7.6/10 (Expert Score)
Company is rated as #14 in category Crypto exchanges

BitForex review: BitForex is a cryptocurrency exchange that provides a platform for users to trade a wide range of digital assets. Established in 2018, BitForex has gained recognition as a global exchange with a focus on offering innovative trading features and a user-friendly experience.

One of the notable features of BitForex is its extensive selection of cryptocurrencies. Users can access major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and many others. The platform also offers a variety of altcoins and tokens, allowing users to diversify their portfolios and explore new investment opportunities.

Security is a top priority for BitForex. The platform utilizes advanced security measures to protect user funds, including cold storage wallets, two-factor authentication (2FA), and encryption protocols. This helps to ensure the safety and integrity of user assets.

πŸ“… Year of Establishment2018
πŸ’± Coins:230+
πŸ’° Min depositFrom $5
βš–οΈ Leverage1:100
πŸ’Ή Trading feesFrom 0%
πŸ’³ P2P platformβœ…
πŸ“± Mobile appsiOS, Android
πŸ—ΊοΈ HeadquartersSingapore
Advantages:
  • Wide selection of cryptocurrencies.
  • User-friendly interface.
  • Multiple trading options.
Disadvantages:
  • Limited regulatory oversight.
  • Some users have reported issues with customer support.
  • Limited educational resources and research tools.

Overall BitForex Review

In summary, BitForex is a cryptocurrency exchange that offers a wide range of digital assets, user-friendly interfaces, multiple trading options, robust security measures, and dedicated customer support. The platform strives to meet the needs of both novice and experienced traders, providing them with the tools and resources necessary to participate in the cryptocurrency market.

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Geographic Distribution

Geography of clients (traders) of BitForex

Top Reviews

Best customer reviews of BitForex

The site administration cannot guarantee review accuracy and lacks the technical means to verify if authors are actual customers. Reviews lacking detail and purely emotional in nature are disregarded.

The user-friendly interface of the platform makes it easy to navigate and make transactions, even for beginners. The availability of various trading options, such as spot trading and margin trading, allows for a variety of trading strategies. In addition, BitForex's commitment to security through advanced measures such as cold storage of wallets instills users with confidence that their funds are effectively protected.

Mehmet YΔ±lmaz
Mehmet YΔ±lmaz
Turkey

Users should exercise caution and do their own research to understand the legal and regulatory aspects. Customer service, while available 24/7, has received mixed reviews, with some users reporting delays in responding or difficulty resolving questions.

Jiho Lee
Jiho Lee
Korea

One area for improvement for BitForex is the limited availability of educational resources and research tools. Providing comprehensive educational materials and in-depth market analysis would improve the trading experience and allow users to gain more knowledge. Expanding the range of resources would help users make informed trading decisions and follow cryptocurrency market trends.

Raghav Sharma
Raghav Sharma
India

Expert Review

Expert Review of BitForex

The reliability of the BitForex exchange is a crucial aspect to consider when engaging in cryptocurrency trading. As a financial expert, I would like to assess its reliability based on several key factors.

Firstly, BitForex has been in operation since 2018, which demonstrates its establishment in the cryptocurrency market. This longevity can indicate a certain level of stability and resilience.

Secondly, BitForex implements robust security measures to protect user funds. These measures include cold storage wallets and two-factor authentication (2FA). Such security protocols help mitigate the risk of hacks and unauthorized access, enhancing the overall reliability of the platform.

Furthermore, BitForex offers a diverse selection of cryptocurrencies, providing users with ample trading options. This wide range of available assets promotes liquidity and increases the likelihood of finding suitable trading pairs.

Overall, while BitForex demonstrates reliability through its established presence, robust security measures, diverse range of cryptocurrencies, and liquidity partnerships, users should carefully evaluate their risk tolerance and consider regulatory factors before engaging in trading activities on the platform. Conducting thorough research and seeking advice from professionals is always advisable in the cryptocurrency market.

Roman_Mukhin
Roman Mukhin
Financial expert and analyst at TradersHero.com

Risk Warning: Trading on BitForex or any cryptocurrency exchange carries inherent risks that should be carefully considered. The cryptocurrency market is highly volatile, and prices can fluctuate significantly within short periods. There is a risk of financial loss, and traders should only invest funds they can afford to lose.

