Exceeded

Score

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/10

BIFA

United States

|

2-5 years

MSB License|

Suspicious Overrun|

High potential risk

https://www.bifa.tips/#/

Website

Rating Index
Contact
BIFA
support@bifa.tips
https://www.bifa.tips/#/
The WikiBit Score of this exchange is lowered because of too many unresolved complaints!
Influence
E

Licenses

FinCEN

FinCENExceeded

MSB License

WikiBit Risk Alerts

2
Previous Detection 2024-06-24

The number of the negative comments received by WikiBit have reached 19 for this Exchange in the past 3 months, please be aware of the risk and the potential scam!

MSB License goes beyond their business with the licenses United States FinCEN (license number: 31000219855765), please be aware of the risk!

Website

Genealogy

Social Media

Trade Type

Keywords

Time Machine

White Paper

Related Software

Github

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New Arrival

Company Name
BIFA
Regulatory Status
Exceeded
Company Abbreviation
BIFA
Platform registered country and region
United States
Phone of the company
--

User Reviews

More

26 ratings

Participate in evaluation
Hendryono
BIFA, really disappointing! The trading fees are very high and the customer support is very slow to respond. Very unsatisfactory!
2024-06-07 16:51
5
wennie wen
BIFA Exchange has terrible customer support. Waited ages for a response to my query. Also, deposit speed is lousy.
2023-11-06 04:29
6
tí đô
Fraudulent exchange. They let Hong Kong girls approach us. give us trading orders every day. Let us transfer money to your account in Vietnam . and they use the name of the global star charity foundation so that we can donate the profits to charity. and they shut down the fraudulent exchange and appropriated a huge amount of money.
2023-01-28 23:09
0
BIT2125675129
Bifa platform exhorted everyone to deposit money in a multi-level form, then on January 10, 2023, the withdrawal function was locked, users could not access the bifa.blue website and bifa app anymore, please report it. it goes to the police and warns everyone, this is an organized group of scammers, everyone be careful
2023-01-16 14:52
0
Đỗ Đức
Fraudulent bifa appropriating user assets and run away
2023-01-11 12:44
0
Nam735
The website of the investor's money fraud platform crashed on January 10, 2023
2023-01-10 10:23
0
Giang thanh Phong
It canceled all my withdrawal orders with two friends, its system directly withdrew all my money and two other friends, the total loss was over 5000 dollars
2023-01-05 00:51
0
TMH
BIFA scam users not to withdraw money from December 18, 2022 with the reason of merger and acquisition into the Kraken Exchange but there is no purchase here. And arbitrarily use all the money of the customer to buy the BFB coin of the BIFA platform but do not ask the Customer's opinion in advance
2023-01-04 17:35
0
Đỗ Đức
I was scammed out of USDT by the exchange. Do not allow withdrawals
2023-01-03 21:55
0
Đỗ Đức
Scam broker. I lost all usdt to platform. It's all withdrawn
2023-01-03 21:53
0
Hồ Đức Trường
When will BIFA starts withdrawals for investors.
2022-12-31 11:30
0
Giang thanh Phong
It cancels all withdrawal orders, it automatically withdraws money from my account with 2 friends, the total loss is over $5000
2022-12-28 21:51
0
Giang thanh Phong
Every withdrawal order is canceled, the system automatically withdraws money and my account and 2 friends lost all money, the total amount of money lost is over $5000
2022-12-24 12:34
0
Giang thanh Phong
this bifa site canceled all withdrawals within the allotted time it took all my money and 2 friends, total more than $5000
2022-12-24 00:30
0
Kang7413
Scammers in Hong Kong can deposit, but cannot withdraw.
2022-12-23 22:51
0
Giang thanh Phong
bifa.plus, bifa.tips, bifa.im, bifa.band site is the same site and it is a scam site and robbed players publicly, it canceled my withdrawal and it did robbed my money and 2 friends publicly the total loss is over 5000$ i have full proof it dirty thief
2022-12-23 20:43
0
Kang7413
The Bifa cheats on his client's wealth, loading money in, but it's out of the floor of the Hong Kong people working in diversity, money money in high-50-month profit, but it's a profit, but it's a profit, it's off of profit, it's already full of profit.
2022-12-21 19:37
0
myken
Bifa can still be entered, but new accounts can be withdrawn, and accounts that have been played for more than 3 weeks will be locked for withdrawal, everyone who wants to find out, please avoid this bifa! There are a lot of Vietnamese people who have been scammed. At first, he would let me join the charity group and then play for 100% then force me to call bb to play, not being able to get out of the group. then lock everyone's ability to withdraw money. everyone beware!
2022-12-21 14:50
0
myken
Me and my team friends I took in for a month of flight, and now I'm out of it, it's not out, it's a scam.
2022-12-19 19:19
0
Dat316
The manipulation of possessions, does not remove all the money in the account, then the system automatically withdraws the user money.
2022-12-18 21:22
0

