The Complete Guide to the BitForex Exchange

• Founding Duo
• Operations
• Getting Registered
• Funding Your Account
• Spot Trading
• Fee and Charges
• Mobile App
• Token Listing
• Service Locations and Legal Compliance
• API
• Security
• Customer Service
• Conclusion

BitForex is a leading crypto exchange that offers a safe and secure environment for its users to buy and sell their crypto assets. Like many other modern crypto trading platforms, BitForex was also developed during the Great ICO Rush of 2017. The exchange started to cater its users in the next year and today has more than 3.5 million users from around 180 countries who can buy or sell their assets in more than 300 trading pairs.

On average, the exchange has more than $115 million USD daily trading volume and ranks 28th amongst global exchanges. The high number of trading pairs and millions of users gives traders a high liquidity option on the platform. The exchange also uses a powerful trade matching engine that’s capable of handling the large load of users and has the capacity to deal with 1.6 million orders per second.

BitForex was noticed by large crypto players from the start. The exchange was able to secure funding early on from large crypto investment firms and platforms such as Crypto Capital, QTUM and TRON. Through the $20 million USD collected, the crypto exchange was able to rapidly expand its operations and bring in finance experts. The main team of the platform consists of former employees of some of the largest financial and tech organisations, such as Microsoft, World Bank and Tencent.

Currently, the crypto exchange is operated from its Head Office in Hong Kong and is incorporated in the Republic of Seychelles. To cater for its increasing global user base, the exchange has offices set up in Germany, Singapore, Malaysia, Philippines and Estonia.

BitForex Founding Duo

The BitForex crypto exchange was set up by Garret Jin (currently CEO) and Jason Luo (Head of Business Development). Both, as founders, are still attached with the exchange and with their visionary business and service, have worked hard to set BitForex apart from other exchanges.

Garret Jin

For someone who leads one of the most successful crypto exchanges in the world, it’s surprising that Jin’s LinkedIn profile doesn’t have an “about” section. A Google search also revealed little. Although Jin is active when it comes to promoting blockchain and cryptocurrencies as general and has given speeches to global-level conferences, he seems to keep his public presence low key.

The CEO has a Bachelor’s Degree in Economics from Boston College. The economics background is probably the reason Jin was able to identify the importance of cryptocurrencies and the potential these digital assets hold.

Professional Experience

• China Construction Bank: Intern, from June 2011 to September 2011 (four months). Jin worked in the ForEx Department and conducted research on development of offshore RMB services.
• Da Yo Trading: Founder, from July 2012 to July 2014 (two years, one month). Jin developed and launched a trading firm that he successfully ran using his experience in trading, business development and dealt in not only ForEx, but commodities too.
• Tsinghua University, PBC School of Finance: Research Assistant, from April 2014 to July 2015 (one year, four months). Moving to Mainland China, Jin was exposed to cryptocurrencies and started researching decentralised finance, peer-to-peer networking, and crowdfunding.
• Huobi: Operations Director, from August 2014 to August 2015 (one year and one month). During his tenure as a Research Assistant at Tsinghua University, Jin started to work with Huobi, a top-level crypto exchange. He was instrumental in developing trading rules, exploring new markets and helped make sense of the massive data generated to make crucial decisions.
• FuLang Medical Germany GmbH: Co-Founder, from July 2015 to present. Jin’s entry in the medical field, he has established a Frankfurt-based medical supply firm that services large Chinese clients. Jin continues to lead the firm to this day.
• BitForex: CEO, since December 2017. Using his experience in economics, trading and cryptocurrencies, Jin setup BitForex, with focus on offering good liquidity and a high level of security.

Jason Luo

As a co-founder of BitForex, Jason Luo has been instrumental in development and expansion of the exchange. He currently holds the position of Head of Business Development and is primarily responsible for finding new markets and crypto instruments for the exchange. Luo has a flair for entrepreneurship and has set up different firms.

