BitForex is an exchange for cryptocurrency trading. Review of the official website, registration, input and output, trading
BitForex Exchange is a platform that provides users with services for trading cryptocurrency financial assets. The headquarters is located in Singapore and is registered in the Seychelles. But there are branches in Germany, Estonia, and a number of Asian countries.
Official website: bitforex.com.
Back at the start, in 2015, the BitForex crypto exchange received funding from Crypto Capital in the amount of over 100 million yuan. The main target audience of BitForex is considered to be people who are simultaneously interested in online Forex trading, cryptocurrencies and cloud mining. The Btcnewsweb.com editors have prepared for you an overview of the BitForex cryptocurrency exchange.
Features of the exchange
The developers highlight the following key features of the Bitforex site:
- High liquidity provided by work with many partners and resources.
- Support for a large number of coins (already at the initial stage there were 300+ of them, and the list is growing).
- Security and stability providing a favorable trading environment and asset management.
- The use of modern technologies – a high-performance engine capable of processing up to 1,600,000 operations per second.
BitForex official website
Exchange website – https://www.bitforex.com/ru/ (Russian version).
On the main page, there is an announcement of the nearest token sale on the built-in IEO platform, a graph of changes in the rate of cryptocurrencies, a list of trading pairs sorted by popularity.
The top panel allows you to navigate through the sections:
✅ Trades (Exchange). The scheme is standard – on the right, the desired currency pair is selected, in the upper center – the rate chart, below – the list of open orders. On the left is information about the newest transactions, below you can create a sell or buy order.
✅ Referral. Information about the referral program. From an invited friend, the user receives 30% of commissions from his trades, from referrals of the second and third levels – 10% each.
✅ Apply to list. An opportunity for developers to leave a request to add their token to the BitForex exchange. This section describes the process of adding a token and some helpful tips.
✅ Assets. The page displays all the information about the available assets, you can also enter or withdraw funds, assess the state of BF tokens on the account, configure the account, verify the account, manage the API.
✅ Bills. History of recent purchases and sales.
✅ TURBO. The recently opened IEO platform, which allows promising and credible blockchain projects to conduct their token sales on the basis of the BitForex crypto exchange. Upon completion of the sale, the token is automatically added to the listing. So far, only one token sale has taken place on TURBO – UND (Unification).
Towards the upper right corner there are buttons to navigate to the News, Blog and Help sections.
At the bottom of the BitForex exchange website there is information about commission fees, API documentation, contacts, terms of service.
Registration and verification
It only takes a couple of minutes to create an account at BitForex. Click on the Sign Up button. Enter your email address, come up with a complex password. If a captcha appears, solve it by moving the slider.
Click on the Send button for the system to send a confirmation code to the specified e-mail. After receiving it, copy it into the field next to the button. Click Sign Up – and the account is created. You can also do this via SMS.
After logging in, you should ensure the security of your account. The settings are located in the “Security Policy” section and include the following components:
- Linking a mailbox.
- Binding a mobile phone.
- Google Authenticator.
- Trading password.
All of the above is very simple to connect, the main thing is to have a smartphone and email at hand.
To get access to the full functionality (participation in token sales), you need to go through identification. It is located in the “Assets” section on the corresponding tab. Identity is confirmed with passport details and photographs. After downloading all the information, the wait takes 1-2 days. The identity verification procedure is not required: you can make a deposit, withdraw, trade without going through it. Withdrawal limit for an unverified user: 100 BTC within 24 hours. Therefore, there is no point in going through it.
How to replenish, withdraw funds
To replenish the balance of the BitForex cryptocurrency exchange, go to the Assets section, then the Deposit tab. Select the type of token you want (for example, Bitcoin). The deposit address will be automatically generated. Copy this address, paste it into a crypto wallet or other platform from which you will transfer funds to the exchange. You can also scan the QR code to speed up the process. To credit Bitcoin transactions, 3 confirmations are required. Other coins have their own individual conditions.
To withdraw cryptocurrency from the BitForex trading platform, click the Withdraw tab in the Assets section. Select the token you want to withdraw. Its daily limit will be indicated – for example, a limit of 500 BTC is set for Bitcoin. At the same time, the minimum is 0.001 BTC. In addition, funds cannot be withdrawn within 24 hours after changing the password.
