What Is BitForex?
BitForex, though relatively new, has quickly gained recognition since its launch in 2017. The exchange has become one of the most renowned places for trading digital assets.
In my BitForex review, you can read about this trading platform (over 300 different trading pairs), which enables you to buy and sell a wide range of digital assets.
The best part of using BitForex is that its fees for trade, withdrawal, and deposit are far lower than most other major exchanges’ fees. Limit orders and stop-loss features are only some of the trading tools that BitForex makes available to its consumers. Furthermore, if you want to maximize your profits, keep in mind that transaction expenses are among the lowest in the industry.
BitForex also provides margin trading with ten times the leverage on some markets and spot trading. This allows traders to maximize profits or minimize losses based on their chosen trading strategy.
BitForex stands out from other exchanges partly because of how it takes care of security. To prevent users’ cash from being stolen or compromised in any way, the website uses encryption software, cold storage wallets, and two-factor authentication. But more on that later.
The exchange employs algorithmic monitoring technologies to ensure further trades are conducted fairly. These technologies detect unusual behavior and respond accordingly, leveling the playing field so investors with long-term or short-term goals can confidently enter the market.
BitForex App Review
The BitForex app is an all-in-one cryptocurrency trading platform on the go. It lets you keep track of your crypto funds, trade them, and get price updates. It’s available on iOS and Android mobile devices and is one of the most popular apps in crypto trading.
The mobile app features a simple and intuitive user interface, making navigating and managing your crypto funds easy. It supports many cryptocurrencies and tokens, so you can use the app to access market data and make informed decisions. The app also offers advanced charting tools and various order types, which make it easier to set up a trading system and manage portfolios.
The BitForex app for mobile phones also provides a secure environment for your transactions. It uses advanced security protocols, including two-factor authentication, to protect users’ accounts and transactions. Additionally, it allows you to access your funds from anywhere, making it a great choice if you’re a traveler or a trader who is always on the go.
Overall, the BitForex iOS app (and Android app) is an excellent choice for those looking to manage their crypto funds and trade on the go. It provides a secure environment, advanced trading tools, a pleasant user experience, and updated market data, making it an ideal choice for traders of all levels.
How to Open an Account at BitForex?
BitForex is a leading cryptocurrency exchange platform offering users the unique opportunity to access various digital assets and engage in trading activities. With its intuitive interface, secure infrastructure, and robust customer support, BitForex provides a safe and efficient environment for traders of all levels.
The following section of the Bit Forex review will walk you through the steps needed to open an account at BitForex so that you can start trading right away. Don’t be afraid; there are only a few steps.
- Enter your email address, password, and a verification code from Captcha in the sign-up form, then click the “Sign Up” button.
- Check your email for a verification link sent from BitForex and use it to verify your account.
- After verifying your account, use your new username and password to log in to BitForex.
- On the main page, click on “Accounts” under the My Account tab at the top or go directly to their website/account section. This will take you to an Overview page where you can review all active accounts in one place, along with their recent transactions and balances.
- Scroll down below this overview section and select one of the two options available—Create a Spot Account or Create a Futures Account, depending on the type of BitForex trading you want to do (spot or futures markets, respectively).
- Clicking on either option will walk you through a simple step-by-step guide that includes entering basic information, such as name and country, and setting up security measures like 2FA authentication.
Finally, agree to the terms and conditions associated with using the services, including BitForex fees. Once these steps are successfully completed, you’ll be redirected to the Accounts Overview page. From there, you can see details about all active accounts, including newly created ones.
How to Buy on BitForex in 2023?
Buying crypto stock isn’t complicated. In just a couple of steps, you’ll be able to buy, trade, and sell. Just follow these instructions:
- Register on BitForex and complete the process mentioned above.
- Deposit fiat or cryptocurrency into your BitForex account.
- Select the cryptocurrency or token you wish to buy and enter the amount.
- Review and confirm the purchase and wait for the funds to be credited to your account.
- Withdraw the funds to your external wallet.
Security: Is BitForex Safe?
