Have you heard about Bitforex? It’s a popular crypto exchange platform. However, with many crypto scams and hacks nowadays, it’s essential to know if it’s legit. Therefore, we’ll take a closer look at Bitforex to find out if it’s safe.
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Quick facts: Is Bitforex Legit
- ✅ BitForex has over 5 million registered users – Source: BitForex
- ✅ BitForex has over 500 trading pairs – Source: BitForex
- ✅ BitForex has over $8.5 billion in trading volume – Source: CoinMarketCap
- ✅ BitForex has one of the largest selection of token and ICO’s available – Source: BitForex
- ✅ BitForex has experienced steady growth since its launch in 2018 – Source: Cryptopolitan
Introduction
Bitforex has been offering its services since 2018. It gives users access to many digital assets, such as Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). Plus, it allows you to trade futures, spot and derivatives markets. Bitforex is known for its user-friendly interface, low trading fees and 24/7 customer support.
In this article, we will take a closer look at Bitforex and what it offers. We’ll answer questions like: “Is Bitforex legit?” and “What are the pros & cons of using Bitforex?“. With this information, you can decide if this crypto exchange is right for you.
Company Overview
Bitforex is a crypto-exchange founded in 2013, by a team of traders and developers in Singapore. It offers a secure, reliable and efficient platform to trade digital assets like Bitcoin, Ethereum, Litecoin, Ripple, and many more.
It has become one of the top exchanges, offering support for over 170 tokens with advanced trading features. Spot trading, margin trading, and futures trading with up to 100x leverage are available.
The customer service team is highly experienced and specialized in assisting customers with their crypto-related needs. Services such as live chat, help center, phone and email support are also available.
History
Bitforex was created in 2018 by a crew of experienced cryptocurrency traders. It was among the first exchanges to include top-level security protocols. It is located in Singapore, with additional offices in Beijing and Hangzhou. Bitforex has since become famous as a reliable source for cryptotrading, crypto-fiat trading, and crypto-mining services. It has over 3 million enrolled users worldwide.
Uniquely, the exchange works its own blockchain (Aurum Chain) plus infrastructure. It allows users to purchase tokens and trade cryptocurrencies from their wallets, with no confirmations needed. Bitforex also offers plenty of features such as margin trading, peer-to-peer loans, spot trading and futures contracts. The platform currently supports more than 220 digital assets, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT) and many more.
Services
Revature is an advanced crypto exchange platform. It offers many features, like trading and financial services. Users can access Bitcoin, Ethereum, Litecoin, Ripple, and DASH quickly and easily. Budding traders can use paper trading accounts to evaluate their accounts. Digital asset managers get portfolio management services and individual account management.
Revature stands out from other crypto exchanges by allowing zero-fee withdrawals from wallets. It also provides customizable security settings to keep users safe. But, this platform may not be suitable for beginners.
Security
Is Bitforex legit? It seems so, as far as security goes. It uses a combo of hot and cold wallets to store user funds, and SSL encryption for login credentials. On top of that, it is registered with FinCEN and the Gibraltar Financial Services Commission, to comply with anti-money laundering regulations. Plus, two-factor authentication (2FA) is used when logging in or withdrawing funds, for extra safety.
All these measures indicate that Bitforex is a legitimate exchange, with good security protocols.
Fees
Trading on Bitforex has a 0.2% fee for both makers and takers. This is lower than other crypto exchanges. However, fees vary in different countries due to regulations. Bitforex also charges a withdrawal fee. It depends on the currency and is usually one dollar or its equivalent. Though it’s small compared to some other exchanges, it can add up if you withdraw often.
All in all, Bitforex doesn’t have excessive fees. This makes it attractive to traders.
Trading Platform
A trading platform is a software system that lets users buy and sell financial instruments. It gives traders access to markets by connecting them to brokers or market makers. The platform may have advanced tools for charting, technical analysis and real-time data.
Trading platforms can be used for multiple strategies, from day trading to long-term investments. BitForex is a cryptocurrency exchange that gives traders leverage and buying power through margin trading. Research is important before investing in cryptocurrencies, to make sure you understand the risks.
User Interface
Stylevana is an intuitive cryptocurrency exchange platform. It offers users plenty of features to buy and sell digital assets easily. The UI is nicely designed, with dark colors and a modern look. This allows users to navigate between different parts of the platform, such as trading, deposits & withdrawals, news & research, and account settings.
The UI displays helpful icons and clear information about each feature, making it easy to find what you need without searching. Plus, there’s a Help Centre with detailed guides to use Stylevana from start-to-finish. All in all, Stylevana gives a great user experience for beginners and experienced traders.
Features
Financebuzz is a revolutionary online crypto trading platform. It offers some of the best features in the market. Buy, sell, store and trade cryptocurrencies without stress! The platform is fast and secure due to its advanced encryption tech. Plus, it offers a variety of payment options such as credit/debit cards, bank transfers and more.
It has excellent charting tools and a user-friendly interface. Making trading easy for everyone! Furthermore, it offers a range of portfolio management features. Making investments simpler and more reliable. With these features combined, Financebuzz is a safe, secure and reliable option for all kinds of traders.
