Cryptocurrencies have also given rise to numerous affiliates as they have transformed the financial landscape. They range from wallets to exchanges, domain name providers, to security systems. BitForex is one such exchange that has made a mark for itself.

BitForex Overview

BitForex is one of the leading exchanges in the world of cryptocurrencies and was founded in 2017. It is a Singapore-based company currently headed by Jason Luo, the CEO of the crypto exchange. Registered in the Republic of Seychelles. It has independent teams operating from Germany, Estonia, Hong Kong, Malaysia, and the Philippines, primarily among a host of other countries and regions. One of its earliest investors was Crypto Capital, which invested $20 million. The team has a mix of experience and freshers who have established themselves through their professional careers and education. The strength of BitForex lies in its focus on technology and using it to improve functions and services.

How Many Cryptocurrencies are Available to Trade?

The crypto exchange has a user base of almost 4 million, allowing them to trade in 300 trading pairs. Other than the popular tokens such as BTC, ETH, and the likes, BitForex trades in a total of 142 tokens.

Payment Methods Supported by BitForex

The exchange allows different types of payment options. A user who once has a Bitcoin wallet can use traditional payment methods like debit cards, credit cards, or bank transfers. These can be used to purchase BTC on a BTC exchange, completion of which the tokens will be transferred to the wallet. However, you should take care while you select the exchange and the area of jurisdiction since the payment mode depends on the local laws and regulations. Each payment mode faces advantages and disadvantages.

  • Debit and credit cards are known for their quick transfers but attract higher fees, while bank transfers are less costly but take longer. 
  • Another method of purchasing BTC is through Bitcoin ATMs. These are in-person bitcoin exchanges where users can easily buy bitcoin by inserting cash into the machine. 
  • The purchased bitcoin is immediately transferred to a secure digital wallet. The concept of Bitcoin is gradually gaining prominence, and the day isn’t far from where this would become the preferred mode of payment. 

Fees Charged by the Exchange

There are typically three types of fees that BitForex charges:

  1. Trading Fees: BitForex charges 0.10% from both the maker and the taker. 
TradingMaker FeesTaker Fees
Spot Trading0.1%0.1%
Perpetual (BTC & ETH)0.04%0.06%
MT5 – Forex/Commodity/Metal/Index commission: 10 USD / Per Lot
MT5 – Cryptocurrency commission: 0.08% per trade
  1. Deposit Fee: BitForex does not charge any Deposit Fee. There is also no minimum deposit amount.
  2. Withdrawal Fee: This varies as per the digital currency and the respective network cost. 

For Bitcoin, the withdrawal fee is 0.005, and the minimum withdrawal is 0.0010 BTC.

Are My Funds Safe – What if the Exchange Gets Hacked?

BitForex has not faced a single security breach incident, and they are known for their security features. 

  • Up to 98% of the user money is stored in offline wallets which have multi-signature features enabled. 
  • To withdraw funds, the user will have to seek permission from the BitForex management team, distributed across the globe. It is also called a cold wallet, whereby it is disconnected from the internet and away from hackers’ prying eyes. 
  • BitForex has invested in state-of-the-art DDoS systems which keep a hawk’s vigil on network traffic. These systems automatically block any server request to safeguard crypto swaps from DDoS attacks.
  • BitForex also provides users with the 2FA process, thereby further safeguarding their wallets.  
  • It is also imperative for the user to be careful while dealing with wallets. Information like passwords and primary keys is sensitive information and has to be safely stored.
  • Though blockchain is a secured technology, keeping one’s account safe is also a personal responsibility.

Does BitForex Provide a Smooth User Interface?

BitForex has one of the most user-friendly interfaces amongst similar exchanges available. The chart is of significant importance for every trader, and BitForex has a capable charting interface that enables the trader to understand the trends and make informed decisions. BitForex offers TradingView, which allows traders to look into live prices and has a simple design that helps even newcomers to get used to the interface. For advanced users and account holders, there are immersive chart indicators that provide the following information:

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

The interface for spot dealing, too, is simple and easy to use. One of the main reasons BitForex’s popularity has been its ease to use the desktop app and mobile apps.

Is the Exchange Available in My Country?

BitForex is available in 200+ countries. While registration, the choice of the country is given, and if the country one is staying in is present, one can avail the next steps. 

Does the Exchange Provide Enough Liquidity?

The trading volumes also show no signs of distress, which is a primary illustration of the company’s strong fundamentals. Liquidity on BitForex ensures that the company is able to facilitate quick transfers failing which the trader might end up with a loss. BitForex is a safe exchange based on its liquidity markers and other financial details.

Final Words

BitForex is one of the leading crypto exchanges in the world currently. Focused on technological improvements and responsive customer service, the company has a user base of almost 3 million. Its large trading pairs and varied array of tokens on offer make it a safe crypto exchange too. Growing in strength with each passing day, BitForex is indeed an important player to be with, and opportunity must be taken.

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