BitForex Review – Learn About Social Trading at BitForex
BitForex strives to create a safe, convenient, and professional platform for users to be involved in the next generation of financial tools and crypto trading. Here’s a brief BitForex review to help you out.
Table of Contents
Summary (TL; DR)
Jason Luo, CEO of BitForex, says, “We have committed to meet new demands by promoting new features continuously. We aim to provide a better choice for users.” Bitforex stuck to its word since it has come with some great features and products in the past few years.
- Bitforex fees is low for trading, and no deposit fee
- BitForex offers both Spot trading and perpetual contracts and up to 100x leverage.
- No KYC verification compulsion.
- It also offers SMS verification and 2FA authentication.
- You also get to create your API Key through the BitForex API Management option.
- BitForex has a listing platform, and the team has designed it for premium IEO listings worldwide.
- BitForex has an easy-to-use mobile app available on both iOS and Android (Invitation Code – 2793729)
What is Bitforex?
Bitforex is a relatively new trading exchange and offers spot trading, margin trading, perpetual contracts with leverage up to 100x, and a separate Social Trading platform. They offer around 300 trading pairs, over 163 cryptocurrencies, and are functional in 180+ countries.
BitForex states that its trading engine can process 1.6 million orders per second. As of 11th May 2021, Bitforex’s 24-hour volume trade value was $5,882,058,663. ‘BF’ is their token, and its price to USD is currently $0.01174.
During the company’s inception, renowned crypto investors and institutions such as Crypto Capital, Block VC, Genesis Capital, Node Capital, and TRON funded the platform’s operations by investing more than $20 million.
How to sign-up on Bitforex?
BitForex login process is very easy, and KYC verification isn’t compulsory. Once you visit the BitForex website, you will click on the ‘register’ option on the top right corner of the page. You will have to enter your email id and choose a password for the account. Enter the verification code and an invitation code ( 2793729 ). It will then complete your registration.
When will KYC be required?
KYC will be required compulsorily if abnormal IP address behavior is detected when the daily transaction exceeds $10,000.
How to Deposit Crypto at Bitforex?
Steps to deposit cryptocurrency into BitForex are:
- Select the ‘Assets’ option on the top right corner of the page to open your wallet.
- Select ‘Deposit’ from the menu on the left.
- Choose your preferred crypto coin and Transfer it from your wallet using the given wallet address.
Bitforex Minimum Deposit
There is no minimum deposit limit on BitForex. The deposited coin will arrive after 1 confirmation and will be valid for withdrawal after 3 confirmations.
You can also buy cryptos using any Simplex facilitated credit card. You can purchase Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Stellar Lumens directly on the platform in the meantime.
If the crypto you want to buy isn’t available, you can easily swap any other crypto asset for the preferred ones using EazySwap, (about which we will talk later).
How to place orders on Bitforex?
Placing an order might seem daunting for some, but with BitForex, you can place both limit and conditional orders easily.
What are Limit and Conditional orders?
A limit order permits you to buy or sell an asset at a specified price. While for conditional directives, they automatically submit the order if the specified criterion, usually a trigger price to activate others, is met.
How to trade on BitForex?
You can enter trades using the main trading window of BitForex. The steps are:
- Enter the amount of the assets you wish to buy or sell.
- State the entry price for triggering the pending order.
- Choose the leverage amount.
- Select either Buy / Long or Sell / Short.
After placing and executing the order, the screen will display the live trade along the bottom. As a trader, you get the option to view all current positions. BitForex also enables you to review the:
- Liquidation price,
- Entry Price,
- Current price,
- Realized P&L, and
- Unrealized P&L
You can also share the trade with friends if you feel confident with your positions. This feature is more useful if you are an active influencer with a crypto trading group or have paid groups.
Bitforex Exchange Review: Trading
BitForex provides a BitForex Shorting feature to sell short when the asset becomes overvalued.
You can trade on both the spot and the perpetual market on BitForex.
What are Spot Trading and Perpetual Contracts?
Spot trading is when you can trade the assets for immediate delivery. A Futures contract is when the concerned asset is delivered at a future date. You get the opportunity to assume and place a bet on the fluctuation of the price of the digital assets by using perpetual contracts.