Professional Experience

• People’s Daily: Assistant Executive, from January 2013 to June 2014 (one year and six months).
• NTL Naigai Trans Line: Manager Marketing, from December, 2014 to December 2016 (two years, one month). Responsible for business expansion of one of the largest Japanese non-vessel operating carrier shipping companies.
• Easter Altitude Technology: Co-Founder since January 2016. Bringing a revolution to the shipping and financial industry, Eastern Altitude Technology presented an online, turnkey management and payment service.
• ShenZhen CHG Real Estate: Founder since September 2019. An investment and asset management fund.
• BitForex: Head of Business Development since March 2017. One of the world’s leading crypto exchanges.

BitForex Operations

Over the years, BitForex has grown more than a simple platform that allows people to buy and sell cryptocurrencies. The platform offers much more through its different trading operations:

• Spot Exchange: The purest form of a full-fledged exchange, Spot Exchange offers a wide variety of crypto trading pairs and users can buy or sell digital assets using industry recognised order placements.
• Perpetual: Mimicking how traditional futures contracts work, Perpetuals don't have an expiration date and work as ongoing contracts that are more like spot market based margin products.
• MT5: Stepping into the traditional realm, MT5 allows its users to take part in legacy financial product trading, using their cryptocurrencies to buy or sell stocks, securities, metals, and commodities.
• Social Trading: Another name for copy trading, users can follow the top traders in the BitForex market, using automation to shadow their trading strategies and earn profits through a passive mode, yet with the potential and yield of active day trading.

Getting Registered on BitForex

BitForex perhaps is one of the easiest signup processes in the crypto exchange industry. Anyone interested in signing up to the exchange must first head to the registration page.

Here, the user is presented with a number of data fields. The trader must enter the email that will be used for communication in the first one. We advise that users should enter an email that is regularly checked. All communications made by the BitForex exchange after signing up will be through the user’s email address.

The password is entered in the second field. Users should make sure that their password is strong so it’s difficult for people to guess. Ideally, the password should not be less than eight characters, contain at least one number and both uppercase and lowercase. Though the BitForex doesn’t ask for a special character, it’s advised to use one too. The password should also not reflect any personal information, such as birthdays.

Below the password field is another one asking for a code. Next to it is a big Send button. Users must click on the button and BitForex will send a code to the registered email address of the user. BitForex also might ask for a security verification by asking the user to identify as a human. This check is to make sure that the registration is being completed by a person, not a bot. The user must next check for an email by BitForex containing a six-digit code. The code needs to be entered in the relevant field. The user also has the option to enter any invitation code that an active trader on the platform may have forwarded to them. The invitation code gives the existing user different advantages, such as reduced trading fees.

Users then have two options to choose from. The first option is to receive promotional and other information from BitForex regularly in their inbox. This is optional and the user can decide how to remain updated, through email or checking their BitForex account for announcements. The second option is a declaration of having read the Terms of Service of the platform. It is mandatory for the user to select this option before they can proceed.

The user can then simply click on the large Register button, which will take them to their account to start trading.

Alternatively, users can also register from their mobile. The process is a near mirror of the registration through email. Only the username is replaced by the trader’s mobile number.

Two-Factor Authentication

Once registered, the user is advised to go and bind a mobile phone or a mobile number for the Two-Factor Authentication. This is a security layer designed to thwart attempts to access, modify settings or withdraw funds by any other person apart from the user itself. The 2FA is required on BitForex for any major activity, such as logging in, requesting withdrawal of funds or changing any user settings.

Google Authenticator

Google Authenticator is a 2FA app developed by the internet giant that allows people to bind their accounts and their mobile devices to the app in such a way that a new code is generated every time the app is opened and is valid for only about 15 seconds. The code is regenerated constantly so that only the user and owner of the mobile can access it and input where required.

Users first need to download the official Authenticator app from Google Play for Android mobiles and from the App Store for iOS-based devices. In the meantime, users must headover to the Security Settings in BitForex and click on Google Authenticator. The QR code presented on the screen must be scanned by the Google Authenticator. The app will generate a six-digit code that must be entered on the BitForex interface and then press Confirm. If the user enters the exact code within the stipulated time, the mobile devices and the Google Authenticator app will bind with the user’s BitForex account.

