BitForex Review

Bitforex is a feature-rich cryptocurrency trading platform established in 2017. It is a user-friendly platform and provides proper understanding to its clients related to trading-related factors. In this Bitforex review, I will tell you about the registration process, fee structure, trading tools, and security measures of this exchange.

Bitforex deals with clients hailing from all over the world and provides token deals and derivatives services. Although it has been providing services for the last four years now it is offering 300+ trading pairs to its more than 3 Million customers spread all over the world. Although the company is registered in the Republic of Seychelles its headquarter is situated in Hong Kong. Now let’s move towards the features of Bitforex.

Registration Procedure

For every trader, registration is a must step because no one is allowed to use the platform without registration. As the platform is providing foolproof security, it has not implemented KYC policy so you wouldn’t have to provide any personal details while registering yourself. The only condition to register yourself with this platform is that you should have a valid email address.

After the registration process, traders can start trading instantly. Every trader is provided an online wallet in which he can store his investment and use it as per his needs. The deposit methods of Bitforex are as simple as the registration process itself.

Bitforex Fees

Naturally, every trader checks the fees structure of the platform in advance with which he intends to work for a longer period. The majority of cryptocurrency exchanges are offering market competitive fees nowadays but Bitforex is a platform that charges not a single cent at the time of depositing money. The withdrawal fee of Bitforex is also very small as it charges only 0.0005 BTC or equivalent.  Trading costs are calculated as per maker and taker basis so the fee can fluctuate according to liquidity factor.

The platform is providing a facility for spot trading as well and its fees are different from normal trading. The spot trading fee is much less as compared to the market price of 0.25%.

Bitforex Tools And Features

An important feature of Bitforex that I want to write about first is Capp town. It is a feature that links its registered clients with several Blockchain apps. The other feature which I want to mention here is BF Sector. BF Sector, a short form of Bitforex sector is a Defi zone created by this exchange. In this zone, the traders have presented all available Defi tokens. By clicking on any pair the software takes him to the spot exchange of the relevant token.

EazySwap tool is also available on this platform. EazySwap is a decentralized token mechanism that is based on ERC20. You will be allowed to choose from more than 980 renowned ERC20 tokens without additional gas costs and slippage.

Security features

Bitforex is considered as one of the safest digital currency exchanges of all time as there is no single reported case of any smallest data breach. It is mainly because the platform stores more than 90% of the money in cold wallets. The remaining money is stored in hot wallets to support a quick withdrawal process for the convenience of its traders.

To make sure that no criminal logs in to the platform using someone else’s information, the firm has been using 2FA (Two Factor Authentication). According to this feature, the traders are required to use either their email address or phone number in combination with a password to log into the platform.

Bottom Line

Although the platform is not much old but still has achieved great success by getting hold of more than 3.5 million traders in a mere 4 years period. It has been made possible with the help of its unparalleled tools, services, and features. If you are looking for a platform that is transparent and safe then I would recommend you only Bitforex.