BitForex

What is BitForex?

BitForex is among the leading cryptocurrency exchanges aiming to provide a safe and convenient platform for traders around the globe, and comes with a variety of trading services, such as margin trading, spot trading, derivatives, and more. It has headquarters in Hong Kong and also in the Seychelles.

Moreover, it claims to have independent operating teams in Estonia, Germany, Malaysia, the Philippines, and Singapore, among others.  As of now, it is serving traders across 200 countries.

Bitforex has now ceased operations. Please be careful.

BitForex supports a little over 300 tokens and more than 500 trading pairs.

The Birth of BitForex

According to its Crunchbase profile, the exchange was initially established in 2017, and acquired funding from leading investment institutions like Crypto Capital and other popular cryptocurrency investors, all of whom invested over $20 million.

The Vision of BitForex

BitForex’s vision is centered around providing its users with a secure, convenient, and professional virtual platform for trading services.

It states that it takes into consideration the interests of its users and therefore uses the knowledge it has accumulated about the blockchain sector to choose only cryptocurrencies of higher quality for its global user base. In doing so, it envisions itself as becoming one of the leaders in this fairly recent trend surrounding blockchain technology and cryptocurrencies.

The BitForex Team

According to its profile on LinkedIn, Jason Luo is the co-founder and CEO of BitForex. Additionally, it claims that members of its core team come from renowned firms like the World Bank, Merrill Lynch, Microsoft, Lenovo, Tencent, and McKinsey, along with college graduates who have studied at MIT, Cambridge University, Columbia University, the National University of Singapore, and more, all of who have acquired master’s degrees or higher. In other words, they are highly qualified or talented within fields pertaining to technology and science, blockchain, and finance.

BitForex Trading Platform

Here, we will take a look at the trading experience one might go through on this exchange.

Ease of Use

Like many other exchanges, ease of use is a primary focus. In terms of user experience, BitForex comes with a modern interface that can be easily navigated, which makes it ideal for both experienced individuals and beginners. Moreover, there is a decent variety of services offered, increasing accessibility.

Security

The exchange claims that over 98% of its users’ assets are stored in its cold wallet storage, which is essentially a multi-signature offline wallet. In addition, it adheres to the standard security practices followed by many exchanges nowadays, like DDoS protection, 2FA, KYC processing for identity verification when withdrawing large amounts, and more.

Also worth mentioning is the fact that it has its own bug bounty program, which essentially rewards users for finding software vulnerabilities that put its system’s security at risk. So, considering all this, and the fact that the exchange has yet to suffer any cyber attacks, your funds should indeed be safe.

However, there is a lack of regulatory compliance here, which may hinder some users from making investments.

Available Assets

According to CoinMarketCap, the assets available for purchase on its spot market are a little over 300. And, as per its website, more than 500 trading pairs are supported.

Benefits of Using BitForex

In this section, we will be taking a brief look at some of the benefits that may come with trading on this exchange.

Liquidity

According to CoinMarketCap, the exchange ranks within the top 50, coming in at #38. However, its daily spot trading volume is more than $2 billion, which is significantly higher than most of the other exchanges on the list. This suggests that the exchange is pretty active in terms of trading, which may further imply that there is high liquidity to be had here.

Educational Resources

BitForex also has extensive educational materials that cover a lot of the basics one needs to know when starting their trading journey within the cryptocurrency landscape. The topics range anywhere from Web3 and NFTs, to DeFi and even some news pieces that might be of interest to users.

Community Engagement

According to BitForex, it has served more than 6 million users globally, supported by the fact that its daily trading volume is over $2 billion. Additionally, it has accounts on all of the top social media outlets, such as Facebook, Instagram, Twitter, etc., so, chances are you will be part of a significant and active community, which can be a good sign if you do decide to trade here.

How to Use BitForex

Now that you have a basic idea of what to expect from this exchange, we can move on to how you can get on board here. To start trading you will need to create an account, go through KYC if you plan on withdrawing significantly larger amounts, fund your account, and finally, choose the type of orders you want to make.

We will go through the registration process, how you can deposit and withdraw, and how you can place your first orders.

Registration Process

To create an account on this exchange,  head over to its official website and click on Register, which you will find at the top. On the registration page, you can sign up with either your email address or phone number. Regardless of what you choose, follow the steps asked of you here, such as setting up a strong password, adding the verification code, etc., to complete registration.

Deposit and Withdrawal

To deposit funds on BitForex, simply go to its deposit page and choose the token you want to deposit and the network for it, after which a deposit address will be generated. Just paste this address into the external wallet or exchange you want to withdraw the funds from, after selecting the same token and network there too.

As for making a withdrawal, just navigate to the BitForex withdrawal page and select the token you want to withdraw and the network for it. Now, paste the deposit address of the wallet or exchange you are depositing to to complete the transfer.

Note that you might have to wait a while for your deposit or withdrawal transaction to be fully processed on the blockchain. So wait patiently if that’s the case.

Trading on BitForex

Now that you know how to fund your account, you can use those funds to place an order. To do that, simply click on either the Spot or Futures options on its homepage, select a trading pair that has your preferred token, choose the order type, adjust the prices or modes if needed, enter the amount you want to buy or sell, and click on the relevant button below to place your order. Depending on the order type you have chosen, it may take a while for your order to be filled.

BitForex Regulation

BitForex comes with a “no geographic restrictions” policy, and claims to support over 200 countries, enabling trade anywhere, theoretically. However, it’s not actually regulated and therefore does not have a license in any of said countries. Therefore, when choosing which exchange to invest in, it would generally be a safer option to pick one that is actually regulated within the country you reside in.

BitForex Customer Service

According to BitForex, its customer support team can be accessed 24/7. However, you might want to go through its FAQ section first to see if any of your queries are addressed there. If not, you can contact their team.

Conclusion

BitForex offers a decent variety of trading options, something that both casuals and veterans may appreciate, and even beginners may find it easier to get onboard due to the extensive educational materials provided. This may be why, since its inception, BitForex has grown to serve more than 6 million users globally.

BitForex Review

Review and basic information of BitForex are as follows.

Crypto Exchange Basics	BitForex
Official Name
Exchange Representative (Founder)
Headquarters Location
BitForex Launch Date	1970-01
Number of Tradable Crypto Pairs	Pairs
Weekly Visits	0 Users
Overall Rating	⭐ / 5.0

The rating result at the top is the result of Coin-Labs.com's overall evaluation of BitForex.
BitForex was rated in seven categories: fees, diversity and quality of the services provided, security capabilities, etc.

BitForex Fee 2024

The fees charged to you for transactions at BitForex are as follows.

Maker/Taker Fees	BitForex Transaction Fees
Spot Maker Fee	No Service Provided
Spot Taker Fee	No Service Provided
Derivatives Maker Fee	No Service Provided
Derivatives Taker Fee	No Service Provided

The fees shown in the table above are BitForex transaction fees charged to a regular user.

BitForex Trading Volume

Trading Volumes of BitForex are as follows. (Based on CoinMarketCap 2024-06-15 09:19:47 data)

Trading Volume Items	BitForex Trading Volume
Daily Trading Volume (24h)	0 KRW
Weekly Trading Volume (7d)	0 KRW
Monthly Trading Volume (30d)	0 KRW
Daily Volume Change (24h)	0.00%
Weekly Volume Change (7d)	0.00%
Monthly Volume Change (30d)	0.00%

Communicate with BitForex

You can check exchange's messenger and SNS information in the table below.

Types	URL
🐦 Twitter
🎺 Messenger

FAQs