BitForex Review
The cryptocurrency market has gradually become one of the top investment options for investors and this has made many traders and investors looking to venture into the market. However, to be able to do that, investors have to register with a crypto exchange platform such as the BitForex exchange.
This is the BitForex review and in this review, we will be addressing the vital factors and features investors and traders should evaluate before choosing an exchange platform. Some of the crucial features to evaluate include available leverage, trading fees, deposit methods, trading experience, customer support, products, and services.
As a new investor, you might be wondering why we need to evaluate these features. Well, this is because the crypto market is saturated with many exchanges with some being legitimate, and many mediocre, and even scams. To be able to then separate the wheat from shafts, the need for evaluating the primary features of various exchange platforms becomes important.
Failure to do the necessary research before choosing an exchange platform exposes investors to various dangers that come with choosing the wrong exchange platform. And for investors who are not lucky enough, get to lose their sensitive personal data and investment funds.
To save you and other newbie investors from the dangers of choosing the wrong exchange platform, we’ll be making reviews of decent and legitimate exchange platforms in the crypto market. And like we mentioned earlier the BitForex exchange is one of the credible exchanges.
This guide will expose you and other newbie investors alike to the incredible trading services it offers investors across the globe.
| Exchange Platform | BitForex |
| Website | www.bitforex.com |
| Trading assets | Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and more |
| Security | Two-Factor Authentication, DDoS Protection, Cold wallets, and Hot wallets |
| Support | |
| Withdrawal Fee | 0.0005 BTC |
| Trading Fee | 0.10% |
| Payment Method | Cryptocurrency transfer, Credit and Debit Card, and Wire Transfer. |
| Trading Platform | Web-based platform |
BitForex is one of the leading cryptocurrency exchanges in the world. The exchange platform was established in June 2018 to provide traders and investors professional, convenient, and safe trading services in the cryptocurrency market.
Upon establishment, the BitForex exchange platform based its headquarters in Singapore but is licensed by the Republic of Seychelles. The exchange platform further has offices in various locations across the globe such as Hong Kong, Estonia, Germany, the Philippines, and Malaysia.
The BitForex exchange platform takes pride in having more than 3 million users across the globe and as such operates effectively having the best interest of all its clients at heart. The exchange platform makes use of top-quality currencies and blockchain technology to better serve its clients.
At the inception of the BitForex exchange platform, popular crypto-investors, and top investment institutions such as the Crypto Capital financed the operations of the exchange platform investing more than $20 million. The core team members responsible for the design and building of the exchange platform are from highly recognized companies like Microsoft, McKinsey, Lenovo, Merrill Lynch, Tencent, and World Bank. The team members are highly qualified in areas of finance, Blockchain, science, and technology.
Considering the bright brains behind the BitForex exchange platform it offers nothing less of a standard trading service to clients. However, for new investors who are just getting to know the exchange platform, we’ll be delving deep into the fundamental features and benefits of BitForex so they can determine if the exchange is best for them.
Security Protocol
Investors and traders in the cryptocurrency market continue to hear various news of cyberattacks and hacks of different exchange platforms. And these hacks have seen numerous investors lose their investment funds and personal sensitive data. Because of this, traders and investors are now more security conscious than ever and won’t compromise their security for anything else.
Many exchanges, on the other hand, have upped their games and have established and integrated modern and latest security measures within their security systems. And one of such exchanges is the BitForex exchange platform.
The BitForex exchange platform is known to provide a safe and secure trading environment, with its security system featuring state-of-the-art technologies to safeguard its client’s information, investment funds, and the trading platform itself. Some of the security protocols established by BitForex include Two-Factor Authentication, DDoS Protection, Cold wallets, and Hot wallets
- Two-Factor Authentication (2FA)
Two-Factor Authentication is one of the frontline security measures used by many exchanges including the BitForex exchange. This measure is used to secure sensitive trading activities such as change of password, withdrawals, and logins.
Clients of the BitForex exchange platforms are advised to set up the Two-Factor Authentication to prevent unauthorized third parties access into their trading accounts. Clients can set up 2FA via Google authenticator, and SMS by registering their phone number with the exchange.
- DDoS Protection
BitForex makes use of real-time malicious traffic detection software to protect the crypto exchange against various Distributed Denial Of Service (DDoS) attacks. The software protects the exchange platform by blocking malicious server requests automatically upon detection.
- Cold Wallet
In protecting client’s crypto assets from cyberattacks and hacks, BitForex stores and secures about 98% of the client’s crypto assets in a multi-signature offline cold wallet. To be able to withdraw funds from the cold wallets, stringent protocols and procedures must be followed by management team members of BitForex exchange.
In a situation where an administrator is jeopardized and compelled to log into the cold wallets, it would not be substantial to prompt the transfer of funds. This is because a single administrator can’t authorize any transfer. This security measure makes it almost impossible to gain access into the BitForex cold storage.
- Hot Wallet
BitForex stores about 0.5% of client’s digital assets in its hot wallets to fulfill various trading activities such as the execution of trades and withdrawals.
Trading Platform
For many traders and investors, the trading platform offered by an exchange is considered the most vital feature an exchange platform has to offer. Vital in the sense that the trading platform is the software algorithm that controls and oversees the entire trading activities on an exchange platform.
