BitForex is a cryptocurrency exchange based in Singapore. It is highly evaluated among the world’s exchanges, has expanded its users to 180 countries around the world, and now has more than 1 million users. Also, the fact that the transaction screen on the official page is very simple and easy to see is very popular. Another advantage is that transaction fees are low compared to other cryptocurrency exchanges. We handle more than 300 currencies, which is more than other exchanges. It is popular because the transaction screen on the system is simple and easy to trade. Also, opening an account can be done in about 5 minutes, so you can easily start.
Company information
BitForex is a cryptocurrency brand operated by Bitforex Limited. The cryptocurrency trading service will be available in 2018, and it can be said that it is still an emerging company.
| Company Name | Bitforex Limited. |
| Headquarters location | Singapore |
| Business start date | 2018 |
| Capital | Unpublished |
| number of employees | Unpublished |
License
A financial license is issued by the financial authorities of the country and is a permit for conducting a financial business. Without this, you cannot carry out business activities. The countries with strict examination standards in the world are said to be the United Kingdom and Cyprus. The UK Financial Conduct Authority (FCA) has very strict not only license acquisition but also maintenance standards, such as having to compensate up to £ 85,000 per person in the event of a Forex trader’s bankruptcy. The Cyprus Securities and Exchange Commission (CySec) is said to be the second highest screening country after the United Kingdom. So is BitForex licensed? It doesn’t have a license yet. It is a little worried.
Email support
If you have any trouble, you can usually contact us by live chat or email, but the response is very fast. BitForex unfortunately does not support phone support.
| Inquiry method | Contents |
| BitForex accepts 24 hours a day, 365 days a year, so you can send without worrying about the time. In most cases, you will receive a reply within a day. | |
| Live chat | BitForex is open 24 hours a day, 365 days a year on the official page. Use it if you want an immediate answer. |
Supported language
The following languages are supported. It may be a little less than other companies.
- Japanese
- Chinese
- Portuguese
- English language
- Korean
- Russian
Withdrawal method
There is a fee for withdrawing BitForex. See below. Bitcoin, Ethereum, Litecoin, Ethereum, Neo and Bitcoin Cash are eligible for withdrawal. Legal tender is not available.
| currency | Minimum withdrawal amount | Commission |
| BTC | 0.001 | 0.0005 |
| ETH | 0.02 | 0.01 |
| LTC | 0.1 | 0.001 |
| ETC | 0.7 | 0.005 |
| NEO | 2 | 0 |
| BCH | 0.012 | 0.0001 |
For withdrawal, you can select the virtual currency you want to withdraw by pressing the withdrawal at the bottom of the deposit screen on the official page. After entering the “Withdrawal Address” and “Withdrawal Amount”, check the fee at the end and select “Withdraw”. If you make a mistake, your withdrawal will fail.
Payment method
Legal tender is not available. You can deposit from “Deposit” on the official page. The deposit address will be displayed. Please copy the deposit address and send the funds from other exchanges. There is no deposit fee.
Account opening
Only one of the following items is required to open a BitForex account. BitForex does not require identity verification with a passport or driver’s license. In addition, there are no withdrawal restrictions depending on whether or not you have verified your identity.
- Email address or phone number
You can register for BitForex by phone number or email address. For Code, enter the characters you can see, enter any password, and click “Sign up”. You will receive an email with a 6-digit number written to the registered email address. Enter the number within 30 seconds and click “Verification”. Registration is now complete.
When you log in for the first time, you will be asked to set security. Make two-step verification settings. BitForex offers two-step verification, SMS verification and Google Authenticator.
Click “Bind” at the right end of the Google Authenticator column on the Security Strategies page in the account page. Scan the QR code or enter the Google private key under the QR code to “send”. Enter the verification code that arrived at the email address registered in “Email verification code”. Enter the verification app code in “Google verification code”. Click “Confirm” to finish.
Transaction fees
Transaction fees are cheaper with BitForex. There are many cryptocurrency exchanges other than BitForex, and transaction fees vary from free to 0.3%. As a discount, the commission on the transaction amount is often discounted.
| Exchange | Maker | Taker |
| BitForex | 0% | 0.1% |
| MEXC | 0.2％ | 0.2％ |
| BINANCE | 0.1% | 0.1% |
| bybit | -0.025％ | 0.075％ |
| OKEx | -0.015％〜 | 0.025％〜 |
| FXT | 0.01％〜 | 0.04％〜 |
| BaseFEX | 0.005％〜 | 0.03％〜 |
Currency pair
You can trade 69 stocks on BitForex. The following is an example, but you can trade many other coins. Please check the official page as the coins handled may change each time.
| Brands handled |
| BTC |
| ETH |
| ETC |
| EOS |
| NEO |
| XRP |
| DOGE |
| ADA |
| USDT |
| LTC |
| BSV |
Scalping trade
Scalping trades are allowed in BitForex. However, please be careful. Unlike foreign exchange, the price range of virtual currencies is very volatile. If you go the other way, be sure to decide the withdrawal point. If you go the other way, you may lose all your money.
Automatic trading is at your own risk
BitForex has no restrictions on automated trading. However, automated trading carries great risks. When a one-sided trend appears, the unrealized loss becomes large and all the principal is often skipped. Furthermore, in the case of virtual currencies, trends are more likely to occur than foreign exchange, and price range fluctuations are more likely to occur. You may lose all your money in one trade, so please understand before deciding whether or not to do it. Discretionary trading is recommended.
Low risk, low return for beginners
Beginners should not be familiar with cryptocurrency FX yet, so let’s start with low risk and low return.
Whether or not withdrawal is refused
It will be the most worrisome place for traders who actually trade. There is no Forex company that refuses to deposit, but I am wondering if I can really withdraw when I can make a profit. What about BitForex, as some companies run away at worst? The patterns of withdrawal refusals from past cases are summarized below.
| Case study | Contents |
| Withdrawal information error | You cannot withdraw if the withdrawal destination is incorrect. |
| Under maintenance | Withdrawals may be delayed during system maintenance. |
Full support
The problem is that there is no talk support and there is little language support. However, it is also an exchange that is attracting attention due to the rapid increase in the number of registered users.
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