Perpetual contracts are a type of futures contract. But unlike futures contracts, perpetual contracts don’t have an expiry term. Also, on BitForex, there are no hidden charges besides funding costs. Perpetual trading accounts for an estimated 70% of the total volume of cryptocurrency trading in BitForex.
Why is the Perpetual Contract used?
For example, if you reckon that the price of BTC/ USD may increase, then you can buy or long a position to profit from the increase in the price. On the other hand, to gain profit, if you think the BTC/ USD cost might decrease, you can sell/ short a position.
Steps for spot and perpetual trading at BitForex:
- Make sure your BitForex account is funded.
- Click on ‘Spot’ or ‘Perpetual’ as per your need.
- Choose your preferred trading pair.
- State the order size, and order price.
- Confirm the order, and once your order is executed, your funds will get credited to your exchange wallet.
- BitForex will then move the executed/ canceled order to the Order History tab.
To check out fees is essential, but it’s even more critical when you are trading large volumes on a margin trading platform and are paying fees on positions higher than your margin.
Bitforex Deposit fee
You are not charged any deposit fee on BitForex.
Bitforex Withdrawal fee
The withdrawal fee at BitForex may vary for every crypto asset. For instance, you are charged a 0.0005 BTC fee on withdrawal of BTC. This is still lower than the global industry average.
Spot Trading fee
The ‘flat fee’ for both the maker and the taker for spot trading is 0.1% and is considerably lower than the global industry average, which is at 0.25%.
Perpetual Trading fee
If trading BTC or ETH, the maker fee for perpetual trading is 0.04%, and the taker fee is 0.06%. If you trade crypto other than BTC or ETH, then both the maker and taker fee will be 0.06%.
BitForex charges you a commission fee when trading, buying, or selling a product on the BitForex MT5 platform.
The commission fee for trading Forex/ Commodity/ Metal/ Index is 10 USD. While for cryptocurrencies it is 0.08% per trade.
Although, you won’t have to pay any trading fee if:
- You have a 30-day trading volume of more than 1,000 BTC and,
- You hold a minimum of 50 BTC with the exchange.
BitForex USD Withdrawal
While withdrawing funds from BitForex, you will have a daily withdrawal limit. For example, the minimum BTC daily withdrawal limit is 0.0001 BTC, and the maximum is 100.
Suppose you happen to withdraw an amount exceeding the limit. In that case, you will require a two-factor authentication before beginning the transaction.
If you happen to change your password for some reason, you will have to wait three days before withdrawing your funds.
Bitforex Review: Mobile App
Bitforex Mobile App is available for both iOS and Android devices. The app has an intuitive User Interface that is extremely uncomplicated and easy to use. You will be able to access all the features and services comfortably from the mobile app.
Bitforex Exchange Features
You will spend almost 90% of your time hovering on the main trading interface. So it is out of the question for the trading interface to be uncomplicated.
There are no congested menus and clutter. They have listed the trading pairs on the left, and the order book is present on the right side. The charts are in the middle, while the sell and buy options are at the bottom of the page.
What are the trading charts?
BitForex provides live price charting using TradingView. The charting interface is excellently designed and is known for being smooth, clean, and intuitive charts. You can analyze and maximize profits by using the provided advanced trading tools and indicators.
TradingView charts offer you a broad range of time frames and enable you to draw trend lines, add chart patterns and indicators. Chart indicators like Relative Strength Index, Simple Moving Averages, Bollinger Bands, Average True Range, Ichimoku, and many more. These tolls and indicators help you perfectly time your trade using limit, stop, or market order.
You can trade using over 163 cryptocurrencies on the spot market and nine perpetual contracts with high leverage. Trading pairs such as:
- Bitcoin (BTC/USD)
- Bitcoin Cash (BCH/USD)
- Ether (ETH/USD)
- Litecoin (LTC/USD)
- Ripple (XRP/USD)
- Beam (BEAM/USD)
- EOS (EOS/USD)
- Grin (GRIN/USD)
- Binance Coin (BNB/USD) is available.
