Bitforex Exchange Reviews
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 coinmarketcup 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.
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.
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The exchange is expected to be simple as it could be but I faced with a problem. I wished to transfer some of BTC to the other platform, I was requested to confirm my account and then I failed. I am asked to do that again and again but the result is still the same. I'm not allowed to do that. I'm not comprehending the position that I'm in. My funds were stucked and I can't use them.
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.
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.
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.
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
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.
Bitforex is quite all right for the Chinese exchange. There is no big problem if you are not Chinese, you can trade smoothly. I wish I could with the fiat currency, it's my main request. Also, I like that they provide service in telegram, that's really convenient.
I like that the exchange provides the fast processing of all the actions on the platform. There is no need in a long waiting. That's a fantastic feature. It was the fastest verification which I have ever completed. I didn't see any big failures or problems so far.
How does this platform work? I passed the verification and made some transfers of alt coin. But I decided to withdraw them and then my funds were frozen. The support didn't approve this operation and just holded my funds. I sent a dozen of tickets but got no responds. What's next? Is there any way out? I don't have access to my own funds and can't do anything about it. How can I reach the support?