BitForex Ern

Investment Programs

BitForex offers various programs that users can utilize to potentially earn money on the platform. Here are some programs available on BitForex for earning opportunities:

Fixed Income: This program allows users to invest their cryptocurrency holdings in fixed income products, where they can earn a predetermined interest rate over a specific period. It provides a way to generate passive income from cryptocurrency assets without actively trading.
Express Mining: Express Mining offers users the opportunity to participate in cryptocurrency mining activities without the need for specialized mining hardware or technical knowledge. Users can allocate their assets to mining pools and earn rewards based on their contributed mining power.
DeFi Staking: This program enables users to participate in decentralized finance (DeFi) staking activities. By staking their cryptocurrency assets in DeFi protocols, users can earn staking rewards and contribute to the operation and security of these decentralized networks.

Staking is the process of holding and locking up cryptocurrency in a wallet to support the network and earn rewards.

how to use BitForex staking
To use staking on BitForex, follow these general steps:
Sign up/log in
Create a BitForex account by providing necessary information or log in if you already have an account to access the platform's features.
Deposit cryptocurrency
Transfer the specific cryptocurrency you want to stake from your personal wallet or another exchange to your BitForex wallet address.
Navigate to staking
Find and access the dedicated section or tab within the BitForex platform that is specifically designed for staking activities.
Select cryptocurrency
Choose the particular cryptocurrency from the list of supported assets that you want to stake for earning rewards.
Choose staking program
Explore the available staking programs or options provided by BitForex and select the one that aligns with your investment goals and preferences.
Enter stake amount
Specify the quantity or percentage of the chosen cryptocurrency that you wish to allocate for staking within the selected program.
Confirm transaction
Review the details of your staking request, ensure accuracy, and proceed with confirming the transaction to initiate the staking process.
Start earning rewards
Your staked cryptocurrency will be locked in the staking program, and you will start earning rewards based on the staking program's terms and conditions: Once the staking transaction is confirmed, your staked cryptocurrency will be held within the staking program, and you will begin to accrue rewards or interest as per the program's rules and duration.

It's important to note that the specific steps for using staking on BitForex may vary depending on the supported cryptocurrencies and available staking options. Make sure to carefully review the staking terms, rewards, and any associated risks before participating in any staking program on BitForex.

Tips for Successful Staking
  • Choose reliable and reputable staking programs.
  • Research and understand the staking rewards and terms.
  • Regularly monitor your staking activities.
  • Diversify your staking portfolio for risk management.
  • Stay informed about network and market updates.
  • Consider long-term staking strategies for maximum benefits.
Risks and Limitations of Staking
  • Volatility of cryptocurrency prices.
  • Possibility of slashing or penalties for rule violations.
  • Network and protocol risks.
  • Limited liquidity for staked assets.
  • Potential changes to staking rewards.
  • Counterparty risks associated with third-party staking providers.

Remember to consider the risks involved and conduct your own research before participating in any staking or savings program. Stay informed about the terms, rewards, and potential risks associated with Earn Programs to make informed decisions and maximize the benefits of the service.

Disclaimer: The information presented in this guide is provided for informational purposes only and should not be regarded as financial advice. Staking entails inherent risks, and it is essential to conduct thorough research and seek advice from qualified financial professionals before making any investment decisions. The specific risks and considerations associated with staking on the BitForex platform may vary, and users should carefully assess the terms, potential rewards, and associated risks before engaging in staking activities. Users are responsible for their own investment decisions and should exercise caution and diligence when participating in staking programs on BitForex or any other platform.

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Conditions

Trading Conditions for BitForex Users

BitForex provides a range of trading conditions that cater to cryptocurrency traders. The account currency is in cryptocurrencies, offering flexibility in trading. The minimum deposit required is 0.0002 BTC (or 5 USD), enabling accessibility for users with different investment levels. Leverage of up to 1:100 is available, allowing traders to potentially amplify their positions. The commission structure follows a market model, and the instruments available for trading are cryptocurrencies.