SMS 2FA

Alternatively, users can use their registered mobile numbers to receive 2FA codes. In the same Security Settings, users can head to the Mobile Phone section. Users will need to enter their mobile number and request for an SMS verification code and then an email verification code. These two codes will be sent to the mobile number and email respectively and must be entered in the data fields. The user can then click the Verfication button and if the codes are entered correctly, the mobile number will be bound to the user account.

Funding Your BitForex Account

As a crypto exchange that has the minimum barrier to entry, BitForex makes it easy for its users to fund their accounts and start trading. Users can fund their accounts using two methods.

Buying Crypto with Fiat

Like many other crypto exchanges, BitForex has also teamed up with Simplex to allow users to buy cryptocurrencies using fiat. Simplex is a payment gateway that is a preferred method for many similar platforms, both full-fledged exchanges and simple peer-2-peer ones to let traders use their fiat.

After logging in to their BitForex account, users can go to this page to buy crypto. Simplex currently supports all major debit and credit cards that are on the Visa and MasterCard network. Users should contact their bank to confirm first that their cards support online purchases (try using the term eCommerce if the bank representative doesn’t understand).

On the BitForex crypto buy page, users will find five cryptocurrencies, BTC, ETH, LTC, BCH, and XLM. These five cryptos are currently the only options to buy on BitForex using fiat. Before selecting their preferred crypto, users must check out the trade pair of the asset they eventually want to buy on the exchange. If the final crypto in question doesn’t have an XLM pair, buying XLM will only mean that the user will first need to look for another XLM trading pair that has a common base. This can essentially increase the amount of trades that must be conducted to get their hands on the desired crypto. Most of the cryptocurrencies listed on the exchange have at least a BTC pairing, so that can be the best option to buy using fiat.

Upon selecting one of the five cryptos, users will be shown further options below it. These are the type of fiat that BitForex will require through the Simplex gateway. Currently Simplex will allow only the use of USD, EUR, CAD, and JPY. Even if the user’s debit or credit card’s native currency isn’t one of these four, these can still be used. The user’s bank will simply charge the native equivalent fiat. Users should contact their banks or credit card issuers to learn about their bank’s fiat conversion policy, how the conversion rate is determined and if there are any charges at their end.

Once the preferred crypto and the fiat are selected, users can enter the amount of crypto they wish to purchase in the field below. On the field next to it, BitForex will automatically display the amount of fees Simplex will charge for the purchase. If the user is comfortable with the charges (5% of the total amount), he or she can press the button below to finalise the purchase.

Since there are essentially four parties involved in the entirety of the fiat purchase (the trader, local bank, Simplex and BitForex), there are a few things for the user to keep in mind:

• Crypto received from purchasing this way may be slightly lower or higher than requested. This is due to the high-level volatility of cryptocurrencies and fluctuation in prices.
• If the value of the selected crypto increases or falls more than 2.5% before the asset is bought for the user, the purchase is suspended. In this case, a message will be sent on the user’s BitForex-registered email or mobile number. The user must reconfirm the transaction if the crypto is still desired at the new rate.
• The purchase can take up as much as 30 minutes to complete.
• Although only a small 5% transaction fee is charged, the minimum amount set is $10 USD.

When the transaction is complete, the crypto is reflected in the user’s BitForex wallet and the user can start trading.

Funding Crypto Directly

Users who already have access to, or are in possession of, cryptocurrencies can directly fund their BitForex account and start trading.

On the BitForex Homepage, users can go to the Asset Management option on the top-right side of the page. Users will be taken to the deposit page where they’ll need to choose the cryptocurrency they want to deposit. The exchange will automatically generate a deposit address. Here, they’ll be asked to enter this address in the other wallet from where the cryptocurrency is to be transferred, and can easily copy the complete address with a single click.

