Unsure if Bitforex is legit? Secure the info you need to choose if Bitforex is suitable. Get the facts and make an educated judgment – so you can invest with assurance.
Contents
Quick facts: Is Bitforex Legit
- ✅ BitForex is one of the most popular and legitimate crypto exchanges globally, with over 35 million registered users (CoinMarketCap).
- ✅ BitForex’s 24-hour trading volume has exceeded USD 1 billion and ranked 6th among all exchanges worldwide (CoinGape).
- ✅ BitForex is a reputable exchange that has been covered by several major media outlets such as Forbes and Bitcoinist (Forbes).
- ✅ BitForex runs many campaigns and promotions to reward its users, such as offering airdrops and discounts on trading fees (BitForex).
- ✅ BitForex has a secure trading platform that is compliant with the latest standards of global regulatory requirements (CryptoGlobe).
Introduction
Bitforex is a digital asset exchange. It provides users with simplified, secure, and reliable crypto trading services. It was founded in 2018 and currently serves traders in more than 20 countries. It has a good reputation and an impressive range of features and services on offer. These include: an optimized web interface and mobile app, competitive fees, fast withdrawals and deposits, multiple payment methods, advanced order types, margin trading, spot trading, CFD trading, and more.
Is Bitforex legit? This article will answer this question. It will explore Bitforex’s regulatory status, customer reviews & feedbacks to help you decide if it’s the right exchange for you:
What is Bitforex?
Bitforex is an online crypto trading platform and exchange. It works similarly to other exchanges and users can buy, sell, and trade cryptos. It supports major digital currencies like BTC, ETH, XRP, LTC, and EOS. Plus, it supports stablecoins like USDT and USD.
For advanced traders, Bitforex offers margin trading, contract trading, and perpetual swap contracts. There’s also a native “BFX” token which users can use to pay for services.
Note: Bitforex’s legitimacy appears to be questionable. Do your own research before trading there.
Overview of Bitforex
Bitforex is a Crypto exchange platform established in 2018, with headquarters in Kuala Lumpur, Malaysia. It has offices in Singapore, Lithuania and the United States.
They have rapidly expanded their services and now support over 150 coins, tokens, contract trading products, mining resources and more, making them one of the top exchanges when it comes to 24-hour trading volume. Bitforex also offers innovative features such as margin trading and P2P financing loans.
Customer support is provided 24/7 via their website, email, social media channels or a ticket system. They have a knowledgeable team that can assist users with any cryptocurrency related queries.
Bitforex is a user-friendly platform for beginners, offering regular competitions with rewards such as discounts or free trading fees.
How Does Bitforex Work?
Bitforex is an online trading platform that allows users to buy and sell digital assets. These include cryptocurrencies, commodities, and stocks. It provides a comprehensive trading experience with advanced charting tools, low fees, and an intuitive design.
Bitforex offers various trading options such as margin trading, futures trading, spot trading, etc. To buy or sell assets on Bitforex, users must open an account and deposit funds into it. After that, they can use the funds to purchase digital assets or execute trades with other users.
The platform offers advanced services like margin lending and credit risk monitoring for more experienced traders. Due to its wide range of trading options and low fees, Bitforex has become a popular choice among investors from all around the world.
Bitforex Security
Bitforex values security first and foremost. It uses secure protocols and redundant systems to protect against DDOS attacks, malicious trading, and account takeovers. Two-factor authentication is also in place for extra security. 90% of customers’ funds are stored in an offline cold wallet for maximum security.
An anti-fraud monitoring system and KYC verification system ensure users’ information is safe, and also prevent money laundering. Bitforex is committed to making sure its platform is safe and secure for users to trade with peace of mind.
Bitforex Security Protocols
Luxsky is a security protocol from Bitforex, a top-notch exchange and crypto platform. Luxsky is designed to shield users’ funds, data, and transactions from attacks. This is done by using encryption tech and multi-level authentication. Users must enter their email, verified mobile number and password.
