Confused about investing in Bitforex? Get all the facts you need to make a decision with confidence. Do you need to know if it’s legitimate? We’ll uncover the truth – so you can decide what to do.
Contents
Quick facts: Is Bitforex Legit
- ✅ BitForex has over 1 million users and is one of the largest exchange platforms for crypto-currencies (CryptoRecorder)
- ✅ BitForex has over 140 trading pairs and offers a wide range of services for traders, including margin trading and futures (CryptoPotato)
- ✅ BitForex is a top-10 exchange by daily trading volumes and is compliant with global anti-money laundering regulations (CoinCodex)
- ✅ BitForex has recently announced the launch of its own token, the BF Token (CryptoNewsZ)
- ✅ BitForex has a strong focus on customer service and offers 24/7 customer support (NewsBTC)
Introduction
Welcome! You’re in the Intro section of our review of Bitforex’s legitimacy. Bitforex is a cryptocurrency exchange with great potential. But, before investing, it’s important to know facts. Our review will help you choose if Bitforex is the right platform.
We’ll look at the company’s history, features, services, user reviews, customer support and other facts. At the end, you should understand Bitforex and decide if it’s legit and meets your needs. So, let’s begin!
What is Bitforex?
Bitforex is an exchange for cryptocurrency trading, founded in 2018. It offers services for digital assets like margining and spot trading. Access to different currencies, like cryptocurrencies, fiat, stablecoins, and digital coins are available. With a global network of 150 countries, users get access to international markets.
What sets Bitforex apart is its pricing and fees. A tiered structure awards lower fees for higher trading. The rate is usually 0.1%, much lower than the average of other exchanges. Also, no deposit or withdrawal fees are charged when users withdraw funds or transfer money between accounts on the platform.
What services does Bitforex offer?
Bitforex is an online global cryptocurrency exchange. It lets users buy, sell and trade digital assets. Its website shows a wide range of digital currencies like Bitcoin, Ethereum, Litecoin, Ripple, EOS and more. Bitforex also allows USD and Euro payments.
Security is a priority at Bitforex. It offers multiple trading pairs, margin and spot trading, perpetual swap contracts, high liquidity, different order types, market-making tools, 10 digital assets for withdrawals and 30 currencies for deposits and withdrawals. Plus, its mobile app makes it easy to use the platform from anywhere.
Safety and Security
Safety and security are key when investing in any cryptocurrency exchange. It’s important to make sure you’re investing with a reputable company who’ll protect your funds and personal data.
Bitforex is one of the world’s largest exchanges. They take great care to ensure user safety. Accounts require a two-factor authentication (2FA). Cold storage wallets are used, with hot/cold wallet process flow. Funds stored in these wallets are secured with advanced encryption technologies. Bitforex also maintains cyber security protocols like DDoS protection, network firewalls and access control.
Is Bitforex regulated?
Bitforex is a Singapore-based cryptocurrency exchange, founded in 2018. It offers spot trading, margin trading, perpetual contract trading and other services. Mainly catering to Asian markets, it also serves global clients.
Is Bitforex regulated by any financial authorities? The answer is no. There are no licenses from regulators like the US FINRA or UK FCA. Bitforex claims to prioritize customer security. It has internal measures such as multi-level authentication and encrypted communication protocols. Users must use the platform at their own risk, as there are no external regulators overseeing operations. Proceed with caution.
What security measures does Bitforex have in place?
Bitforex is dedicated to protecting its customers. Funds are stored in cold storage, held at renowned banks. Transactions are via secure SSL technology. Bitforex follows KYC rules and has regular system audits. Personal data is encrypted and stored with advanced encryption.
Two-factor authentication methods like SMS verification codes, Google Authenticator, Authy, Yubikey and email notifications protect user accounts. Plus, the platform provides a multi-signature wallet for extra safety when transferring digital assets.
Fees
Bitforex is clear with their fees. A 0.1% trading fee applies to all trades, except for some coins. But, when you withdraw crypto there is a large fee of up to 2%. This is to cover the cost of sending the crypto out. Bitcoin miners may also charge a fee for certain transfers. This may reduce profits or empty wallets if fees exceed the amount sent.
Bitforex has an extra deposit fee of 0.0005 BTC or 1 EOS per transaction when depositing funds to buy crypto.
What are the fees associated with using Bitforex?