BitForex offers you leverage up to 100x on perpetual contracts. Leverage trading can be a powerful tool for traders. It helps take advantage of comparatively small price movements to grow your balance faster.
How does it exactly work?
BitForex puts down a fraction of the total value of your trade, and it provides the rest to facilitate a more prominent position size without tying up your capital. However, this can also lead to loss as such investments are always subject to market risk. The leverage for different crypto assets is shown below in the table.
What is Bitforex Tiered Margin Ratio System?
The ratio mentioned above helps avoid the liquidation of significant positions as they can considerably impact market liquidity. It functions by offering lower leverage to higher positions with a high Initial Margin Ratio.
Bitforex review: Exchange Products
BitForex has various products. We have explained each of them in detail below.
BitForex MetaTrader 5 (MT5)
BitForex has a trading platform named MT5 to give users more offers and options when trading traditional financial products. By doing this, they aim to widen the economic landscape of the cryptocurrency industry.
BitForex offers you over 300 trading pairs with up to 200x leverage. You also get the facility to do Contract for Difference trading, aka CFD trading.
CFD trading lets you trade an asset by engaging in a contract between yourself and a broker rather than opening a position directly on a particular market.
The CFDs for different products are as follows:
- Cryptocurrencies and Forex- over 100 CFDs
- Commodities- over 20 CFDs
- Indices- over 10 CFDs
- The fees are pretty low.
The base supported currencies are BTC, ETH, XRP, and USDT.
You can transfer funds directly from your wallet to fund your MT5 account. The best part is that they provide you with numerous advanced tools for technical analysis for your convenience. Over 30 popular technical indicators, timeframes, and interactive charts are available.
Here, BitForex facilitates you with the ‘Try Demo Account’ option, a Step by Step guide tutorial, and a production specification PDF.
BitForex Review: Social Trading Platforms
Social Trading at BitForex is similar to copy trading. You, as an investor, can share your trading strategies, conditions, and situations by using their Social Trading Platform. You also receive additional income by subscribing to the platform.
If you want to look for Social Trading’s top traders, you can use the leaderboard.
You get the option to copy trade where you can link your portfolio to the trader(s) you are following on the Social Trading Platform. By doing this, the followed trader’s trade gets automatically copied to your portfolio. And the best thing is that you can do all this without having to pay any additional fee.
In recent times one can witness the launch of a large number of IEO projects having zero value. BitForex gives you the golden opportunity to look for upcoming IEO projects having the potential to grow in an overly saturated market. The number of crypto companies offering such programs is hugely handful.
BitForex’s Turbo is a listing platform. BitForex had designed it for premium IEO listings around the world. It allows you to view and track information on upcoming as well as completed CEOs. This includes viewing trading pairs, total allocation, start/ end times, and more.
Capp is BitForex‘s open platform that enables you to access a vast spectrum of blockchain applications. Capp stands for Crypto Application and is also known as the Capp Town. A few of the application categories offered are entertainment (i.e., Twitch), finance (i.e., Matrix Port, Paxful), and information (i.e., CoinGecko). You also get the option to apply for your own Capp on the BitForex website.
BitForex review: BF Sector
BitForex has a BF Sector, a separate zone for Decentralized Finance (Defi), Non-Fungible tokens (NFT), and Polkadot. You help create an open, immutable blockchain by trading assets from these zones.
BitForex Review: Easy Swap
EazySwap is a semi-decentralized matching protocol that works on ETH as an automated liquidity provider. This new trading platform allows you to trade or choose from over 980 different ERC20 tokens. Chiefly, by using EazySwap, you can use liquidity pools instead of a traditional market to trade automatically.
As of now, EazySwap supports only ERC20 tokens and may offer some primary net tokens soon. Besides, the great catches are zero gas fees, instant matching, and low slippage. The liquidity pool provider who handles the transactions on EazySwap gets 100% of the trading fees as a reward. Also, by using EazySwap, you can get full access to the data on the block.
ETH 2.0 at BitForex
Ethereum 2.0 Staking enables you to stake your Ethereum tokens on BitForex and become a node service provider.
You can stake just 0.1 ETH with Bitforex staking and can hold or trade your staked ETH anytime. You can earn rewards that will be per the proportion you have contributed to the BitForex Pool.
