With a boom in cryptocurrency, there are a lot of cryptocurrency platforms in the world today. These platforms are great for helping crypto traders trade using different crypto coins. Sadly, every single platform isn’t the most user friendly. Some of them have really complicated interfaces that require people to be very well versed in the world of cryptocurrency trading. This isn’t good news for beginners. However, BitForex is one of the better options available for crypto traders. It offers token and derivative services. BitForex shines because of its low trade fees, no KYC compulsion, and usable interface. So that leaves one critical question, Is BitForex Safe? We will find out in this post. Let’s get started.
Is BitForex Safe: Should You Use It For Crypto Trading?
What is BitForex?
BitForex is an international cryptocurrency house that also provides NFTs and defis brokerage services.
This broker reached the top of the digital currency market in 2018, where it reached the absolute leadership in volume with more than double the difference than its most immediate rivals. However, that leadership was temporary, possibly the result of a specific campaign. Later on, it dropped a lot in the rankings.
This company is headquartered in Singapore but is registered in the Seychelles, but also has collaborating teams in Germany, Estonia, Hong Kong, the Philippines and Malaysia, serving clients from more than 186 countries.
Crypto Capital was a company that strongly bet on the project with more than 20 million dollars invested.
BitForex also has alliances with BitUniverse, FianceRun, Coindesk, Coinmarketcap, Coinhills, Jinse, Bishijie, MarsFinance, Altcoin.
What are the services provided by BitForex?
Basically, we can trade cryptocurrencies in the classic format as well as in futures. We can also trade tokens and mining.
Token mining takes place in Hong Kong time from 12 am to 11:59 pm.
At the moment there are three pairs for mining: BTC USDT, ETHUSDT, BCHUSDT.
The mining limit is 3 million per hour for everyone and 0.5 million per day for an individual account.
Trading at BitForex
To negotiate we will simply have to go to the corresponding page and choose the digital currency pair that we want to negotiate. Once done, we just have to have enough funds to carry out the operation.
Among other things, we can use limit type orders.
The charts, provided by TradingView, and things like the depth of the market can even be seen for free on its main website.
BitForex offers two types of futures contracts: weekly and quarterly.
These contracts will work in a similar way to the futures contracts of the official markets, but in this case, BitForex will be the core that will manage the clearing.
In this case we can have a 20: 1 leverage to operate Bitcoin and other cryptocurrencies, one of the highest in the world in this type of asset.
In these futures contracts, all gains and losses are reflected in USD.
In the NFTs it carries out auctions of new projects, so here you can get a way to participate in an interesting one from the beginning.
- Deposits: no
- Withdrawal: 0.0005 BTC, minimum 0.001; 0.01 ETH, minimum 0.02.
- Trading Spot: 0.1% for market maker; 0.1% for trader
- Permanent contracts: 0.04% for market maker; 0.06 for trader
- Metatrader 5: 10 USD per lot; 0.08% in cryptocurrencies (they have this commission for Metatrader 5 but on the web, they do not publish that they offer this platform)
BitForex: Key features and benefits
For now, and in the absence of more things, it would be wise to wait and see how the activity in this broker/exchange house develops.
As for its services themselves, it is the cheapest there is on the net, especially in trading with that commission that beats most of its competitors.
The other point of advantage is that of the leverage of 20: 1 that pulverizes everything that we can find in most of the world.
However, it is recommended that you do not use those margin levels to trade assets as volatile as Bitcoin. With much less, it is worth it.
One thing that BitForex users have also noticed is that the means of contact that they put on their website are not very extensive. There is a lack of contact by email or by phone.
The only good thing is that they have a chat service that does answer you, but be careful, because when you use it you see that it is in an Asian language. As per BitForex, their services are offered in English, Chinese, Russian and Japanese.
And finally, it does have a misleading name.
The fact that it has “Forex” in it can confuse people, who may think that it is a broker of that niche, with which you can trade classic FIAT pairs and others, but in reality, it is only about a cryptocurrency exchange with which you cannot even deposit in dollars, euros or pounds.
Is BitForex safe?
According to BitForex, its Cold Wallet holds 98% of users’ funds offline, with a multi-signature digital wallet.
The Hot Wallet only holds the funds necessary to carry out the most urgent and withdrawal transactions.
This company also works with the Google Authenticator on your phone and also with authentication via SMS.
Regarding browsing, BitForex provides protection against malicious visits and has a system that improves latency and response in uptime, that is, in the time in which the page is operational.
There is no way anyone can definitively say that BitForex is a scam broker. It is almost impossible to know this until it is confirmed with such a broker or company. The broker seems legitimate and has been in the market for a few years.
However, it is not an exchange that you consider the most appropriate for most operators. Other market players such as Coinbase or Bitpanda give more security. However, that doesn’t necessarily mean that BitForex is unsafe for usage.