Depending on the type of token or coin selected, the address can be very long, and manually entering it in the sender’s wallet is risky, with a high chance for human error. Blockchain technology’s underlying programming means that cryptocurrency transactions are irreversible. If the address is entered incorrectly and transaction executed, the funds can’t be recovered. For users who have wallets that support scanning, the exchange will also show a QR code that the traders can scan with their mobile camera for a simple one-click transaction.

Once the transaction is executed, the crypto will be moved from the original wallet and deposited into the user’s BitForex wallet. The time taken can vary significantly, depending on the type of cryptocurrency selected, the number of confirmations required and the load on its network.

When the transaction is complete and tokens are deposited in the user’s account, the user can go to the Asset Management page and see the amount reflected there.

Withdrawing Your Crypto Assets

Users of BitForex have the option to withdraw their assets at any time. To begin the process, they must head to the Asset Management page and then select the token or coin they wish to withdraw from the list.

Upon selecting the relevant cryptocurrency, users will be shown a menu. The first option is to enter the receiver’s wallet address. For users who frequently withdraw to selected addresses, BitForex stores these addresses and users can quickly select the one to which they wish to send their digital funds from the drop-down menu. Users must be careful to enter the exact wallet address. Entering a wrong address, whether of another wallet or a different crypto network completely, can result in the loss of the assets. Unlike fiat banking and financial systems, where wrong or incorrect transactions can be reversed, crypto transactions are a one-way road and funds can’t be recovered. Therefore, users are advised to double check the wallet address.

Below the address field, users will need to enter the amount of crypto they want to withdraw or send. For each crypto, BitForex has a minimum amount that can be sent out in a single transaction and a maximum limit for a single day. Users can check out the limit on the Fee page. Users will be shown below a miner fee on entering the amount to be withdrawn. This is the fee that BitForex charges users as a miner’s fee. Miners are people and groups who basically maintain the network and the digital ledgers. They record all valid transactions on the distributed network and are given a fee for their services.

The user needs to press the Submit button to start the withdrawal process. When clicked, BitForex will need to confirm that the owner of the trading account is the person who is sending the transaction out. For this, users are identified through the Two-Factor Authentication system. Depending on how the user sets it up, either the user will be prompted to enter a six-digit code generated by Google Authenticator mobile app or an SMS will be sent to the registered mobile number.

For Google Authenticator, users will have fifteen seconds to enter the code. As a security measure, Google Authenticator keeps on switching the code four times a minute. If the user is late in entering the code, he or she will be prompted to enter again.

Once the code has been verified, BItForex will send the data to a reviewer who will confirm the authenticity before the funds are sent out. During the final confirmation, the relevant fund is locked and users can’t use it for trading. The status of the withdrawal can be checked in the withdrawal records.

BitForex adds another layer of security when the password of the account is changed. Users aren’t allowed to withdraw assets in the first three days of changing their password.

Account and Trading Wallets

When cryptocurrencies are deposited on BitForex, they are directed to the Account wallet. Users can’t directly trade these funds. Since BitForex offers different kinds of trading, it has a separate wallet for each so that users can better manage their funds. In the wallet interface, users must select the amount of crypto they wish to trade and transfer over to their preferred trading, like spot trading, for example. Only then will they be able to begin their spot trading. Similarly, when they wish to withdraw their funds, the tokens must be shifted back to the account wallet. Shifting of funds between the account wallet and different trading wallets is free.

BitForex Spot Trading

Only a couple of years old, BitForex has quickly made a name in providing a quality trading environment to its users and offering an ever-expanding trading option as the market grows. It boasts a large number of traders and is catering to users in every corner of the globe. The exchange is constantly adapting to the market needs and giving cutting-edge trading options.

The platform claims to have more than 300 trading pairs for its users to choose from and try increasing their wealth. According to crypto statistics website CoinMarketCap, the exchange stands at 28 in number, with an average daily trading volume of $126.4 million USD. The statistics platform lists 217 trading pairs for the Spot trading market, distributed among 143 individual cryptocurrencies.