So, is BitForex legit? After reviewing the platform, it’s safe to say that it’s been breach-proof since its launch. BitForex employs several security measures to keep funds and accounts safe.
For the purpose of the BitForex review, I checked the official website for more information. It provides the following answers about the safety of user funds:
- With a multi-signature cold wallet, you can rest assured that your money is safe. Withdrawals from this wallet will require the approval of BitForex’s globally dispersed management team.
- Only 0.5% of the funds spent for withdrawals are kept in the hot wallet.
- Multi-factor authentication, including two-factor authentication (2FA), short message service (SMS) verification, and insurance security coverage, are additional precautions to ensure safety.
- DDoS (distributed denial of service) mitigation: Better server performance with strategic server switching and load balancing. Malicious traffic is detected in real time, and any malicious requests to the server are immediately denied.
- BitForex’s world-class digital asset security monitoring technology is unrivaled.
- As part of the switch to a new data server, BitForex’s security team conducted a thorough audit, digging into the code’s source and dependencies.
How to Manage an Account at BitForex?
When you sign up for a BitForex account, you can access various options for managing your funds. You can quickly deposit, withdraw, and transfer funds through the “Wallet” tab in the account manager’s interface. You can also set up automatic payments from your wallet, view past transactions, or update personal information such as email addresses or passwords.
BitForex Exchange Review: Spot and Future Markets
Regarding trading options on BitForex, you have two main types available—spot markets and futures markets. Spot market trades happen between buyers and sellers in real time, while futures are related to buying and selling of assets or security at a specific time in the future and for a specific price.
There’s plenty of variety to diversify your portfolios, with over 300 different cryptocurrencies and tokens available depending on the type of market you want to invest in.
BitForex NFT Marketplace
This marketplace is a one-stop shop for all kinds of art, including collectibles, entertainment, arts, gaming, esports, and more. It has pictures, videos, and audio files that can all be found with the help of the filter function.
Also, the support section has a lot of information about buy, sell, deposit, and participation options in live auctions with NFTs.
BitForex Turbo Starter Introduction
BitForex Turbo is a platform for startups. It helps blockchain startups get funding and grow their presence in the cryptocurrency ecosystem. It’s a great place to become part of high-quality industry projects, develop your products, and increase market adoption. You can view trade pairings, total allocations, and start/end times in real time.
BitForex Turbo is an excellent tool for both investors and entrepreneurs. It offers a safe place to list projects, giving investors a chance to be a part of good projects and giving entrepreneurs a chance to get more capital and exposure.
What Is BitForex Earn?
You can earn rewards in multiple cryptocurrencies with Bitforex Earn. Invest in various cryptocurrencies, including Bitcoin, Doge, Ethereum, and Litecoin. You can also earn rewards by lending your tokens to other users.
You’ll also find exclusive deals, discounts on trading fees, and more, all designed to offer you plenty of options to choose the perfect strategy during your crypto journey.
Tips for Crypto Trading Beginners
If you’re just getting started in the cryptocurrency trading world, here are some pointers to keep your assets under control:
- Learn all you can by doing some digging online. Given the extreme volatility of the cryptocurrency markets, you need to keep track of new technologies and market changes.
- If you’re new to trading pairs (cryptocurrency or token pairs), investing only a small sum is best until you get the hang of the market and the program. Don’t risk the money you can’t afford to lose.
- Avoid investing in one currency (even the best crypto, like Bitcoin or Ethereum). Instead, you should spread your money across several currencies.
- Get your coins from trustworthy exchanges and wallets. When trading virtual currencies, it’s essential to do it through a reputable exchange and wallet service. The one with solid protection and helpful staff is preferred.
- Responsible trading practices: When cryptocurrency values fluctuate wildly, it’s easy to get caught up in the FOMO (fear of missing out) and make rash decisions. Remember that these fluctuations might backfire on traders if they don’t analyze the market carefully. Think twice before making a decision.
BitForex Fees and Pricing
One of the most important things besides security is the fees—they can save you a lot of money in the short and long term.
