BitForex Review: Is It Worth It?
BitForex Review
In this BitForex Review, we will be looking into all of BitForex's features and assessing whether or not BitForex is a safe choice.
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Background And History
BitForex is one of the most popular cryptocurrency exchanges with a mission to create a safe, professional, and convenient digital currency trading platform for users to be involved in the next financial generation.
BitForex is trying to lead the trend of the cryptocurrency exchange industry by effectively providing a wide range of trading tools including spot trading (over 300 trading pairs), margin trading, BitForex Earn, derivatives, Turbo Stater (IEO, INO, Vote for listing), NFT marketplace and the upcoming product - Crypto Loans
Moreover, users are able to purchase cryptocurrencies with their debit cards or credit cards in a very convenient way in the Buy Crypto section. BitForex supports its users to trade on multiple devices including web, IOS, and Android APP.
The company is headquartered in Hong Kong and was registered in the Republic of Seychelles in 2017. BitForex has grown its user base to over 6 million with a worldwide presence in over 200 countries and regions. The independent operating teams are located in Germany, South Korea, Singapore, Russia, and more.
BitForex wants to constantly adapt to new market needs with the continuous introduction of new features.
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Security
Cold Wallet
The cold storage maintains more than 98% of user funds in an offline, multi-signature wallet, requiring 4 of 7 hardware security modules (HSMs) in possession of globally distributed management team members to approve all transactions. If an administrator is compromised and forced to log into the platform, a single HSM would not be sufficient to initiate a transfer of funds. The challenge to acquire enough of these devices to access cold storage is tantamount to impossible.
Hot Wallet
The hot wallet maintains only the funds necessary to fulfill withdrawals in the queue, approximately 0.5%. To refill the hot wallet, 4 of 7 HSMs are required to initiate a transfer from the cold wallet to the hot wallet.
Data Structure
BitForex migrated to a new data server and the expanded security team performed a comprehensive audit of the entire stack, including a deep analysis of all source code and dependencies.
DDoS Protection
Intelligent load balancing and failover routing among servers help to increase performance. Real-time malicious traffic detection blocks malicious server requests. Automatic inline mitigation measures decrease latency and increase uptime. Through encrypted connections with HTTPS TLS 1.3, pricy and performance are improved.
Fees
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.
Spot Trading
When it comes to money trading, one of the most standard and efficient forms of investment to undertake is spot trading. It is one of the easiest ways of purchasing cryptocurrencies like Bitcoin and holding it with the hope that the price value will rise in the future so as to allow you to sell your coin and earn a profit. BitForex is one of the best exchange platforms which would enable you to carry out spot trading. One significant benefit that this platform provides its users with is that traders can freely buy or sell any coin against USDT or preferably any token available based on trends or market speculations.
Perpetual Trading
BitForex Perpetual Contract Trading Beginner's Guide will help users to learn how to proceed with Contract Trading step by step.
Step 1: Enter the Perpetual Contract Trading Page
- Click "Perpetual" on the left top corner of the main page to access the trading page.
- The Perpetual Contract Trading page consists of Recent Trades, Chart, Order Book, Orders, Account Info, Positions.
Step 2: Trade Perpetual Contract
- You can place a buy/long order when you think the BTC/USD price will rise, profit will be made when the BTC/USD price rises in the market.
- You can place a sell/short order when you think the BTC/USD price will fall, profit will be made when the BTC/USD price falls in the market.
More details are as below:
1. Open a position
- Qty(Quantity)：Enter the number of Contracts you would like to order（1Contract = 1 USD）
- PriceEnter a BTC price you would like to place an order on (USD unit）
- Order Value: order price is the number of Contracts *1 USD/BTC price
2. Contract Information
- Click "Contract Info" on the Chart area to check on the Contract Information.
- Trading Fee：
- 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. Maker fees: 0.04%.
- 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. Taker fees: 0.06%.
3. Check your orders
- All unfilled orders can be found under Open Orders
- All filled orders can be found under Fills
- All unclosed positions can be found under Position
- All closed positions can be found under Order History
4. How to close a position
- Users can place an inverse position order to close a position on BitForex Perpetual Contract trading.
- If your inverse position order amount is greater than your current position, the amount left will be placed as a new order.