The spot trading interface is as plain as any can be, with the option to use a light or a dark theme, enabling users to effectively trade during the night hours without putting much strain on their eyes. The screen is divided into six distinct sections:

Trading Pair

On the left side of the screen, the user can view and select the trading pair he or she wishes to use. A trading pair consists of two cryptocurrencies. The first is the actual cryptocurrency the user will be buying or selling and the second one is the base currency, through which the first crypto is quoted. For example, an XRP/USDT pair would allow the user to buy XRP using his or her USDT holdings or sell XRP for USDT. Currently BitForex offers its trading pairs against base currencies of BTC, ETH, USDT, and TUSD.

Recent Trades

Below the Trading Pair section, users will find the Recent Trade section, where the last few executed trades are shown. This allows the user to determine where the market rate is heading in the short term in conjunction with the trading graph.

Trading Graph

Taking centre stage is the trading graph that displays the trends of the crypto trading pair the user has selected. The graph is a Japanese candlestick by default, using green to represent increase and red to show drops in the crypto value.

There are several options on the top of the graph, allowing a user to customise it according to their needs. Apart from the candlestick, the type of graphs a user can select include Bars, Heikin Ashi, Line, Area and Baseline. Each graph type offers a different insight for the user. The user also has the option to select the time interval for each of the graph points, ranging from one minute up to an entire month.

Above the graph customisation options, users are presented with the overview of the cryptocurrency, such as the name, a financial-style rating (AA for Bitcoin, for example), the current price according to the base crypto and other 24 hour metrics.

Buy & Sell Orders

Below the trading graph, users find the Buy and Sell order sections next to each other -- the Buy on the left and the sell on the right. Currently, BitForex only offers limit orders in spot trading.

If the user wants to buy a cryptocurrency, he or she must first select the right trading pair. The user must have the base crypto as holdings if intending to buy a crypto. In case of selling, the user should hold the asset crypto. For example, to buy ETH using an ETH/BTC trading pair, the user should have BTC. Similarly, to sell ETH using the same ETH/BTC pair, the user should hold ETH.

To buy, the user goes to the left side of the order section. Using the simple limit style order, the user first enters the price of the asset that is desired and then in the next field, the total amount required is entered. The user also has the quick option of placing a 25%, 50%, 75% or 100% of the amount that can be bought by using the four buttons placed below. BitForex will automatically calculate the amount of base crypto required further down. When the user is satisfied with the amount that will be used for the trade, he or she can simply click the large Buy button at the bottom of the section. Similarly, if the user wishes to sell the asset, the right container can be used, where the desired price and the total amount wished to be sold is entered. The order can be started by pressing the red Sell button.

Order Book

Once the order is placed by a user, it’s in an open position and moved to the order book on the right side of the interface. The right side of the interface is where all the open orders are placed. This section is divided into two areas, stacked on top of each other. The top one shows all the sell orders in the book, with the requested price, the amount of the asset per order and the total amount in terms of the base currency.

Below the sell orders are the buy orders, showcasing all open orders for purchasing the cryptocurrency, in the same manner of sell orders, showing price, amount and the total value of the order. Sandwiched in between the order sections is the average market price of the asset selected.

Once the order is moved here, the BitForex trading engine will seek out similar orders. In case of a buy order, the engine will find sell orders in the book that not only match the price, but have enough quantity of the cryptocurrency for trading. When orders match, the trading engine executes it and deposits the relevant cryptos in the buyer and seller accounts.

Many times, the price requested by the user will not be available. To make sure that the user’s order is not left hanging, the BitForex trading engine will seek out orders that have slightly higher and lower values in an attempt to execute the order to give the user an average buy or sell price that is as close as possible to the requested price.

Order Data

At the bottom of the BitForex trading engine, there is the order section that contains information on all orders of the user. The first tab of Open Orders displays all orders, both buy and sell, that the user has placed and are in the order books, but haven’t been executed or completed. Likewise, the second tab of Order History shows all trades that have been successfully completed by BitForex for the user.