BitForex offers a proprietary MT5 trading platform, which is user-friendly and accessible on desktop and mobile devices. Traders can choose between standard and demo accounts, with demo accounts providing a risk-free environment for practice. Replenishment and withdrawal options include bank cards, electronic wallets, and cryptocurrency wallets, providing convenience for users.

The minimum order size starts from 0.1, allowing traders to execute trades based on their desired investment amounts. Margin call and stop-out requirements are not specified, indicating flexibility in position management.

BitForex does not explicitly mention a liquidity provider, suggesting that it may source liquidity from multiple exchanges. The platform offers an affiliate program, enabling users to earn rewards for referring new users. Trading features include a wide range of cryptocurrencies and coins, a profitable investment program, a service for copying strategies and auto trading, and fixed commissions. Contests and bonuses are also available to enhance the trading experience and provide additional incentives for users.

πŸ“… Year of Establishment2018
πŸ’± Coins:385+
πŸ’° Min depositFrom $5
βš–οΈ Leverage1:100
πŸ’Ή Trading feesFrom 0%
πŸ’³ P2P platform❌
πŸ” Copy Tradingβœ…
πŸ“ˆ Directives Futures, options
πŸ“Š DeFi Stakingβœ…
πŸ–ΌοΈ NFTβœ…
🏦 Crypto Loansβœ…
πŸ”“ Demo accountβœ…
πŸš€ Launchpadβœ…
πŸ“± Mobile appsiOS, Android
πŸ“ž Customer ServiceForums, Chat, Email
πŸ‘©β€πŸ’Ό Support24/7
πŸ—ΊοΈ HeadquartersSingapore

Risk Warning

Comparison

Comparison of BitForex with other Crypto Exchanges

Coins
Trading fees
iOS, Android
Directives
Leverage
Staking
COPY TRADING
P2P platform
Coins
385+
Trading fees
From 0%
iOS, Android
Directives
Leverage
1:100
Staking
COPY TRADING
P2P platform
Coins
385+
Trading fees
From 0%
iOS, Android
Directives
Leverage
1:125
Staking
COPY TRADING
P2P platform
Coins
360+
Trading fees
From 0%
iOS, Android
Directives
Leverage
1:100
Staking
COPY TRADING
P2P platform
Coins
815+
Trading fees
From 0%
iOS, Android
Directives
Leverage
1:100
Staking
COPY TRADING
P2P platform
Coins
350+
Trading fees
Maker fee from -0.05%
iOS, Android
Directives
Leverage
1:100
Staking
COPY TRADING
P2P platform
Coins
490+
Trading fees
From 0.0015%
iOS, Android
Directives
Leverage
1:100
Staking
COPY TRADING
P2P platform
Coins
400+
Trading fees
From -0.01%
iOS, Android
Directives
Leverage
1:100
Staking
COPY TRADING
P2P platform

3 Crypto Exchanges comparison table of trading instruments

BitForex
VS
Bybit
VS
Kucoin
Spot
VS
VS
Margin Trading
VS
VS
Futures
VS
VS
Options
VS
VS
NFT
VS
VS
DeFi Staking
VS
VS
Crypto Loans
VS
VS
Launchpad
VS
VS

Commissions

BitForex Accounts, Commissions & Fees

BitForex offers different types of trading accounts to cater to the diverse needs of its users. Here are the types of accounts available on the BitForex platform:

  1. Standard Account: The Standard Account is the main account type offered by BitForex. It provides access to the standard features and trading functions available on the platform. Users can trade a wide range of cryptocurrencies and enjoy the standard trading conditions provided by BitForex.
  2. Demo Account: BitForex also offers a Demo Account option, which allows users to practice trading in a risk-free environment. The Demo Account is designed for users who want to familiarize themselves with the platform, test different trading strategies, and gain experience without using real funds.

Maker fees apply when you add liquidity to the order book by placing limit orders that are not immediately executed. For buy orders, the limit price should be below the current ticker price, while for sell orders, the limit price should be above the ticker price. The maker fees for spot trading on BitForex are set at 0.1% for both buy and sell orders.

