BitForex cryptocurrency exchanger – registration, commissions, reviews
Article author Yegor Mitskievich
✅ Verified by expert Alexander Zyl
Updated 05/06/2022
Comments 4 Comments
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BitForex
https://www.bitForex.com
Year of creation
2018
Trading couples
260
Trading volume for 24 hours
$ 1.571,636,671 +6.76% ↑
Bitcoin cost (BTC)
$ 36,279.82
Register
Data updated 05/06/2022, 01:28
Story.
Personal Area.
Working conditions.
How to trade on BitForex.
Support service.
Mobile app.
Advantages and disadvantages.
Reviews.
Conclusion.
“Leading in the world, a trading platform for financial services” – as its creators describe BitForex.
What is this exchange and why is it considered one of the best solutions for working in a modern cryptocurrency market?
The BitForex cryptocurrency exchange is included in the world top in terms of trading. May 6, 2022 it is $ 1.571,636,671/day.
Read: TOP 10 best cryptocurrency exchanges
The crypto -rope is a platform for safe and stable work with cryptocurrency. Users are available a wide range of financial products, including the trade in tokens, futures and other effective financial instruments.
Bitforms are distinguished by:
High liquidity due to volumetric internal resources and support for partners;
260 trading couples and regular addition of new tokens;
Safety and stability;
Advanced technologies: a high -performance system is able to process 1.6 million orders per second.
BitForex is constantly adapting to the needs of the market and changing trends, introducing advanced technologies and new functions. Despite the Asian origin, the trading platform is focused on the international market: the provision of services around the world and offices in almost a hundred countries.
Register in BitForex
“Turn it now – invest in the future,” the creators of the BitForex trading platform are sure that digital assets are the trend of the future, which is worth investing in the present. And the sooner the better.
Let’s see that the BitForex exchange is ready to offer to its client.
Story
The BitForex exchange was launched in June 2018. The site is based in Singapore, but it was decided to register the company in the Seychelles.
Already in early August, the BitForex crypto -rope entered the leaders in terms of bidding, leaving Binance behind.
For some time, the BitForex daytime indicator was held at $ 14 billion, which is 5 times higher than the similar indicator for Binance.
How did the BitForex team manage to show such a result so quickly?
The fact is that at the beginning of its work the exchange was secured by financial support of $ 20 million from the largest investors. Among them are such well -known companies as Tencent, World Bank, McKinsey, Merrill Lynch, Microsoft and Lenovo.
The success of the trading platform is also explained by the fact that it was created by a team of developers from experienced specialists in the field of blockchain. Among them are graduates of Colombian, Cambridge and National University of Singapore.
Get a free video course on trading
Another advantage of the company is that Mr. Jia Tien joined the BitForex advisers, who adds technical value to the project and provides all his experience as the main technological employee with vast experience in the computer programs industry.
In addition, the exchange has its own token-BF, which the site users can get according to the Trans-Fee model.
The TRANS-FEE or Trade-to-Mine model is a mechanism for obtaining tokens released by the traders trading activities.
This is precisely the explanation of such a high trade turnover on BitForex. Most of it was created at the expense of those who are trying to earn on the BF Token mining. The total proposal of BF token is limited to 10 billion.
Personal Area
The first stage of comfortable trade on BitForex will be the choice of the language version of the interface. The exchange supports 9 languages, including Russian. True, the translation into Russian is made poorly. However, if a user from Russia does not speak a foreign language, but wants to work with the exchange, even such a translation will help him navigate the site.
The second stage is the registration on the exchange and the entrance to the Personal Account.
Registration for BitForex. Link to the official website
To start trading on the exchange, you need to register an account.
For registration on BitForex:
We go to the official website www.bitForex.com and select the Russian language;
We click on the upper right corner to go to the registration window;
In the window that opens, fill out the fields with e -mail and password and click get the code;
On the above email system will send a 6-digit code, which must be entered in the field within 1 minute;
Put a checkmark opposite the user agreement, having previously read it, and press the registration;
After that, the process of creating a BitForex account is considered completed. You can start replenishing the account and trade.
Verification
On many exchanges, enter/withdraw money, as well as directly trading only after passing the procedure for confirming personal data – verification.
The KYC verification system (Know Your Client) or know your client is a mandatory stage in working with many trading platforms.
On BitForex, the account verification is optional. It is necessary only to withdraw it to withdraw from the account of Chinese yuan (CNY).
The procedure for verification on BitForex is standard and is to send a passport scan with personal photography and other data. The process of consideration of the application by the exchange management takes about three days.
Two -factor authentication
Immediately after entering the Personal Account, we proceed to the account security settings. In addition to a complex password, other methods are available to the user how to protect his funds on the exchange.
