BaseFEX: overview of the exchange for trading futures contracts for cryptocurrencies, reviews, registration and entrance to the official website basefex.com. Derivatives trading example
BaseFEX is a platform for trading derivatives on Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, Binance Coin, settlement in BTC or USDT. Founded in 2018, today it provides services to clients from any country in the world, except for the USA, Canada and those countries where cryptocurrencies are prohibited by law. The main principles are responsibility for the confidentiality of user data, enhanced security and innovation.
The official site is basefex.com (10% cashback within 6 months).
We bring to your attention a detailed overview of the site’s capabilities from the Btcnewsweb.com website. Derivatives exchange BaseFex does not require KYC / AML verification from users and promises not to disclose their data to authorities and government bodies. Each trader receives personalized support via a 24/7 live chat. At any time, you can see the structure of commissions, which is completely transparent.
Features and capabilities of BaseFEX:
✅ Margin trading of contracts for cryptocurrencies BTC, ETH, LTC, XRP, BCH and BNB with leverage up to 1: 100.
✅ High level of security. BaseFEX is the only crypto exchange to receive an A + in the Mozilla’s Observatory test (Mozilla’s website security and reliability test). Other futures exchanges are less secure.
✅ The minimum amount of expenses. No commission deposit. Very low taker and maker fees.
✅ A convenient mobile application, through which it is even more convenient to trade than through the web version of the platform.
- 1 General information
- 2 Registration and connection of 2FA
- 3 Personal Area
- 4 Refill
- 5 Trading on the BaseFEX exchange
- 6 Withdrawing funds from the account
- 7 Mobile app
- 8 Affiliate program
- 9 Advantages and disadvantages
- 10 Conclusion and feedback
|Year of foundation||2018|
|Country of registration||Seychelles|
|Company||Base Investing Corporation|
|Address||Suite 23, 1st Floor, Eden Plaza, Eden Island, Mahé, Republice of Seychelles|
|Trade types||Perpetual contracts|
|Number of contracts||8|
|Contracts||BTCUSD, BTCUSDT, ETHXBT, XRPXBT, BCHXBT, LTCXBT, BNBXBT|
|Trading volume 24H||$153 107 354|
|Most liquid contract||BNBXBT|
|Cryptocurrency derivatives||BTC, ETH, XRP, BCH, LTC, BNB|
|Trading commission||taker 0.07%, maker -0.02% for a BTCUSD contract. Details: www.basefex.com/docs/fees|
|Refinancing Interval||every 8 hours|
|Input method||BTC, USDT|
|Minimum deposit||0,002 BTC|
|Withdrawal commission||No, only blockchain commission (0.0005 BTC)|
|Working with fiat money||No|
|Verification (KYC / AML)||Not required|
|Safety||2FA, SSL encryption, stress tests and audits, cryptographic password hashing, personal data encryption, cold storage, multisig wallets|
|Safety rating||A + in Mozilla test|
|Contactsfirstname.lastname@example.org, t.me/BaseFEX_Trading, twitter.com/BaseFEX|
Registration and connection of 2FA
To register on the BaseFEX exchange, click the “Register” or “Start Trading” button.
Enter your email address, password (10-256 characters, including letters, numbers and symbols) and a nickname that will be used in the system. Then click “Register”.
Solve the captcha by sliding the slider to the desired position. After that, you will need to confirm your e-mail. Enter the code that came in the letter, and the system will automatically authorize you by redirecting you to the main page.
It is recommended to immediately enable two-factor authentication in your personal account, since without this function you cannot withdraw money from the exchange. This is done like this:
- Go to the “Account” section, then “My Account”. Click Enable next to Google Authenticator.
- Enter the verification code you received by e-mail.
- Download the Google Authenticator app on your phone or tablet if you don’t already have it.
- Save the specified recovery code in a safe place.
- Open the app on your phone, tap the “+” in the bottom corner, then “Scan Barcode”. Scan the code.
- Enter the two-factor authentication code that appears in the app.
Done, 2FA is activated and the full functionality of the exchange is open to you.
To get into your personal account on the BaseFEX website, select the “Account” item in the top menu.
The following sections are located here:
✅ Balance. Information about the current amount of funds on the account, profit per day, the cost of open positions, margin balance, unrealized PNL.