Taker fees come into play when you remove liquidity from the order book by placing market orders or limit orders that are executed against existing orders on the order book. Taker fees for spot trading on BitForex are also 0.1% for both buy and sell orders.

For perpetual trading, specifically for BTC and ETH trading pairs, the maker fee is reduced to 0.04%, while the taker fee is slightly higher at 0.06%. For all other perpetual trading pairs, including cryptocurrencies other than BTC and ETH, the maker and taker fees are set at 0.06% each.

It's important to note that fees may be subject to change, and it's recommended to check the official BitForex website or contact their support for the most up-to-date fee structure and any applicable discounts or promotions.

Holding and using BF Tokens can provide users with discounted trading fees on the BitForex platform. This incentivizes users to trade with BF Tokens, as they can enjoy reduced transaction costs, enhancing their overall trading experience.

Withdrawal Fees

Coin/TokenWithdrawal FeesMinimum Withdrawal24H Withdrawal Limit
BTC0.00050.002150
ETH0.006141570.013432.5144
LTC0.00100.2527617.8456
ETC0.012311939.7287
BCH0.0020.056256.3391
LVT05005000000
NEO0.0000187836.2304
USDT15303000000
AION0.65200000
DATA401801000000
CMCT100100010000000
AIDOC10508000000
RHP505020000000

BitForex does not charge any deposit fees for funding your account. Deposits made to the BitForex platform are free of charge, meaning you can transfer funds from your external wallet or exchange without incurring any additional fees. This allows users to conveniently deposit their desired cryptocurrencies into their BitForex account without worrying about any deposit-related charges. By eliminating deposit fees, BitForex aims to provide a cost-effective and user-friendly experience for its traders, ensuring that the deposited funds can be fully utilized for trading purposes.

Risk Warning

Final review

Detailed review of BitForex

BitForex is a cryptocurrency exchange that has gained popularity among traders looking for a comprehensive and user-friendly platform. With its extensive selection of cryptocurrencies and user-centric features, BitForex provides a reliable trading environment for both beginners and experienced traders.

The exchange stands out for its extensive selection of cryptocurrencies. Traders have access to a wide range of digital assets, including major cryptocurrencies like Bitcoin, Ethereum, and Litecoin, as well as numerous altcoins. This variety allows traders to diversify their portfolios and explore different investment opportunities within the crypto market.

One of the key advantages of BitForex is its platform features. The proprietary trading platform offers a range of advanced tools and intuitive navigation, allowing users to execute trades seamlessly. Real-time market data, various order types, and charting tools are available to assist traders in making informed decisions.

Liquidity is another advantage of BitForex. The exchange has established partnerships with reputable liquidity providers, ensuring high liquidity and competitive prices for traders. This means that users can execute trades quickly and efficiently, even during periods of high market volatility.

BitForex also offers reliable customer support services. Traders can reach out to the support team through live chat or email, and a comprehensive FAQ section is available for self-help. The customer support team aims to provide prompt and professional assistance to address any queries or concerns users may have.

Note
Security is a top priority for BitForex. The exchange employs stringent security measures to protect user funds and personal information. Two-factor authentication (2FA) adds an extra layer of security, while cold storage keeps the majority of funds offline, reducing the risk of hacking. Advanced encryption techniques ensure that data transmission remains secure.

In conclusion, BitForex is a reliable cryptocurrency exchange that offers a wide range of cryptocurrencies, user-friendly features, robust security measures, and responsive customer support. Traders seeking a comprehensive and accessible trading platform may find BitForex to be a suitable choice for their cryptocurrency trading needs.

Advantages:

Binance is the most popular cryptocurrency exchange in the world. Here are the benefits that make it special:

