BitForex Review 2023: Is It Legit? Crypto Trading & Fees
BitForex is a digital asset cryptocurrency exchange that was launched in June 2018. In this BitForex review, we will address the important factors that traders should consider before selecting a margin exchange to trade cryptocurrency such as deposit methods, trading fees, available leverage, services and products, trading experience and customer support.
https://www.bitforex.com/
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Bitforex Review - Quick Verdict
BitForex is a cryptocurrency exchange that surged in popularity in 2019 for its spot and perpetual futures contracts that can be traded with leverage up to 100x. The exchange is a good option for beginners to buy, hold and sell 500 cryptocurrency projects with fees of 0.1%. More experienced traders can benefit from the futures platform and intuitive mobile app. However, serious crypto traders will find the lack of liquidity across the supported pairs to be a disadvantage.
Bitforex At A Glance
| Exchange Name | BitForex |
|---|---|
| Fiat Gateway | Yes (higher payment fees) |
| Crypto Pairs | 500+ |
| Payment Type | Cryptocurrencies and fiat (via third-party) |
| Trading Fee | Spot (0.1% / 0.1%), Perpetual BTC/ETH (0.04%/0.06% |
| TP/SL Orders | No |
| Mobile App | Yes |
BitForex Compared
| Exchange | Crypto Assets | Trading Fees | Rating | Promotion | Website | Review |
|---|---|---|---|---|---|---|
 Binance | 600+ | 0% to 0.1% | Rating | Up to $100 welcome bonus | Visit Binance | Binance Review |
 Bybit | 81 | 0.06% / 0.01% (leverage), 0.1% (spot) | Rating | Deposit bonus up to $30,000 | Visit Bybit | Bybit Review |
 Prime XBT | 200+ | 0.5% | Rating | None available at this time | Visit Prime XBT | Prime XBT Review |
What Is BitForex?
BitForex is a crypto trading exchange dedicated to providing a professional digital currency trading exchange. It offers a wide range of services including token trading, margin trading, and derivatives that cater to beginner and professional traders. BitForex currently supports over 500 crypto pairs through high liquidity partners that can be traded through a stable trading platform. At the time of writing, BitForex had a 24-hour daily volume of $317,833,003 and is ranked overall at #103 in comparison to other cryptocurrency trading exchanges.
Is BitForex Legit?
BitForex is legit and safe cryptocurrency trading exchange that has grown in popularity rapidly as a one-stop digital asset service platform. It maintains the highest platform security to protect users funds such as storing 98% of user funds in an offline, multisignature wallet
Supported Assets
There are 500 majors and altcoins pairs on the spot market and 9 perpetual contracts that can traded with high leverage that include:
- Bitcoin (BTC/USD)
- Ether (ETH/USD)
- Litecoin (LTC/USD)
- Bitcoin Cash (BCH/USD)
- EOS (EOS/USD)
- Ripple (XRP/USD)
- Beam (BEAM/USD)
- Grin (GRIN/USD)
- Binance Coin (BNB/USD)
Bitforex is also one of the few centralized crypto exchanges that supports meme coins such as Dogecoin, Shiba Inu and SafeMoon, a popular token that surged in price in 2021.
How Much Leverage?
BitForex exchange offers up to 100x leverage on perpetual contracts. Cryptocurrency leverage trading can be a powerful tool for a trader. You can use it to take advantage of comparatively small price movements to make your balance grow faster.
It works by putting down a fraction of the full value of your trade – and the exchange provides the rest of the deposit to facilitate a much larger position size without tying up your capital. It can also have the opposite effect and increase the size of your losses.
BitForex uses a Tiered Margin Ratio System to avoid the liquidation of large positions which can have a large impact on market liquidity. It works by offering lower leverage to larger positions held, with a higher Initial Margin Ratio required. This feature is useful for new traders that want to short Bitcoin using borrowed funds.
User Experience
For all traders alike, the charting interface is one of the most important considerations when selecting a crypto exchange. Especially for traders that rely on technical analysis to find an edge in the market.
When selecting a cryptocurrency exchange, you must be comfortable with the trading interface. It must feel right as this is where most of your time will be spent. When you first login to BitForex exchange, the first thing you will notice is how well laid out and simple the trading platform is.
There are no complicated menus or distractions, just an easy to use trading interface. On the left, the trading pairs are listed where you can switch between the different asset classes.
Professional traders will notice the crypto live price charting platform is provided by TradingView. It is an excellent charting interface that are renowned for smooth, intuitive and clean charts. Traders will be able to make use of advanced trading tools and indicators provided by TradingView to refine their trading edge in maximize profits and minimize risk.
TradingView charts offer a wide range of time frames and tools to draw trend lines, add indicators and chart patterns to perfectly time a trade order using a market, limit or stop order.
