surface here – it's a strategic response to the real issues bogging down the NFT and Crypto markets. The outcome? A user-friendly NFT Marketplace that caters to everyone, from the seasoned players to the newcomers trying to find their footing.
The BitForex NFT Marketplace's debut isn't just a grand gesture; it's a tangible solution to the convoluted procedures that usually accompany NFT buying, selling, and management. No matter where you stand in the NFT world, BitForex pitches in with a platform that's breezy to use, fortified with security, and not devoid of profit potential.
But let's pause on the big ideas for a moment and zoom into the nitty-gritty benefits that BitForex's NFT Marketplace dishes out:
BitForex's journey into NFTs traces back to the real-world snags in the NFT and Crypto markets. It's about cutting through the noise and offering an accessible platform for all. A platform where you can dip your toes in the NFT waters without feeling like you're deciphering an alien script.
Speaking of security, BitForex's track record since their debut in 2017 sings a reassuring tune. They've managed to steer clear of major security breaches, cultivating an environment where you can trade with peace of mind.
The collaboration game at BitForex is strong. They've brought a diverse array of artists and projects under their wing, creating a space where premium NFTs can truly shine.
And if you're worried about fees chewing up your profits, BitForex's got you covered there too. Their NFT Marketplace comes with the promise of no commissions or trading fees, at least during the initial promotional period.
BitForex isn't just extending the hand of partnership to established projects with NFTs; they're reaching out to individual artists and studios as well. It's a community they're fostering, a place where creative expression and potential financial gains come together in a seamless blend.
BitForex Earn emerges as a dynamic platform tailored to cater to various investment preferences. With a team of seasoned professionals spanning the global landscape, it's designed to empower users by providing a spectrum of financial opportunities. These encompass Fixed-term and Flexible-term options, alongside Staking pool and more.
The appeal of BitForex Earn lies in its trifecta of advantages. Offering flexibility, it accommodates different investment approaches, whether you're aiming for short-term payoffs or long-term gains. Convenience is at the core of its design, ensuring that users can seamlessly navigate and engage with investment opportunities. The allure of high yield returns further sweetens the deal, offering the potential for lucrative earnings.
BitForex's larger cryptocurrency platform rests on the pillars of safety, professionalism, and user convenience. Every investment you make is underpinned by a robust security framework, safeguarding your assets and instilling trust in the platform.
Notably, BitForex Earn extends beyond the realm of mere transactions. The platform's commitment to user support is underscored by its 24/7 assistance system. This ensures that users receive timely and knowledgeable help from certified technicians, enhancing the overall user experience.
BitForex Earn's intuitive interface and comprehensive toolkit make it a hassle-free experience. A single click sets the wheels in motion, allowing users to explore investment opportunities and potentially earn a stable income.
Delving into the specifics of BitForex Earn's offerings, the Fixed-Term option introduces the allure of higher returns. A unique 10-day lock-up feature provides the flexibility to settle your investment promptly, coupled with the advantage of accessing premium assets with competitive and steady annualized returns.
On the other hand, the Flexible Term option introduces a different dimension. Tailored for users seeking liquidity, this avenue lets you earn interest from liquid assets. With a low investment threshold, it provides an accessible entry point for newcomers to the crypto space. The flexibility to redeem funds at any time adds an extra layer of convenience.
Staking further adds to the array of options within BitForex Earn. By participating, users can tap into a guaranteed yield on their coins. BitForex Earn makes staking hassle-free, eliminating barriers and ensuring accessibility for all users, regardless of their experience level or technical expertise.
BitForex Loans introduces a new dimension to the crypto landscape, offering a distinctive approach that breaks free from the confines of traditional lending norms. Crypto loans, as facilitated by BitForex Loans, transform the lending dynamic, rendering credit scores irrelevant and granting borrowers a refreshing level of autonomy.
At its core, the premise is simple: a lender extends crypto to a crypto-owning borrower. This lending process is backed by the collateralization of the borrower's crypto assets. In this unconventional relationship, the concept of credit scores finds no place. Instead, the crypto assets held serve as the security interest, establishing a trust-based foundation that transcends conventional financial paradigms.
