Review on BitForex by Temitope Babatunde
Bitforex Team Is Not Known.
Bitforex exchange was established in 2018, it wa registered in Sychelles but it has its headquarter in Singapore and has operating teams in different countries like Hong Kong, Japan, Korea, Malaysia and Philippines.
Bitforex exchange was established in 2018, it wa registered in Sychelles but it has its headquarter in Singapore and has operating teams in different countries like Hong Kong, Japan, Korea, Malaysia and Philippines. It must be noted however, that no information about the team can be found either on the website or elsewhere.
The security of the exchange is matter to the team that is why they have made some security features available in the exchange for example, customers fund are store offline, there is protection against DDos attack, sms verification and 2 factors authentications.
You can deposit using wire transfer, credit card and cryptocurrencies. When depositing cryptocurrencies there is no fees but if it is credit card or wire transfer there is fee associated with that because of the third party involvement. During trading both maker and taker pay 0.1 percent fees for spot trading but for perpetual trading maker pay 0.04 percent while taker pay 0.06 percent, if your monthly trading volume is up to 100 btc and you hold up to 50 btc you will not pay any trading fee. Withdrawal fee depends on the coins involved and if it is fiat transfer there is also fees depending on the gateway.
Customer service is reliable, you can directly chat with them from the website. The exchange has never been hacked
Pros
- It has a very fast processing system that can handle up to 1million 600 thousands order per second.
- 98 percent of users fund are store in cold wallet to prevent it from theft.
- One can deposit using wire transfer or credit card which makes it easier for new entrant.
- There is self- service listing, with this it is easier to list new tokens or coins.
- The exchange wallet has multisignature system.
- No compulsory kyc
Cons
- The condition the exchange gave before one can enjoy reduced trading fee is too hard to meet for retail traders.
- No information about the team behind the exchange on its website.
