The crypto trading world can be intimidating and complicated enough for anyone to either just give up on it or try to go with the flow.
If you’re the latter, and you’re ‘flowing’ on this crypto world, you came to the right place.
One of the hardest decisions there is to make, especially as beginners, is choosing one (or several) crypto exchanges to begin our crypto investing journey and not get scammed or rug pulled along the way. This broader exchange list may be of much help for that end.
Today, I will be talking specifically about BitForex exchange and answering the question: is BitForex a scam? That way, you may not go so crazy when looking for a place to start.
BitForex is one of the most known and used exchanges, with a variety of investment products and features and an experienced team behind it, it seems only fair to do an exchange review and show you the pros, the cons, and the fees of the platform.
What is Bitforex?
BitForex is an online, international crypto-exchange that also happens to offer access to NFTs and Defi markets, by acting as the ‘middle man.
This exchange rose to the very top of the digital currency markets in 2017, where it established itself as one of the top crypto exchanges - and hasn’t stopped ever since.
The extensive amount of news articles and history of this exchange gives a direct answer to one of the most common questions one must always ask before signing up for an exchange: is Bitforex legit?
Short answer: yes. Long answer: this is easy to check, by using a trustworthy source for a platform and service rating overall and honest review. Like the neironix.io rating, which gives Bitforex a 4.2 rating out of 5 - this demonstrates that the platform/project and its services and founders are, at this moment, trusted and considered a legit business.
The company is registered in the Seychelles Islands and its headquarters are situated in Singapur. The world domination doesn’t stop there, having a very international team from all over: Germany, Estonia, Hong Kong, Philippines, and Malaysia.
One of the companies that bet the most in BitForex’s project was Crypto Capital, with a report stating that their contribution surpassed the 20 million dollars.
This isn’t the only ‘big player’ to come around and form an alliance with BitForex - Everest Capital, Klaytn, Coinpost, Coinmarketcap, Coingecko, Redrock, Omi, Cointelegraph - they all are pretty established companies &/or projects in the crypto world as well.
In 2019 they decided to step it up and founded what is called today ‘BitForex Capital’ - a mega division specialized in investing and incubation of startups in the blockchain. Not only this, but they also include, and I quote, “crypto management services & quantitative trading”. As the exchange itself, BitForex Capital prides itself on being international in all senses - worldwide team members as well as one of the most international investment visions in the market.
What are Bitforex’s main features?
First thing first, let’s do a quick 101 on how to sign-up on BitForex - which would be the very first step for being able to use its services.
You can create an account using two different ways: by e-mail or by phone.
If you use your phone to sign-up, these are the steps to follow through:
● Fill in the form with your info and read the Terms and Conditions;
● Accept the Terms and Conditions;
● Put in the verification code that was sent to your phone;
● The page should automatically log you in after the phone number verification.
Easy right? Well signing up by email is pretty much the same gist, except you put in the verification code that was sent to your e-mail.
Once you’re logged in, you will be able to access the section of your account that allows you to add funds to your wallet. If you do not wish to deposit funds, rather buy a specific token, this can also be done by using a credit card or doing a bank transfer.
You can both do your crypto magic through a classic trading way or by using the ‘Futures’ feature. One other exciting feature is the mining you’ll be able to do if you wish to do so. Let’s break it down a bit, shall we?
Mining
The token mining is available during Hong Kong schedule, from 12 am to 11:59 pm, with some of the pairs being, but not limited to, BTCUSDT, ETHUSDT, and BCHUSDT. You can check the full list of pairs here.
Spot Trading
To trade, all we have to do is access the correspondent section on the exchange’s interface and choose the currency pair we’ll be trading with. Once you do that, all you need to do is have enough funds in your wallet.
The graphics and charts, courtesy of TradingView, are live and accurate, so you may rest assured the rates and bid/ask prices are updated.
Futures
If this is your jam, BitForex has your back and offers two types of futures contracts: weekly and quarterly. Their future feature is called ‘Perpetual’.