Bitforex is a crypto exchange. Before investing, it is wise to understand all fees. Bitforex charges a 0.1% transaction fee. This can be paid in USDT or BTC.
A Maker Fee of 0.02% and Taker Fee of 0.04% also apply. Makers pay for trades not executed immediately, and takers pay for trades filled immediately.
Plus, there’s an extra 1 USDT fee if traders close their positions before 24 hours.
Bitforex also charges withdrawal fees according to currency type. It ranges from 0-0.005 BTC or equivalent in other coins. So, users should know the fees before investing.
Does Bitforex offer any discounts or promotions?
Bitforex gives discounts, promotions and other incentives to those investing with them. They have a referral program that rewards those who recommend their services. Further, they provide discounts on certain trading pairs and give Bonus Tokens and coupons. Plus, exclusive digital asset trading services for customers with an account via website or apps.
Also, account holders can benefit from promotional events Bitforex announces from time to time. In conclusion, Bitforex offers a range of discounts and promotions making investing with them even more attractive.
Customer Support
Bitforex is committed to providing an awesome customer service experience! Their customer support team is ready 24/7. You can contact them via the website, email, or mobile app. They can help with technical stuff like setting up accounts, orders, deposits & withdrawals. Plus, they’ll guide you on how to use the platform’s features.
If something suspicious pops up or there’s a security breach, their customer support will investigate & help out immediately. That’s how Bitforex rolls!
How can I contact Bitforex customer support?
Bitforex offers various customer support options. If you need help with your Bitforex account, you can reach the customer service team via:
- Live Chat: 24/7 live chat available.
- Help Center: Check out the Knowledge Base for how-tos and FAQs.
- Email: Email support@bitforex.com for questions not answered in the Help Center. Response in 1-2 business days.
- Social Media: Follow Bitforex on Twitter, Facebook, Telegram and WeChat for tips and inquiries.
What are the customer support options available?
Bitforex offers customers plenty of customer support options. These include a 24/7 live chat, email and phone support. Plus, you can reach out to their customer service team on social media like Facebook, Twitter and Telegram. They’ve also got an extensive FAQ page. And the Bitforex team are available for one-on-one consultations via Skype or Zoom if needed.
The customer support options at Bitforex are comprehensive. Plus, their live chat lines have quick response times and helpful staff. Customers have loads of ways to get in touch with the team, should they need help with trading on the platform.
Conclusion
All in all, Bitforex is a dependable cryptocurrency exchange. It has many features, although it isn’t the cheapest in terms of fees. Fees are fair for a secure exchange for traders of any level. Plus, a wide selection of cryptocurrencies caters to beginners and serious traders. And, you can get customer service on their website or by email. Plus, they offer various tools to help protect your funds while trading.
In sum, Bitforex looks like a legit exchange with good qualities which make it worth investing in.
Is Bitforex legit?
Bitforex is a crypto exchange, trading platform and margin lending service. Established in 2018, it is well-known for its low fees and diverse digital asset selection, including Bitcoin, Ethereum, Litecoin, Ripple, and EOS.
Although not regulated, Bitforex has built a reputation for security and customer support. Its customer service team provides useful guidance to users who encounter confusion or have inquiries about their accounts or transactions.
All things considered, Bitforex offers traders good services and features at low costs, with access to various digital assets. Nonetheless, users should always research an exchange before investing, as funds may be lost or stolen if security measures are not taken.
Final thoughts on investing with Bitforex
Investing with Bitforex comes with risks. It is important to learn about cryptocurrency trading and fees, before investing. Bitforex offers many tools, platforms and services to make trading simpler. The customer service is also a key factor when choosing a platform. Research other investing platforms like Bold.org too.
Ultimately, it is up to the investor to decide what works best for them to get the most returns.
FAQs about: Is Bitforex Legit
Q1: Is BitForex a legitimate platform?
A1: Yes, BitForex is a legitimate platform. It is a leading cryptocurrency exchange that provides trading services in over 100 digital assets, including Bitcoin, Ethereum, Litecoin, and more.
Q2: Is BitForex safe to use?
A2: Yes, BitForex is a safe platform to use. It utilizes the latest security technology to ensure the safety of its users’ funds and personal information.
Q3: Is BitForex regulated?
A3: Currently, BitForex is not regulated by any financial authorities. However, the exchange is taking steps to become more compliant with regulations in the future.