Review on BitForex by Ayu Anggraini
My honest experiece about BitForex
Bitforex is a platform that began operating since June 2018 and has a license from the EU, this crypto exchange provides crypto to crypto exchanges. This platform reaches and targets most Chinese customers and accepts payments in Chinese Yuan (CNY). As a one-stop digital asset service platform, this exchange tries to maintain the highest security platform to protect money from its users. This can be seen from how bitforex provides auto log out protection and provides a time limit when you are logged in. This is quite annoying because without the activity on the exchange for only a few moments, your account will be logged out automatically in a short time and requires you to log back in with data and security procedures. If you add a new wallet as a withdrawal destination then this exchange will limit withdrawals within 1 hour. To log in, besides requiring a verification sms you will also be asked for a code sent to your email. Based on info from coinmarketcap, when this review was written bitforex volume was at 2,382,893,401 USD with a total 252,513 BTC. But I believe this is not the original volume as you can find from a variety of solid exchanges such as binance, huobi, hotbit, gateio and others. My experience of trading on bitforex is not fun. Some coins still trading there cannot accept deposits and withdrawals without any explanation. In addition, trading is carried out by bots, even in pairs that include altcoin with a large market cap that should have a decent volume. This bot always tries to control prices by positioning itself above the biggest buy order or biggest sell order. Besides that, the UI design is confusing, if you try to sell coins you often have to wait a very long time to be processed due to the absence of real traders in the market. It's impossible for me to trade and make profit on the bitforex stock exchange since market. Volume comes from bots that are not real. Recent trades are mostly not from traders. Only to sell coins I have to wait a very long time even though the selling figures are in their "recent trades" numbers. There is not much market movement because traders are few. The volume given by bots is very frustrating for traders. For withdrawals, I don't have a problem, but I make sure I won't go back to using an exchange which is very difficult for the customer. If you want to find a review about bitforex you can trust my review and it's good to choose to trade on another exchange before you regret it.
Pros
- Can process upto 1.6 million orders per second
Cons
- Fake volume and recent trades on a massive scale
