BitForex Cryptocurrency Exchange Review 2023: Is BitForex.com Legit and Safe?

BitForex is a Hong Kong-based cryptocurrency exchange which was founded back in 2017. It has marked its name among the global leading crypto exchanges due to its exceptional features and user-friendly interface. BitForex.com allows you to buy and sell cryptocurrencies, and NFTs, and swap ERC20 tokens.

BitForex trading platform provides a wide range of financial services like perpetual futures, spot trading, margin trading, and perpetual futures. With its low cost, accessibility, social trading, and leverage of up to 100x, BitForex continues to rise in popularity.

Exceptional Features of BitForex Crypto Exchange

BitForex.com is best known for its exceptional features which have made it a reliable cryptocurrency exchange all around the world. A few of its distinguishing features are discussed below;

• CAPP Town

CApp is the acronym for Crypto Application. It is one of many services offered by BitForex that allows cryptocurrency users to connect with blockchain apps. It covers many kinds of apps like finance (Paxful, Matrixport), entertainment (Twitch, Marble card), and informational apps (CoinGecko, Tokensight). You have the option of enabling your own CApp and connecting to your account.

• BitForex Turbo

BitForex Turbo is a platform based on BitForex crypto exchange that serves as a listing platform for premium IEO licenses. Not only is it a one-of-a-kind project for upcoming IEO projects, but it also offers traders the opportunity to discover valuable projects. It offers information on trading options, allocation, and starting and ending dates.

• EazySwap

EazySwap is a semi-decentralized protocol that allows you to trade over 980 ERC20 tokens. It uses liquidity pools to allow trading tokens. It solves the high gas problem by offering free transactions and low liquidity pool providers up to a 100% trading fee.

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• Spot Trading

Spot is the most famous service offered by BitForex that allows users to swap their cryptocurrencies. It has a simple interface with coins on the right, allowing users to see the performance.

• Customer Support

Despite being a new exchange, it has an excellent reputation for customer support. BitForex.com trading platform has an entire academy with a multitude of resources to learn about crypto, DeFi, BitForex, and trading. It also features a FAQ section that covers a wide range of questions. Users can join live chats on their Telegram channel, which supports nine languages.

BitForex Supported Cryptocurrencies

It has over 300 trading pairs and 163 cryptocurrencies, including major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Ripple (XRP), USD Coin (USDC), etc. It has a user base of 6 million, boasts an engine that can process 1.6 million orders per second, and supports over 200 countries.

Security and privacy

BitForex crypto currency exchange claims to keep 98% of funds in cold wallets with multi-signature. Only 0.5% of its funds are in hot wallets, making it one of the most secure exchanges.

To access the funds, you need the approval of the BitForex team, which is distributed internationally. It also employs DDoS protection, 2FA authorization, and SMS to protect the funds. There is also a white-hat initiative asking hackers to identify threats and security breaches, and BitForex offers rewards in return.

Fee Structure of BitForex.com

BitForex trading platform has relatively low fees compared to other exchanges, and it does not charge deposit fees. It does require you to pay 0.0005 BTC to withdraw your funds, which is less than other exchanges.

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Trading costs are determined by Realized P&L and depend on a maker or taker basis. The spot trading fee is 0.1% for both the maker and the taker. It is less than the industry standard of 0.25%. For perpetual trading, it depends on the currency. If you are using Ethereum or Bitcoin, the fee for a maker is 0.04%, while that of a taker is 0.06%. For every other currency, it is 0.06%, for both taker and maker.

Pros and Cons

Pros 

• It charges a low fee as compared to industry standards.
• It offers security.
• Offers more than 163 coins.
• Available in 200+ countries.
• Provides leverage up to 100x
• Available in mobile Version.

Cons

• It is not fully decentralized.
• It is not completely transparent.

Conclusion

BitForex.com is an efficient cryptocurrency exchange that has gained popularity due to its services, security, and accessibility. Keep in mind while choosing an exchange that you need to do deep research before trusting an exchange with your money.