Hundreds of digital currency platforms for traders of digital coins exist. However, while some are user-friendly, with others, beginners still need a comprehensive understanding of services like funds deposits, accounts, benefits, features, support teams, etc. BitForex is a new trade site that offers tokens, derivatives services, low trade fees, no KYC, and accessible account browsing, amongst other features.
This guide will give details on all essential aspects of the exchange platform.
What it is
It is a worldwide Cryptocurrency market site founded in 2017 and has over 300 trading pairs and over 3 million users across the world. The company has its headquarters in Hong Kong but is registered in the Republic of Seychelles. The BitForex Token (BF), also the ERC20 token is the native token. As stated by the company, the site’s dealing engine processes about 1.6 million orders every second, this is higher than with other platforms.
How it Works
Users enjoy lots of products and services such as CApp Town, BF sector, EazySwap, BitForex MT5, etc. The site uses the Tiered Margin Ratio System to avoid liquidation of positions having a significant effect on the business liquidity for all accounts. It deposits a part of the entire asset of a transaction and gives the remainder without risking the cash.
Features of BitForex Exchange
Explained below are the important features of Bitforex
CApp Town
It is a feature that links account holders to several Blockchain apps. There are applications for finance (Matrixport, Paxful), entertainment (Twitch), and information (CoinGecko).
BitForex Sector
The BF is the DeFi zone on the site. This feature displays available DeFi tokens and a click on a trading pair under “Spot” automatically opens a spot exchange for staking on any listed tickets.
EazySwap
A decentralized token method based on the ERC20 standard, with no gas costs, little slippage, and quick matching on exchanges. Liquidity pool providers receive benefits up to 100% of the pool’s trading costs.
Ethereum 2.0 Staking
With this, users can stake Ethereum tokens on the site with as little as 0.1 ETH. This can be kept or exchanged for Ethereum. The site offers staking incentives and platform fees by staking ETH on BitForex.
Product and Services Offered
Varieties of products are offered to account users. Some are listed below:
MetaTrader 5
Allows users to trade traditional financial goods with other offers and possibilities.
BitForex API
Spot’s API supports a range of data types, including ticker, depth, cancel an order, symbol, etc.
BitForex Turbo
A listing platform where users can view trade pairings, start/end times, etc.
Spot
The interface for users here makes it easy to trade. On the left are Trading pairs, the middle is the price chart; to the right is, the order book while at the bottom, assets buy and sell access options are available.
Registration process
Users may not provide personal details to complete the registration process. To register and open a verified account, follow the steps below:-
- Visit the website
- Enter your email then verifies on the exchange. Note that the verification mail comes with an invitation code.
- Start dealing coins on the site
Deposit funds
Depositing money into an account is quite easy and simple. Below are the steps:-
- Go to the website and select the Assets option in, the top right corner of the wallet page.
- Click on ‘Deposit’ from the left-hand menu.
- Choose your desired assets and send them to the provided wallet address
Buying Crypto on the site
Simplex is used to buy currency from the site. Follow the instructions below to accomplish this.:
- Go to the website
- Go to the upper right corner and click on ‘Assets’
- Click ‘Purchase Crypto with your Credit Card at the bottom of the page, then ‘Purchase Now
- Select the Cryptocurrency to deposit
- Click ‘Purchase’ to complete the transaction.
BitForex fees
Different sites charge fees, either for withdrawing, depositing, or both. The site does not charge for a deposit, but users pay 0.0005 BTC as a withdrawal fee.
Trading fees
Trading fees are determined using the Realized P&L. They are calculated on a maker & taker basis.
Spot trading fees
Both the maker fee and the taker fee are charged. The spot trading fee is 0.1 percent for makers and takers
MT5 fee
The site deducts a commission fee of $10 when selling or buying from MT5.
BitForex security
It has harmful traffic detection software which blocks server requests automatically, to safeguard the crypto swap from DDoS attacks (Distributed Denial of Service).
Customer support
Even as a new company, its customer support team is effective, and responsive to resolving customer issues. There is a ticketing system product for users to reach out directly.
