BitForex Review 2023

Bitforex is a centralized cryptocurrency exchange founded in 2018. Its country of registration – Seychelles. On 13 September 2023 the number of trading pairs available for trading: 244. Bitforex last 24-hour trading volume is $375,952,520. It changes to +15.08% compared to the previous 24-hour period. BTC/USDT is the most popular trading pair, its trading volume is $891,978,342 in the last 24 hours. The exchange has 6 of 10 possible reliability scores and doesn't provide clients with access to fiat currencies.
Volume (24h)
$375,952,520+15.08% ↑
Pairs
244
Rating
6 / 10
Country of registration
Seychelles
Fiat
TOP 10 pairs by volume
Pair
Price
24h Volume
Spread
Price change in 24h
Pair
BTC/USDT
Price
$25,938.00
24h Volume
$891,978,342
Spread
+0.01%
Price change in 24h
+$197.00 ↑ / +0.77%
Pair
BTC/USDC
Price
$25,938.00
24h Volume
$563,722,630
Spread
+0.01%
Price change in 24h
+$197.00 ↑ / +0.77%
Pair
ETH/USDT
Price
$1,598.34
24h Volume
$204,957,555
Spread
+0.01%
Price change in 24h
+$18.91 ↑ / +1.20%
Pair
ETH/BTC
Price
$1,598.34
24h Volume
$71,426,026
Spread
+0.02%
Price change in 24h
+$18.91 ↑ / +1.20%
Pair
ETH/USDC
Price
$1,598.34
24h Volume
$47,298,985
Spread
+0.01%
Price change in 24h
+$18.91 ↑ / +1.20%
Pair
DOT/USDT
Price
$3.990
24h Volume
$20,306,313
Spread
+0.03%
Price change in 24h
-$0.020000 ↓ / -0.50%
Pair
LTC/USDT
Price
$60.08
24h Volume
$17,193,133
Spread
+0.02%
Price change in 24h
+$0.6000 ↑ / +1.01%
Pair
USDC/USDT
Price
$1.000
24h Volume
$15,232,709
Spread
+0.02%
Price change in 24h
+$0.0000540 ↑ / +0.01%
Pair
AVAX/USDT
Price
$9.24
24h Volume
$13,988,162
Spread
+0.76%
Price change in 24h
-$0.08000 ↓ / -0.86%
Pair
RLC/USDT
Price
$0.9933
24h Volume
$11,381,115
Spread
+0.14%
Price change in 24h
-$0.018674 ↓ / -1.85%

    BitForex is a cryptocurrency exchange. The platform offers a wide range of services, including spot and margin trading, derivatives trading, and aimed at beginners and professional traders.

    BitForex cryptocurrency exchange
    BitForex homepage

    The platform pays special attention to the security of users’ assets, regularly expands opportunities for trading and investments. BitForex also offers a choice of additional services: CApp, NFT, EazySwap.

    It is important to understand all the features of the exchange before you start trading. In this Bitforex review, we will cover all aspects of the exchange platform.

    Registration and account verification

    In order to start trading on the exchange, you must register. Verification is optional, but it will allow you to increase your withdrawal limits.
    To register BitForex, follow these instructions:

    1. Go to https://www.bitforex.com and click Register in the upper right corner;
      BitForex Registration
      Account registration on BitForex
    2. Enter e-mail/phone and password → Create account;
      BitForex Registration
      Account registration on BitForex
    3. Write down the six-digit code that came to your e-mail;
    4. Registration is completed.

    After registering you can go through the KYC procedure. This will expand the opportunities for trading (margin trading, derivatives markets, lending become available, etc.). To pass identity verification, you need:

    1. Hover pointer over email → Identity Authentication;
    2. On the next page click Authentication;
      BitForex verification
      BitForex verification process
    3. Enter first name and last name → select the type of identity document → specify the country of residence → write down ID number;
      BitForex verification
      BitForex verification process
    4. Upload photos of the document and take a selfie;
    5. Verification is passed.

    Account protection

    To secure your account, you need to enable two-factor authentication (2FA). There are many ways to do this: link your phone to the account, create a password for trading operations, connect Google Authenticator, enter an anti-phishing code and enable device management system.

