Bitforex.com Trading Platform & App Review

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BitForex is an internationally accessible crypto exchange that provides coin trading and derivatives services. Its user base numbers 3,500,000 people in 200 countries albeit the platform having been founded as recently as 2017. It features over 300 trading pairs and its head office is in Hong Kong. More than 300 altcoins are supported.

The company is registered in the Republic of Seychelles and has additional offices in Singapore, Germany, Malaysia, Estonia, and the Philippines. It was founded by its current CEO, Jason Luo (https://www.linkedin.com/in/jason-luo-280566194/) and the VP is Garrett Jin (https://www.linkedin.com/in/garrett-jin-bb821394/).

BitForex has its native token, the BitForex token (BF), which is compatible with the ERC20 standard and is available for trading and swapping. Users of the exchange can earn a commission through their referral program.

BitForex data shows the trading engine can process a very high number of orders per second, around 1.6 million. This is decidedly above what most other cryptocurrency exchange websites offer.

BitForex app and platform also has one of the top 10 biggest trading volumes, amounting to $315 million in 24 hours.

Residents of mainland China are not allowed to trade on the platform as this would be against Chinese laws and requirements for the digital currency industry. IP users in mainland China are excluded as well.

BitForex is a promising crypto exchange thanks to its low trading fees, accessible account browsing, and other intuitive features. Another highlight is that no KYC is required.

What makes the platform unique?

Among the platform’s unique features are the BitForex sector (BF), CApp Town, Ethereum 2.0 staking, and EazySwap. BF is the platform’s DeFi zone. It lists the DeFi tokens available. When you click on a trading pair under “Spot,” you’ll be taken to the spot exchange.

CApp Town links cryptocurrency account holders to a number of Blockchain apps. Some of the areas available are finance (Matrixport, Paxful), entertainment (Twitch), and information. You can also apply for your own CApp as a user.

Users who sign up for Ethereum 2.0 staking can stake the coin of the second-biggest crypto ecosystem. Staking is possible with as low as 0.1 ETH. You can exchange or keep any ether you’ve staked at any time. The site charges fees and provides staking incentives, whereby any staked ETH will become ETH2. This, in turn, becomes available for trade at once.

Finally, EazySwap is a decentralized token mechanism compatible with the ERC20 standard. There is very little slippage, no gas costs, and quick matching and almost 1,000 unique ERC20 tokens to choose from for trading. As a liquidity provider, you’re eligible for up to 100% of the pool’s trading costs as a reward.

Currently, the site supports only ERC20 coins. Plans to add support for mainnet tokens are in the works. If a user wants to list a coin, they’ll find the listing criteria on EazySwap to be far fewer than on other DEXs.

Products

On BitForex app and browser platform, you can buy crypto, conduct spot trading, use perpetual contracts, earn interest on deposits, and more. To purchase crypto, enter your payment information and submit the order to pay by bank card. Choose the cryptocurrency you want and enter in the order information.

The assets will be transferred to your account with the platform as soon as payment is confirmed. You can use Simplex to purchase currency from the site. These are the steps to take:

Click on Assets in the upper right-hand corner, then on Purchase Crypto with your Credit Card at the bottom of the page. You can choose from bitcoin, ether, Litecoin, Stellar Lumens, euros, or US dollars as your deposit currency.

Finally, choose how much you want to spend and click on Purchase to complete the transaction.

Spot Trading

BitForex app and browser interface has a simple user interface for spot trading. On the right, you’ll see the order book. Trading pairs are on the left. Buy and sell options are at the bottom and the price chart is in the middle.

Perpetual Contracts

To use this product, you select from specifics like open orders, found at the bottom. The order book is on the right again. The left side features contact information. You can take advantage of leverage of up to 100x on perpetual contracts.

The product is based on the Cross Margin/Spread Margin model. To carry out a perpetual transaction, you pay a margin according to the value of the order in bitcoin.

The Cross Margin uses the whole balance available in your Perpetual Contract Account to prevent liquidations. When the account asset is smaller than or equal to the maintenance margin or the risk rate is bigger than or equal to 100%, liquidation of the position is forced.

An advantage of the Cross Margin model is protection of existing positions. Arbitragers who don’t want unilateral exposure to a trade in the event of a liquidation also find it helpful.

As a downside, you can lose all of your assets if the market fluctuates wildly.

BitForex Earn

This product lets you earn an annual yield on deposits in DeFi pools. The pools are numbered 023 through 026 and the annual (reference) yield ranges from 6% to 13%. The terms are 30 to 60 days.

BitForex app also has an NFT marketplace and provides loans in crypto. You can borrow funds in a number of currencies, including Tether and Bitcoin. In addition, a few cryptos are supported as collateral, including ADA, FIL, OMI, and JASMY. The loan terms are 7, 14, 30, 90 or 180 days. Interest is calculated hourly, and less than one hour is calculated as one hour. The interest rate is determined by the time you make the loan. There is no interest penalty for early repayment.

Turbo Starter

BitForex has its own metaverse, the Metafluence. It allows influencers to monetize their creativity and social media power. As social networks transition to the metaverse, the platform wants to create an influencer-centric ecosystem where brands and social media influencers and their audiences can engage easily in a transparent and incentivized manner.

