No Regulation

Score

0123456789.01234567890123456789
/10

BitForex

China Hong Kong

|

5-10 years

Suspicious Regulatory License|

Medium potential risk|

https://www.bitforex.com/

Website

Yesterday Vol
7 Days
Rating Index
Influence

Influence

AA

Influence Index NO.1

Russia 7.80

Better than 95.46% exchange(s)

Biz Area

Search Statistics

Advertising

Social Media Index

Influence
AA

Licenses

No effective regulatory information has been founded yet, please pay attention to the risks!

Exchange Info

More
Company Name
BitForex
Phone of the company
--
Customer Service Email Address
support@bitforex.com

WikiBit Risk Alerts

1
Previous Detection 2024-03-02

It has been verified that this Exchange currently has no valid regulation, please be aware of the risk!

Website

Genealogy

Social Media

Trade Type

Keywords

Time Machine

White Paper

Related Software

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New Arrival

Vol Stat

Influence

Yesterday Vol

7 Days

By company

$ 1.0896b

$ 1.0896b

38.23%

$ 635.644m

$ 635.644m

22.3%

$ 186.51m

$ 186.51m

6.54%

$ 79.808m

$ 79.808m

2.8%

$ 79.344m

$ 79.344m

2.78%

$ 77.842m

$ 77.842m

2.73%

$ 77.323m

$ 77.323m

2.71%

$ 75.803m

$ 75.803m

2.65%

$ 71.123m

$ 71.123m

2.49%

$ 63.156m

$ 63.156m

2.21%

$ 56.647m

$ 56.647m

1.98%

$ 47.088m

$ 47.088m

1.65%

$ 41.274m

$ 41.274m

1.44%

$ 39.509m

$ 39.509m

1.38%

$ 13.808m

$ 13.808m

0.48%

User Reviews

More

1 ratings

Participate in evaluation
FX1629042212
BitForex's transaction fees are ridiculous. On top of that, customer support might as well not exist with their lackadaisical response times.
2024-02-16 07:01
3
0
⭐Features Details
⭐Exchange Name BitForex
⭐Founded in 2018
⭐Registered in Seychelles
⭐Cryoptocurrencies 160+
⭐Trading Fees 0.05% to 0.1%
⭐24-hour trading volume $7B
⭐Payment Method Bank Transfer, Mastercard, VISA
⭐Customer Support A ticket system, Email: support@bitforex.com, Twitter: https://twitter.com/bitforexcom ; Facebook: https://www.facebook.com/bitforexcom

What is BitForex?

BitForex, established in 2018 in Seychelles, lists 160+ cryptocurrencies with a $7B daily trading volume. Trading fees range from 0.05% to 0.1%. VIP program rewards high-volume traders. The exchange spans Hong Kong, Seychelles, Germany, Singapore, Malaysia, Estonia, Philippines. Over 6M users across 200+ countries access advanced tools like token, margin trading, NFTs, and 100x leverage perpetual futures.

BitForex's homepage

Pros and Cons

Pros Cons
Low fees Not regulated exchange
High liquidity Slow customer support
User-friendly mobile app Lack of transparency
Supports over 160 coins
Leverage up to 100x
BitForex excels in these areas:
  • Low fees: Competitive and affordable fee structure ensures cost-effective trading on this platform.

  • High liquidity: High liquidity provides smooth and efficient trading for a better user experience.

  • User-friendly mobile app: User-friendly mobile app enables easy portfolio management on-the-go.

  • Supports over 160 coins: Support for over 160 coins offers a wide variety of options for users.

  • Leverage up to 100x: Leverage up to 100x provides potential for higher profits for traders.

BitForex lacks these areas:
  • Not regulated exchange: Operates without regulatory oversight, which could raise concerns about user protection and security.

  • Slow customer support: Customer support response times on BitForex might be sluggish, causing frustration for users seeking assistance.

  • Lack of transparency: Lacking transparency in certain aspects of BitForex's operations might be a potential drawback.

Regulation

BitForex operates without being monitored by any regulatory authority. This lack of oversight can lead to risks like fraud and market manipulation. Traders considering BitForex should be cautious about the potential dangers of using an unregulated exchange.