✅ Deposit. Funding an account in BTC or USDT by copying the address or scanning the QR code. A deposit in the Bitcoin network is considered successful after 1 confirmation by the miners, in the Ethereum network – after 12. The minimum deposit amount is 0.002 BTC or 20 USDT.
✅ Cash withdrawal. Withdraw funds in BTC or USDT. Minimum – 0.002 BTC, 20 USDT. All withdrawals are manually verified and made once a day at 7:00 UTC +0.
✅ Affiliate link. Information about the effectiveness of the referral program. Here you can copy your referral link to post it on third-party resources. When new users register using it, a bonus is credited to the referrer’s account and he receives certain bonuses.
✅ Commission. Information about BaseFEX’s commission refund programs. Programs can have different refund conditions and help the active trader save on fees.
✅ My account. Here you can change your email address and password, enable Google Auth two-factor authentication. The nickname cannot be changed.
✅ My preferences. Settings for notifications about events and actions; changing the time zone and setting the display of your nickname in the ratings for ROE and affiliate programs.
✅ API keys. Creation of API keys for using the site functionality on other resources.
✅ Device management. The list of the last devices from which the login was made; the dates and IP addresses of these authorizations.
✅ In the “History” section, you can track your own activity on the exchange, find recently executed transactions and orders, deposits and withdrawals of the account, the history of entries.
To fund your account, go to the “Account” section and then “Deposit” on the BaseFEX website. Copy the generated address.
Go to the cryptocurrency wallet you are using, for example, Blockchain.com, log in. Click the Send button.
In the “To” field, paste the address copied on the exchange. Enter the amount to be credited to the account. Be sure to indicate the Priority commission (priority), then the Bitcoin transaction will be confirmed faster. If you leave the minimum commission, then the transaction may freeze.
Click Continue, in the next window, confirm the entered data, carefully checking them.
After 15 minutes, the funds were credited to the BaseFex exchange account, which was notified by e-mail.
Trading on the BaseFEX exchange
A perpetual contract is the main trading instrument on the BaseFex platform. It is an agreement to buy or sell currency at a predetermined price. The difference between perpetual contracts and futures contracts is that they have no expiration date. They are traded as a spot, in close alignment with the base currency. To ensure that the rate is always correct, a funding mechanism is used, the rates of which are recalculated every 8 hours.
Trading terminal Basefex is located in the “Trade” section:
The following areas are represented:
- The area for selecting a trading instrument (contract).
- Chart from TradingView.
- Order creation area.
- Order book and last deals.
To buy and sell contracts, you must place the appropriate buy / long or sell / short orders. The functionality for creating orders is presented in the trading terminal under the rate chart:
BaseFEX allows you to work with different types of orders so that traders have more room to follow their strategies:
- A market order is an order that is executed immediately after being created at the current market rate. Usually it is used if you need to make a sale or purchase as quickly as possible.
- A limit order implies an indication of the desired rate of operation at which the trader wants to sell or buy a contract. Thus, you can reduce trading costs to a minimum, but there are no guarantees of order execution – perhaps the price will never be at the specified level.
- Trigger order is an order that is triggered due to the execution of a previous order. First, the trader places a primary order, for example, to buy, and then a trigger order to sell.
Before placing an order in the exchange order book, the system checks whether there is enough funds on the balance sheet to cover the initial margin. In addition, if a trader already has an open position on the same contract, then it is also checked whether there are enough funds in the account to cover changes in the maintenance margin and PNL. If everything is in order, then the order is placed in the book.
PNL is an accounting that analyzes the ratio of income and expenses based on open positions. The realized PNL is displayed on the BaseFEX trading panel and depends on whether the trader reduces the size of the market position or closes it completely.
Example of opening a trade (Limit order)
Let’s give an example of a deal on BaseFex, creating a limit order to sell 10 BTCUSD contracts:
- We select “Limit”, indicate the price, the number of contracts (1 Contract = 1 USD).
- We indicate the shoulder. The higher the leverage, the lower the initial margin and you can open an order with a large volume. But, the risk is higher, as the liquidation price will be closer.
- We indicate the parameters of the transaction: validity period of “Good Till Cancel”, “Immediate Or Cancel” or “Fill Or Kill”; “Passive” (allows you not to pay the taker’s commission), “Only decrease” (does not increase the total margin).