The contracts work the same way as in other Forex markets, in this case, BitForex is the one managing the contract’s clearing.
You may use a 20:1 leverage to operate with BTC and other tokens.
In the futures contract, gains and losses are registered in USD.
DeFi & NFT products
As we are all well aware, these markets are booming, disrupting, writing headlines…you name it. And BitForex offers a way into this Defi and Blockchain world for whoever is ready. This makes up for a wide service portfolio on the exchange’s side, which also adds to its popularity and usability throughout the globe.
Some of the assets available to trade with and/or buy are:
● NFT: PGT, MCX, ANRX, WHALE, RARI, OMI, SAND, AXS, COCOS, OGN, AUDIO, TVK, MANA
● Defi: Wise, Singapore, DZAR, MILK2, GHST, SHAKE, YFBETA, SHROOM, PICKLE, DRAGON
On the NFT end, you can bid for new upcoming projects, which is great if you're looking to be an early bird on a project you think will only grow and add value.
Some other mention-worthy features:
Bitforex Turbo: a Premium listing IEO (Initial Exchange Offering) platform, gives you an early scoop from the project that can stand BitForex’s criteria and get listed.
CApp Town
An open platform where you can access a variety of Blockchain apps. CAPP stands for Crypto Application.
Eazy Swap
Semi-decentralized matching protocol. You can trade here, with zero fees, instant matching, and low slippage available, and 980+ ERC20 tokens.
Staking
Our good ol’ (but improved) friend, ETH 2.0 is available for staking as well. Making it possible to earn interest while holding the asset.
This BitForex review is shaping up to be a good one. Want to know about fees and available currencies? Let’s go.
Which cryptocurrencies and countries are supported by Bitforex?
124+ tokens are available to trade in BitForex, with some mainstream coins like DOT, SOL, DOGE, BNB, and ADA available, plus the classics such as BTC, ETH, and BCH. You can check the complete list here. According to their LinkedIn profile ‘About’ section, it currently serves users in 200+ countries and USA is one of those countries. So if you’re based there and wish to add, let’s say, OMI to your portfolio, head over to BitForex.
Bitforex deposit and withdrawal methods
You can either deposit from a bank account into your BitForex wallet or buy a token directly by using a credit card and/or also doing a bank transfer.
You choose whichever method is the best for you and your goals. Need to buy that coin fast before the price opportunity goes away? Credit card purchase seems like a great option. Have some more time? A transfer might be just your thing.
What are Bitforex’s fees?
The withdrawal fees depend on the network cost at the moment of the trade. You can check an updated, live fee list here.
Bitforex pros and cons
BitForex is a pretty good exchange to use if you’re looking to escape the KYC process. As stated before, all you have to do is sign up by filling out a form and verifying either your email or phone number, and you’re all set to transfer funds and start trading.
The low trading fees, when compared to other exchanges, are also one of the main selling points for BitForex. Plus, in the name of decentralization and massive adoption, we can consider its trading interface pretty beginner-friendly.
As a con, we may consider some lack of transparency as an issue to be considered. The fact that the company’s headquarters are placed in a fiscal paradise may be a clue on where the company stands on full disclosure, but nonetheless shouldn’t be considered as crucial and decisive for using it. As always, DYOR and check it out for yourself.
So, is BitForex safe to use?
All in all, BitForex can be considered a safe crypto exchange option for trading, especially if you are a beginner looking to dive more into the NFT world and appreciate a complete, but simple user interface for trading. As stated before, the low BitForex fees are a plus and the lack of KYC process makes the token trading experience easy and fast to start on.
As of February 2022, nothing indicates that the exchange is or could be a scam and the developing team is always coming up with new features and upgrades to the platform. Plus, they’re incredibly active on Social Media and fairly easy to reach out to, which are positive signs when it comes to the seriousness of the company and the trustworthiness of the exchange.