No license

Security

  • Cold storage: The majority of BitForex's cryptocurrency holdings are stored in cold storage, which means they are offline and not connected to the internet. This makes them much less vulnerable to hacking attacks.

  • Multi-factor authentication (MFA): All users are required to enable MFA, which requires them to enter a code from their phone in addition to their password when logging in. This adds an extra layer of security to prevent unauthorized access to accounts.

  • Secure API: BitForex's API is secured with TLS 1.2 and uses HMAC authentication to prevent unauthorized access.

Trading Market

BitForex offers a vast selection of 160+ cryptocurrencies. New coins are consistently added due to efficient review by their expert team. If a project aligns with BitForex's standards, it can be listed within weeks. Here is the list of top 5 popular coins listed on the BitForex exchange:

 top 5 popular coins

Here is the newly listed cryptocurrencies on the BitForex exchange:

newly listed cryptocurrencies

You can find the full list of cryptocurrencies available on the BitForex exchange here: https://www.bitforex.com/en/spot/btc_usdt. BitForex provides an array of features including spot trading, perpetual contracts, staking, and more. Moreover, they offer up to 100x leverage on perpetual contracts.

BitForex APP

BitForex provides a mobile application allowing users to trade various cryptocurrencies on the go from their mobile devices. BitForex APP features a user-friendly interface, real-time market updates, and a wide range of trading tools. Users can monitor their portfolio, make trades, and manage their accounts from anywhere at any time, offering convenience for those who do not always have access to their computers.

The BitForex APP is available for both Android and iOS devices. For Android users, it can be downloaded through the Google Play Store, while iPhone or iPad users can download it from the Apple App Store. This makes it highly accessible for users, regardless of the type of device they use.

BitForex APP

How to Buy Cryptos?

To buy cryptocurrency online, you can fill out this form:

  • Coin Selection:Choose the specific type of cryptocurrency you wish to purchase.

  • Payment Channels and Methods:Select your preferred payment channels and methods.

  • Specify Amount:Identify the amount of cryptocurrency you want to buy.

  • Confirmation:

    • After checking all the details, click the “Confirm” button to finalize your transaction.

How to Buy Cryptos?

To buy crypto with a bank card on BitForex, you can follow these steps:

  • Filling Out Details and Choosing Crypto: Input accurate payment details, followed by submitting your order. Choose your desired cryptocurrency and provide necessary order details.

  • Making Payment: Employ your regular currency to finalize the payment for your order on your chosen platform.

  • Payment Confirmation and Transfer: As soon as the payment is validated, the purchased crypto will be directly transferred into your BitForex account.

How to Buy Cryptos?

Trading Fees

BitForex charges trading fees based on different tiers linked to a trader's 30-day BTC trading volume. For those in LV1 (less than 10 BTC trading volume), both maker and taker fees are 0.1%. Meanwhile, the LV2 tier (with 1000 to 21000 BTC trading volume) incurs maker and taker fees of 0.08% and 0.2% respectively. Additionally, Market Makers fall under a fee structure of 0.1% for both takers and makers within a trading volume of 1000 to 21000 BTC.

Tier Spot Trading Assets (=BTC) 30-day Trading Volume (=BTC) Maker Fee Taker Fee
LV1 650 <10 0.10% 0.10%
LV2 802 1000 0 0
Market Maker M100 21000 0 0

Deposit and Withdrawal

BitForex doesn't apply fees for depositing funds, and withdrawal fees for digital currencies depend on network expenses. The exchange imposes a withdrawal fee of 0.0005 BTC, which is lower than the worldwide industry average. Withdrawal restrictions apply to various cryptocurrencies; as an example, Bitcoin has a maximum daily limit of 100 BTC. Additionally, activating a withdrawal request requires setting up two-factor or SMS authentication. You have the option to fund your BitForex wallet using a bank account or credit card.

Deposit and Withdrawal

Is BitForex a Good Exchange for You?

BitForex is the best exchange when considering liquidity. The platform boasts high liquidity that ensures users can quickly buy and sell their chosen cryptocurrencies at reasonable market prices. This significant level of liquidity minimizes the risk of price slippage and results in a seamless and efficient trading experience, hence making BitForex an optimal choice for traders emphasizing liquidity as a priority.

