Bitforex Review – All You Need to Know
BitForex is a relatively young but already well-known and well-established exchange, which was launched in June 2018. The company is registered in the Seychelles, and its headquarters are in Singapore. BitForex also has independent operating teams in Germany, Estonia, Korea, the Philippines, Malaysia and Japan.
The BitForex team consists of specialists in the field of blockchain, including graduates of Cambridge University, National University of Singapore, as well as other prestigious universities.
Initial financing of BitForex was carried out through investments of several institutions, among which we can single out the well-known Genesis Capital, QTUM and TRON, as well as other investors who invested more than $ 20 million in the development of the trading platform.
BitForex Exchange positions itself as the world’s leading financial services trading platform with high liquidity and security for users.
BitForex customers can trade with about 300 trading pairs. At the same time, the service uses a fast and reliable matching mechanism, capable of processing 1.6 million orders per second, which is an absolute advantage for users who value their time. Work with fiat on the exchange is not available. You can work with BitForex in several languages.
Go to the official website of the exchange. You will see the start page in English, where the language bar will be presented at the top. To change the language, select the option you need from the drop-down list and click the “Switch” button.
To create a new account, click the ‘Register’ button in the upper right corner.
You will see the registration form, which will need to be filled out. Please note that the BitForex exchange gives you the opportunity to register not only by email, but also by phone number.
To register via e-mail, enter your email address, create a password. To fill in the next field, click the ‘Get Code’ button.
Within 1 minute, a letter will be sent to your mail, indicating the code for registration. Enter the received code in the field of the same name, confirm that you have read the user agreement and click the ‘Register’ button.
To register by phone number, you need to select a country and, in fact, specify a phone number. Then, similar to the registration process via email, create a password and enter the code that will be sent to your phone after clicking on the ‘Get Code’ button.
The final step will be confirmation of the user agreement and click on the ‘Register’ button.
As you can see, both methods of creating an account on the BitForex exchange are quite simple and will take you no more than 5 minutes.
As we have already said, verification for users of the BitForex exchange is optional and you can do without it. The withdrawal limit for identified customers does not change. The only restriction for users who ignored the check is that they cannot withdraw CNYT tokens, which is not critical for customers from the CIS countries. But, from the point of view of enhancing the security of your account, we still recommend verification. Since it is much easier and faster for identified customers to regain access to their account in the event of a hack.
To confirm your identity, select the ‘Identity Identification’ menu in the account settings and click on the ‘Identification’ button.
You will see a verification form. Indicate the necessary information, select the document with which you will be verified, attach a photo of the document and a personal selfie, as indicated in the template, click the ‘Confirm’ button.
Usually the process of processing user data takes 1-2 days. After that, an email from BitForex will be sent to you with a message that the verification has passed. If you cannot find the message, check the Spam folder.
You can also see the verification status in the account settings.
The BitForex exchange provides its users with several activities that are aimed at ensuring account security. Go to your account settings, menu ‘Security Settings’. In the window that opens, you will see what exactly can be done in order to protect your funds from scammers.
So, for starters, you can attach a phone number to your account. To do this, click on the “Bind” button opposite the corresponding field. A window will open in front of you, in which you need to select a country, indicate your phone number and confirmation codes from SMS and email. To get the codes, click on the “Get code” button in the corresponding field. After filling in all the necessary information, click the ‘Verification’ button.
With such a simple action as linking a phone number to your account, you have connected two-factor authentication.
You can also change your password to enter your account, making it more reliable. Click on the “Change” button, opposite the “Login / Password” field. In the window that opens, enter the verification code from the mail and your new password, then click the ‘Verification’ button.
It should be noted that after changing the password to your account, within 24 hours the ability to withdraw funds from the exchange wallet will be unavailable.
In addition to everything, you can set a password to perform trading operations. To do this, click on the “Settings” button opposite the “Trade password” field, enter the 6-digit password and confirmation codes from SMS and mail. By this action you protect the unauthorized withdrawal of funds from your wallet, since each withdrawal will be confirmed by a code that will be available only to you.
From the point of view of security against account hacking, the BitForex exchange provides enough tools for the user to entrust their funds to the exchange.
Also, I want to note that over the year of the exchange’s existence, there were no cases of hacking of user accounts or hacker attacks.
Deposit and withdrawal of funds
The first stages of the work showed the exchange as a convenient platform for work. The registration process is very simple, and setting up account security does not require unnecessary actions and also does not take much time.
Let’s see how quickly and conveniently you can replenish and withdraw digital assets from your account.
To transfer funds to the BitForex exchange wallet, you need to follow three simple steps:
Go to the ‘Asset Management’ section – the ‘Deposits’ menu.
Select the required cryptocurrency from the drop-down list.
Copy the address of the deposit or use the QR code to transfer funds from your third-party crypto-wallet.