The security policy section consists of 4 protection methods:
Email binding: for identification of personality, receipt of ads, hints, etc.;
Binding phone number: to check security when entering the system, removing coins, restoring passwords, changing security settings and managing the API;
Google authentication: for entering, output, password changes, changes in security settings and authentication in the management of the API;
Trade password: for verification during trade.
After receiving access to the personal account, only the email address will be tied, since we used it for registration.
To connect two -factor authentication (2FA) using Google Authenticator:
We go to the security settings section and select Google authentication → Bind.
In the window that opens, scan the QR code or enter the secret key to Google;
Enter the password of the Google two -factor authentication;
We save the Google key in a safe place: it will be used to restore Google authenticator.
When connecting Google authenticator, problems can only arise with the expectation of a confirmation code in SMS to a mobile number. Sometimes it takes 10 or more minutes.
How to replenish the score
Since BitForex does not work with fiat currencies, you can replenish the balance or withdraw funds from the account only in cryptocurrency.
On the one hand, this significantly reduces the number of potential customers, and on the other, it facilitates the process of trade and the use of the exchange.
It is not necessary to choose a suitable replenishment option for a long time, doubt between the payment system, bank transfer or using the card. Everything is much simpler: the user just needs to decide on the cryptocurrency, which he wants to replenish his exchange account.
To replenish the account, you just need to generate the address of the crypto wallet for the selected currency and transfer money to it from your external storage.
In your personal account, select the Asset section;
In the menu on the left, select deposits;
Select the desired token in the upper line, for example, BTC;
The system automatically generates the address of the deposit;
Copy this address and send money to it from our cold or hot wallet. You can scan the QR code to speed up the process;
Only BTC can be sent to this address: sending any other cryptocurrency to this address can lead to loss of funds.
For enrollment of BTC, one confirmation of the network is required (each coin has its own individual enrollment conditions).
After transferring funds, the operation will be displayed in the history of BTC deposits.
How to withdraw money from BitForex
To withdraw cryptocurrency from the platform, we work with the tab withdrawal of funds. For this operation, authentication must be connected through the Google Authenticator or SMS application.
The desired currency is also selected here, and for each token, a daily limit is displayed. The following is the address of the withdrawal of the funds – the number of the crypto wallet, as well as the number of coins for the output and the confirmation code from the mail. If you use Google Authenticator, then enter the Google authentication code. If you activate authentication through SMS, then enter the code received as a message to the phone.
Enter the necessary data and click send.
Funds from the account on BitForex cannot be withdrawn within a day after a password change.
After sending a request to withdraw funds, the exchange takes it for consideration and confirms it before sending money to the specified account.
The commission for confirming the transaction is set manually, and the higher it is, the faster the system will confirm the request and you will receive money.
Working conditions
What conditions does BitForex provide its customers?
Trade couples
BitForex trading platform is
High liquidity;
A large amount of bidding;
260 trading couples to choose from;
Regularly updated listing;
The ability to trade futures.
The most popular pairs on BitForex are:
Pair of course, $ bidding, $ spread % change in the exchange rate in 24 hours
BTC/USDT $ 36.546.00 $ 539,937,587 +0.02% -$ 3.121.17
ETH/USDT $ 2.745.27 $ 390,203,023 +0.02% -$ 200.49
BTC/USDC $ 36.546.00 $ 116,461,508 +0.02% -$ 3.121.17
ETH/USDC $ 2.745.27 $ 104,013,837 +0.06% -$ 200.49
ETH/BTC $ 2.745.27 $ 93,202,129 +0.11% -$ 200.49
Luna/USDT $ 82.89 $ 44,574,947 +0.14% -$ 3.204
Matic/BTC $ 1.067 $ 26,157,229 +0.03% -$ 0.11011
DOGE/BTC $ 0.12850 $ 22.261,886 +0.85% -$ 0.007300
BNB/BTC $ 378.55 $ 20,165,947 +0.40% -$ 24.22
DOGE/ETH $ 0.12850 $ 17,892,579 +0.94% -$ 0.007300
Data updated 05/06/2022, 01:28
Fiat currencies do not support. The only way to use the USD dollar is to purchase or sell using Tether USDT. This is a token with a binding to fiat currencies that Tether Limited has released. The cost of Tether is provided by the company available to the company at its disposal of US dollars. BitForex is also available to trade in Chinese yuan CNY tokens.
The main amount of bidding on the exchange occurs precisely in pairs with Tether cryptocurrency (USDT).
Commissions
Commission for entering and withdrawal
TOCENS OF TOCENS: Without a commission
Tokenov’s conclusion: the commission is determined by the cost of the network. This is a fixed rate, the size of which depends on a specific cryptocurrency. For example, for bitcoin – 0.0005 BTC, for the broadcast – 0.01 ETH, for Tether – 5 USDT, etc.