NFT Marketplace
Apart from the global mission of crypto adoption of people around the world, supporting the artists, musicians, and investors, BitForex aimed to simplify the process of buying, selling, and collecting NFTs for every user. Whether you’re a savvy investor or a newbie to the world of NFTs and Crypto, the usage of NFT Marketplace by BitForex will be easy, intuitive, safe, and, surely, profitable!
The idea of launching an NFT Marketplace has come as a solution to the existing issues in the NFT and Crypto markets.
Here’s what you receive while being a user of the BitForex NFT Marketplace:
Trustworthiness
Starting its path in 2017 there weren’t any security issues with BitForex. The team does its best to eliminate the worries related to the safety of users’ assets
Specification
BitForex cooperates with hundreds of talented artists, and creative and profitable projects all over the world. Don’t neglect the chance to highlight the real premium NFTs with the BitForex selection process.
User-Friendliness
The BitForex NFT Marketplace is incredibly easy to use. The trading process for buyers and sellers can start in the blink of an eye. BitForex supports all NFTs based on almost all public chains like BSC, Ethereum, Klaytn, etc. BitForex supports fixed price, live auction, and buyout sales types.
Free Of Use
BitForex doesn’t charge any commissions or trading fees on the NFT Marketplace while the early promotion period. Buyers and sellers shouldn’t be afraid of the high gas fees.
BitForex welcomes any project teams with NFT, as well as NFT individual artists and studios to contact them. The team will be happy to establish a partnership with you.
BitForex Earn
BitForex Earn is backed by experienced professionals across the world to empower your investments.
Fixed-term, Flexible term, Staking pool, and more financial supports are available.
Flexibility, convenience, high yield return, and payoff in short term are the advantages of the BitForex Earn product.
BitForex's cryptocurrency platform is designed to provide a safe, professional, and convenient platform for users to be involved in the next financial generation.
Safe
BitForex provides safe and asset security management solutions to all of its users. All your investments are secured by the highest level of security available.
Professional
BitForex provides users with 24/7 support. You’ll get support from certified friendly and knowledgeable technicians who know exactly what you need and how to solve it for you quickly, and in the policy.
Convenient
With a professional interface and all tools, the trouble-free operation only requires you one click and you are enabled to receive a stable income.
Fixed Term - High Yield
Fixed-term provides higher returns than Flexible term.
10 days lock-up enables you to pay off shortly for your investment, thus more flexibility is available. Deposit your assets and you will benefit from premium assets with a competitive and steady annualized rate of return. Repay the principal and interest when due.
Flexible Term - Flexible
Flexible Term allows you to earn interest from the liquid assets deposited.
A low investment threshold helps you take the first step in the crypto world.
Subscribe to BitForex Earn flexible-term to earn interest, with the flexibility to redeem your funds at any time.
Staking pool - Rewards
BitForex Earn selects only the premium projects in the industry.
By staking, you can receive a guaranteed yield on your coins.
BitForex Earn also makes staking trouble-free and lowers staking barriers making it accessible for everyone.
BitForex Loans
Crypto loans involve a lender loaning crypto to a crypto-owning borrower and securing said loan by taking a security interest over the borrower’s crypto assets. With crypto loans, credit scores are totally unnecessary.
In this relationship, the lender often exercises control over the crypto assets, holding them as collateral until the loan is repaid or the crypto assets are liquidated. With crypto loans, borrowers can borrow from 7 to 180 days on platforms like BitForex Loans.
Low-interest rates
Crypto loans on BitForex come with a lower interest rate than most decentralized platforms.
Easy Approval
BitForex won’t conduct a private information check on applicants, making it an incredibly easy approval when applying
Fast funding
Once you receive approval, you can access your loan instantly.
Greater loan amount
Depending on the asset value, BitForex allows you to borrow crypto from 60% to 85% of the collateral's value.
Flexibility
BTC or ETH is considered an investment, holders generally won't sell them easily. In that case, you can borrow up to 85% of your collateral assets on BitForex.
Turbo Starters
With newly up-gradation, including INO, IEO, Turbo Starter aims to offer high-quality industry projects. It is designed to help blockchain startups raise funds and increase their reach across the crypto ecosystem. With this platform, BitForex grants its users the early chance to be part of potentially game-changing projects. Turbo Starter will ensure that the projects can focus their efforts on where it matters: developing their product and increasing adoption. And also provides full advisory service with projects, which will benefit from BitForex's experienced research team.
Diversified team with the most international vision
Diversified team members with the most international investment vision and rich experiences help you capture insightful market opportunities. You will never miss anything!
