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Bitforex Review 2021 - Is It Safe?

Country: Singapore
Launched: 2017
Volume: $ 780,602,851.0
Pairs: 291
Mobile app: iOS, Android
Expert Review
May 29, 2020

BitForex is part of a galaxy of new crypto exchanges that appeared after the explosive growth of interest in crypto assets in 2017. A trading platform was registered in Singapore, focused on the Asian and Western markets. At the moment the exchange offers 300+ coins, the ability to trade with futures, 9 languages of the interface, etc. The turnover of the exchange is about $661.457.759 according to coinmarketcap at the moment.

Bitforex exchange has a high-performance system that is capable of processing 1.6 million orders per second. Also, the trading commission is charged only from those who absorb liquidity (taker), these are those traders whose orders are executed at the market price. The commission is 0.05%, those who create liquidity (maker) do not pay anything. 

Bitforex has its own coin, now it is actively mined, due to which the exchange also demonstrates an abnormally high rate of trade turnover.

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If you decide to start trading on Bitforex, registration will be your first step. The process is not complicated and does not take much time, for this it is enough to enter your email and password. After registration is done, click on the “Token Deposit” button in the congratulation window on successful registration and you will automatically go to “My Assets”. With the “Deposit” button you can generate the addresses of cryptocurrency to top up accounts on Bitforex. There are also “Withdraw funds” and “Trade” buttons that you can use.

On BitForex account verification (KYC) is not always mandatory. It is necessary to go through it only to withdraw from the account of Chinese yuan (CNY). The procedure for passing verification on Bitforex is standard and consists of sending a passport scan with a personal photo and other data. The process of considering the application by the exchange management takes about three days.

Our Score
Functionality 5 / 5
Reputation 4 / 5
Security 4 / 5
Support 4 / 5
Fees 4 / 5
Our Score
4.2 / 5
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User reviews
Dante 6 April, 4:05 PM

He retirado token a mi billetera de binance y han pasado dias y no llega he abierto ya varios tickets pidiendo una explicacion y no me responden por ahora para mi son unos irresponsables que no cuidan a sus clientes no volvere a invertir con Bitforex

Rémi Hopsore 19 March, 9:26 PM

I want withdraw USDT and they frozen my funds ! The telegram is infested of scammer and no admin response. Don't put 1 dollars on this exchange

Ouedraogo Dramane 15 March, 11:53 AM

Moi j'ai fais un dépôt bitcoin mais je n'arrive pas à payer mes pièces que je veux.
Parce que je dois identifier mon compte bitforex mais ces fonctionnalités ne donne pas.
On me propose même d'ajouter 0.25 etherium pour que mon compte soit identifier.
J'hésite pour cette méthode

23 March, 3:27 AM
Are you kidding that they are charging you for Ethereum? to see photo?
Laney 4 March, 10:17 PM

BitForex has frozen my assets under the MT5 account. It's been a week and I cannot get a response from customer service. I just want to transfer the funds back to my wallet but it's frozen. At this point, I wish I never used thir exchange to begin with. I passed all of their security verifications and just want my BTC back. I am at a loss here... very upsetting.

tardif 25 February, 5:56 PM

j'ai posé de l'argent il y'a deux jours sur la plateforme, j'ai bizn été prélevé toujours pas de traces de mon argent sur bitforex. si quelqu'un connait la cause de se dysfonctionnement je suis à l'écoute

23 March, 3:25 AM
Maybe you left an order or operation open or you don't remember?
2 March, 3:50 PM
Tu as reussi a avoir ton depot? Car jai bien peur davoir le meme probleme lami
Olivia Charletto 17 August 2020, 1:28 PM

They are heartless scammers, they ruined my life, by making me develop interest to invest my hard earn money. I deposited 45.7850eur in June 2018,which was R8,700.263 in Rands, the was an impressive improvement in few days, 2 months later I had a car accident and needed money to pay my insurance access, Suddenly I was been send from Pilar to post, they cut the live chats and got harassed from 1 to the other, until they told me I will forever be poor its their JOB to help me with withdrawal. I just want my money back! God so kind i was able to reach out to recovery guru on every binary, forex and Bitcoin trade, i was able to recover my funds with the help Mr Rodriguez Jones his an expert on binary, forex recovery, I feel obligated to recommend him and his team, there recovery strategies, and for working relentlessly to help recover my funds. feel free to reach out to him via his email address: [email protected] .com and will guide you on how to recover your invested capital, i advise everyone to be careful with this heartless motherfuckers stealing people’s money.

Get a job
11 December 2020, 7:10 AM
Yes they right. You will forever be poor. Scammer. In your review you couldn't even get your exchange rates right.
Ricksen 31 July 2020, 6:47 PM

I like that I can skip kyc and trade with some small amounts. I just started, and it'sa good place for a start.

Tudor 24 July 2020, 1:12 PM

Do not use this platform!

I accidentally deposited an ERC20 token (to an ERC20 address) that was no longer available because it already had its mainnet. The platform did not want to perform a simple task and return the tokens back to my wallet and instead asked me to pay 150$.

Zebb 28 June 2020, 6:30 PM

0.05 is an amazing fee! Keep going mates!

Mortensen 10 January 2020, 6:23 AM

I'm quite satisfied so far, despite the fact that it's a Chinese exchange. I had one unpleasant moment, my account was frozen all of sudden. But it was resolved quickly, I was asked to provide my id and after that account was back to normal.

Nickel 30 November 2019, 3:26 PM

The speed is the main thing. Bitforex is extremely fast exchange, I mean, the registration took me maybe 5 minutes the transaction took 30 minutes. It all went good from the word go for me. I got a great trading experience here.

Tendry 28 November 2019, 8:37 PM

I am trading on the platform without the KYC, and I didn't even requested to do that. I like that anonymity, I didn't waste time on it, like I did on the other exchange.

Chuck Heigh 27 November 2019, 10:00 PM

I'm missing the point how I should make a withdrawal. So, I can admit that I'm not clever one, but when I open my account I can't do that, taking to the account I've finished the verification and I have got the confirmation. When I texted the support and attach the screenshot, they told me completely meaningless things like refresh the page, change the browser and bla bla. That's funny 'cause it seems the support has no idea how to deal with that stuff as well.

Chori 26 November 2019, 9:16 PM

It says that the KYC is not the mandatory, but without that you have no chance to do anything neither withdraw not transfer. So, it's not a big deal, I think, almost every exchange has it, but they declare it like a big advantage. But I really doubt it. Anyway you'll asked to complete the KYC sooner or later

Bondar 24 November 2019, 3:09 PM

They got some "unique" feature, if I want to trade I have to have some traiding password. But how I can set it up I don't know. This is a Chinese exchange, and they don't have any proper instructions on this matter. Just the message you need to create a traiding password. A day ago I asked the support about it and didn't receive anything from them. This is strange situation.

Country: Singapore
Launched: 2017
Volume: $ 780,602,851.0
Pairs: 291
Mobile app: iOS, Android