High Liquidity: The exchange has established partnerships with reputable liquidity providers, ensuring high liquidity and competitive prices for traders. This means that users can easily buy and sell cryptocurrencies at favorable rates, even during periods of high market volatility.
Wide Range of Cryptocurrencies: BitForex offers a diverse selection of cryptocurrencies, including major coins like Bitcoin, Ethereum, and Litecoin, as well as numerous altcoins. This allows traders to access a wide variety of investment opportunities and diversify their portfolios.
Responsive Customer Support: The exchange provides customer support services to assist users with their inquiries and concerns. The support team is available through live chat and email, offering prompt and professional assistance. Additionally, the exchange has a comprehensive FAQ section to address common queries.
User-Friendly Interface: BitForex provides a user-friendly trading interface that caters to both beginners and experienced traders. The platform offers intuitive navigation, real-time market data, and advanced charting tools, making it easy for users to analyze the markets and execute trades.
Robust Security Measures: BitForex prioritizes the security of user funds and personal information. The exchange implements advanced security protocols, including two-factor authentication (2FA), cold storage for cryptocurrencies, and encryption techniques, to safeguard user assets.
Mobile Trading: The exchange offers mobile applications for iOS and Android devices, enabling traders to access the platform and trade on the go. The mobile apps provide a seamless trading experience, allowing users to monitor markets, place trades, and manage their accounts from their smartphones or tablets.

BitForex Regulator

BitForex is a cryptocurrency exchange that operates in a decentralized and global market. As such, it operates under the laws and regulations of the jurisdictions in which it provides its services. However, it's important to note that cryptocurrency regulations can vary significantly from country to country and are constantly evolving.

As of my knowledge cutoff in September 2021, BitForex has not disclosed specific regulatory information on its website regarding licenses or regulatory oversight. It's recommended for users to conduct their own research and review any available legal documentation or terms of service provided by BitForex to understand the regulatory framework that applies to their activities on the platform.

Users should also be aware that regulatory requirements for cryptocurrency exchanges can change over time, and it's essential to stay updated on any regulatory developments that may affect their trading activities.

It's worth mentioning that one of the key advantages of cryptocurrencies is their decentralized nature, which allows for borderless transactions and peer-to-peer trading. However, this also means that regulatory oversight may vary, and users should carefully assess the risks and compliance requirements associated with trading on any cryptocurrency exchange, including BitForex.

Risk Warning

Promotions

Bonuses Paid by the BitForex

Bonuses

BitForex offers various bonuses and promotional programs to enhance the trading experience and provide additional incentives for its users. These bonuses may vary over time and are subject to specific terms and conditions. Here are some examples of bonuses that BitForex may offer:

Welcome Bonus: As a new user, you may be eligible for a welcome bonus when you sign up and create an account on BitForex. This bonus can come in the form of a deposit bonus, where you receive additional funds based on your initial deposit.
Referral Bonus: The exchange has a referral program that rewards users for referring new traders to the platform. When someone you refer signs up and starts trading on BitForex, you may receive a referral bonus, which can be in the form of a commission or additional trading funds.
Trading Contests and Promotions: BitForex occasionally organizes trading contests, competitions, or promotional events where traders can participate and have a chance to win prizes. These can include cash rewards, trading fee discounts, or other incentives.

It's important to note that the availability and terms of these bonuses can vary, and users should refer to the official BitForex website or promotions page for the most up-to-date information on ongoing bonuses and their specific requirements.

As with any bonus or promotional program, it's crucial to review the terms and conditions associated with them. This includes understanding any trading volume requirements, time limitations, or other conditions that may be applicable to qualify for or withdraw the bonus funds.

Education

Review of the BitForex Education Program

The BitForex Education Program is designed to provide users with educational resources and tools to enhance their knowledge and understanding of cryptocurrency trading. It aims to empower traders with the necessary skills and information to make informed trading decisions. Here is a review of the BitForex Education Program:

Comprehensive Learning Materials: The exchange Education Program offers a wide range of learning materials, including articles, tutorials, guides, and videos. These resources cover various topics related to cryptocurrency trading, such as technical analysis, fundamental analysis, risk management, and trading strategies.
User-Friendly Interface: The educational materials provided by BitForex are presented in a user-friendly interface, making it easy for users to navigate through the content and access the information they need. The platform is designed to cater to both beginners and experienced traders, ensuring that the educational resources are accessible and beneficial to all users.
Practical Examples and Case Studies: The BitForex Education Program includes practical examples and case studies to illustrate concepts and trading techniques. These real-world examples help users understand how to apply the knowledge they acquire in their own trading activities.
Ongoing Updates and New Content: The exchange regularly updates its educational materials to reflect the latest trends, market developments, and trading strategies. This ensures that users have access to up-to-date and relevant information that aligns with the ever-evolving cryptocurrency market.
Interactive Learning Tools: The BitForex Education Program may also include interactive learning tools, such as quizzes, trading simulations, or virtual trading environments. These tools allow users to practice their trading skills in a risk-free environment and gain practical experience.
Supportive Community: BitForex may provide a supportive community for users to engage with fellow traders, ask questions, and share knowledge. This community aspect enhances the learning experience by fostering collaboration and facilitating peer-to-peer learning.


