Review on BitForex by Stephen Toluwani
Bitforex Centralized Exchange; for every traders need
Bitforex is a centralized exchange that offers around 145 coins and over 200 trading pairs. The liquidity on the platform is around 13,000 Bitcoins value along with its large number of traders, the exchange has a good credibility score if you ask
The fund protection mechanism on the exchange is the locking away of its user funds in a cold storage and the use of 2 factor authentication to protect the users fund
The exchange provides low trading fee of 0.05% for both market makers and takers but would have been better if the market makers are paid for providing liquidity to the platform
In the real sense, I don't have much against the exchange because it has scaled through a lot that many other exchanges haven't achieved
The User Interface on the exchange is also top notch and low withdrawal fees are also commendable of the exchange
It's non compulsory KYC is also a good edge for me allowing me to trade without providing my personal information
The exchange also support perpetual trading but the leverage offered is not good enough and can be improved
Pros
- The exchange provides on of the best security for it's users funds by locking 98% of the funds in a cloud storage
- Bitforex features good trading view on its platform providing candlesticks and indicators which can be used for technical analysis when trading for both Beginners and Professionals alike
- The Exchange provides perpetual trading for it's traders
- Bitforex doesn't make KYC compulsory for it's users
- For smooth sailing on the platform, Bitforex offers a great User Interface on its platform
- High liquidity is offered on the platform from it's over 3 million registered users
- Moderate withdrawal and trading fees are offered on the exchange
Cons
- Even with the low trading fees offered, I feel Market makers shouldn't be made to pay fees
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Comments (1)
November 02, 2020
Bitforex platform offers top class services but structure of cex is all in scrutiny specially when low quality coins get listed by lot of promises and manipulation on exchanged is visible and I've seen lot of that on Platforms like Bitforex. Bitforex should be a part of dex and latency and transpatency of order books will make a lot of difference in getting reputation amongst top exchanges.