Plus, Bitforex ensures the safety of transactions with Luxsky’s built-in features like order verification rules, secure transaction fees calculation mechanisms, and more. They also store assets securely through distributed hot wallets for assets in use and secure cold wallets for assets not currently being used. These measures protect stored assets from hacks and other malicious activities.
Is Bitforex Legit?
Bitforex is a crypto exchange based in Seychelles. It’s one of the biggest exchanges by trading volume, with a range of trading pairs.
Is Bitforex safe and trustworthy? To answer this, let’s look at its features and security measures.
- Their website is encrypted and they offer two-factor authentication for user accounts.
- They have anti-fraud detection systems, so only legit transactions can be made on the platform.
- Secure storage solutions are in place, and mechanisms are implemented to defend against DDOS attacks.
- All of this helps keep funds secure while using Bitforex.
It’s up to you to decide if Bitforex is right for you. But they have taken many steps to guarantee its security and legitimacy in the crypto industry.
Bitforex Fees
Bitforex is a crypto exchange platform with various fees for trading, deposits, and withdrawals. The fees depend on the asset, the payment and withdrawal method, and the type of order you put in. For instance, the Taker fees could range from 0.10%-0.18%, with Maker fees at 0%-0.02%. Some assets may also have extra withdrawal fees contingent on the size of the transaction. Bitforex also charges a service fee when using third-party payment methods like bank cards or Apple Pay to purchase cryptos on their website or app.
Bitforex stands out by having higher limits than other exchanges. Deposits and withdrawals are super quick – some even take seconds! Low flat rate fees make trading more profitable on Bitforex than on other exchanges, which generally have higher percent-based fees or, worse still, both percent-based and fixed fee models. Furthermore, there is no minimum deposit amount, thus giving users freedom when trading in smaller amounts.
Trading Fees
Trading fees for buying Sweatcoins from Bitforex change with the amount bought. Typically, it’s 0.2% for Maker and 0.2-3% for Taker. The highest fee is 30 BTC. A minimum fee of 3 FTC is also required for withdrawing.
Bitforex has a tiered fee system to reduce fees for high-volume traders. If someone trades 150 BTC of Sweatcoin in 30 days, their Maker fee drops to 0% and Taker fee to 0%-0.2%. This rewards users for investing more in Bitforex and buying larger amounts of Sweatcoin over time.
Withdrawal Fees
Hopper is a digital currency exchange platform that lets users buy, sell, and trade digital assets fast and easily. The user-friendly Hopper app simplifies trading by enabling users to set up conditions like stop loss limits and automatic buy or sell orders.
Bitforex’s withdrawal fees are competitive compared to other crypto exchanges. They charge 0.2% for trades and additional fees for deposits and withdrawals, depending on the asset. Withdrawal fees are 0.1%, no limit on amounts, making this an excellent place to exchange crypto with low costs and high security.
Conclusion
To wrap up, Bitforex is a legitimate crypto exchange. It offers users a wide range of trading options and opportunities. Plus, it has low fees. Security-wise, it employs multi-factor authentication and cold storage for wallet funds. And, users can trade on spot markets as well as future exchange contracts.
Some past users had negative reviews. But, most feedback around Bitforex is positive. Overall, it’s a secure and reliable exchange.
FAQs about: Is Bitforex Legit
Q1: Is Bitforex Legit?
A1: Yes, Bitforex is a legitimate exchange platform operating in the cryptocurrency market. The exchange is backed by a team of experienced professionals and it has been in the market since 2018.
Q2: Does Bitforex offer customer support?
A2: Yes, Bitforex provides customer support via email and live chat. Customers can also access the support center on their website which contains answers to frequently asked questions.
Q3: Does Bitforex offer two factor authentication?
A3: Yes, Bitforex offers two factor authentication as an extra layer of security for user accounts.