BitForex Review: Is It Legit? Crypto Trading & Fees

BitForex is a digital asset cryptocurrency exchange that offers spot and perpetual futures contracts that can be traded with leverage up to 100x. It is a relatively new 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. 

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What Is BitForex?

BitForex is a crypto trading exchange dedicated to providing a safe and professional digital currency trading exchange. It offers a wide range of services including token trading, margin trading and derivatives that caters to beginner and professional traders. BitForex currently supports over 300 crypto pairs through high liquidity partners that can be traded through a stable trading platform.

You should trade with BitForex if:

• You are tired of paying excessive trading fees on other leverage exchanges
• You want to trade 163 cryptocurrency pairs with reasonable liquidity
• You like a charting platform that is responsive with advanced trading tools
• You like an exchange with spot and perpetual trading pairs
• You are looking for a global crypto exchange
• You like an exchange with a responsive mobile trading app

BitForex Compared

Advanced features, intuitive user interface and a mobile trading app are important features on BitForex. This comparison table lists other top rated crypto exchanges that offer world-class features.

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Is BitForex Legit / Safe?

BitForex is legit 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, SMS verification and 2 Factor Authentication. To date, there have been no security breaches of BitForex and can be considered a safe cryptocurrency trading platform.

How To Register With BitForex

The process to start trading with BitForex simple. There is no need to enter in personnel information of complete KYC to start trading. Simply follow the steps on the right to get started.

1. Visit the BitForex website
2. Register & verify email
3. Purchase or transfer Bitcoin (BTC)
4. Start Trading on BitForex

How To Deposit Funds on BitForex

PrimeBit accepts deposits in over 300 cryptocurrencies, including Bitcoin.

To deposit cryptocurrency into BitForex, follow these steps:

1. Click on 'Assets' up the top right corner to bring up your Wallet
2. Navigate to 'Deposit' on the left menu
3. Select the crypto coin you wish to deposit from the drop down menu
4. Transfer selected cryptocurrency from your hardware wallet using the wallet address shown

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:

1. Click on 'Assets' up the top right corner to bring up your Wallet
2. Navigate to the bottom where it states 'Purchase Crypto with your Credit Card' and click 'Purchase Now'  
3. Select the crypto coin you wish to deposit (BTC, ETH, LTC, BCH, XLM, USD or EUR)  
4. Enter the amount of the above asset you wish to purchase
5. To finalize the payment, click on 'Purchase'

Alternatively, 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:

1. Fund your BitForex account
2. Go to the 'Spot' trading page from the top menu
3. Choose the pair you want to trade  
4. Specify the order size, and order price
5. Confirm the order. Once the order is executed, your funds will be credited to your Exchange wallet
6. The executed/canceled 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:

1. Fund your BitForex account
2. Go to the 'Spot' trading page from the top menu
3. Choose the pair you want to trade  
4. Specify the order size, and order price
5. Confirm the order. Once the order is executed, your funds will be credited to your Exchange wallet
6. The executed/canceled order will move to the Order History tab

Trading With BitForex

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
• And many more...

Placing Orders With BitForex 

Entering trades using BitForex can be performed using the main trading window. There are two different types of orders that can be used to enter the market which are 'Limit' and 'Conditional' orders. A Limit Order allows you to buy or sell an asset at a specified price. A Conditional Order is automatically submitted if a specified criteria are met, usually a trigger price to activate the orders. This is an advanced strategy that is more suitable for experienced traders.

To enter a limit order, follow these simple steps:

1. Enter the quantity of amount of units to buy or sell
2. Specify the entry price to trigger the pending order
3. Select the leverage amount which you can edit (top right)
4. Click either Buy / Long or Sell / Short

Once the order is placed and executed, the live trade will be displayed along the bottom. Traders can view all current positions and review the:

• Liquidation price
• Margin
• Quantity
• Value
• Entry Price
• Unrealized P&L
• Realized P&L
• Current price  

BitForex traders that are confident with their positions have the option to share the trade with friends. This feature could be useful for crypto traders with paid groups or are active influencers on social media with Twitter accounts or have a Facebook crypto trading group.

BitForex Trading Assets

There are 163 majors and altcoins 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)

At the time of writing, BitForex had a 24 hour daily volume of $777,776,990 according to Coinmarketcap and is ranked overall at #43 in comparison to other cryptocurrency trading exchanges.

BitForex 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.

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.

Deposit / Withdrawal

BitForex does not charge a deposit or withdrawal fee.  

Trading Fees

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.

Spot

A flat 0.01% trading fee applies for the spot market.

Perpetual

• Maker Fee of 0.04% is paid when you add liquidity to our order book by placing a limit order below the ticker price for buy, and above the ticker price for sell.
• Taker Fee of 0.06% is paid when you remove liquidity from our order book by placing any order that is executed against an order on the order book.

BitForex Security

BitForex is a safe trading platform that features state of the art security features to protect its clients funds, information and the trading platform itself.  

Cold Wallet

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. 

Hot Wallet

Bitcoin uses a hot only where funds necessary to fulfill withdrawals in the queue. According to the website, this equates to approximately 0.5% of the total funds.  

DDoS Protection

To protect the crypto exchange against a Distributed Denial Of Service (DDoS) attacks, Bitforex has real-time malicious traffic detection software to automatically block malicious server requests.  

Two Factor Authentication

The other significant security measure is Two Factor Authentication. BitForex users are recommended to set up 2FA before withdrawing funds from the platform.

This means users are required to use a password AND a registered mobile phone in order to authenticate the account at login and to withdraw funds from the exchange. 

BitForex Reviews & 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

Do I Need To Complete ID Verification?

There are no KYC procedures or need to upload personnel information to start trading with BitForex.  

Can You Trade Forex (FX) on BitForex?

BitForex does not provide the service to trade the foreign exchange market (Forex) as the company name suggests.

Can You Demo Trade On BitForex?

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.

Does BitForex Have A Mobile App?

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.

Are US Traders Allowed To Use BitForex?

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.

Can You Use BitForex In Australia?

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.