Stoppage of Business

Score

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/10

BITFRONT

United States

|

Stoppage of Business

5-10 years|

MTL License|

Digital Currency License|

High potential risk

https://www.bitfront.me/

Website

Yesterday Vol
Rating Index
Influence

Influence

C

Influence Index NO.1

South Korea 2.41

Better than 96.62% exchange(s)

Biz Area

Search Statistics

Advertising

Social Media Index

Influence
C

Licenses

NMLS

NMLSRegulated

MTL License

DFI

DFIRegulated

Digital Currency License

Exchange Info

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Company Name
BITFRONT
Phone of the company
--
Company website
More
Customer Service Email Address
--

WikiBit Risk Alerts

2
Previous Detection 2024-05-26

This Exchange has ceased its operation, and it has been listed in WikiBit's shut down list of Exchange; please be aware of the risk!

The number of this Exchange's nagitive field survey reviews has reached 2, please be aware of the risk and the potential scam!

Website

Genealogy

Social Media

Trade Type

Keywords

Time Machine

White Paper

Related Software

Github

Related Docs

All Corps

New Arrival

Vol Stat

Influence

Yesterday Vol

7 Days

$ 112.759m

$ 112.759m

68.78%

$ 45.213m

$ 45.213m

27.57%

$ 5.883m

$ 5.883m

3.58%

$ 73,751

$ 73,751

0.04%

$ 6,600.46

$ 6,600.46

0%

$ 0

$ 0

0%

User Reviews

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1 ratings

Participate in evaluation
Rainie
BITFRONT's transaction fees are reasonable and market liquidity is excellent. I am confident in its market potential. Among the many cryptocurrencies I have used, this is the most convenient, and I fell in love with it instantly!
2023-11-25 03:01
1
Aspect Information
Company Name BITFRONT
Registered Country/Area United States
Founded Year 2020
Regulatory Authority NMLS, DFI
Cryptocurrencies Offered 5
Maximum Leverage 1:5
Deposit & Withdrawal Bank transfer, Credit card, Cryptocurrency
Educational Resources Tutorials, Trading guides, Market analysis
Customer Support 24/7 live chat, Email, Phone

Overview of BITFRONT

BITFRONT is a virtual currency exchange that was founded in 2020. It is based in the United States and operates under NMLS and DFI. The exchange offers a variety of cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP). BITFRONT provides a maximum leverage of 1:5, allowing users to amplify their trading positions. The exchange offers multiple trading platforms including a web platform and a mobile app, making it convenient for users to access and trade cryptocurrencies. In terms of deposit and withdrawal options, BITFRONT supports bank transfers, credit cards, and cryptocurrencies, providing users with flexible and convenient methods for managing their funds. For users who are seeking educational resources to enhance their trading knowledge, BITFRONT offers tutorials, trading guides, and market analysis to help users make informed trading decisions. Additionally, BITFRONT provides customer support services around the clock, offering 24/7 live chat, email, and phone support to assist users with any questions or concerns they may have.

BITFRONT's home page

Pros and Cons

Pros Cons
User-friendly and reliable platform Relatively new exchange
Diverse range of cryptocurrencies offered Potential risks associated with leverage
Maximum leverage of 1:5 Limited reputation and track record
Multiple trading platforms available Response time and availability of customer support
Flexible deposit and withdrawal options
Educational resources available

Pros:

BITFRONT offers a user-friendly and reliable virtual currency exchange platform. It provides a variety of cryptocurrencies for trading. The exchange offers a maximum leverage of 1:5, which can help users amplify their trading positions and potentially increase their profits. It also provides multiple trading platforms, including a web platform and a mobile app, making it convenient for users to access and trade cryptocurrencies anytime and anywhere.

BITFRONT supports a range of deposit and withdrawal options, providing users with flexible and convenient methods for managing their funds. It also offers a wide range of educational resources such as tutorials, trading guides, and market analysis, helping users enhance their trading knowledge and make informed decisions.