NFTs

Metamints

BitForex’s Metamints project is a service ecosystem targeting the NFT market and powered by blockchain technology. It enables users to trade exclusive digital items and enjoy novel experiences and generate appealing rewards.

The project offers buyers and sellers a solid suite of tools to create and fill orders for any token. This option makes it possible to develop third-party apps using Metamints to move NFTs to other blockchains, exchange platforms, NFT marketplaces, and blockchain-based games on other networks.

CryptoTanks

This Play and Earn game was created to give gamers exposure to lucrative NFTs in an entertaining way. It has fun music, a retro design, and an exciting concept: earning by destroying your opponents in battle and upgrading your NFT tanks both in storage and in battle.

CanaBoyz

This is also a play2earn NFT game based on the premise of growing and selling weed. You are randomly assigned a 3D CanaBoyz NFT character via the NFT card Mintpass. Then, you become part of the CanaBoyz world, where you can become a gang member and try to build a successful business.

Metapoly

One final feature deserving a mention is Metapoly, a decentralized metaverse land bank that provides exposure to multiverse land investments. It features a stablecoin, USM, and an asset backed reserve currency called D33D. The purpose of these investments is to grow liquidity and allow the metaverse to grow.

Payment Methods

BitForex’s deposit partner is Simplex, which allows users to make deposits using any credit card. BitForex does not have a minimum deposit requirement. Your deposit is credited to your account after one confirmation. It’s available for withdrawal after three proofs.

To make a deposit, choose the Assets option in the top right corner of the wallet page, then select ‘Deposit’ from the left-hand menu. You can send your assets from a hardware wallet to the wallet address provided.

Signup

Signup is easy by all accounts. You won’t be asked for any personal information to complete the KYC process. Here are the steps to take:

Register at the BitForex app or website by entering and verifying an email. Alternatively you can use your phone number for registration and login later on. You’ll receive a verification mail with an invitation code.

Dashboard Walkthrough

As you can see, all you need is at the top: buy crypto, trade, finance, NFT, and Turbo. Select what you’re looking for from the drop down menus. Perpetual contracts come with leverage of up to 100x. Leveraged trading could be a good option, but it’s not recommended to newbies and risk-averse traders. If you’re a risktaker, you can profit from price changes to increase your balance.

Here is the leverage broken down by asset:

• BTC- 100x Leverage
• Litecoin- 100x leverage
• EOS- 50X Leverage
• Ripple- 25x Leverage

Deposits and withdrawals

As mentioned, there is no minimum deposit requirement. The maximum withdrawal amounts and fees on the main assets are listed below.

• Bitcoin: fee $9.59, maximum withdrawal 100.0000 BTC
• Ethereum: $1.5, 3432.5144 ETH
• USDT: $15, 3000000 USDT

Trading View

The Trading View product is critical as a reliable charting tool. It features live prices and its interface is perfect for inexperienced traders. There are useful trading tools and mechanisms to evaluate, grasp, and optimize earnings. You can create arrows, trend lines, and chart patterns over fixed or irregular intervals. You can also limit or stop orders.

You can add one or more of the following immersive chart indicators:

• Bollinger Bands
• Relative Strength Index
• Simple Moving Averages
• Average True Range

The platform supports the euro and US dollar as fiat currencies to trade against. As for the supported crypto trading pairs, there is ETH/BTC, DOT/USDT, ATOM/USDT, and BTC/USDT and around 45 others.

Trade Alerts

There are alerts for the native token via third party sites.

BitForex Pro – Mobile App

The mobile app BitForex Pro is available on the AppStore and Google Play.

Security measures

BitForex has never been hacked, nor have there been any cases of coin theft or data breach. It uses a hardware wallet to protect users’ accounts and funds. The exchange holds 98% of user funds in an offline, multi-signature wallet.

You need multiple BitForex team members’ permission to withdraw funds from this wallet. That’s the essence of multi-signature permission – multiple entities need to sign off. The wallet is also known as a cold wallet. You can also make a withdrawal via a hot (online) wallet.

DDoS Protection

The exchange deploys software that can detect harmful traffic in real time. It automatically blocks server requests in order to protect crypto exchanges from Distributed Denial of Service (DDoS) attacks.

Two Factor Authentication

2FA or two-factor authentication is a very common security feature on exchanges. To log in, you’ll be asked to enter a phone number or email and your password.

Customer service

The customer support team is professional, helpful, and responsive to customers and their issues. You can contact them directly via a ticketing system. They are well-trained to solve common problems.

In lieu of customer service, you can check out the BitForex FAQ section. It provides a wealth of detail concerning trading fees, tokens, features, withdrawals, and deposits. You can also contact the team by email or via live chat. They will respond in up to several hours if you try to contact them by email. If you choose this option, your email should include all the details about complaints, problems, or anything else regarding your issue.

BitForex Pros

• High liquidity with low trade fees.
• Supports more than 163 crypto coins.
• High-Security features.
• Available in Mobile App version.
• Leverage up to 100x.

BitForex Cons

• Many features need upgrading
• Little to no transparency

Conclusion

Overall, this platform is easy to use. There is no demo version to learn the ropes, but there is a Beginner’s Guide that covers the following topics:

• Create My BitForex Account
• How to Deposit Crypto to My BitForex Account
• How to Withdraw Crypto from My BitForex Account
• How to Recover Crypto Transferred to the Wrong Network on BitForex
• Instruction of New BitForex Asset Account