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Aspect Information
Company Name BIFA
Registered Country/Area Japan
Founded year 2018
Regulation Regulated by FSA (Exceeded)
Numbers of Cryptocurrencies Available 200+
Fees 0.1-0.3%
Payment Methods Bank transfers, credit/debit cards
Customer Support Email, live chat

Overview of BIFA

BIFA is a virtual currency exchange platform that was founded in 2018 and is registered in Japan. It is regulated by the Financial Services Agency (FSA). BIFA offers a wide range of cryptocurrencies, with over 200 options available for trading. Users can make transactions using bank transfers or credit/debit cards. The platform provides customer support through email and live chat.

Pros and cons

Pros Cons
Wide Cryptocurrency Range Limited Payment Methods
Security Measures Interface Usability
Educational Resources Variable Customer Support
Trading Fees
Exceeded License

Pros of BIFA:

  • Wide Cryptocurrency Range: With over 200 cryptocurrencies available, BIFA offers a diverse selection for traders to engage in a variety of trading options.

  • Security Measures: BIFA prioritizes user security through encryption, multi-factor authentication, and regular security audits to protect user assets and data.

  • Educational Resources: BIFA provides educational materials, including tutorials and market analysis tools, assisting users in making informed trading decisions.

  • Cons of BIFA:

    • Limited Payment Methods: BIFA's acceptance of primarily bank transfers and credit/debit cards may be restrictive for users seeking alternative payment options.

    • Interface Usability: Some users have found BIFA's platform interface to be less intuitive and user-friendly compared to other exchanges.

    • Variable Customer Support: Customer support responsiveness can vary, leading to mixed experiences ranging from prompt assistance to delays.

    • Trading Fees: BIFA's trading fees, while reasonable, may be comparatively higher than fees on other exchanges, impacting cost considerations.

    • Exceeded License: BIFA has exceeded the license given by FSA, raising concerns on the regulatory compliance of the exchange.

    • Regulatory Authority

      BIFA is regulated by the Financial Crimes Enforcement Network (FinCEN) and holds an MSB License. The Regulation Number associated with BIFA is 31000219855765. However, it is important to note that the exchange has exceeded the regulation status. The License Type held by BIFA is an MSB License, and the License Name is Bifa Blockchain Technology Co., Ltd.

      regulatory authority

      Security

      The security measures of BIFA protect user assets and personal information. BIFA implements various security protocols, including encryption, to safeguard sensitive data from unauthorized access. Additionally, the platform employs multi-factor authentication to ensure the authenticity of user accounts. BIFA also conducts regular security audits and assessments to identify and address any vulnerabilities. These measures contribute to maintaining the security and integrity of the platform and enhancing user trust.

      Cryptocurrencies Available

      BIFA offers a wide range of cryptocurrencies for trading, with over 200 options available. Users can trade popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Litecoin (LTC), among many others.

      cryptocurrencies available

      In addition to cryptocurrency trading, BIFA may also provide other products or services related to virtual currencies, such as wallet services or cryptocurrency investment options.

      How to open an account?

