Review on BitForex by Praise Olagbadun
The Bitforex Exchange Platform Should Work On Their Transparency
The Bitforex is a cryptocurrency exchange platform that was launched in June 2018, based in Filipino, headquarterd in Singapore and registered in Seychelles. The exchange platform is a the well trusted type as it is registered, leaving users store their assets in a well secured platform. Another thing is the fact that it has never been hacked, making it a well trusted platform
The Bitforex Exchange platform has its applications available on both the Android and IPhone operating systems and I was able to use the Android version. The user interface is moderatly friendly, although there are other exchange platforms that has more user friendly interface. The fact that it is a popular exchange platform and still charges moderate fees is surprising as they charge a flat trading fee of 0.1% (for both makers and takers). They also charge a highly competitive withdrawals fee of 0.005 BTC unlike the industry's average of 0.008%. Although the exchange platform has been accused of fake trades, i have never experienced such in my course of using it.
The Bitforex has a great transaction speed of about 1.6M orders per second and supports over 300 crypto pairs with reasonable liquidity. Another factor that makes the Bitforex exchange platform a very nice exchange platform is the fact that it is supported by influential coins like Tron and other companies like Microsoft and Lenovo who have invested greatly in the company, making it a very influential exchange platform. They also boast of about 3 milliom users and I guess the reason for this great number is due to the fact that it is a well secured exchange platform and has made this possible by storming about 98% of their user funds offline. The wallet can also be used as a company exchange platform due to the fact that it is a multi signature wallet.They also insure their users funds in case of any hack. The one and only problem with it is the fact that they lack transparency due to the said-false accusations
Pros
- It is a very popular exchange platform as it has over 3 million users
- It charges a moderate fee for trading and withdrawals
- The exchange platform holds a clean security record as it has never been hacked
- It stores its users funds offline, leaving it free from hackers
- Great transaction speed
- Has the investment of great companies
Cons
- The exchange platform has been accused of washing trades and volume manipulations
