BitForex Exchange Review: Pros and Cons
What is BitForex?
BitForex is a top-tier cryptocurrency exchange (or resource trading platform, to be more precise) with a strong focus on the Chinese market all while acknowledging CNY stores. The exchange is headquartered in Singapore, is registered in the Republic of Seychelles, and has offices in Germany, Estonia, Hong Kong, Malaysia, the Philippines as well as other countries in the world.
The platform is dedicated to advanced traders who want to dive into the universe of online Forex trading as well as cryptocurrency trading. BitForex is known for achieving high profits since its launch, but also for its moderate and safe investment plans.
BitForex trading investing plans
These plans are as follows: Consistent Plan, Expert Plan, and Supervisor Aggregation Plan. The first plan yields 20% winnings following 24 hours and offers instant withdrawals. The second plan offers 45% following two days, and also allows instant withdrawals. The final plan offers 100% throughout three days, and also allows instant withdrawals.
BitForex is still a relatively new project and, even though trading volumes are quickly picking up, there’s still some risk involved. The exchange comes with a series of advantages and disadvantages which should be taken into account before actually using the platform.
One of the main advantages and probably the main “selling point” of the platform is its very low fees. Contrary to most exchanges, market “makers” do not have to pay fees. Takers, on the other hand, are required to pay a 0,05% fee which is, by all accounts, still well below the average of the industry (0,20% – 0,30%). What’s more, the exchange does not charge any deposit fees.
Security is another advantage of the platform BitForex offers two-factor authentication (2FA), and IP detection on login to make sure that only the intended users can access the account balances. Even though specific details are not provided, BitForex also claims to hold most of the assets in cold storage wallets.
BitForex offers integration with TradingView. This means that the platform offers very detailed graphs. As mentioned at the start of this review, BitForex acknowledges CNY stores. What’s more, it also accepts CNY bank exchanges, making it easy for users to buy crypto from fiat-based stores.
We already mentioned that this is a new project, which comes with its own set of risks. What’s worse is the fact that there’s not much information about the company. Either all team members decided to remain anonymous, or the company does not want to make this information public. Regardless of the reasons, this is a somewhat troubling aspect, especially when taking into account just how unregulated the crypto world really is.
Despite its early success, BitForex is by no means a platform dedicated to advanced traders. Hence, BitForex does not offer advanced trading features such as margin trading or leveraged trading.
One other interesting aspect is the fact that the Chinese Yuan can only be traded on BitForex against a very obscure asset, the LVT. Last but not least, it’s worth considering the fact that BitForex supports two so-called “tether” coins. In theory, these digital assets are backed by the appropriate fiat equivalent. However, there are many out there that consider them to be very risky.
At first glance, BitForex has a lot of things going for it, the main one being its very competitive fees. However, it’s not exactly what most crypto traders would call a “well-established” crypto exchange. The main drawback might just be the lack of solid information about the exchange’s background.