What is Bitforex? Information you need to know about crypto exchange BitForex

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2021-03-22 21:26:42

Overview of Bitforex exchange

BitForex exchange is a cryptocurrency exchange based and registered in the Republic of Seychelles, with many independent operating groups in different countries and regions such as Germany, Estonia, Hong Kong, Malaysia, Philippines … Currently The exchange currently has the number of users in more than 86 countries. Since its inception, BitForex has received funding of $ 20 million from Crypto Capital, which is one of the top investment funds with well-known crypto investors.

Target of BitForex is to become a leading digital asset trading platform in the world, providing users with safe, professional and convenient cryptocurrency trading services. To achieve that goal, BitForex Will use the exchange’s in-depth knowledge of Blockchain to select high-quality currencies for users around the world.

According to information, this exchange was established in 2015, and is headquartered in Singapore. Executives from many countries, including Germany, Estonia, Hong Kong, Malaysia, etc. More notably, BitForex noted that these members had experience at Merrill Lynch, World Bank, McKinsey, Microsoft, Tencent and a team of scholars graduated from famous colleges and universities in the world such as MIT, Columbia University, Cambridge University, National University of Singapore, etc. All have high degrees in the fields of faculty. learning, finance and blockchain.

This Bitforex exchange is born with the goal of achieving the highest returns from both the foreign exchange (Forex) and cryptocurrency markets. Like other exchanges, users will be provided with a full range of features such as deposits / withdrawals, order frames, charts, etc.When participating in BitForex, investors can also trade futures contracts , and will soon launch a fiat-token exchange. In particular, this exchange also has BF token – its own currency, and will function like BNB, KCS.

As noted, the management team now wants to focus on the Chinese market, as evidenced by the fact that they accept to deposit in CNY.

Advantages and disadvantages of the Bitforex exchange

Advantages

Very low fees: The main factor that makes the floor famous. There is only 0.1% fee when completing a transaction

High security measures: 2FA authentication, detects IP on login and investor assets kept in cold wallet

Easy-to-see interface: The platform is almost identical to other exchanges, offering tradingView based charts

No deposit fees: There is no fee for depositing / withdrawing money

Many altcoin transactions: The altcoins will be traded in ETH and USDT pairs, possibly CNYT

Accept CNY bank transfer: Creating better liquidity for the fertile Chinese market

Defect

There is no information about the company: On the website, there is not any information about the management team and the company behind it. This is very troublesome, especially when the crypto market is not under control

No margin transactions: Losing a large number of customers from this segment

Supports both stablecoins at the same time: In the future, both USDT and CNYT will be supported. This is considered a risky thing because users will be more cautious

The fake question: Recently, many people have accused the exchange of shaking hands with CoinMarketCap creating virtual trading volumes. This is a remarkable thing about liquidity

Newcomer invitation program: In the form of MLM up to 3 floors of roses. The invitee will be entitled to 30%, 10%, 10% of the transaction cost of the invitee respectively

Cryptocurrencies supported by Bitforex exchange are trading

The BitForex exchange supports a variety of tokens and coins. The popular coins supported by the exchange are Bitcoin, Ethereum. Other types of altcoins that are heavily traded at BitForex are:

TRON (TRX)

Litecoin (LTC)

Ethereum Classic (ETC)

Bitcoin Cash (BCH)

NEO (NEO)

Cybereits (CRE)

Bitcoin (BTC)

Qtum (QTUM)

OmiseGO (OMG)

BitForex’s 24-hour trading volume at the moment is more than $ 370 million, equivalent to more than 56,740 BTC.

Transaction fees of the Bitforex exchange

The main types of transaction fees in the BitForex platform include deposit, withdrawal, and buying / selling transaction fees on the exchange.

Deposit fee at BitForex is 0%

Buy / sell transaction fee: On BitForex, the maker fee is 0% and the taker’s fee is 0.1%.

Withdrawal fees at BitForex depending on the type of withdrawal currency will have different fees such as BTC of 0.001 BTC; ETH is 0.005 ETH; BCH is 0.0001 BCH … You can see details of the withdrawal fees at BitForex https://help.bitforex.com/en_us/?p=266

trading of the Bitforex exchange

Instructions for trading the Bitforex exchange

How to open a BitForex account

Step 1: Visit the BitForex website: https://bitforex.com/

Make sure you do bookmark This is because there have been many cases of real website duplication scams. Besides, you should also check the link and certificate guarantee security to authenticate your website. Currently, BitForex supports 2 languages ​​English and Chinese.

How to open a BitForex account

Step 2: Complete the registration process

Click on the item “Sign up” in the top right corner of the website and enter the complete information. You should have a long, random password to improve the security of your account. Then go to email to confirm. You can choose to register by phone number or by email, both of which are required to verify the code.

Complete the registration process

How to set up the 2FA security function

Method 1: Verify your phone number (or email)

Depending on the form you chose to register in step 1, this step will add the other. Click on the item “Asset Management”“Security Settings” ⇒ (assuming phone number verification) ⇒ fill in enough information. After this, you will confirm with your phone number when logging in.

How to set up the 2FA security function

Method 2: Turn on Google Authenticator

First, download the app “Google Authenticator” in your mobile app store (Android / Iphone). Then scan the code and confirm. Note: you should save the key code to facilitate your account if you cannot use Google Auth.

How to deposit / withdraw money to an account

Click on the item “Deposit” with deposit, and “Withdraw ” with withdrawals. It is extremely important to choose the coin you want carefully, as the address of each coin is different. You can see deposit / withdrawal history right below.

How to deposit / withdraw money to an account

How to trade on BitForex

BitForex’s interface is almost identical to other exchanges, especially you can choose to trade regular coins or futures. The inconvenience is that it’s designed to be stretched out, so with some computers you have to zoom out to see all the features.

How to trade on BitForex

  1. 24-hour trading volume of the selected pair
  2. Transaction timing, indicator setting and zoom in / out button
  3. Opt for regular trading / futures
  4. Graphs and indicators
  5. Existing properties on the floor
  6. Pending buy / sell orders
  7. Buy / sell orders completed
  8. Frame for placing buy / sell orders
  9. Transaction history

How to send support to BitForex when something goes wrong

With any problem such as sending coins to the wrong wallet, losing 2FA or how to handle errors when placing orders … you can ask for help. BitForex online support through “Customer Service” and Telegram group.

How to send support to BitForex when something goes wrong

Conclude

BitForex Currently a young exchange, reaching mostly Chinese customers but still has a standard English interface for all traders around the world. Like most young trading platforms, BitForex offers a variety of transaction fees incentives, helping traders to lessen their budget but on the other hand. BitForex It still takes more time to prove its credibility and liquidity. We recommend users to consult and consider the amount of risks and opportunities before trading.

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