Generally, the trading view for most crypto exchanges is quite similar which consists of sell and buy-boxes, order history, various price charts, and an order book. However, the user interface employed by exchanges usually differs. The user interface is primarily one of the features many investors consider when evaluating a trading platform.
When choosing an exchange platform, you must be satisfied with the trading interface as that is where you will spend most of your time as a trader. For the BitForex exchange, the trading platform has a very simple and well-laid out trading interface.
The entire dashboard is without complicated menus and icons making it free and less intimidating to new investors. All currency pairs are listed on the left of the screen and clients can switch from one digital asset to the next.
BitForex also integrated TradingView on its web-based platform to provide a live price charting platform for its clients. TradingView is recognized as one of the top trading software that offers an incredible charting interface, intuitive, smooth, and clean price charts.
With TradingView, clients of the BitForex exchange platform can use advanced and latest trading indicators and tools for various market analyses to be able to minimize risk and maximize profits.
The TradingView price charts provide a broad range of trading tools, indicators, and time frames so that investors can make use of these features to take the best advantage of opportunities that present themselves in the crypto market.
BitForex integrating the TradingView interface allows clients to have the necessary trading tools such as Average True Range, Simple Moving Averages, Ichimoku, Relative Strength Index, Bollinger Bands expected of a crypto exchange platform.
Commissions and Fees
Every exchange platform in the crypto market charges different fees and commissions on various activities performed by investors and traders. And this also applies to the BitForex exchange platform.
BitForex charges specific fees on withdrawals and trade executions but allows its clients to make deposits into their trading accounts free of charge. Let’s have a look at the various fees charged by the BitForex exchange.
- Trading Fees
SeaBitForex charges a flat rate of 0.10% on every trade executed on its trading platform. Considering the industry’s global average which is between 0.20% – 0.25%, a trading fee of 0.10% is relatively low.
Furthermore, for clients whose monthly trading volume exceeds a specific amount, the exchange platform waves the entire trading fee for that month. However, we assume that just a few investors can meet the conditions
- BitForex Withdrawal fees
Similar to most exchanges BitForex charges a withdrawal fee on every withdrawal made from its trading platform. The exchange charges a withdrawal fee of 0.0005 BTC on every BTC withdrawn from the platform.
This withdrawal fee charged is just slightly below the industry’s global average which is approximately 0.0006 BTC on every BTC withdrawn
Withdrawal and Deposit
BitForex offers a lot of flexibility to clients when it comes to withdrawal and deposits of funds. The exchange platform is a hybrid crypto exchange which implies that it supports both the deposit and withdrawal of cryptocurrencies and fiat currencies.
The exchange platform offers various payment method options such as credit/debit card, wire transfer, and cryptocurrency transfer. This makes it very easy for new investors to purchase their preferred supported digital coins and start trading immediately.
In terms of supported cryptocurrencies, all the major cryptocurrencies can be deposited on the trading platform. In fact, approximately 300 different cryptocurrencies are supported on the exchange platform meaning a minimum of 150 trading pairs can be exchanged on the platform.
BitForex is in partnership with Simplex for fiat currencies deposits so its customers can use both Mastercards and Visa Cards to buy various digital coins directly on its trading platform. Only Litecoin, Ethereum, Bitcoin, Bitcoin Cash, and Stellar Lumens can be purchased directly on the BitForex platform for now. To make these purchases clients can decide to pay in EUR or USD.
However, you don’t have to worry about purchasing other cryptocurrencies different from the ones listed above as they can easily be swapped for your preferred digital coin after you must have purchased them.
Customer Support
BitForex understands how important reliable support is for investors and traders in the crypto market. As many of us know, trading itself is a rigorous task and BitForex being a decent exchange platform has ensured that investors get the needed assistance when they need it the most.
The Bitforex exchange platform offers one of the most impressive support among many crypto exchanges in the crypto industry. The customer representatives offered by BitForex are highly efficient, customer-friendly, and respond to various complaints and requests promptly.
The exchange platform makes available email support, Telegram channels, and Live-Chat as support channels that clients can make use of to reach any customer representative. The Live-Chat is considered the most effective as clients get to have real-time conversations with a customer representative on various issues.
For the Telegram channels, BitForex offers a distinct language option for each channel up to a total of nine languages. The various language options are made available by BitForex to facilitate smooth communication between them and their customers doing away with any form of language barriers.
Email support offered by Bitforex is also an effective support channel that is used to make various requests and complaints. The response time is quite short, proffering answers and suggestions to clients in matters of hours.
Final Thought
To bring this BitForex review into conclusion, we can ascertain with all certainty that the exchange platform is decent and legitimate enough to provide standard crypto trading services for both institutional and retail clients. BitForex provides a safe and credible digital marketplace for investors to buy and sell Bitcoin including a broad range of altcoins.
Another added advantage of the BitForex exchange platform is the radical anonymity it provides its clients. Also, the number of digital assets listed on the exchange platform gives enough room for diversification and risk management. All in all, the BitForex exchange platform is a top choice of an exchange platform.
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