- Choose “Buy” or “Sell”.
- We confirm the placing of the order:
- The order will be executed when the price reaches $ 7549. Until then, it can be canceled. The number “-10” means that we have 10 sell contracts.
- In the section “Your balance” you can monitor the financial indicators of the order: “Margin balance” – the total amount on the deposit; “Unrealized PNL” – unrecorded profit or loss; “Order margin” – initial margin; “Current Balance” – the balance minus the margin.
Trade example (Market order)
Let’s place a market order to buy 15 BTCUSD contracts:
- We indicate the number of contracts, leverage, create an order.
- Order parameters: “Liquidation price” —at this mark, the position will be forcibly closed; “Margin” – maintenance margin; “Unrealized PNL” – in the example, unrealized profit of 0.12% or 0.000001 BTC; “Realized PNL” is the realized profit and loss.
Closing the deal. Stop loss and take profit
- To close a position, click “Limit” or “Market”.
2. Setting take profit and stop loss:
✅ Trading commission:
✅ Financing. Funding rate depends on the futures contract (see specification). Funding interval: 8 hours.
✅ There is no commission for deposit and withdrawal.
The specification provides complete information about the futures contract.
For example, for a BTCUSD contract:
✅ Ticker sign: BTCUSD.
✅ The base currency is BTC, the quote currency is USD.
✅ BaseFEX .BFBTCUSD Index: BTC / USD price on Bitstamp / Coinbase Pro / Kraken.
✅ Funding: every 8 hours.
✅ Validity: unlimited.
✅ Initial margin: 1% + trading commission.
✅ Maintenance margin: 0.5% + trading commission + funding commission.
✅ Minimum contract size: 1 USD.
✅ Maximum contract size: 1,000,000 USD.
✅ Contract size: 1 Contract = 1 USD.
Withdrawing funds from the account
If you need to withdraw money from the BaseFEX exchange, then go to the “Account” section, and then “Withdraw money”.
Fill in the fields “Destination address” and “Amount” (you can click “Remove all” to set the maximum possible amount). A network fee of 0.0005 BTC is set automatically. Click Submit.
Confirm the details.
Enter the two-factor authentication code from the Google Auth app. Then the code from the e-mail.
Now it remains to wait for the output at 7:00 (UTC).
✅ creating an account;
✅ margin trading on perpetual contracts with leverage up to 100x;
✅ viewing the balance, managing funds (deposit and withdrawal);
✅ viewing charts and other information tools
As in the web version, it does not require KYC verification. No IP blocking, high security. You can contact technical support at any time of the day or night.
By participating in the BaseFEX affiliate program, the user receives a percentage of the commissions paid by referrals, and referrals receive a 10% discount on commission fees within 6 months after registration.
Referrers receive a percentage of the total commission paid by referrals. This reward is paid in Bitcoin and credited to the user’s BaseFEX account. It is unlimited, that is, it is valid for an unlimited amount of time until the referral deletes his account. The referral’s activity, the volume of his trades, affect the percentage received by the referrer.
A referral is counted only if he registered within seven days after clicking on the affiliate link.
Advantages and disadvantages
✅ It is not required to undergo verification and provide passport data. Check out other crypto exchanges without verification.
✅ High-quality account protection. Most important actions are confirmed either via Google Authenticator or via email.
✅ A + security rating by the Mozilla Observatory.
✅ 24/7 support chat.
✅ Low fees.
✅ Simple interface, Russian language support, high speed of work.
✅ A full-fledged mobile application.
❌ Withdrawals are not instant. Confirmed once a day at 7 UTC.
❌ No fiat support.
Conclusion and feedback
BaseFEX futures exchange has gained recognition not only among users, but also among investors. It was invested by venture funds InBlockchain and ZhenFund, billionaire Li Xiaolai, and a large spot exchange Big.ONE. BaseFEX has been added to the list of CoinMarketCap site.
During the work since 2018, the site has never been hacked, and the system did not fail, which indicates a good technical level. User funds are stored in cold multisig wallets. And the absence of KYC is one of the decisive aspects for many people who want to maintain complete anonymity when working with cryptocurrencies.