About the Bitforex Exchange
Bitforex has over 100 coins on its exchange and is regarded as one of the worlds leading trading platforms. Its main headquarters are based in Singapore although it has offices across Asia in Hong Kong, Malaysia, the Philippines and in Europe with Germany and Estonia.
The ICO for the exchange launched July 2018, and it is said they obtained funding of up to 100 million Yuan from big crypto investors, such as Crypto Capital.
The team members are made up of people from well-established companies such as Microsoft, World Bank and Lenovo and who have graduated from world famous institutes such as Cambridge University and MIT (Massachusetts Institute of Technology).
• There are over 100 coins available to trade on the Exchange.
• During ICO, the exchange raised between $15 million - $20 million (USD).
How Does It Work?
Bitforex lets you buy and sell cryptocurrencies.
There is a step by step demo that walks you through choosing a trading pair, e.g. BTC/Dash, shows you the latest buy and sell orders to help you with your decision, and placing your order. Set the price and quantity you want to buy or sell and the trade will be complete when the expectations are met. You can view your Live trades and even cancel them if you need to change the price or quantity.
You will need to register an account if you wish to trade with them, a valid email is required as you will need to verify your account. It is not necessary, but it is recommended that you set up 2FA (Two Factor Authentication). The 2FA can be set up using the Google Authenticator app.
The main dashboard will show you trade volumes for Bitcoin (BTC), Ethereum (ETH) and Tether (USDT) against other AltCoins. You can also view the markets in 1, 5 and 15-minute intervals for short investments, or in 1 to 4-hour intervals for long trades.
The Integrate Trading View allows traders to use a selection of tools to plot trading trends, add notes and even share the Live information to social channels including Twitter
Bitforex Trading Chart
Depositing and Trading Fees
It is free to deposit into your account, and no fees are needed. The trading fees are referred to as 'maker' fee and a 'taker' fee.
You pay maker fees when you add liquidity to the order book on a limit order below the ticker price when buying coins, or above the ticker price when selling coins.
• Maker fee rate: 0%
You pay taker fees when you move liquidity from the order book. It is done when placing an order that is executed against another order.
• Taker fee rate: 0.05%
You will also pay a taker fee if you buy or sell using a marker order, this is because the marker order will immediately remove the liquidity. You will pay a maker fee if you place a limit buy below the market price or a limit sell about the market price. It is because you have added liquidity while traders took your offer from the offer book.
Withdrawal and Transfer Limits
The cryptocurrencies withdrawal fees are based on their network costs. Each cryptocurrency has its own minimal withdrawal fee; we advise you check the official site for more details.
Each coin also has 'Daily Withdrawal Limit' and a 'Single Withdrawal Minimum'. Daily limits can range from 100 coins to 600,000,000 coins, and a single withdrawal can range from 0.001 coins to 17,000.
What Cryptocurrencies Are Available?
• Ethereum Classic
Trust and Fund Security
On a personal level, you can secure your account using the Google Authenticator app. If you register an account with your mobile phone then you will have text/SMS as authentication, but if you sign up with an email address, you will need to go into the settings and follow the instructions to connect your account to your phone.
The Bitforex cold storage contains more than 98% of their user's funds in an offline account. The multi-signature wallet requires hardware security modules (HSMs) and all management to approve every transaction.
The hot wallet only keeps funds that they need to fulfil withdrawal requests and can be topped up as an when needed.
At Bitforex they have a frequently asked questions pages that should help you with any issues you have. There is also a 'submit a request' button where you can contact them directly.