Cons:

One drawback of BITFRONT is that it is a relatively new virtual currency exchange, founded in 2020. As a result, it may not have the same level of reputation and track record as more established exchanges. Users should exercise caution and conduct their own research before engaging in trading activities on the platform.

Another potential concern is that the maximum leverage offered by BITFRONT is 1:5. While leverage can be a useful tool for amplifying trading positions, it also carries risks. Traders need to be aware of the potential for significant losses when using leverage and should always trade responsibly and within their means.

Additionally, while BITFRONT offers customer support services through 24/7 live chat, email, and phone channels, there are still limitations in terms of response time and the availability of support agents. Users should consider their own support needs and preferences when choosing a virtual currency exchange.

Regulatory Authority

As of August 2023, BITFRONT reportedly holds a regulated MTL license (No. 1742738) from the United States Nationwide Multistate Licensing System (NMLS) and is also regulated by the Washington State Department of Financial Institutions (DFI, No.1742738). This commitment to regulatory compliance underscores BITFRONT's dedication to creating a secure and transparent trading environment.

regulated NMLS license
regulated DFI license

Security

BITFRONT prioritizes the security of its platform and takes measures to protect user funds and personal information. Some of the security features implemented by BITFRONT include:

1. Two-factor authentication (2FA): Users can enable 2FA to add an extra layer of security to their accounts and prevent unauthorized access.

2. Cold storage: BITFRONT stores a significant portion of user funds in offline cold storage wallets, which are not connected to the internet. This helps protect against hacking and theft.

3. Regular security audits: The exchange conducts regular security audits to identify and address any vulnerabilities in its systems. This helps ensure that user funds and personal information are protected.

Cryptocurrencies Available

Bitcoin cryptocurrency

BITFRONT, the cryptocurrency exchange, extends its support to a diverse range of five major cryptocurrencies, presenting a comprehensive selection for traders. This assortment includes not only prominent options like Bitcoin, Ethereum, Bitcoin Cash, and Tether, but also LINE's distinctive digital currency, LINK. Catering to a global audience, BITFRONT offers its services in an impressive array of 15 languages, ensuring accessibility and convenience for users across different regions.

How to Open an Account?

The registration process of BITFRONT can be completed in the following steps:

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

2. Provide your email address and create a secure password for your account. Make sure to choose a strong password that includes a combination of letters, numbers, and special characters.

3. Agree to the terms and conditions of BITFRONT by checking the corresponding box.

4. Complete the verification process by following the instructions sent to your registered email address. This may involve clicking on a verification link or entering a verification code.

5. Provide personal information such as your name, date of birth, and address. It is important to ensure that the information provided is accurate and up-to-date.

6. Verify your identity by uploading a copy of a valid identification document, such as a passport or driver's license. This helps to comply with regulatory requirements and ensures the security of your account.

Once these steps are completed, your BITFRONT account will be registered and you can proceed with depositing funds to start trading cryptocurrencies on the exchange.

Fees

Account Type Other Crypto Currencies LINK Coin
Standard 0.20% 0.10%

BITFRONT charges trading fees based on a tiered fee structure. The fees vary depending on the user's trading volume over a 30-day period. Generally, higher trading volumes result in lower fees. Traders can refer to the fee schedule provided on the BITFRONT website for specific details on the fee structure. The exchange charges the same commission for takers and makers, which is 0.1% of the transaction amount (for the LINK coin) and 0.2% (for other cryptocurrencies).

Deposit & Withdrawal

BITFRONT offers flexible deposit and withdrawal methods to accommodate the needs of users. Traders can deposit funds into their BITFRONT accounts using various payment methods, including bank transfers and popular cryptocurrencies like Bitcoin and Ethereum. Withdrawals can be made using the same methods as deposits, allowing users to conveniently transfer funds back to their chosen accounts. Bitfront charges a withdrawal fee of 0.001 BTC per BTC-withdrawal. This fee is a bit above the global industry average BTC-withdrawal fees.

Educational Resources

BITFRONT provides a range of educational resources and tools to support traders in their cryptocurrency trading journey. These resources aim to enhance traders' understanding of the market and trading strategies, and empower them to make more informed decisions.