    We will look at how to enable 2FA using Google Authenticator as an example. But you can use other methods or all of them at once, which will significantly increase the level of account protection.

    To enable 2FA, do the following:

    1. Hover pointe over email → Security Settings;
      BitForex account protection
      BitForex account protection
    2. Click Send and enter the code came to your email;
    3. Scan the qr-code with google authenticator;
    4. Enter code from you have got in application → Confirm;
      BitForex account protection
      BitForex account protection
    5. 2FA enabled.

    The account is registered. What’s next?

    After registering the account and confirming your identity, enabling two-factor authentication, it is important to figure out how to top up your account to trade on BitForex.

    Available deposit and withdrawal methods

    You can replenish your account directly from crypto wallet. For this you need:

    1. Click on Assets in the top right corner;
    2. Click on Deposit;
    3. Select cryptocurrency you want to deposit in your account and specify the network;
      BitForex Funding
      BitForex account replenishment
    4. Copy the address and paste it in your wallet;
    5. You have top up your BitForex account.

    To withdraw assets, you need to do the following:

    1. Click Assets in the top right corner;
    2. Click Withdraw;
    3. Select cryptocurrency you want to withdraw and network;
    4. Insert the address to which you want to transfer assets;
    5. Write amount of cryptocurrency you want to transfer → Submit;
      Withdraw cryptocurrency from BitForex
      Withdrawing cryptocurrency on BitForex
    6. You have withdrawn crypto from your BitForex account.
    The platform has a minimum deposit amount: if you deposit less than this amount, the wallet may not display it. Pay attention to service warnings about this.

    Trading conditions and instruments available on BitForex

    The platform contains several main instruments for trading: spot and perpetual contracts. The commissions of the exchange are relatively small, which creates favorable conditions for trading.

    Spot market

    Cryptocurrencies are traded on the spot market with instant delivery of these assets from the seller to the buyer.

    BitForex Spot Market
    BitForex spot market

    Perpetual contracts

    Perpetual contracts are the type of futures, which are traded with no expiration time (the date on which the obligations under the contract are fulfilled). They allow you to hold positions for as long as necessary.

    BitForex perpetual contracts
    BitForex perpetual contracts

    The most active trading pair on the Bitforex Perpetual platform is BTC/USD. Leverage can reach up to 100x.

    Commissions and limits

    Trading fees depend on whether the trader is a maker or taker.

    Maker – a market participant who increases liquidity by placing a limit orders at market. Taker is a market participant who takes liquidity from market by using market orders, causing existing orders to be filled immediately.

    Spot trading commission:

    • Maker: 0.1%;
    • Taker: 0.1%.

    Commission for trading perpetual contracts BTC/ETH:

    • Maker: 0.04%;
    • Taker: 0.06%.

    Perpetual contracts of other pairs:

    • Maker: 0.06%;
    • Taker: 0.06%.

    Trading fees on Bitforex MT5:

    • Forex, commodities, precious metals, indexes: 10 USD per lot;
    • For cryptocurrencies: 0.08% per trade.

    There are no commissions and limits on account replenishment. Withdrawals are subject to charges and also exchange has limits for each individual coin.

    BitForex fees and limits
    BitForex fees and limits
    More details about fees and limits can be found on platform official website.

    How to trade on the BitForex cryptocurrency exchange

    There are many trading tools on the platform, and the interface is not very different from other platforms. To buy cryptocurrency, follow our instructions:

    1. Click Spot in the top menu;
    2. Select a trading pair, for example BTC/USDT;
      Buying Cryptocurrency on BitForex
      Buying cryptocurrency on BitForex
    3. In the Buy block, write down the amount of cryptocurrency you want to buy → click Buy;
      Buying Cryptocurrency on BitForex
      Buying cryptocurrency on BitForex
    4. You have bought crypto.

    To sell cryptocurrency:

    1. Click Spot in the top menu;
    2. Select a trading pair, for example, BTC/USDT;
      Selling cryptocurrency on BitForex
      Selling cryptocurrency on BitForex
    3. In the Sell section, specify the amount of crypto you want to sell → Sell;
      Selling cryptocurrency on BitForex
      Selling cryptocurrency on BitForex
    4. Cryptocurrency selling is completed.

