From the moment of its establishment, BitForex cryptocurrency exchange, the headquarters of which are situated in Singapore, has filled a special niche in the Asian market. Today, among its audience are investors from more than 80 countries, all of them having access to more than a hundred trading pairs. On BitForex one can buy/sell numerous tokens of leading projects with a worldwide reputation that have recently started the ICO procedure. Besides, after the purchase of BitStar (previously the largest global online exchange service), the platform took a step towards the development of trading derivatives-futures and options. Aside from that, the platform includes an internal Token BF token, which acts as a conversion tool for STC token (token used on the BitStar platform), which converts them into the internal exchange currency.
At the start, $20 million was invested in the project. The team of BitForex developers includes IT professionals, who previously were working with world-famous companies like Microsoft, McKinsey, and Lenovo. A little later, Jia Tian became a technical advisor of BitForex. Under his leadership, the exchange made an evolutionary leap and became one of the most innovative cryptocurrency projects.
Registration on BitForex
Registration on this trading platform is quite simple and clear. There is a classic Sign Up button in the top right corner of the website, where you need to enter your email, password, and code that is sent to confirm your email. After that, you can start trading by logging into your account using the specified data.
For the convenience of registration and interaction with the exchange interface, in the top right corner you will find a menu, where you can change the language. To date, the website is available in English, Korean, Russian, Japanese, and Chinese languages.
Verification on the BitForex exchange is not mandatory. However, for your safety, the website administration strongly recommends passing this simple procedure. To do that, you will need to enter a name and citizenship, specify an identification card or passport, and add a photo with a residence permit. Identity verification will take no more than 48 hours, after which a message, which confirms the successful completion of verification, will be sent to your email address.
To get to the asset management page, you need to go to the Token Deposit section on the official website of the exchange. Here you will find information about the balances on your wallets. If your account is «fresh», there will be zeros. To make the first deposit, enter the «My Asset» tab and select the type of account – real or training. In the first case, you will be able to deposit real money into the account, and in the second – you will be able to activate the demo account for training.
To deposit real money, select the Deposit tab. Here you will find the necessary cryptocurrency and copy the wallet’s digital address or QR-code. It is to this address that you need to send coins from your third-party wallet to replenish your deposit.
To withdraw cryptocurrency from the exchange, you may use the Withdraw menu. A user needs to specify the wallet address to which the coins will be withdrawn, the amount and miner commission, which is selected by the user independently depending on how quickly he/she wants to transfer money.
How to trade with BitForex?
To get to the trading platform directly, you need to click on the Token Trading button. Here the user will find a classic trading interface with trade blotters, price charts, and various tools for analysis. This section also provides a form for opening orders on cryptocurrency sale/purchase. To start trading, you need to choose the right pair.
2 basic currencies (USDt and ETH) are present on the platform. When the trading pair is selected, the only thing left to do is to specify the number of coins and the price. Click the Buy or Sell button, depending on whether you want to buy or sell the currency. Once your order is confirmed, it will appear in the Open Orders menu. When the order is executed, the asset balance will be changed, and the operation will be recorded as executed in the order history. Note that canceled orders are also displayed in history.
A very important factor influencing trading is the choice of the most profitable platform in terms of the commission size. There is no commission fee for money deposit on BitForex. The commission fee for funds withdrawal is fixed; it depends on the specified cryptocurrency. The trading fee is 0% for the market maker and 0.05% for the market taker.
BitForex trading platform is a relatively new, but very promising project. The talented team of developers, who launched this project, practices an innovative approach to promoting their product. One of the main features of the platform is the presence of a trading cabinet, which makes the exchange more attractive for beginners. There are only a few reviews on the BitForex platform and no expert opinions at all. Therefore, this is not enough to evaluate the exchange objectively. Nevertheless, we can note such advantages as:
- A set of security tools of great quality;
- User-friendly and functional trading interface;
- Non-mandatory verification.
There are about a hundred trading pairs on the platform, among which there are also option and futures contracts. Special technology of transaction acceleration provides maximum convenience when working in the trading cabinet. A significant advantage of the exchange in terms of security is that 98% of assets are stored in cold wallets, which eliminates the possibility of theft of users’ capital in the event of hacking the exchange. We should also mention the serious protection against DDOS attacks – the intelligent balancing of the routing load for maximum performance. Any malicious traffic on the website is detected almost instantly and is neutralized.