BITFRONT offers trading guides and tutorials that cover various topics related to cryptocurrency trading. These guides provide valuable insights into different trading techniques, risk management strategies, and market analysis. Traders can refer to these guides to enhance their knowledge and refine their trading skills.

In addition to written guides, BITFRONT also provides video tutorials and webinars. These visual resources offer a dynamic learning experience, allowing traders to understand complex concepts through interactive presentations and real-time examples. Video tutorials and webinars can be particularly helpful for traders who prefer a more interactive and visual learning approach.

Furthermore, BITFRONT supports community engagement and communication through platforms such as forums and social media groups. These platforms enable traders to interact with one another, exchange knowledge and experiences, and seek guidance from more experienced traders. Engaging with the community can provide valuable insights and help traders stay informed about the latest market trends and developments.

Is BITFRONT a Good Exchange for You?

BITFRONT caters to a diverse range of traders, including both beginners and experienced individuals. Here are some trading groups that may find BITFRONT suitable:

1. Novice Traders: BITFRONT offers a variety of educational resources, including trading guides and tutorials, which can benefit novice traders who are looking to learn the basics of cryptocurrency trading. The platform's user-friendly interface and intuitive trading tools also make it suitable for beginners.

2. Experienced Traders: Experienced traders who are well-versed in cryptocurrency trading can benefit from BITFRONT's advanced trading features and tools. The availability of market analysis and trading guides can provide valuable insights and help experienced traders refine their strategies.

3. Active Traders: BITFRONT's platform is designed to accommodate active traders who engage in frequent trading activities. The availability of a wide range of cryptocurrencies and the platform's liquidity can support the trading needs of active traders.

4. Technical Analysis Traders: BITFRONT provides charting tools and market analysis resources, making it suitable for traders who rely on technical analysis to make trading decisions. The availability of historical price data and real-time market updates can aid in conducting technical analysis.

5. Risk-Averse Traders: BITFRONT's emphasis on security measures, such as two-factor authentication and cold storage, may appeal to risk-averse traders who prioritize the safety of their funds and personal information.

6. Traders seeking Community Engagement: BITFRONT's support for community engagement through forums and social media groups can make it suitable for traders who value interaction and knowledge-sharing with fellow traders.

Exchange Comparison

Exchange BITFRONT Huobi Coinbase
Suitable Traders Suitable for both entry-level and experienced traders to diversify their portfolio A prominent exchange for advanced traders User-friendly exchange tailored for beginners
Fees 0.20% 0.20% 0% - 3.99%
Cryptos Available 5+ 700+ 200+
Website N/A huobi.com coinbase.com

FAQs

Q: Is BITFRONT Regulated?

A: Yes. It holds NMLS and DFI reguatory licenses.

Q: What are the trading fees on BITFRONT?

A: Bitfront charges what we call flat fees, meaning that both the takers and the makers pay the same fee: 0.20%.

Q: What deposit and withdrawal methods are available on BITFRONT?

A: BITFRONT offers flexible deposit and withdrawal methods, including bank transfers and popular cryptocurrencies like Bitcoin and Ethereum.

User Review

User 1:

Yo, just gotta say, BITFRONT's security is on point! I'm all about keeping my coins safe, and knowing they're regulated by NMLS and DFI gives me peace of mind. The interface is slick too, easy to navigate. Only thing, I wish they had more cryptos to choose from. But props to their customer support – had an issue with a withdrawal and they sorted it super quick. Trading fees? Not bad at all. Overall, thumbs up!

User 2:

Man, BITFRONT is my go-to exchange! The interface is like butter, smooth as it gets. They've got decent crypto choices, could be a bit more though. But here's the kicker – their customer support is a lifesaver. Had a problem with a deposit, they fixed it pronto. Trading fees won't break the bank either. Privacy-wise, they're solid. And withdrawals? Blink and it's done. Seriously, stability is A+ here. If they add more altcoins, it'd be a crypto paradise!

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.