Abundant user resources
Relying on professionalism and abundant user resources, the team can tailor marketing strategies that suit you. You do not need to work intensively with users yourself to promote the campaign.
Strong think tanks
With strong financial and technical strength, the professional project research team only selects the premium project in the industry.
Outstanding service and diversified options
BitForex Turbo Starter offers various options, IEO, INO, Choose the one that suits you best. Besides, work with BitForex, and enjoy one-stop service from the listing, campaign, and following settlement.
Keep tabs on early-stage projects and gain more
Investors & users can keep tabs on interesting projects in their infancy via Turbo Starter. Investors who manage to get in early usually secure massive returns.
Fundraising for start-ups and NFT artists
Turbo Starter is a platform that assists blockchain startups and NFT artists in raising funds for new or on-creating projects. And also provides knowledge and support so that the team can broaden its reach to investors.
Contribute to the Industry
Through a well-thought-out plan, BitForex Turbo Starter can help to cut down on industry chaos and negative energy, giving investors confidence and a better way to identify strong potential projects in an over-saturated market.
EazySwap
EazySwap, is a Sub-Platfrom of BitForex Crypto-currency Exchange, EazySwap has a professional and advanced semi-decentralized matching Protocol, all the trading record and data will be able to be traced by ERC20 Blockchain system, EazySwap also provides a user-friendly structure which is designed to solve the "High Gas Fee" problem, while still keeping its decentralized advantage. A 0 Gas fee is charged for any transaction in the system. EazySwap will also reward up to 80% of the trading fees to each liquidity pool provider.
EazySwap currently supports ERC20 based tokens and many more mainnet tokens will be supported soon.
BF Token
BitForex will use 80% of the mining token’s trading fees as BF buy-back. In the future, BF holders will have the right to participate in platform building major decisions and community management.
BF token contract address：0x5b71bee9d961b1b848f8485eec8d8787f80217f5
How to get BF?
Users can get BF through trade mining, invite mining, community ecosystem building welfare, or some other ways.
Platform Income Sharing Mechanism
BitForex will use 80% of the mining token’s trading fees as BF buy-back; the other 20% will be used to develop and operate the BitForex ecosystem.
BF Trade Mining
Starting from Aug 1st, 2018, BitForex will release and issue 40% of BF in trade mining mode. 120% of user trading fees will be distributed in the form of BF; 80% are circulating BF and 40% are holding BF.
BF Trade Mining Time: Pre-mining starting at 12:00 am until 23:59:59 HKT, Aug 1st, 2018; mining starting at 12:00 am HKT Aug 2nd, at the same time, BF/USDT trading would start at 12:00 HKT.
Please note: During the pre-mining period, and the first hour of BF trading, the BF token price initiated at 0.05USDT, to calculate the amount mined out on BTC/USDT, ETH/USDT, BCH/USDT trading.
Community and Ecosystem Welfare
24% of BF will be issued through invite mining and other community welfares.
Among these, 4% are issued through invite mining, which is divided into invite trading and invite holding. The inviter shares an invitation link to invite a friend to sign up on BitForex. After the invitee completes registration, the inviter gains invite mining welfare through the invitee's trading and holding.
BF Token Distribution Plan
BitForex uses the "mining-releasing synchronize" mechanism to complete the issuance of BF. 64% of BF will be rewarded to users in the way of "mining"; 36% of BF will be issued through cornerstone, private placement, and founding team encouragement. The detailed distribution proportion is as follows:
40% - Trade Mining
24% - Community and Ecosystem Welfare
20% - Team Encouragement
8% - Private Placement
8% - Cornerstone
Distribution Mechanism
Mining Part: Users gain BF through trading or invite mining. Released every day.
Holding/Lock Position Part: Unlock at a certain rate according to BF holding total amount. The rule of the rate is as follows:
Private Placement BF: after being locked for 2 months, unlock 10% every month;
Holding BF gained through Mining and Cornerstone Lock BF: convert into circulating BF at a floating rate of five in ten thousand to ten in one thousand of locked BF total amount a day, initial rate: eight in ten thousand;
Team Encouragement Part: lock for 4 years, unlock 5% (of total BF) at the end of every year
BitForex Pros & Cons
BitForex: Pros
- 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
BitForex: Cons
- Customer support is slow
- Unclear terms of service
BitForex: Verdict
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!