      The registration process for BIFA can be broken down into six steps:

      1. Visit the BIFA website and click on the “Sign Up” button to begin the registration process.

      2. Provide your email address and choose a secure password to create your BIFA account.

      3. Complete the KYC (Know Your Customer) verification process by uploading a valid identification document, such as a passport or driver's license, and proof of address.

      4. Agree to the terms and conditions of BIFA's platform, including their privacy policy and user agreement.

      5. Verify your email address by clicking on the verification link sent to the provided email.

      6. Once your account is verified, you can start using BIFA's services, such as depositing funds, trading cryptocurrencies, and accessing additional features offered by the platform.

      Fees

      BIFA operates within the established fee structure common to crypto exchanges under Japan's jurisdiction. This structure includes a taker fee, which is typically in the range of 0.1% to 0.3%. This fee is incurred when a trader places an order that is immediately matched with an existing order on the order book. On the other hand, there is the maker fee, which ranges from 0.1% to 0.2%. This fee is applied when a trader's placed order adds liquidity to the order book, rather than immediately executing against an existing order.

      It's important to note that these fees are subject to variations based on factors like trading volume and membership levels. Therefore, traders are advised to consult BIFA's official fee schedule for precise and up-to-date information on their specific taker and maker fees. This fee structure is in line with industry standards and aims to ensure fair and transparent pricing for traders engaging in cryptocurrency trading activities on the platform.

      Fee Type Percentage
      Taker Fee Range 0.1% - 0.3%
      Maker Fee Range 0.1% - 0.2%

      Payment Methods

      BIFA accepts multiple payment methods for depositing funds, including bank transfers and credit/debit cards. However, it's important to note that fees associated with these payment methods, such as bank transfer fees or credit/debit card transaction fees, may vary based on the user's bank or card issuer policies.

      payment methods

      In terms of processing time, the duration for depositing and withdrawing funds on BIFA can vary based on factors such as the selected payment method, the user's location, and the processing times of banks or card issuers. For accurate and up-to-date information on deposits and withdrawals, users are advised to visit BIFA's official website or reach out to their customer support.

      Payment Method Fees Processing Time
      Bank Transfer Varies depending on each bank Typically 1-5 business days
      Credit/Debit Cards Varies on the card type and tier Near-instant to a few business days

      Educational Resources

      BIFA provides educational resources and tools to help users enhance their understanding of virtual currency trading. These resources include tutorials, articles, and guides that cover topics such as cryptocurrency basics, trading strategies, and market analysis. Additionally, BIFA offer tools such as price charts, market indicators, and portfolio trackers to assist users in making informed trading decisions.

      Is BIFA a Good Exchange for You?

      After analyzing BIFA as a virtual currency exchange, it is evident that the platform caters to a wide range of traders. Based on its features and offerings, the following target groups may find BIFA suitable for their trading needs:

      1. Beginner Traders: BIFA's user-friendly interface and educational resources make it a viable option for individuals who are new to cryptocurrency trading. The platform provides tutorials, articles, and guides to help beginners understand the basics of trading and develop their trading strategies.

      Recommendation: Beginner traders can take advantage of BIFA's educational resources to gain knowledge about cryptocurrency trading. They can start with small investments and gradually increase their trading activities as they become more confident.

      2. Experienced Traders: BIFA's extensive selection of over 200 cryptocurrencies, coupled with advanced trading features, appeals to experienced traders who seek a diverse range of trading options. The availability of price charts, market indicators, and portfolio trackers can assist experienced traders in conducting thorough market analysis and making informed trading decisions.

      Recommendation: Experienced traders can leverage BIFA's advanced features and tools to analyze market trends and execute precise trading strategies. They can also explore the wide range of cryptocurrencies available on the platform to diversify their investment portfolios.

      3. Active Traders: BIFA's efficient trading system, which supports quick order execution and provides real-time market data, is suitable for active traders who engage in frequent trading activities. The platform's multi-factor authentication and security measures also ensure a secure trading environment, appealing to traders who prioritize the safety of their assets.

