Review on BitForex by Ogulnar Annamuhammedova
My review on the BitForex crypto exchange
BitForex is one of a galaxy of new crypto-exchanges that appeared after the explosive growth of interest in crypto-assets in 2017. A trading platform was registered in Singapore, focused on the Asian and Western markets, and currently offers excellent trading conditions and support for the mass of coins.
At the early stage of the exchange's existence, funding was obtained from Crypto Capital; in total, early investors invested about $ 20 million in the development of the platform. Team members have experience in corporations such as Merrill Lynch, Microsoft, Lenovo, Tencent.
According to coingecko.com, the exchange ranks first in terms of trading turnover per day with an indicator of about $ 4.45 billion. This result is explained by the fact that transaction-fee mining is carried out on the platform, the exchange has its own BF token and it is mined through trading - users receive a rebate in the form of BitForex coins. Coinmarketcap gives a different result, there, at the time of preparing the review, the site is in 56th place.
Features of working at BitForex
The working conditions are comparable to the top exchanges:
* trade commission is charged only to those who consume
liquidity (taker), these are those traders whose orders
are executed at the market price. The commission is 0.05%, those who
creates liquidity (maker), doesn't pay anything;
* several dozen cryptocurrencies, crosses are supported
between them, no. They can only be traded in tandem with Tether and
Ethereum;
* has its own coin, now it is actively being mined,
due to which the exchange demonstrates an abnormally high
indicator of trade turnover;
* no mandatory verification;
* Fiat support is planned in the future. So far in the section
Fiat to Token you will be greeted by the Coming Soon sign;
* there is futures trading, a button to switch between
crypto and derivatives trading is in the trading
terminal. In the mode of working with futures,
leverage up to 1:20.
Compared to competitors, the platform stands out for its low commission and support for margin trading (although this only applies to cryptocurrency futures). We will also include in the asset the absence of restrictions related to verification.
BitForex own coin
The developers of the exchange decided to follow the example of other trading platforms and launched their own coin. Now it is used to attract new customers to the site; in the future, BF token holders are guaranteed privileges compared to ordinary users. For example, their voice will carry increased weight when dealing with vital issues.
The total number of coins is limited to 10 billion, up to 3 million coins can be generated per hour, and a limit of 0.5 million BF tokens is set for one account. The platform uses the so-called trade mining, that is, users receive commission compensation in the form of BF coins. This type of mining is available only on 3 pairs - BTC / USDT, BCH / USDT, ETH / USDT.
Every day 120% of the collected commission in BF equivalent is distributed among traders. At the same time, 80% of tokens can be used for trading, and another 40% are frozen.
- BitForex is a typical representative of the new generation of crypto exchanges. To compete with strong players, they have to provide the most favorable conditions, in particular, to reduce the commission when trading as much as possible. Another required attribute is the presence of your own coin and trade mining.
- This is what explains such a high trading turnover at BitForex. Most of it was created by those who are trying to make money by mining BF Token.
- On the one hand, this is good, the exchange is becoming more famous, which stimulates the influx of new customers. On the other hand, most of the liquidity is concentrated in several crypto pairs. Because of this, it is difficult to gain the required volume for other pairs and this is a big problem for a platform that supports several dozen cryptocurrencies.