For Open Orders, the displayed information for users in this section includes the trading pair, type of order, the total amount of the order, how much of the order has been filled so far, the price and average price, status of the order and any action that has been taken so far. For users who place multiple open sell and buy orders, they can also use the checkmark option to view only buy or sell open orders.

Going to the Order History tab, users can see the relevant information on their completed orders. The information displayed includes the time the order was completed, the type of order, the total amount requested, the actual filled amount (in case of partial orders), the price requested and the average price received and the status of the order.

BitForex Fee and Charges

As a crypto exchange, BitForex is in the business of not only providing its users a world-class experience, but also to generate funds to cover its expenses. The platform has the following charges and fees on its exchange:

• Spot Maker and Taker Fee: 0.1% of the traded amount
• Perpetual Maker Fee: 0.04% of the traded amount for BTC and ETH. 0.06% for the rest of the contracts
• Perpetual Taker Fee: 0.06% for all contracts
• MT5 Fee: For cryptocurrencies, 0.08% is charged, while for all Forex, Metal, Indexes and Commodities, $10 USD is charged
• Deposit Fee: Deposits of all cryptocurrencies are free of any charges
• Withdrawal Fee: Each crypto asset has its own withdrawal fee, which is kept updated on the Fee page

BitForex Mobile App

BitForex brings extreme mobility to its users by offering them the choice of trading on the go by installing the official mobile apps. The mobile app brings the same comfort and agility of the computer-based exchange and its interface and offers all of the options available on laptops and desktops.

Android App

The BitForex mobile app can be downloaded for Android users from the official Google Play Store here. The Android version has been installed more than 10,000 times. The BitForex Android app carries a 3.3 rating out of a total of 5 from 100 reviews. A majority of the users who are not satisfied with the Android app have given it the lowest rating of 1. Users are mostly complaining about different bugs in the app, ranging from not being installed properly to loss of funds.

iOS App

A search in the iOS App Store doesn’t reveal any application for BitForex, but the exchange does claim that there is one available for Apple users. On clicking the iOS link on the homepage of BitForex, users are taken to an internal download page of the exchange. The exchange asks for users to copy the link and paste it into their Safari browser. The user is then taken to a BitForex page where they can download the app. The page also gives a small guide on how to go into their device settings and accept China Telecom System Integration Co. Ltd as a trusted source so that the app can be downloaded by bypassing the device default restrictions.

The process looks complicated. The fact that the exchange has turned towards using an unorthodox method of getting their app installed on Apple devices, which isn’t endorsed by the manufacturer, is a bit suspicious. Since there’s not an official version available on Apple Store, there isn’t an authentic way to read user feedback on the app. For BitForex users, we suggest to avoid using the app and rely on using the browser to access the trading platform.

Token Listing on BitForex

At first glance, the BitForex website reveals little information regarding how to get a token listed on the exchange. There is only a single dedicated email listing@bitforex.com given where interested projects and their teams can contact the exchange, asking for a token listing. On requesting the exchange through the email of the requirements by us, the exchange swiftly replied with the following requirements:

• Applicant’s name.
• Contact number.
• Official email address.
• Name of the project with an introduction not less than 200 words.
• Project website and whitepaper link.
• Number of active people in the official Telegram group.
• Token encryption type, link to icon and the contract encryptions.

There isn’t much on any legal requirements for a token listing either on the exchange - at least not declared. Each application is manually reviewed and if the exchange deems it up to their standards, they can start the listing process. If the project doesn’t fit the BitForex guidelines, the exchange lets the applicant know that, too. In case the project is rejected, the team can work on their shortcomings and reapply at any time for another review.