Trading Instruments
Bitforex is a crypto trading platform. It offers many digital assets to trade, like Bitcoin, Ethereum, Litecoin, Ripple, and more. It also provides various trading instruments. These include:
- Spot Markets which let users buy/sell digital assets without using leverage.
- Margin Trading which provides 1X to 100X leverage on some cryptos, allowing traders to open highly leveraged positions.
- Futures Trading which allows users to open positions with a future asset price, no matter the market conditions.
- Perpetual Contracts which are derivatives, like Futures Contracts, but with no expiration date.
Bitforex Wallet
Bitforex is an up-and-coming crypto exchange platform that’s making a splash in the industry. It stands out with its array of innovative features and services, including the Bitforex Wallet.
This multi-currency wallet allows users to securely store, send, receive, and exchange a growing list of digital assets and currencies. These include Bitcoin, Ethereum, Litecoin, EOS, Ripple (XRP), XINFIN (XDC), TRON (TRX), BTSE Token (BTSE) and more.
The wallet also offers staking rewards for Proof of Stake tokens, support for Segwit addresses for Bitcoin transactions, and instant swap functionality for popular ERC20 tokens & DeFi tokens like DAI & USDC. Plus, it has offline cold storage capabilities.
Security protocols are top-notch, with two-factor authentication (2FA), SMS/Email confirmation when logging in from a new device and biometric authentication on mobile devices.
Types of Wallets
Cryptocurrency users have multiple wallet options. Hot wallets are connected to the internet and offer convenience. Cold wallets are not connected to the internet and are more secure. Multi-signature wallets require multiple signatures from authorized users to access funds. BitForex’s Barbizon is a multi-signature wallet. It provides extra security like two-factor authentication and secure backup. It also allows multiple people/institutions access control over their funds.
Security
Security is a huge factor when choosing a crypto exchange platform. Bitforex uses advanced cryptography and authentication, such as cold storage wallets, SSL encryption, two-factor authentication (2FA) and biometric authentication.
They also have a “Digital Asset Custody Security Standard”, which is regularly monitored and updated to keep user crypto assets safe. Bitforex also provides instructions on how to set up your account with multi-signature functionality. This requires more than one person to sign off on any transaction or fund transfer. All these features make Bitforex secure and safe for cryptocurrencies.
Fees
Bitforex has low fees compared to other crypto exchanges. Trading fee is 0.1%. Withdrawal fee is 0.0005 BTC and deposit fee is free.
Bitforex offers Leveraged Trading with up to 3x leverage. To use this, a user must have 3000 VIP Points in their account balance. These points are earned through trading activity.
For more funds to make larger trades, margin loans are available. The interest rate is 4% annually, depending on the loan duration and amount borrowed.
Customer Support
Customer support is essential when deciding on a crypto exchange platform. Bitforex provides awesome customer support, 24/7. Customers can reach them via email, live chat, and dedicated phone number for some countries. The team behind Bitforex is made up of professionals from blockchain, finance, cryptocurrency, and software development. They also have a dedicated community manager to answer customer questions.
Bitforex offers outstanding customer service. They go above and beyond to make sure all issues are taken care of quickly. The team knows their platform inside and out, giving them an advantage over other exchanges. All customer queries are answered thoroughly and resolved swiftly, indicating that Bitforex puts customer satisfaction as a top priority.
Contact Methods
Gauging the legitimacy of a crypto exchange? Bitforex has you covered. Customers can use various contact methods to reach out for support. Email, live chat, Telegram chatbot, and Twitter are all supported. Plus, there’s an FAQ page on the website with answers to common questions. Can’t find what you need? Call in directly for help with accounts.
Bitforex’s customer service team is available 24/7. Emails are typically responded to within 12 hours. Fast and reliable service is guaranteed. Plus, the customer service team members show great professionalism.
Availability
Bitforex is a secure crypto exchange platform with availability in over 180 countries and regions. It is PCI-DSS level 1 compliant and uses 256-bit encryption to protect users’ sensitive data. Verification codes, SMS authentication, login passwords and secret keys are used for multiple layers of protection. All deposits must be verified using 2FA authentication too.
Moreover, Bitforex provides online accounts insured with a $100M insurance policy from an A-rated global insurer. This guarantees user safety while trading on the platform.
Conclusion
Bitforex is a legit crypto platform. It’s great for beginners and experts! It offers a range of cryptos, even those not many know about. Plus, it has low trading fees and top security.
A downside is the user interface. It can be confusing, and customer service can take time to reply. But, these cons are balanced out by the benefits. If you’re searching for a secure exchange with reasonable charges and a variety of cryptocurrencies, Bitforex is a solid choice.
FAQs about: Is Bitforex Legit
Q: Is BitForex a legitimate trading platform?
A: Yes, BitForex is a legitimate trading platform. It is a secure platform that is trusted by millions of users worldwide.
Q: What kind of security measures does BitForex use?
A: BitForex uses a variety of security measures including two-factor authentication, SSL encryption, and cold storage of funds. They also use advanced risk management technologies to ensure the safety of their users.
Q: How can I withdraw funds from BitForex?
A: You can withdraw funds from BitForex by going to the “Withdraw” page in your account. From there, you can select the currency you wish to withdraw and enter the amount you wish to withdraw. The withdrawal process is fast and secure.