Bitforex Review: Is it a safe trading platform?

4 min readJun 24, 2022

Bitforex is one of the largest centralized cryptocurrency exchange platforms in the world. It provides a wide range of trading products like spot trading, margin trading, and derivatives. It has advanced trading products and services that provide a better choice for the users. Bitforex is committed to continuously meeting the new demands of users by promoting new features.

Bitforex is the global cryptocurrency exchange platform that offers more than 300+ trading pairs, low trading fees, and no KYC-required benefits. Bitforex, a Singapore-based exchange platform was founded by Jason Luo who is also the CEO of Bitforex in 2017. The headquarters are located in Hong Kong.

Bitforex has its teams across 10 different nationalities including South Korea, Russia, Germany, United Kingdom, France, Philippines, Malaysia, Singapore, and Estonia. The Bitforex token (BF) is an ERC20 token which is the native token of Bitforex that is supported in the swapping ecosystem.

Features of Bitforex

This feature allows the users to explore various centralized apps that are in partnership with Bitforex. It connects account holders to a variety of Blockchain apps that includes :

Finance CApp Entertainment Information

Users can apply for the approval of their own Capps.

Bitforex (BF) sector is a section where the users can easily swap the native Bitforex tokens with the supported cryptocurrencies. The swap rates are available for a spot as well as perpetual. It is a Defi zone where all the Defi tokens are listed.

EazySwap is a decentralized exchange mechanism where lots of ERC20 tokens are supported, currently, there is only support for the ERC20 tokens but the business is planning to expand for more tokens.

There are over 980 distinct ERC20 tokens to choose and trade from with very little slippage, no gas fees, and quick matching.

Ethereum 2.0 Staking is a section where users can stake their Ether. They can keep or exchange staked Ethereum anytime. They can stake as little as 0.1 ETH. The staked ETH will become ETH2 which will be instantly available for trade.

Bitforex turbo is a section where all the IEO are listed that gives the golden opportunity for the new and non-potential IEO to grow all across the globe. The total allocation, start and end durations are also listed next to each IEO.

TradingView offers a place where traders can enjoy the live prices of different cryptocurrencies. There they can predict the future prices and future market conditions. It is quite beneficial for the traders who want to seek a competitive advantage in trading through technical analysis.

The charts allow the users to predict the future prices and using tools they can create trend lines, arrows, and chart patterns.

Benefits of Bitforex

There is no need to have a KYC verified account. The maximum amount that can be liquidated or withdrawn is 10000$ without KYC and any amount above 10000$ needs KYC.

The user needs to put a valid email and password and then an email will be sent to the provided email address only then you can access it through Bitforex. This makes the system securer.

Bitforex has a defending software that automatically detects harmful traffic and blocks the blockchain server requests.

How to sign up with Bitforex?

Visit the Bitforex Website https://m.bitforex.com/en click on ‘register’. No KYC is required which makes the process quite easy.
Apply in with a valid email address and password.
An activation email will be sent to your email address. After you accept it your Bitforex account will be created.

You can then explore Bitforex, trade on the Bitforex trading window, check the price charts in TradingView, and also swap your cryptocurrency.

The fees over Bitforex are very less compared to the global exchange platforms.

Deposit fees -

There are absolutely no deposit fees on the deposition of cryptocurrencies.

Withdrawal fees -

0.00005 BTC is charged as withdrawal fees which is comparatively less compared to other exchanges.

Is Bitforex safe to use?

Yes, Bitforex is completely safe and legal to use. It offers consumer-friendly features that make the trading journey fluent. As per the record, there has not been a single case regarding fraud or data breach on Bitforex.

Bitforex has confessed that the company uses a Multi-Signature Hardware wallet or a cold wallet to safely secure the deposits of the users. And the deposits can only be withdrawn on the order of the user and he/she has to get approval from multiple members working under Bitforex. This system itself makes Bitforex one of the safest exchange platforms.

Pros and Cons of Bitforex

Pros:-

142 listed cryptocurrencies and tokens are supported.
Over 300+ trading pairs are available.
Free deposit fees
Lesser trading fees as compared to global exchange platforms.
Easy to use interface.
Leverage up to 100%.
The mobile app is available on Google Play Store and Apple App Store.

Cons:-

Bitforex is one of the most used and most trusted cryptocurrency exchange platforms in the world. It has won the trust of over 3 million people retaining positive reviews. Bitforex offers a one-stop for all your cryptocurrency affairs. Using Bitforex one can trade, deposit, store, analyze and stake their cryptocurrency safely.

The Bitforex aims to provide safety and transparency to all its users and works to provide better and more efficient features that will help soothe one’s crypt journey.

Originally published at https://qfinancialadvisors.com on June 24, 2022.