For withdrawal, authentication via Google Authenticator or SMS must be connected.
After selecting a token or cryptocurrency, enter the withdrawal address. If there is no data in the drop-down list, you can add a frequently used address. After clicking the “Submit” button, the system will ask you to go through the authentication process. If you are using Google Authenticator, you will need to enter the Google Authentication Code. If you are using SMS authentication, you will need to enter the SMS authentication code.
After you submit your withdrawal request, BitForex will review and confirm it before sending funds to the specified account. The status of the application can be monitored on the same page.
You are now ready to start trading on BitForex. For this:
- Make sure you have sufficient funds.
- Go to the Exchange page and select a trading pair. For example, ETH / USDT – This means that USDT will be used to buy ETH.
- Specify the amount and price per ether unit in the order.
- Click “Buy ETH” or “Sell ETH” (Buy / Sell) to make a trade
- After confirmation, the order will appear in the appropriate section.
- As soon as the operation goes through, the funds will appear on your account.
Completed or canceled orders can be viewed in the order history section.
For your information. Only a limit order is available on the BitForex exchange. With its help, you can specify the cost for which you would like to buy coins. For example: if the current rate is $ 5,330 and you want to buy at $ 5,250 or below, then place a buy limit order at $ 5,250. If the market reaches this position and there is a sell order corresponding to this rate, the operation will be performed automatically.
There are no deposit fees on the BitForex crypto exchange.
The withdrawal fee is usually fixed and depends on the current state of the network of a particular cryptocurrency. For example, now for Bitcoin, the fee is 0.0005 BTC, and for Ethereum – 0.01 ETH.
Now about trading commissions. The order creator pays 0.1% when placing a limit order below the buy level. The buyer pays 0.1% when placing any order that matches an order from the general pool.
Token BF and Transaction-fee mining
The BitForex trading platform has a unique BF token that serves as proof of ownership on the platform. BF is mainly issued through trade mining. The maximum possible emission is 10 billion.
44% of the total BF, for a total of 4.4 billion BF, will be issued in Trade Mining and Invite Mining. In addition, BitForex places 80% of the trading fees on the platform’s revenue sharing mechanism.
Inviters (inviting people to use the site) are rewarded with a separate incentive. The reward is equal to 20% of the amount of the trading reward.
Advantages and disadvantages
Advantages of the BitForex cryptocurrency exchange:
- One of the main advantages, and perhaps even a key feature of BitForex, is considered to be very low fees. And there are no commissions on the deposit.
- Another criterion is safety. BitForex offers two-factor authentication (2FA) as well as IP verification upon login to ensure that only real users can access account balances. In addition, BitForex claims to keep most of its assets in cold storage wallets, although it does not disclose technical details.
- BitForex offers integration with TradingView. This means that very detailed and descriptive graphs are available.
- Although the exchange is relatively new, it already offers a fairly wide variety of currencies. These are BTC, BCH, ETH, LTC, ETC, XRP, DTA, AION, GRIN, ATOM, BTT, BEAM, and many others.
Doubtful sides and disadvantages of the BitForex exchange:
- Little information about the company. Perhaps the team members just want to remain anonymous, but it is also likely that they have reasons not to disclose this information. In any case, this is a somewhat troubling aspect, especially given how poorly regulated the crypto world is.
- The exchange does not offer advanced features like margin trading or leveraged trading. That is, the site is unlikely to be of interest to advanced traders.
BitForex is a fairly new cryptocurrency exchange that is targeting the Chinese market. In 2019, she began expanding into new markets. The site is available for trading in Eastern Europe: Russia, Belarus, Ukraine, etc. During its operation, the platform has shown itself well, although in July 2018, the CER analyst team conducted an investigation and put forward a claim that the resource uses the principle of fabricating trading volumes in order to raise its own popularity. Similar accusations, however, have been and continue to be made against many large projects.
Now the platform attracts clients mainly with its competitive commissions. However, there are still a number of skeptics who do not trust this resource, the reason for this is its unknown past and too little information about its creators.