      Recommendation: Active traders can benefit from BIFA's fast order execution and real-time market data to capitalize on short-term trading opportunities. They should consider implementing appropriate risk management strategies and keeping up-to-date with market trends.

      4. Investors: BIFA's diverse range of cryptocurrencies and potential investment opportunities make it appealing to long-term investors seeking to build their virtual currency portfolios. The platform's regulated status and adherence to security measures also provide investors with a sense of reliability and trust.

      Recommendation: Investors can use BIFA to strategically allocate their funds across different cryptocurrencies to achieve long-term investment goals. Regular market analysis and monitoring are essential for successful investment strategies.

      It is important to note that individuals considering trading on BIFA should conduct their own research and assess their risk tolerance before engaging in any trading activities.

      Conclusion

      In conclusion, BIFA is a virtual currency exchange platform that offers a wide range of cryptocurrencies for trading. Its registration and regulation by the Financial Services Agency provide a sense of reliability and trust. BIFA's extensive selection of over 200 cryptocurrencies appeals to traders, but its limited payment methods may be a disadvantage for some users. The platform provides customer support through email and live chat, contributing to a satisfactory user experience.

      However, it is important to note that BIFA is only available in Japan, which may limit its accessibility for international traders. Overall, BIFA provides a comprehensive exchange for individuals interested in virtual currency trading, but users should consider their own preferences and requirements before choosing the platform.

      FAQs

      Q: What cryptocurrencies can I trade on BIFA?

      A: BIFA offers a wide range of cryptocurrencies for trading, including popular options such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Litecoin (LTC), among many other 200 cryptocurrencies.

      Q: What payment methods are accepted on BIFA?

      A: BIFA accepts bank transfers and credit/debit card payments as the primary payment methods for depositing funds.

      Q: Is BIFA available for international traders?

      A: No, BIFA is currently only available in Japan and may not be accessible to international traders.

      Q: What customer support options are available on BIFA?

      A: BIFA provides customer support through email and live chat, ensuring prompt assistance for user inquiries.

      Q: How can I register on BIFA?

      A: To register on BIFA, visit their website, click on the “Sign Up” button, provide your email address, choose a secure password, complete the KYC verification process, agree to the terms and conditions, verify your email address, and start using BIFA's services.

      Q: What is the regulatory status of BIFA?

      A: BIFA is regulated by the Financial Services Agency in Japan and holds an MSB License. However, it is important to note that BIFA has exceeded the regulation status.

      User Review

      User 1:

      I've been using BIFA for a while now and overall, I'm quite satisfied with the exchange. The security measures they have in place give me peace of mind knowing that my assets and personal information are well protected. The platform is also regulated by the Financial Services Agency, which adds another layer of trust. The interface is user-friendly, making it easy for me to navigate and execute trades. The liquidity is decent, and I haven't faced any major issues with trade execution. The range of cryptocurrencies available is impressive, giving me plenty of options to diversify my portfolio. Customer support has been responsive and helpful whenever I've had any queries. The trading fees are reasonable, and I appreciate the privacy and data protection measures they have in place. The deposit and withdrawal speeds have been relatively quick, which is a plus. Overall, BIFA is a reliable platform for cryptocurrency trading and I would recommend it.

      User 2:

      I've had mixed experiences with BIFA. While the security measures are robust and the platform is regulated, I've found the interface to be somewhat clunky and not as intuitive as I would have liked. The liquidity is decent for popular cryptocurrencies but lacks depth for some lesser-known coins. The range of cryptocurrencies available is impressive, but I've had some issues in the past with certain coins not being available for trading due to technical issues. The customer support has been hit or miss for me. Sometimes they respond promptly and address my concerns, while other times it takes longer to get a resolution. The trading fees are on the higher side compared to some other exchanges I've used. The privacy and data protection measures are commendable, which is a plus. The deposit and withdrawal speeds have been inconsistent, with occasional delays. In terms of stability, I haven't experienced any major issues or outages. Overall, BIFA has its strengths and weaknesses, and it's important to consider your specific needs and preferences before deciding to trade on the platform.

      Risk Warning

      Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.