BitForex may be a good exchange for traders in the following types:

  • Traders who want to explore more trading features.

  • Traders who want to earn rewards through staking coins.

  • Traders who want to experience margin trading with 100x leverage.

Compare with Other Exchanegs

Features
Trading Fees 0.05% to 0.1% Maker: 0.04%, Taker: 0.075% Maker: 0.05% - 0.1%, Taker: 0.1% - 0.5% Up to 0.40% maker fee and up to 0.60% for taker fee
Cryptocurrencies 500+ 11 200+
Regulation Not regulated Regulated by NMLS, MAS/FinCEN (Exceeded) Regulated by FSA ( Japan), NMLS, CSSF, DFI, NYSDFS Regulated by NMLS , FCA, NYSDFS, SEC (Exceeded), FINTRAC (Exceeded)

Customer Support

BitForex provides user support through an FAQ section covering common queries about fees, withdrawals, deposits, and more. The platform also features a ticket system with a 24-hour response time and a direct live chat service for immediate assistance from the support team. Additionally, users can reach out via email to report issues or inquiries, receiving a prompt reply within 12 hours.

FAQ

Conclusion

BitForex offers competitive fees, high liquidity, and a user-friendly mobile app for diverse trading experiences. However, the exchange's lack of regulation, slow customer support, and transparency issues may be concerns. With a wide coin selection and leverage options, traders should weigh pros and cons carefully.

FAQs

Q: Can You Trade Forex (FX) on BitForex?

A: No, the BitForex exchange only allows Bitcoin and other listed coins, but not any type of Forex product.

Q;Is KYC Necessary on BitForex?

A:No KYC procedures are required to start trading with BitForex. The exchange allows using its services as an unverified user with just email registration and may request additional ID verification only in case of observing an unusual IP address behavior and if your daily trading volume is more than $10,000.

Q: What is the minimum deposit for BitForex?

A: BitForex doesn't require a minimum amount for deposits into a trading account.

Q: Does BitForex have an app?

A: A free program for Android, by BITFOREX LTD. The app provides a broad selection of trading products that are continuously updated and tailored to user demands, including spot trading, margin trading, and derivatives.

Q: How much does BitForex charge for deposits?

A: BitForex does not charge any fees for deposits of cryptocurrency.

User Review

User 1: I've been using BitForex for a while now and overall, I'm quite satisfied with the platform. The interface is user-friendly and easy to navigate, which makes trading a breeze. I also appreciate the wide range of cryptocurrencies available for trading, giving me plenty of options to choose from. However, I do wish that BitForex had better customer support. There have been times when I needed assistance and had trouble contacting their support team. Overall, though, BitForex provides a good trading experience.

User 2: I have mixed feelings about BitForex. On one hand, I like that the exchange offers a good level of security and privacy. I feel confident that my funds are safe and that my personal information is protected. The liquidity on BitForex is also impressive, allowing for smooth and efficient trading. However, the trading fees can be quite high, especially for frequent traders like myself. I also find the lack of regulatory information concerning, as it raises questions about the exchange's transparency. Despite these concerns, I continue to use BitForex for its strong security measures and liquidity.

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.

ALL

News

Announcement

OthersNotice Of Supporting The Upcoming TerraCredit DAO Hard-Fork
Dear BitForex users,   CREDIT (TerraCreditDAO) is implementing their ERC20 token to Native

2021-08-25 11:42

Notice Of Supporting The Upcoming TerraCredit DAO Hard-Fork
OthersYucreat (YUC) Reporting for Yucreat Mainnet
Dear BitForex users, The Yucreat team will implement YUC's scripting algorithm with BEP 20

2021-08-24 20:42

Yucreat (YUC) Reporting for Yucreat Mainnet
OthersYUC (Yucreat) Mainnet Swap Notice
Dear BitForex users, Yucreat team is implementing their scrypt algorithm coin to BEP20 tok

2021-08-24 20:42

YUC (Yucreat) Mainnet Swap Notice
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