The unique nature of crypto loans is most evident in the role that the lender plays. In exchange for the extended crypto, lenders often retain control over the borrowed crypto assets. These assets act as collateral, held in a sort of liminal space until the loan is fully repaid or, in the case of default, the assets are liquidated.
BitForex Loans emerges as a pioneer in this sphere, offering borrowers the opportunity to secure loans ranging from 7 to 180 days. Notably, this platform distinguishes itself by providing competitive interest rates that often outshine those of decentralized counterparts.
The convenience factor shines through as BitForex Loans takes a refreshingly simplified approach. Applicants are spared the cumbersome process of private information checks, streamlining the approval process significantly. Once approval is secured, the loan amount is made instantly accessible, ushering in an era of efficient borrowing.
BitForex Loans goes a step further by offering borrowers flexibility in determining their borrowing capacity. Depending on the assessed value of the collateral, borrowers can secure loans ranging from 60% to an impressive 85% of the collateral's value. This means that holders of assets like BTC or ETH, often viewed as long-term investments, can leverage up to 85% of their collateralized assets on BitForex Loans.
The revamped Turbo Starter, which now encompasses INO (Initial Node Offering), IEO (Initial Exchange Offering), and more, comes with an ambitious goal – to serve as a launching pad for top-tier projects within the industry. With its latest iteration, Turbo Starter is poised to deliver a distinct edge to blockchain startups, enabling them to not only secure funding but also extend their reach across the expansive crypto landscape.
At its core, Turbo Starter is all about leveling the playing field for emerging projects, offering them a unique avenue to raise the funds they require while gaining visibility within the crypto ecosystem. For BitForex users, it's an opportunity to get in on the ground floor of projects that could potentially reshape the industry's dynamics.
One of the key virtues of Turbo Starter lies in its capacity to shift the focus for these projects. By providing a streamlined funding process, it allows startups to channel their energy and resources where it truly matters – in the development of their product and the pursuit of widespread adoption.
Turbo Starter doesn't stop at just providing a platform; it extends a holistic approach. BitForex leverages its experienced research team to offer full advisory services to projects. This means that startups aren't just left to navigate the tumultuous waters alone; they can draw upon BitForex's expertise to chart a strategic course for success.
EazySwap, a subsidiary platform of the renowned BitForex cryptocurrency exchange, presents a cutting-edge semi-decentralized matching protocol that sets the stage for seamless trading experiences. This sophisticated protocol ensures that every trading record and data is fully traceable through the ERC20 Blockchain system, adding a layer of transparency to the process.
In its pursuit of enhancing user experience, EazySwap tackles a common pain point in the crypto realm – the issue of "High Gas Fees." By leveraging an ingeniously designed structure, EazySwap manages to navigate this challenge without compromising on its decentralized nature. Notably, the platform takes a remarkable step by introducing a groundbreaking concept: all transactions within the system come with a remarkable advantage – a 0 Gas fee.
Beyond just facilitating smooth and cost-effective transactions, EazySwap aims to be a platform that benefits all stakeholders. In a novel approach, EazySwap generously rewards liquidity pool providers by channeling up to 80% of trading fees back to them. This fosters a symbiotic relationship where active participants in the liquidity provision process are duly acknowledged and incentivized.
EazySwap's current support for ERC20 tokens is just a glimpse of what's in store. The platform is poised to expand its support to include an array of mainnet tokens, offering a broader range of trading opportunities.
BitForex Pros & Cons
- A lot of crypto assets
- Good volume and liquidity
- Many features such as Perpetual trading, Spot trading, Finance, NFT, and Turbo Starter
- Leverage trading up to 100x
- Low fees and simple swapping for ERC20 tokens
- Extreme anonymity
- User-friendly app
- Customer support is slow
- Unclear terms of service
BitForex has a lot of crypto assets on top of full anonymity which is very rare in the space.
The fees for ERC20 are also extremely low when compared to other exchanges which is a major advantage.
On the downside, it is a bit hard to get more details behind the team and the background of the exchange from their website.
We also found the customer support to be a bit slow, hopefully, this will change in the future.
If you would like to sign up for BitForex, you can do so by following the link below! On top of that, you can earn 50% of trading fees from friends you invite to trade on BitForex!