When two parties participate in a trade, they use an exchange. The exchange applies the same trading fee of 0.10% to both takers and makers. This makes the fees flat, and it’s quite a low amount compared to the global industry average, which is around 0.25%.
If a trader meets certain conditions, such as having a 30-day trading volume that exceeds 1,000 BTC and at least 50 BTC held with the exchange, they don’t have to pay any trading fees. However, a small number of traders will likely meet this criterion.
BitForex has a different strategy for perpetual trading, charging a maker fee of 0.04% and a taker fee of 0.06% for both Bitcoin and Ethereum. The maker and taker fees are 0.06% for any other cryptocurrency.
BitForex doesn’t require a minimum amount for deposits into a trading account. As soon as the deposited coin is confirmed, it will show in your account. For BitForex withdrawals, however, you need three confirmations before the funds appear in your account.
Additionally, you can purchase coins and tokens like Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and Stellar Lumens directly with your credit card using Simplex, a secure payment processing platform.
BitForex withdrawal fees are different for every crypto. You can check out the fees page to see detailed information.
Overall, BitForex has easy account management solutions and competitive rates when trading digital currencies like Bitcoin or Ethereum. Furthermore, it’s an excellent option for those who wish to participate in today’s burgeoning cryptocurrency market without having too much hassle involved.
BitForex Customer Support in 2023
BitForex exchange may be a relatively young company, but its fantastic customer service has quickly earned a strong reputation. The service staff is efficient, helpful, and quick to answer your questions or address your concerns. You can get in touch with them using a ticketing system product they offer. Their expertise allows them to respond quickly to the customers’ needs.
BitForex’s (FAQ) frequently asked questions section provides comprehensive information on a wide range of topics, including dealing costs (including all trading fees), coin withdrawals, deposits, features, tokens, and more. You may also contact the staff via email or live chat.
In addition, the support staff’s response time for email inquiries and complaints is within hours. However, your problems, complaints, and other concerns should be described in-depth in an email.
Customer Reviews: What Do People Say About BitForex?
Customer reviews of BitForex are mostly positive, with many customers mentioning the platform’s user-friendly interface, low trading fees, a wide variety of coins and tokens, fast withdrawals and deposits, and helpful customer service.
However, there are some negative comments as well. Some customers have experienced slow customer service, long waiting times for withdrawals, and a lack of customer support in specific languages. Many other crypto exchanges have similar problems, so this is a common issue.
Furthermore, some customers reported a BitForex scam, as some cryptocurrencies were locked and unavailable for trading. This occurs when the platform pulls away from a particular coin market. Remember that BitForex will notify you about this in advance, so you’ll have enough time to sell or transfer these coins.
Final Words: Is BitForex Worth Your Time?
To conclude this BitForex review, it’s safe to say that BitForex is a secure and reliable cryptocurrency exchange with a user-friendly interface, low fees, and a wide variety of coins and tokens for trading. It’s suitable for both experienced traders and beginners. While there may be some negative comments and reviews (which is entirely normal for new technologies and crypto exchanges), the platform is highly recommended by most crypto traders. Feel free to check for yourself and enjoy the many options for investing.
Is BitForex a US company?
No, BitForex is a company registered in Seychelles. While writing the BitForex exchange review, I discovered that its main office is in Hong Kong. It has teams in Singapore, South Korea, Germany, Russia, Estonia, the Philippines, Malaysia, and other places.
Is BitForex a wallet or an exchange?
BitForex is an international digital asset exchange platform. It’s an exchange where users can buy, sell, and trade various digital assets. BitForex also has some tools, like margin trading, spot trading, and earn options, to help users get the most out of their trading.
How long does it take to get verified on BitForex?
Getting verified on BitForex typically takes 1–3 business days. After submitting the required documents and information, the verification team of BitForex reviews and confirms the account within this time frame. If many people are trying to register, it can take a bit longer.
What does BitForex cost?
This exchange has a very competitive fee structure. Both buyers and sellers pay only 0.10% in trading fees. This rate is much lower than the global average of 0.25%, which makes it a good choice for people who want to buy or sell assets.