54 Best BitForex Crypto Exchanges Alternatives
What Is BitForex?
BitForex is referred to as a digital asset cryptocurrency exchange offering perpetual and spot futures contracts that can be traded with leverage of up to 100x. It is a relatively new exchange that was launched in 2018 and aims to provide a wide range of trading products, such as spot trading, margin trading, and derivatives. According to their website, it constantly launches new features and products to meet the needs of the users.
Is BitForex Safe?
BitForex is a renowned crypto app that provides protection for your fund by using a hardware wallet and claims to store 98% of user funds in an offline, multi-signature wallet. Withdrawing funds from this wallet will require approval from several globally distributed management team members of BitForex.
Meanwhile, they use hot wallets to store only 0.5% of the total funds and use funds from here only when necessary, such as fulfilling withdrawals in the queue.
It also has 2-factor authentication, SMS verification, and DDoS protection as security features and till today, It hasn’t faced any security breaches which makes it secure to trade with BitForex.
How To Buy On BitForex?
- Open an account on BitForex
- Make sure your account is verified
- Set up two-factor authentication on your account
- Deposit funds to your account
- Start trading and buying on your BitForex account
BitForex Features
- Offers over 220 cryptocurrencies for trade such as Bitcoin, Litecoin, XRP, and other top and lesser-known coins for big-time gains.
- It is a robust, secure, and trustworthy platform that was established by former security engineers and has never been hacked before. It complies with key regulations, making it a trustworthy exchange.
- Allows you to deposit and withdraw fiat currencies like USD and EUR on and off-ramp directly from and to your bank account.
- To top up your account quickly, you can use its credit/debit card deposit feature, which is near-instant and costs only 3% per transaction.
- BitForex mobile apps available for Android and iOS allow you to trade smartly on your favorite crypto markets on the go.
- It has an extensive knowledge base and a helpful customer support team, which teaches its users all they need to know about trading on its platform. For more help, you can issue a ticket via Zendesk.
Pros
- Excellent security credentials, fast transactions, and withdrawals
- Supports over 220 currencies
- Fiat deposits and withdrawals for verified accounts
- Inexpensive bank card deposits
Cons
- Extensive verification processes and no margin trading Fiat deposits via bank take days to be processed
BitForex App
Bitforex mobile app is available for both iOS and Android devices with an intuitive User Interface that is extremely simple and easy to use. You will be able to access all the features and services comfortably from the mobile app.
Bitforex Support
Customer service has already started to gain trust. Although It is a relatively new company with an efficient, empathetic, and quick-to-respond support system.
They provide you with a ticket system to help you get in touch with them directly within 24 hours.
BitForex Fees
Deposit Fees
Deposit is free of charge
Withdrawal Fees
Withdrawal fee at BitForex varies for every crypto asset as you are charged a 0.0005 BTC fee on withdrawal of BTC.
Spot Trading Fees
The ‘flat fee’ for both the maker and the taker for spot trading is 0.1%.
Perpetual Trading Fees
If trading BTC or ETH, the maker fee for perpetual trading is 0.04%, and the taker fee is 0.06%. If you trade any other crypto rest BTC or ETH, then the maker and taker fee will be 0.06%.
MT5 Fees
It charges you a commission fee when trading, buying, or selling a product on the BitForex MT5 platform.
The commission fee for cryptocurrencies is 0.08% and for trade trading Forex/ Commodity/ Metal/ Index is 10 USD.
Here are conditions you will not have to pay any trading fee:
- You have a 30-day trading volume of more than 1,000 BTC
- You hold a minimum of 50 BTC with the exchange.