A complete list of commissions for the conclusion, as well as the minimum amount for the withdrawal and daily limits can be found on the exchange website in the Commission section.
Trade commissions
The BitForex trade operation commission is calculated on the principle of Maker/Taker, where the Maker is a user who creates a new order, and Taker is the one who closes it.
The exchange does not take a commission from makers. There is a commission for takers, but it is small: 0.1% of the amount of the trade operation.
Regulation
BitForex headquarters is in Singapore. But legally, the exchange belongs to the Seychelles, since it was here that it was registered.
BitForex owners say that the EU exchange license is the advantage of working with the platform, but do not give this evidence.
How to trade on BitForex
In the daily trade volume, BitForex is one of the market leaders. At the same time, the trader gets access to the highest -liquid digital assets and a convenient trading platform.
True, the variety of BitForex trading orders is not famous: users can open positions with the help of limit orders.
Types of orders
Only a limit order is available on the BITFOREX exchange.
The limit order (Limit Order) is a group of deferred orders, at which the opening of the position is made at a price better than the current one.
The use of limit orders gives significant advantages in trade.
They allow the trader to save his time without expecting the desired price in the market. He simply indicates the cost for which he wants to buy / sell coins, and when the market reaches this position and there will be a order for a purchase / sale at a price indicated in the application, the transaction will be made automatically.
2 types of limit orders:
Buy Limit – a limit for the purchase → The purchase position is opened when the price is reduced to the values specified in the warrant.
Sell Limit – a limit order for sale → The purchase position is opened with a price increase to the value specified in the warrant.
The limit order is not quite standard to Bitforms. After indicating the price at which the trader is ready to make a deal, using the slider you need to indicate which part of the percentage of available funds this transaction will be made. The system will calculate the number of purchased or sold coins. After that, the application is sent for execution.
How to buy and sell
As you know, trading on the exchange is the process of opening and closing the position.
Opening a position or entering the market is the primary purchase or sale of a certain financial asset.
Next, in order to make a profit due to the difference in the courses, you need to close the position – get out of the market. When the trading position is closed, a reverse operation is performed. For example, if we bought 10 ETH, then to close the position you need to sell 10 units of ether.
So, in order to start trade, we go to the Trading tab on the main page of the exchange. It is here that the BitForex trading terminal is located. On the left we are offered to choose a couple for the transaction, and a glass of orders is displayed below, the analysis of which helps to understand the current situation in the market and form a trade strategy.
The center displays the schedule of the selected trading pair that has a number of settings: you can change the timeframe, switch the type of display of candles and location on the graph of the techanalysis indicators.
To open a purchase or sale position on BitForex:
Choose a trading pair. For example, in the field, we introduce BTC and select a pair of BTC/USDT;
In the order, we indicate the amount of coins purchased and the price for 1 BTC;
Click buy or sell for a transaction;
After confirmation, the order will appear in the section open orders;
As soon as it is completed, the funds will appear on the user’s account, and the executed order will be displayed in the history of orders.
Support service
Who and how to ask for help, if questions appeared in the course of work with the exchange or problems arose?
Any difficult situation on any exchange is helped by the employees of the support. These are experts who are well aware of the trading platform and its features and are ready to quickly respond to all user requests. Usually the answer comes quickly – within a few minutes.
An important nuance for the Russian -speaking audience will be that we need to communicate with the exchange staff in English: they do not know the Russian language.
You can get help or consultation from technical support specialists by writing by e-mail or using Live chat on the site. You can start communication with technical support in Telegram.
Mobile app
One of the important components of comfortable trade is the presence of a mobile application, which allows the trader to buy and sell currency at any time and anywhere using a smartphone.
Unfortunately, BitForex clients are not yet able to use all the benefits of mobile trading. At the moment, the application has not yet been created,
And while there are no news from the developers of the exchange that its release is planned.
Advantages and disadvantages
The larger the trading platform of the pluses, the more the user has reasons to entrust her money and fewer risks that they will be stolen or lost. Despite the young age, BitForex has an impressive set of advantages, which attract traders from around the world to the platform. BitForex also has disadvantages, and they are quite significant. That is why, before starting real money, you need to well understand all the capabilities of the platform and its disadvantages, which may affect the result of work.
We offer to study the strengths and weaknesses of BitForex and draw our conclusions.