Service Locations and Legal Compliance

BitForex doesn’t declare any limitations on the geographical areas it serves, but in its Terms of Service, it does talk about the exchange complying with legal and regulatory requirements of its country of registration. The terms also declare the exchange has,

“know-your-customer and anti-money-laundering policies are a comprehensive system of international policies, including the know-your-customer and anti-money-laundering policies of the jurisdictions to which you are subject to. Our robust compliance framework ensures that we meet regulatory requirements and regulatory standards on both the local and global levels, and ensure the operational sustainability of our website”

Unlike many other exchanges that have adopted strict rules and have declared which areas or countries they do and don’t serve due to local laws, BitForex only mentions following the financial fraud rules. The fact that, though many countries have declared cryptocurrencies illegal and the holding or trading of digital assets is outlawed within their borders, it continues to serve citizens of these countries, points out that the exchange is not terribly concerned with regulatory compliance. This casts a shadow of doubt on the exchange and creates a lot of risk. Any legal inquiry into the exchange’s business practice in its registered country can lead to the exchange being closed down, affecting millions of users. Although the drop-down menu of options when attempting to register using mobile numbers does reveal that a few countries such as Iraq and Syria aren’t supported, many other countries that limit or restrict the use and trade of cryptos, such as Pakistan, are allowed.

BitForex API

APIs allow for users to access their trading accounts remotely through different apps that are specifically designed for the trading purposes. These apps mainly offer a more secure environment and can come in a variety of user interfaces, enabling the traders to select the UI with which they are most comfortable. APIs also bypass the need for logging in on the web or mobile interface time and again.

Creating API Keys on BitForex

Although the APIs are third-party apps, their permissions are set by BitForex through special keys. To generate the keys, users must go to their Account Settings and then to API Management. On the top of the screen, users will find a large green button Create API Key. The user will be presented with a pop-up menu. The first entry field will be the name of the API. Since users can create multiple APIs for the same account, they need to enter a name here to be able to identify it later on.

Users will then have to decide what kind of permissions the API Keys will give. The options are:

• View: The API that will use these keys will be able to only pull data on the account balances and any trades being done. It can’t execute or start a trade.
• Trading: This option gives the user the ability to open and start trades through the API.
• Withdraw: Even with trading enabled in the last option, users are still not allowed to withdraw funds. With the Withdraw options, users will have complete remote access and control to their account and can also withdraw their funds.

The third entry users see is the Bind IP. If users have a static IP setup, they can enter their IP here. This is a security feature that allows the API to access the BitForex account only if it’s connected through the specified IP. Users can enter up to four IPs for each API Key. Users who do have a fixed IP but are in the habit of using a VPN will find that IP binding is useless, as the VPN will route their connection through a different IP.

After all the fields have been entered, users must click the Confirm button below. BitForex will show the user two different keys. One is the API Key, akin to a user account number, and the second is the Secret Key, the password. They keys are only shown once and when the information is dismissed, they keys are never shown again. To avoid loss of keys, users are advised to note these down. The keys should also be placed in a safe spot, since if these are compromised, anyone can access the account. If the Withdrawal permission was selected, the other person could even siphon off the user funds.

BitForex Security

As a crypto exchange where millions of dollars worth of trades happen each day, BitForex has kept its security systems up to date to protect the funds of its users. The platform ensures the safety of data and assets in two distinct categories. Let’s take a look.

Exchange Security

There are four different aspects that BitForex deployed as security on its end:

• Cold Wallet: 98% of all funds are kept in cold wallets. Cold wallets are just like regular cryptocurrency wallets, but they are physical devices that need to be connected to the internet for any transfer of funds. This effectively cuts the funds off and no one can access them. BitForex goes a step further and uses multisignature security where at last four out of seven keys must be entered to access the wallets.
• Hot Wallet: Only the funds that are required for BitForex to operate are placed in its hot wallet. This is usually around 5% of all the funds stored on the exchange.
• Data Audit: Recently BitForex increased its security team and dedicated specialists perform data and code audit to ensure that no tampering has been done to the platform’s code.
• DDoS Shield: Using the latest in technology, BitForex balances the loads on its servers and if one is attacked to grind it to a halt, others take over so that trading can go on continuously.

