In this BitForex Review, we will be looking into all of BitForex's features and assess whether or not BitForex is a safe choice.
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BitForex is a global cryptocurrency exchange dedicated to providing users with safe, professional, and convenient digital currency trading services.
BitForex is leading the trend of the cryptocurrency exchange industry by effectively providing a wide range of trading tools including token trading, margin trading, and derivatives while constantly adapting to new market needs with the continuous introduction of new features.
Trade in the moment, invest in the future.
The digitization of assets is the future trend, and BitForex is a great choice.
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BitForex Review: Security
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.
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.
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.
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.
BitForex Review: 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.
BitForex Review: 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.
- Example: Place a sell/short order when you have a buy/long position; Place a buy/long order when you have a sell/short position)
- If your inverse position order amount is greater than your current position, the amount left will be placed as a new order.
BitForex Review: 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.
BitForex Review: 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
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
- A lot of crypto assets
- Good volume and liquidity
- Spot and perpetual contracts
- Leverage trading up to 100x
- Low fees and simple swapping for ERC20 tokens
- Extreme anonymity
- Customer support is slow
- Unclear terms of service
- It doesn't have an app
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 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 30% of trading fees from friends you invite to trade on BitForex!