    Additional services of the BitForex exchange

    In addition to trading, the exchange provides a number of opportunities for investing and managing finances. Here you can find programs for passive income and NFT marketplace.

    EasySwap

    Eazyswapthis is a sub-platform of the BitForex cryptocurrency exchange, which provides a wide range of cryptocurrency trading pairs on the ERC-20 network. EazySwap is designed to easily convert Ethereum to other cryptocurrencies without losing a significant amount during the conversion. There are zero fees for transactions within the Eazyswap system. All transactions on the platform are recorded and regulated by the ERC-20 protocol.

    EazySwap on BitForex
    EazySwap on BitForex

    Capp

    CApp Town is a BitForex exchange platform that allows users to interact with other applications, based on blockchain. For example, you can connect to financial systems to expand trading opportunities (Paxful, DeFIL, etc.). Or use cryptocurrencies to pay on entertainment platforms (Twitch, Marble, Zelwin, etc.), as well as use information services (CoinGecko, IntoTheBlock, etc.). Clients with their own business can submit an application for cooperation with the platform.

    BitForex CApp
    CApp on BitForex

    NFT

    BitForex NFT is an NFT marketplace, where you will find various NFTs: collections, arts, esport, games, etc. On this portal you can find NFTs in the form of images, videos and audios. Tokens are sold for USDT and ETH.

    NFT on BitForex
    NFT on BitForex

    Mobile app

    The platform has a mobile application that can be downloaded from official site or you can find it at GooglePlay or AppStore and install it on your Android or iOS device. The application contains all the functionality of the exchange and, according to the developers, is reliably protected from hacking.

    Reviews

    On the web you can find different reviews about the BitForex exchange. For example, on the popular service Trustpilot, there are average user rating for BitForex is about 2.6 points.

    In Positive reviews people speak about the stable operation of the platform, responsive support service, etc. Negative are accusations of scam and the disappearance of some coins from the listing without warning.

    When finding information on any exchange, it is important to pay attention to meaningful comments, not just emotional assessments.

    Pros and Сons

    Low trading fees;
    Up to 100x leverage;
    Verification is optional;
    NFT marketplace;
    EazySwap investment opportunities;
    Many opportunities to protect your account (Google Authenticator, anti-phishing code, trading password, etc.);
    A wide variety of trading pairs.
    No information about the Bitforex team;
    Tech support is available only by e-mail;
    The young “age” of the stock exchange.

    FAQ

    What is BitForex?
    An exchange for trading cryptocurrencies. The platform offers a wide range of services, including tokens trading, margin trading, derivatives, NFTs and more.
    Can BitForex be trusted?
    BitForex uses a hardware wallet that stores over 98% of user assets offline with multisig. The platform also allows you to enable 2FA using various methods. All this indicates that the platform is well protected from hacking.
    How to trade on BitForex?
    To trade on the stock exchange, you need:

    1. Press Spot in the top menu;
    2. Select a trading pair;
    3. Select the block Buy/Sell, specify the amount of cryptocurrency you want to buy → click Buy/Sell;

    How to make a deposit on the BitForex exchange?
    In order to top up your account with cryptocurrency, you need to:

    1. Click Assets in the top right corner;
    2. Click Deposit;
    3. Select the cryptocurrency you want to deposit into your account and transfer network;
    4. Copy the address and paste it into your cryptowallet.

    How to buy on BitForex?
    In order to buy cryptocurrency on the exchange, you need:

    1. Press Spot in the top menu;
    2. Select trading pair;
    3. Select the block Buy, specify the amount of cryptocurrency you want to buy → click Buy.

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    Agatha Redich
    Agatha Redich
    Articles author, editor
    Articles author and website editor. Works with texts for over 12 years. Among Agatha’s clients: Rossman, Zara, Bosch, ING Bank, Lexus and others. Crypto journalist since 2018. She wrote more than a hundred articles about cryptocurrencies and the crypto market. Agatha's professional credo is to reveal complex topics in an accessible and simple way.
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    Emil Rabin
    Emil Rabin
    Site expert
    Cryptocurrency expert and financial analyst. Emil has working experience in Bain and KPMG, collaborated with PayPal and Revolut, organized more than 30 educational events about blockchain and cryptocurrencies in Eastern Europe. An expert of the TGDRatings.com portal since 2022.
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