At the bottom of the page you can see the history of your deposits on a particular cryptocurrency.
Also pay attention to the tips to the right of the cryptocurrency field. This block indicates how many confirmations in the BitForex network a transaction must go through before funds are deposited into your wallet. The terms of crediting are individual for different coins. So, for example, to replenish a BTC account, 1 confirmation is required, ETH – 12, and ETC – 30. It is not known what the number of confirmations depends on, it is only clear that this process occurs automatically and the fewer they are, the faster your transaction will be completed.
Replenishment of the wallet is absolutely free.
The process of withdrawing funds from the BitForex exchange wallet is also quite simple.
First, go to the “Asset Management” section – the “Withdraw Funds” menu, then select the cryptocurrency you need and specify the wallet address for the transfer of coins. Indicate the amount you want to withdraw. In this case, pay attention to the minimum amount for withdrawal, which is indicated in the same field. For different tokens, this restriction is individual.
In addition, when withdrawing funds, consider the commission, the size of which you can see in the same window.
Enter the verification code and click the ‘Submit’ button.
It is worth noting that the exchange provides for an individual commission size and a withdrawal limit for each cryptocurrency.
By the way, the BitForex exchange offers users a fairly convenient option – you can add the most frequently used wallets to withdraw money. To do this, click on the active link of the same name, fill in the name and address of the wallet in the window that opens. To save the data, click the “Confirm” button.
As for the withdrawal time, transactions that amount to more than the equivalent of $ 10,000 will take up to 24 hours. Transactions with a lower amount are faster.
To go to the trading section, click on the ‘Trades’ button in the upper left corner. The service has a standard view with a basic set of tools.
On the right, you can select the desired currency pair, in this block you can use the search bar, and you can also add the selected item to your favorites.
To the left is an analytical chart in which you can change the style settings, time frames and expand it to full screen mode.
Below are the classic blocks with a glass of orders, a list of recent transactions, the history of trading, as well as the forms in which the parameters for buying or selling cryptocurrency are set.
As for the fee for trading operations, takers will have to pay 0.1% of the transaction amount, but makers pay a commission of 0.1% only if the price on the purchase order is lower than the market price and on the sale order it is higher. If the maker makes transactions at market prices, then a commission is not charged from him.
Additional offers for users
In addition to classic trading, BitForex exchange offers its customers to use additional options and services:
- Perpetual contract. This is one of the new products on the exchange, which involves trading in perpetual contracts in the BTC / USD trading pair. The launch of this function is scheduled for July 31, 2019. A perpetual contract is essentially the same futures contract only without an expiration date, i.e. You can hold a position for several minutes, a month or a year. Each contract represents BTC in the equivalent of 1 USD, and the trader is free to buy or sell the contract in order to get the maximum profit with the minimum investment amount when the BTC price fluctuates;
- BitForex TURBO. In addition to everything, the exchange also boasts its own accelerated trading platform BitForex Turbo. This is a new ICO platform that helps high-quality projects to develop. So, for example, the first token sale on BitForex Turbo ended in 1 minute and 53 seconds, then 8 million UND tokens were sold. It is beneficial for users to participate in such tenders, as You can buy tokens at a bargain price and often transactions occur without a commission;
- BitForex IOU. Also, recently, BitForex added a new trading section to its functionality – Initial offering: unbound (IOU). The service implies a procedure for the initial offer of tokens to an unlimited number of customers at the exchange organized by the exchange. The section was created in order to provide the best innovative opportunities to users as quickly as possible. The projects that are presented in the IOU are developing currencies with great technical and market potential. At the moment, there are two types of tokens: DOT and GRAM;
- Referral program. The BitForex exchange offers its customers to use a referral program with fairly attractive conditions. You can invite a friend to the exchange using the link or the code specified in the account settings. There are three categories of friends on which the size of your reward depends:
Friend of the 1st category – the user registered directly by your referral link or code, remuneration – 30% of the commission fee for his completed transactions;
Friend of the 2nd category – the user has registered using the referral link or code of your friend of the 1st category, reward – 10% of the commission fee for his completed transactions;
Friend of 3 categories – the user has registered using the referral link or your friend’s code of 2 categories, the reward is 10% of the commission fee for his completed transactions.
There are practically no feedback from real users on the site’s operation, which is most likely due to a short presence on the market. In the only response that could be found, the user praises the exchange and puts the highest ratings for its convenience and a decent level of support.
Despite several negative incidents in the biography of the BitForex exchange, as well as relatively limited functionality, clients still trust this service, which allows the exchange to bypass the confident and experienced sharks of this business, taking the leading positions in the ratings.
Surely you have a question, how does BitForex manage to surpass its competitors? The unique advantages of the exchange are low commissions, an attractive referral program, a large selection of cryptocurrencies and a convenient interface. And replenishment of the listing with new promising tokens, of course, attracts new customers and keeps existing ones.