BitForex trading interface includes all of the advanced trading tools through the TradingView interface that is expected for a modern cryptocurrency trading platform. Users are immersed with an expansive suite of chart indicators that can be added to the chart such as:
- Simple Moving Averages
- Relative Strength Index
- Ichimoku
- Bollinger Bands
- Average True Range
How To Buy Crypto With BitForex?
BitForex provides the option for users to instantly purchase Bitcoin and other cryptocurrencies through the trading platform. You can purchase crypto with a credit card which is facilitated by Simplex. To purchase crypto using BitForex, follow these steps:
- Click on 'Assets' up the top right corner to bring up your Wallet
- Navigate to the bottom where it states 'Purchase Crypto with your Credit Card' and click 'Purchase Now'
- Select the crypto coin you wish to deposit (BTC, ETH, LTC, BCH, XLM, USD or EUR)
- Enter the amount of the above asset you wish to purchase
- To finalize the payment, click on 'Purchase'
If you prefer to using a fiat-to-crypto exchange that you're comfortable with, you can do this and transfer the purchased crypto into BitForex.
How To Trade BitForex Crypto Spot Market?
To start trading the spot cryptocurrency market on BitForex, follow these steps:
- Fund your BitForex account
- Go to the 'Spot' trading page from the top menu
- Choose the pair you want to trade
- Specify the order size, and order price
- Confirm the order. Once the order is executed, your funds will be credited to your Exchange wallet
- The executed/cancelled order will move to the Order History tab
How To Trade BitForex Crypto Perpetual Futures?
To start trading the crypto perpetual futures on BitForex, follow these steps:
- Fund your BitForex account
- Go to the 'Spot' trading page from the top menu
- Choose the pair you want to trade
- Specify the order size, and order price
- Confirm the order. Once the order is executed, your funds will be credited to your Exchange wallet
- The executed/cancelled order will move to the Order History tab
BitForex Fees
Exchange fees are an important consideration when selecting a cryptocurrency trading exchange. It becomes even more critical when trading larger position sizes and on a leveraged exchange where you are paying fees on positions that are much larger than your margin.
For every executed order on BitForex, a Trading Fee incurs. Trading fees will be calculated in the Realized P&L. The trading fees work on a maker & taker structure which varies in price depending on whether the trader adds or removes liquidity from the exchange.
Using the spot exchange, there is a flat 0.01% trading fee which is very reasonable in the industry compared to other platforms. In addition, there are zero deposit and withdrawal fees other than the standard blockchain network fee.
Security
BitForex utilizes a hardware wallet solution that maintains more than 98% of user funds in an offline, multisignature wallet. To withdraw funds, several globally-distributed management team members are required to approve the transactions.
If an administrator is compromised and forced to log into the platform, a single it would not be sufficient to initiate the transfer of funds. This level of security makes it near impossible to access the BitForex cold storage funds.
The hot wallet is used only where funds necessary to fulfil withdrawals in the queue. According to the website, this equates to approximately 0.5% of the total funds.
Other security measures include DDOS Protection and 2FA whereby users are recommended to set up 2FA before withdrawing funds from the platform. This requires a password AND a registered mobile phone in order to authenticate the account at login and to withdraw funds from the exchange.
Customer Support
The BitForex site includes an extensive FAQ and guide section on how to use the trading platform. The knowledge base should address new users queries and concerns. To get in touch directly with the BitForex team, there is a ticket system that we have tested and received a response within 24 hours.
Frequently Asked Questions
There are no KYC procedures or need to upload personnel information to start trading with BitForex.
BitForex does not provide the service to trade the foreign exchange market (Forex) as the company name suggests.
No, there is no BitForex testnet / demo trading account to allow risk-free trading. Beginners that are looking to learn how to trade Bitcoin without any capital, will need to find an alternate exchange.
BitForex has a mobile phone app for iOS and Android devices that can be downloaded from AppStore and Google Play. The trading app is suitable for crypto traders on the move and features an intuitive and mobile responsive design. The web version of the platform is mobile friendly and can be used on smartphones.
The BitForex website does not specifically state that whether US investors can trade here. We suggest that US customers check with their own state rules or federal rules before trading on BitForex or use a cryptocurrency exchange based in the USA.
Individuals in Australia can technically use BitForex for crypto-to-crypto trading. There isn't an option to deposit AUD directly to the platform to fund an account. Therefore, residents are better off using a cryptocurrency exchange in Australia with similar features and services.
Conclusion
To conclude our BitForex review, the trading platform is a legit crypto service provider that is suitable for retail and institutional clients. The platform offers a secure and transparent marketplace to trade Bitcoin and a wide range of Altcoins spot and perpetual futures contracts. The platform is designed for safety with 98% of client funds protected in cold storage wallets.
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