Advantages and disadvantages
License for the provision of services in the EU countries; Little information about the team;
TOP of the world rating for the daily volume of trading; Poor -quality translation of the site into Russian;
Simple registration; No support for fiat currencies;
Lack of mandatory verification; Most of the liquidity is concentrated in several crypto parach;
Convenient multi -language interface with the support of Russian, English and 7 other languages; One type of order is limit;
High liquidity; A limited set of methods of entering and withdrawal of funds for residents of the CIS;
260 trading couples and regular addition of new tokens; No margin trade;
Futures trading; The technical support service does not speak Russian;
Integration with TradingView – detailed and visual graphs for market analysis; No mobile application;
Replenishment of a deposit – without a commission; Accusations of fabricating the volume of trading in order to raise popularity.
Low trading commissions (on the principle of Maker/Taker) and a more profitable commission system for market-mikers;
Functional trading terminal;
Own token – BFTOKEN, based on the ERC 20 standard;
High speed: processing of 1.6 million orders per second;
Reliable solutions for account security: 2 FA, binding to e -mail, phone number, trading password;
Operational and competent support service.
Reviews
Reviews about the BitForex exchange in Runet so far are a little. All because the trading platform has not yet been very popular among traders from the CIS countries. Orientation primarily to the Chinese market, poor translation into Russian and technical support, communication with which occurs in English, does not allow traders from Russia to perceive it as the main trading platform. They are still afraid to start large sums to the exchange and are limited to small transactions. Or they generally choose another resource, more adapted for trading in the realities of the country. As of May 6, 2022, the rating of the stock exchange according to Coingecko is 7/10.
Users who have already worked with the exchange leave ambiguous reviews on the network.
Одни говорят, что это “интересная площадка с хорошими условиями для торговли, где можно купить крипту, которой нет на других популярных биржах”. Среди причин, по которым они работают с BitForex, клиенты биржи отмечают низкие комиссии, большое разнообразие криптовалют, возможность торговать фьючерсами и относительно безопасную торговую среду.
Другие же делают акцент на недостатках. Многим трейдерам, которые привыкли торговать с помощью стоп-ордеров, для полноценного трейдинга одного лимитного ордера маловато. Не хватает пользователям и маржинальной торговли, которая позволяет торговать на заемные средства, тем самым увеличивая размер потенциальной прибыли. Кроме того, трейдерам не импонирует тот факт, что большая часть ликвидности на бирже сосредоточена в трех криптопарах (BTC/USDT, ETH/USDT, и BCH/USDT), тогда как стакан ордеров по остальным — практически пуст.
Мобильное приложение для BitForex также пока не разработано. Таким образом, профессиональным трейдерам бывает недостаточно функционала биржи, и они переходят торговать на платформу, которая предлагает более продвинутые функции.
Conclusion
Большой выбор монет, низкие комиссии и отсутствие верификации делают BitForex привлекательной для трейдеров торговой площадкой.
Сейчас конкуренция в биржевой отрасли довольно высокая. По статистике, каждые полгода количество торговых платформ увеличивается примерно на 3 тысячи. Многие обменные ресурсы со временем закрываются, поскольку не могут удовлетворить запросы все более требовательной аудитории.
BitForex — яркий пример нового поколения криптобирж.
Для конкуренции с более крупными игроками рынка биржа предлагает своим клиентам максимально выгодные условия, в частности, сводит до минимума торговые комиссии.
Правда, собственный токен и торговый майнинг, благодаря которому биржа становится известнее и получает новых клиентов, имеют и другую сторону медали.
Мы уже говорили, что высокий торговый оборот на BitForex обеспечивается за счет тех, кто пытается заработать на майнинге BF Token. Как результат, большая часть ликвидности биржи сосредоточена в нескольких криптопарах.
Из-за этого сложно набрать нужный объем по остальным парам, что является серьезной проблемой для площадки, поддерживающей несколько десятков криптовалют.
Но если разработчикам удастся решить эту проблему и обеспечить высокую ликвидность и по другим торговым парам, многие трейдеры начнут рассматривать BitForex как основное рабочее пространство. Пока что биржа способна удовлетворить запросы тех, кто сосредоточен на парах BTC/USDT, ETH/USDT и BCH/USDT.
The best cryptocurrency exchange?
Binance
60.76%
OKEX
7.94%
Coinsbit
2.43%
Exmo
3.82%
Huobi
6.08%
Crypto.com
2.69%
Whitebit
2.34%
FTX
2.82%
Gate
2.17%
Kucoin
8.94%
Voted: 2304
The author of the article
Egor Mitskevich
mitskevich@cryptonism.com
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The author of the articles and the manager of the editorial office. Expert in the field of law and finance. Experience in the banking and educational areas, as well as in information publications of a legal and economic orientation.
✅ Article checked by an expert
Alexander Zyl
zyl@cryptonism.com
Read more
Expert and head of the site. He organized more than 100 offline events for crypto and blockchain enthusiasts at the Altcoin Club site. He led the development of blockchain platforms for the tokenization of assets, trade robots for the cryptocurrency market. Investor in cryptocurrencies.
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