Online Courses:

Cryptocurrency Trading Basics: This online course offered by BitForex covers the fundamental concepts and principles of cryptocurrency trading. It provides an introduction to the cryptocurrency market, trading strategies, risk management techniques, and technical analysis tools. The course aims to equip participants with the essential knowledge and skills needed to start trading cryptocurrencies effectively.
Advanced Technical Analysis: This online course delves deeper into the field of technical analysis, a crucial aspect of cryptocurrency trading. Participants will learn advanced charting techniques, indicators, and patterns used to analyze price movements and make informed trading decisions. The course focuses on developing a deeper understanding of market trends, support and resistance levels, and entry and exit strategies.
Risk Management and Portfolio Diversification: This course focuses on the importance of risk management and portfolio diversification in cryptocurrency trading. Participants will learn various risk management strategies, such as position sizing, stop-loss orders, and risk-reward ratios. The course also emphasizes the significance of diversifying a cryptocurrency portfolio to mitigate risk and maximize potential returns.

These online courses offered by BitForex aim to provide participants with valuable knowledge and skills to navigate the cryptocurrency market successfully. They cover essential topics ranging from the basics of trading to advanced technical analysis and risk management. Participants can benefit from the expertise and insights shared in these courses to enhance their trading strategies and make more informed investment decisions.

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Rating and Comments

BitForex Users Reviews 2024

7.8 Total Score
20 reviews
Rating Overview

Based on all reviews

7.6Expert Score
Investment instruments
8
Deposits and withdrawals
7.5
Customer service
7
Trading platform
8
8User's score
Investment instruments
8.1
Deposits and withdrawals
7.5
Customer service
8
Trading platform
8.6
Add your review  |  Read reviews and comments

Authors:

Roman_Mukhin

Roman Mukhin
Financial expert, analyst and author

Jane Emberg

Jane Emberg
Financial analyst and editor

Best Crypto ExchangesOverall Ranking
4 Comments
Show all Most Helpful Highest Rating Lowest Rating Add your review
  1. The platform’s interface is user-friendly and visually appealing. However, I have experienced occasional glitches and slow performance during high trading volumes. Also, customer support may not be entirely correct: some requests are accepted quickly, while others are delayed. Overall, BitForex is a decent exchange, but it may not be the most reliable option for more active traders.

  2. 4.1
    Investment instruments
    80
    Deposits and withdrawals
    80
    Customer service
    90
    Trading platform
    80

    BitForex has been a great platform for my cryptocurrency trading needs. The exchange offers a wide selection of cryptocurrencies to choose from, including both popular and emerging ones. Trading fees are competitive and the user interface is user-friendly and intuitive. The customer service was responsive and helped me whenever I needed help. Overall, I am happy with my experience with BitForex and would recommend it to others.

    Helpful(0) Unhelpful(0)You have already voted this
  3. I have encountered problems when deposits and withdrawals took longer than expected. The response time of the support team can also vary, with some issues taking longer to resolve. While BitForex is a functional exchange, there is room for improvement in terms of speed and responsiveness.

  4. 1.25
    Investment instruments
    20
    Deposits and withdrawals
    30
    Customer service
    20
    Trading platform
    30

    The platform has faced several controversies, including allegations of fake trading volume and questionable practices. There have been reports of price manipulation and order-execution problems, leading to distrust among traders. Customer support is notoriously unresponsive, making it difficult to resolve problems or ask for help. Given these factors, I strongly caution against using BitForex and recommend turning to more reputable and reliable exchanges.

    Helpful(0) Unhelpful(0)You have already voted this

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