BitForex Review: Deposit methods
Deposit methods at BitForex are so convenient that any newbie crypto investor will quickly pay for any asset. BitForex is called an “entry-level exchange” due to various supported payment methods such as Wire transfer, cryptos from other exchanges, credit cards, debit cards, cash, or even bank account transfer.
Is BitForex safe?
Yes, BitForex is safe to use. It takes care of your fund by utilizing a hardware wallet. The platform claims to store 98% of user funds in an offline, multi-signature wallet. Withdrawing funds from this wallet will require approval from several globally distributed management team members of BitForex.
While they use hot wallets to store only 0.5% of the total funds, BitForex uses funds from here— only when necessary, such as fulfilling withdrawals in the queue.
Bitforex also has 2 Factor Authentication, SMS verification, and DDoS Protection as security features. To date, BitForex hasn’t faced any security breaches. Therefore, it seems secure to trade with BitForex.
BitForex Referral program
If you can make successful referrals, then BitForex will offer you daily settlements. You will also be able to receive 30% of the trading fee commission your invitees generate. All you need to do is just share your Bitforex referral code.
Bitforex Review: Supported Countries and Coins
BitForex states to have a clear “No geographic restrictions” policy. This means you can access the platform from anywhere in the world. It claims to have operating teams in Japan, Hong Kong, Korea, the Philippines, and Malaysia.
The exchange supports 163 majors and altcoins such as BTC, ETH, BCH, DOGE, MATIC, XRP, GRIN, and many more on the spot market. The platform supports USD and EUR Fiat currencies as of now.
Bitforex Exchange Review: Bitforex Support
BitForex is a relatively new company,but Bitforex customer service has already started to gain the trust of many. The support system is efficient, empathetic, and quick to respond. They provide you with a ticket system to help you get in touch with them directly. You will be able to receive a response within 24 hours.
The BitForex site has an extensive FAQ section with proficient answers and a guide section on using the platform. Their knowledge base aims to address your problem and solve your queries.
The most effective way to contact them is through their Live-Chat service. You can also join their Telegram channels for the latest updates and aid. Their channels offer help in over nine languages making the service even more convenient for its users.
Bitforex Review: Pros and Cons
The platform may have its perks, but we cannot unsee its downsides. Hence, here is a summarized table stating its advantages and disadvantages.
|Low trading fees and High liquidity||Lack of transparency|
|No deposit fee||The platform is in its initial phases and a bit less popular|
|TradingView Charts with advanced tools||Customer service response is a little slow|
|The platform supports over 163 cryptocurrencies|
|Spot and perpetual trading pairs|
|Leverage up to 100x|
|Intuitive and simple User Interface|
|Remarkable security measures|
Bitforex Review: Conclusion
BitForex, despite being a new crypto exchange, has achieved enormous growth and gained the trust of more than 3 million users. The platform is interactive, encouraging, and innovative products that boost your trading experience. BitForex hasn’t been hacked yet and is going strong. The platform continuously adapts to new trends while at the same time creating its own by launching distinctive features and products.
Although you should take note of the fact that BitForex provides very little information on its whereabouts and broad background, the company could show some more transparency to gain user’s confidence. However, this hasn’t affected its functioning and services yet.
Frequently Asked Questions
Do I Need To Complete ID Verification?
There are no compulsions to complete the KYC procedures. You can start trading with Bitforex without having a verified account.
Can US traders use BitForex?
BitForex’s website does not explicitly state if US traders can trade with Bitforex. Bitforex says to have a clear “No geographic restrictions” policy. However, as per a Reddit thread, people from the USA can sign-up and buy crypto assets using BitForex.
How long does it take to get verified on BitForex?
BitForex states that primary verification is instant and takes only 10-30 seconds to complete. However, suppose applications are incomplete or submitted during periods of significant public interest. In that case, it can take a bit longer to complete the verification.
Where is BitForex located?
The BitForex Company is headquartered in Hong Kong and is registered in the Republic of Seychelles.
What is the BitForex BF token?
BitForex BF token is the native token of the BitForex ecosystem. BF is the proof of platform ownership.