Bitforex

Bitforex exchange review

Bitforex, founded in 2018, is a cryptocurrency exchange that offers its users a range of services including spot trading, derivatives trading, and OTC trading.

Currently it's possible to trade more than 500 cryptocurrencies on Bitforex.

In this Bitforex review we will take an in-depth look at Bitforex exchange, safety, ease of use, fees, trading options, customer support, user reviews, and more.

Bitforex exchange bonuses

Bitforex does currently not offer any welcome bonuses to new users.

Bitforex safety and regulation

Is Bitforex exchange safe to use?

When it comes to safety, Bitforex takes multiple measures to ensure the security of your funds and personal information. The exchange uses two-factor authentication methods to secure the accounts, has regular security audits, and sophisticated encryption mechanisms to protect data.

Despite these measures, there have been a few reports of hacking attempts, and users should always be vigilant with their account security.

Bitforex exchange licenses

Bitforex exchange operates under regulations enforced by the Seychelles' Financial Services Authority (FSA). While the Seychelles is not known for regulating cryptocurrency exchanges, they do have stringent requirements and regulations for companies like Bitforex operating under its jurisdiction.

As far as we know, Bitforex does not have any other licenses.

Bitforex exchange account security options

Bitforex offers account security through two-factor authentication, mobile SMS verification or email, Anti-phishing code, Google Authenticator, and hardware wallets.

Deposits & withdrawals on Bitforex platform

How to deposit money into Bitforex exchange?

Bitforex exchange supports multiple cryptocurrencies that users can deposit in their accounts using the exchange's wallet system.

So the main option of deposits is cryptocurrencies.

Additionally it is also possible to deposit using your credit card or bank account using third-party payment providers.

How to withdraw from Bitforex exchange?

To withdraw funds from Bitforex exchange, users must first complete KYC verification. Once verified, users can withdraw their funds to a supported wallet address. Withdrawal processing times may vary, depending on network congestion and other factors.

Bitforex exchange fees

Deposit fees

Bitforex exchange does not charge any deposit fees.

Withdrawal fees

Withdrawal fees on Bitforex vary depending on the type of cryptocurrency.

Trading fees

Base trading fees on Bitforex exchange are 0.1% for both Taker as well as Maker, but the fees can go down depending on your trading volume.

Trading on Bitforex exchange platform

Bitforex exchange offers users a range of trading options, including spot trading, derivatives trading, and OTC trading. The platform supports a wide range of cryptocurrencies and trading pairs, making it easy for users to take advantage of the latest market trends.

How high leverage does Bitforex exchange offer?

Bitforex exchange offers users the option of trading with high leverage of up to 100x. While high leverage can be beneficial in some situations, it can also result in significant losses.

Bitforex exchange KYC

Do you have to verify your account on Bitforex exchange?

No, it is possible to trade on Bitforex without IT verification as well. But for higher limits KYC is required.

How to verify your Bitforex exchange account?

To complete KYC verification on Bitforex exchange, users must submit ID documents, including a valid passport or government-issued ID, and proof of residence, usually in the form of a utility bill or bank statement.

Why and when should you verify your Bitforex  account?

We recommend you go through the KYC process the moment you make your first deposit.

Bitforex exchange app

Bitforex exchange has a mobile app available for both iOS and Android devices. The app is user-friendly and has essential features, making it easy for users to access their accounts remotely and manage their trades.

Bitforex earn

Bitforex exchange has an earn feature that allows users to earn passive income through savings, staking, and crypto loans.

Bitforex customer support

Bitforex has a responsive customer support team that can be accessed via email, social media, and the exchange's Help Center.

Pros and cons of using Bitforex exchange

Is Bitforex exchange simple to use?

Bitforex exchange has an intuitive user interface that makes it easy for both beginners and experienced traders to navigate the platform.

Which countries does Bitforex exchange accept people from?

Bitforex exchange is available to users worldwide, with the exception of residents from countries where cryptocurrency trading is banned.

Can people from USA, Canada, and Japan use Bitforex exchange?

No, residents of the USA, Canada, and Japan are not allowed to use Bitforex exchange due to regulatory restrictions.

What do players think about Bitforex exchange based on reviews and comments on other websites?

User reviews about Bitforex exchange on other sites are mixed, with some users praising the platform's simplicity as well as low trading fees while others criticize the exchange's reliability and bad customer support.

Final Thoughts

Bitforex offers a broad range of trading features for cryptocurrency traders. The exchange's low trading fees, high leverage options, and flexible security options make it a popular choice among cryptocurrency enthusiasts.

While there have been reported hacking attempts on the platform, Bitforex takes security measures seriously and is committed to ensuring its users' funds and personal information are secure.

However, it is important to note that the exchange is regulated by the Seychelles FSA, which may raise concerns for some users. There are also numerous bad reviews about he exchange, so we recommend you to do your own research, as always.

Top 3 Alternatives to Bitforex

1. Binance
2. Bybit
3. Gate.io