Personal Security

BitForex asks its users to change their password regularly. Apart from that, the exchange also requires trades to use any of the following types of Two-Factor Authentication:

• SMS: Users can give their mobile numbers and the exchange can bind their accounts to these. Any significant action by the user, such as withdrawal or change in the settings, would lead BitForex to send a code through SMS to the registered mobile number. This code must be entered by the user in order to proceed.
• Google Authenticator: Much like the SMS 2FA, if a user opts to use Google Authenticator, the code would not be generated by BitForex and sent through SMS, but the Google Authenticator app would itself create a six-digit code with a lifespan of 15 seconds. Users will need to access the app on their mobiles and enter the code when asked by BitForex. If the code is not entered in time, Google Authenticator will automatically expire it and generate another one.

As a safety precaution, BitForex will suspend all withdrawals from the account for three days if a password has been changed. This step is taken to counter any attempt at siphoning off of funds by a malicious party by changing the password and effectively cutting off the original trader from his or her own funds. The delay gives sufficient time to the account owner to request for a password change.

Customer Service

BitForex claims to have a 24/7 online customer service to resolve issues faced by its users and traders. The exchange gives its users a number of ways to either contact the platform or obtain information about the issues they face:

• FAQs: BitForex has a section dedicated to FAQs that cover account creation, spot trading, social trading and more. There are a lot of articles in this section, but when a user clicks on one to learn about the issue, the trader is mostly disappointed because the answers are quite brief, almost to a point of being useless.
• Request Submission: If the user can’t find anything in the FAQs that covers their problem, they can always submit a request through the web mail interface. BitForex will then contact the user with the details and request any more information that may be required to resolve it.

• Email: BitForex users can even email the platform directly for queries and questions.
• Communities: BitForex encourages its users to interact among themselves and try to get their problems resolved together. For this the platform runs different community channels, where users and potential users can come on a single forum and discuss the problems they encounter with the exchange and its tools. The channels also give BitForex a chance to interact with its users beyond as clients who trade. Communities of the platform exist on Telegram, Twitter, Facebook, LinkedIn, YouTube, etc.. The exchange also helps by creating multiple channels with different languages so that non-English speakers are at ease when discussing their problems or interacting.

Conclusion

BitForex is a good exchange with a high level of security to protect its users’ funds. Although the exchange offers advanced trading such as perpetual and copy trading, the exchange has been designed with simplicity in mind. The spot trading function, for example, only carries buy and sell limit orders. Where other exchanges are offering advanced orders such as stop limit, iceberg, FOK etc, the single order type drastically limits the ability of the user to create trading strategies for higher profits.

On the other hand, advanced trading options do cover plenty of options that make up for the lack of spot trading and give users a competitive edge. For example, social trading is an opportunity for users to let the exchange shadow their funds and trades with the most successful traders on the platform. For a small fee, the users are able to passively generate profits.

Where there are good things about BitForex, there are others that are less than stellar. The exchange doesn’t seem to have a clear policy on how to deal with different jurisdictions that its users come from, nor does the platform clearly define what limitations and compliances it has to follow. There’s negligible activity in terms of the KYC checks done by the platform. Though blockchain and cryptocurrencies proponents do agree that the government should have no involvement in the financial lives of its citizens, KYC and AML of users is a necessary evil to stop money laundering and financial fraud.

The crypto exchange says it’s operated from its Head Office in Hong Kong and is incorporated in the Republic of Seychelles. The exchange further claims to have offices setup in Germany, Singapore, Malaysia, Philippines and Estonia to help the ever-expanding global user base. Yet, there’s no detail on the offices, not even on the Head Office in Hong Kong, on its official LinkedIn profile.

In conclusion, BitForex is a fine exchange and is open for everyone -- anywhere in the world (almost) -- to register and become a part of the decentralised financial revolution.

Cryptocurrencies are not legal tender and aren’t backed by any central bank or government. Investments made into digital assets always carry a risk of being lost due to massive and unpredicted price drop. Readers are advised to do their own research before committing to crypto investment and trading.