Bitforex Review | Can It Be Considered a Top Exchange?
Jack Moreau
Feb 2024
10 min read
Fact checked
Are you looking for a trustworthy cryptocurrency exchange platform that offers a variety of features and competitive trading fees? In this review, we'll take a deep dive into Bitforex and examine it's user experience, trading services, fee competitiveness and much more to help you decide if Bitforex is the right choice for your trading needs.
Bitforex is a beginner-friendly cryptocurrency exchange that was founded in 2017 and is registered in the Republic of Seychelles. Bitforex has it's headquarters in Hong Kong and has over 50 employees around the world.
Bitforex exchange
The exchange offers its users basic services such as spot trading for over 600 cryptocurrencies, perps with over 100X leverage, options to earn interest on digital assets and an NFT marketplace.
Bitforex cryptocurrencies
Bitforex serves users in over 200 countries and is estimated to have between half a million and one million customers. Bitforex is also available on Android and IOS where it has received over 50,000 downloads.
Bitforex app
Bitforex KYC Requirements
Bitforex offers a simple signup process where users can choose to sign up using their email or phone number. KYC is not obligatory on Bitforex and users can deposit and begin trading cryptocurrencies right away after signup without the need for it.
Bitforex signup
However, for those that wish to access increased limits on Bitforex, they will have to complete KYC. This process involves uploading information such as full name, country of residence, a valid ID card, and a selfie. The Bitforex team typically requires 1-2 business days to process the information and approve the account.
Bitforex KYC
Bitforex Products & Services
Bitforex is a cryptocurrency exchange platform that offers a range of products and services to its users. The exchange provides basic spot trading and perpetual contracts settled in USDT and other cryptocurrencies with up to 100X leverage.
Bitforex spot trading
Bitforex boasts spot trading volumes that frequently exceed $1 billion dollars, providing excellent liquidity for major cryptocurrencies such as BTC, ETH, and USDC. This makes the platform a great option for those looking for a high-liquidity exchange. Users on Bitforex can also earn interest on their digital assets by lending them out or stake them for staking rewards.
Bitforex earn products
In addition, Bitforex features an NFT marketplace and its very own launchpad called Turbo Starter where users can access newly launched tokens.
NFTs on Bitforex
In terms of the user experience, Bitforex has a modern and well-designed interface that is easy to navigate, making it a great option for both beginners and experienced traders. The exchange also offers a decent range of services that will satisfy the needs of both beginners and more sophisticated traders.
Bitforex turbo starter
Overall, Bitforex is a solid choice for anyone looking for a reliable and feature-packed cryptocurrency exchange platform. Whether you're a beginner or a seasoned professional, Bitforex has something to offer for everyone.
In terms of trading fees, Bitforex charges spot trading fee of 0.1% for both makeres and takers. Moving on to the fees for trading perpetuals, those are 0.04% for makers and 0.06% for takers.
Bitforex trading fees
While these are already competitive trading fees, Bitforex can offer further discounts to market makers who want to apply to receive them.
Bitforex is an exchange that does not support fiat currency deposits. This means that users can only deposit cryptocurrencies onto the platform. However, if users wish to purchase cryptocurrencies with fiat currencies, they can do so via third-party providers like Coinify, Banxa, MoonPay, and others.
Bitforex buy crypto with card
It is important to note that the fees for buying cryptocurrencies in this way can be higher, so users should be aware of the fees charged by these providers. It is also worth mentioning that depositing cryptocurrencies onto Bitforex is free of charge.
Bitforex Withdrawal Methods
Bitforex only supports cryptocurrency withdrawals and does not allow for fiat withdrawals. Users can withdraw Bitcoin for a fee of 0.0005 BTC, Ethereum for 0.004 ETH, Solana for 0.05 SOL, and ERC-20 Tether for 15 USDT. These fees are higher compared to other exchanges.
In short, we actually really like Bitforex and what it has to offer. The exchange offers a wide range of over 600 cryptocurrencies and altcoins which puts it in league with other altcoin heavens such as Kucoin and Gate.io.
Bitforex also does not require any KYC for basic crypto deposits and trading which makes it ideal for anyone who wants to quickly get started.
For the more advanced trader, Bitforex also offers futures and perps with up to 100X leverage for those that want to really degen away. Bitforex also offers a more playful range of product that will appeal to retail users which includes earn products, NFTs and it's own launchpad.
The spot and futures trading fees are very competitive and inline with Binance and OKX and liquidity is quite good as well. The exchange is also simply well designed which makes it feel pleasant to use and navigate.
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Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
