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BitForex Exchange Review: BitForex Is Legit & Secure Exchange

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About BitForex Exchange

BitForex is a Hong Kong-based cryptocurrency centralized exchange (CEX) founded in 2017. The exchange provides users with a safe, professional, and convenient transaction experience. The company is leading the trend of the digital asset industry by effectively providing a wide range of tools including Spot Trading, Perpetual Futures, Turbo Starter, Financial service, and more. BitForex will constantly adapt to new market needs with the continuous introduction of new features.

As of January 2023, over 300 projects are being offered at BitForex, serving over 6 million users with a worldwide presence in over 200 countries and regions. The independent operating teams are located in Germany, South Korea, Singapore, Russia, and more.

How To Sign Up & Start Trading

ExchangeDetails
Exchange NameBitForex Exchange
Exchange TypeCryptocurrency
Withdraw Fee0.0005 BTC
Support24/7
LangugaeEnglish
Taker Fee0.10%
Maker Fee0.10%
WebsiteHomepage

How To Sign Up & Start Trading

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You Sign Up For A User Account By Providing Basic Information.

On Every Exchange You Will Get Option For Sign Up Or Create Account . Just Fill Some Basic Details Like Name , Email , Password , Security Question Etc For Registration . It Is First Step To Start Trading On Any Exchange

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You Then Receive An E-mail In Your Mailbox To Activate Your Account.

Before You Can Login, You Must Active Your Account With The Code Sent To Your Email Address.Then You Will See A Message That Your Financial Account Is Activated And Ready To Go. This Means That You Can Log In And Start Trading In Cryptocurrency.

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Identity Verification

For Successful Verification You Will Need Identity Documents. For Example, You Can Use A Driver’s License Or Passport, Where The Name Is Duplicated In Latin Letters.Confirmation Of Identity On Exchange Is An Optional Step. The Procedure Must Be Completed Only If You Want To Remove The Restrictions Of Btc On Deposit Or Withdrawal Of Funds Per Day.

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Trading Fees BitForex Exchange

Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. It is common that exchanges charges makers less, as a way to incentivize orders that create liquidity in the market.

BitForex charges flat spot trading fees. Both takers and makers pay 0.10% per order. When it comes to contracts trading, BitForex charges the takers 0.06% and the makers 0.04%.

According to the most extensive empirical study performed to date on average spot trading fees and average contracts trading fees, it was concluded that the global average spot trading fees were 0.2294% for takers and 0.1854% for makers. With respect to contract trading, averages were 0.0618% for takers and 0.02597% for makers. BitForex’s fees are substantially below average when it comes to spot trading, and for contract trading they are below average for takers but above average for makers.

BitForex Withdrawal fees

BitForex charges a withdrawal fee amounting to 0.0005 BTC when you withdraw BTC. This is quite in line with the global industry average. The global industry average is 0.0004599 BTC per BTC-withdrawal according to the abovementioned report.

Deposit Methods

At this exchange, you can deposit funds or cryptos in most ways you can prefer. Wire transfer, credit cards, cryptos from other exchanges, it all works. This also makes this exchange an “entry-level exchange” which is necessary for any new crypto investor.

BitForex Exchange Features

Trading

Bitcoin, Ethereum, Litecoin, and other cryptocurrencies are supported for trade on the BitForex Exchange. The platform also provides a selection of trading pairs that let users exchange one cryptocurrency for another.

Security

BitForex Exchange takes customer funds and data security extremely seriously and has put in place a variety of safeguards. Two-factor authentication (2FA), cold storage for customer funds, and recurring security audits are some of these safeguards.

User-friendly interface

The platform has been created with a user-friendly, intuitive, and simple to use interface in mind. As a result, it is simpler for new customers to begin trading on the site.

Low fees

BitForex Exchange offers some of the most affordable fees in the market, which attracts traders looking to cut costs.

Margin Trading

Trading on margin with up to 10x leverage is possible with BitForex for some cryptocurrencies.

OTC Trading

BitForex provides over-the-counter (OTC) trading so that customers can purchase or sell a lot of cryptocurrencies without having an impact on the price.

API support

For developers who want to link their trading bots or other tools with the platform, BitForex Exchange offers API support.

Mobile App

Mobile AppBitForex offers a mobile app that enables customers to trade while on the go.

Global Reach

BitForex Exchange is a genuinely global platform since it is accessible in more than 180 nations.

BitForex conclusion

Users of the cryptocurrency exchange BitForex can buy, sell, and trade a number of different digital assets. Its headquarters are in Singapore, and it was established in 2018. BitForex has a user-friendly platform that supports both spot and margin trading and provides a large selection of trading pairs.

Before investing in any digital asset, customers should do their own research and due diligence, just as with any cryptocurrency exchange. Users should also think about the dangers of trading cryptocurrencies, such as the chance of extreme volatility and the loss of one’s entire investment.

It’s also vital to remember that BitForex has already drawn criticism and controversy, including claims of wash trading and fabricated trading volumes. Users should carefully weigh all available information before deciding to invest in BitForex or any other cryptocurrency exchange, as they should with any investment.

BitForex FAQ

What is BitForex?

BitForex is a cryptocurrency exchange that allows users to buy, sell, and trade a variety of digital assets.

When was BitForex founded?

BitForex was founded in 2018.

Where is BitForex headquartered?

BitForex is headquartered in Singapore.

Is BitForex safe to use?

As with any cryptocurrency exchange, there are risks associated with using BitForex. It is important for users to conduct their own research and due diligence before investing in any digital asset. Users should also consider the risks associated with cryptocurrency trading, including the potential for high volatility and the possibility of losing their entire investment.

What are the fees for using BitForex?

BitForex charges a variety of fees for using its platform, including trading fees, withdrawal fees, and deposit fees. Users should consult BitForex’s fee schedule for more information.

What types of trading does BitForex support?

BitForex supports both spot and margin trading.

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Disclaimer

Crypto investments come with high risk and you should always exercise caution when investing in any crypto asset. Investing in crypto carries a high level of risk, and may not be suitable for all investors. Any investment decisions made by you are made at your own risk and we are not responsible for any losses that may occur. Before investing, we recommend you consult a financial advisor to understand the risks and rewards associated with investing in crypto.

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