BitForex Review – Legit or Scam?

BitForex is a cryptocurrency exchange that launched back in June 2018. In exchange terms, it’s one of the new kids on the block, but during its short life it has certainly been able to stir up plenty of controversy. Quickly growing in popularity to hold a stable position in CoinMarketCap’s Top 10 both by adjusted and reported volume, it seems users either love or hate BitForex exchange. Just look at the various BitForex review articles out there, it’s a polarizing crypto exchange to say the very least.

Headquartered in Singapore, the company was officially registered in crypto heaven (also known as Seychelles) and has working teams in Korea, Japan, Hong Kong, Philippines, and other countries – or so they say. BitForex exchange offers spot and perpetual futures contracts that can be traded with leverage up to 100x. The whole range of services and trading tools is quite wide and includes token trading, margin trading, and derivatives.

BitForex has gained the support of such influential coins as Tron, QTUM, and Block VC. Thanks to these big names jumping aboard, the exchange has received the funding right after the launch. The list of supporters also includes such IT giants as Microsoft and Lenovo that have reportedly invested 20 million USD. Backing like this probably explains why there are many suspiciously glowing BitForex review articles around, but the less said about that the better.

Despite being available in over 186 countries across the world via 146 markets, it’s hard to ignore some of the claims being made against this exchange, many of which we address in our BitForex review after the jump.

QUICK INFO

Pros

• Noticeably low trading and withdrawal fees
• Impressive security measures
• Great chart and analysis tools

Cons

• Company lacks transparency
• Have been accused of illegal trading practices
• Questionable media practices

Can BitForex Be Trusted?

We said it before and we’ll say it again, BitForex is not without controversy. Conduct a simple Google search and you’ll find BitFoex exchange being accused of fake trading volumes, based on fake trades on a massive scale, along with withholding user funds. The latter is a claim that all exchanges face from users burned by the markets, but the former is a little more difficult to shake off. That being said, the exchange is not currently under investigation, so at this moment they are only allegations and nothing more emerging from various BitForex review sites.

It’s worth noting that 98% of funds entrusted by users to BitForex are stored on an offline multi-signature wallet. Among other security measures offered by the platform is multi-factor authentication. The use of a cold wallet is one of the reasons why there have been no security breaches on the exchange since its launch. The crypto assets are also protected by insurance security coverage, which should settle the nerves of many crypto traders.

Is BitForex User Friendly?

Binance might beat BitForex to the title of most profitable exchange to launch an IEO on, but BitForex exchange more than meets the demands of traders with different levels of experience and is equally good for beginners and highly experienced professionals. This is a one-stop crypto exchange making it easy to move funds between different assets. The platform uses some pretty advanced tech to make this happen too. It has developed a rapid, secure, and trustworthy matching engine that can process ~1.6 million orders per second.

The platform offers competitive trading fees, a big number of cryptocurrency pairs with a high level of liquidity, and advanced trading tools. Taking into account that users spend most of their time analyzing the current market, the convenience of the interface can’t be neglected either. It’s simple and doesn’t include unneeded extras so that nothing distracts a trader. Everything is clear on it with the trading pairs provided on the left of the screen.

The charting platform is provided by TradingView known for its smoothness, intuitive interface, and clarity. It’s one of the best charting interfaces that enables you to refine your trading edge, along with maximizing profits and minimizing risk. The advanced trading tools embedded into BitForex set it apart from other platforms in our opinion. BitForex UI hits it out of the park with very few missteps.

Does BitForex Have a Mobile App?

BitForex is praised by users for having a responsive mobile trading app that is the perfect option for people who are often on the go. Two versions of the app were developed, for iOS and Android-based devices. Honestly, it pretty much replicates the desktop site with very few features not making the jump.

What Coins Does BitForex Support?

The variety of trading pairs offered by BitForex is impressive – over 300. This includes such popular pairs as ETH/BTC, BSV/BTC, ETH/USDT, ZEC/ETH, EOS/BTC, LTC/USDT, and XLM/BTC. Although, BSV has been under threat in the wake of Japanese exchanges delisting the token. The exchange actually has its own token BF that can be earned by users for their activity on the platform.

We’re neither pro or anti-exchange token at this point, but what will say is BitForex’s option appears unintrusive. We certainly hope it stays that way, as BitForex token falling short is probably the last thing this exchange needs given recent controversies.

What Are BitForex Fees?

The exchange charges a withdrawal fee amounting to 0.0005 BTC, which is below the global industry average. The fee depends upon the type of cryptocurrency of course, but generally this figure is pretty favorable.

BitForex charges its users trading fees for executed orders, which are calculated via the Realized P/L (profit/loss) and working on a Maker & Taker structure. As for the spot market, a flat 0.01% is applied to it.

When it comes to BitForex fees, it’s pretty standard fare, so there isn’t too much to complain or write home about here.

Is BitForex Customer Support Reliable?

The website includes a comprehensive FAQ, which does work to answer any basic questions you may have. All issues are explained in detail there. Those who still have questions or faced a technical problem on the platform can submit a request. There is a ticket system on the site, a member of the support team should respond within 24 hours.

On the platform, there is an extensive knowledge base covering all the possible questions that new users may come across. Also, support is reachable via email with the promised 12-hr response time. In reality, it usually takes much longer, or at least this is what we found when we were putting together this Bitfinex review.

However, the TrustPilot score shows that the customer support team does a decent job. as Bitfinex gets an “excellent” review based upon user scores, which is actually a much higher score than most of its competitors.

What Else Does BitForex Offer?

It’s also worth adding a few words about the flexibility of BitForex. It always adapts to the changing trends introducing new functions and the latest technologies. Users will find it quite comfortable to trade on the exchange, as this international platform supports nine languages covering the needs of residents across numerous countries.

BitForex members also have the opportunity to earn commission on transaction handling fees using the referral program. The more people join the platform by a given referral link, the higher your potential earnings. Okay, it’s a refer a friend scheme at heart, but it’s worth looking at if you’re interested in earning some passive income.

Finally, the platform also provides educational materials and a step-by-step guide for beginning traders teaching them how to start trading on BitForex. To be honest, what exchange doesn’t these days, so while it’s a nice touch, we don’t classify it as much of a selling point.