Bitforex Review For Australians
BitForex is a cryptocurrency exchange, having launched in 2018. It, however, still remains one of the most reliable crypto exchange platforms and gives users access to nextgen financial tools. According to Btforex’s CEO, Jason Luo, the platform is aimed at meeting the ever-growing demands of crypto traders by regularly unleashing innovative features.
Has this exchange site lived up to its promise? Here’s a complete guide to BitForex Australia, including the platform’s top trading features!
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Ease Of Use
BitForex has a smooth and intuitive interface that is powered by TradingView.
The charting interface is functionally designed and allows you to analyze trades with ease. Navigating the trading section is also easy as it’s clean, uncongested, and the information is well laid out.
All trading pairs are listed on the left section of your trading dashboard; the order books are on the right while the charts are centrally placed.
Security
BitForex maintains the highest levels of security to ensure your accounts and funds are well-protected.
Only 2% of all users’ funds are stored online, with the other 98% safely tucked away in an offline multi-signature wallet.
Users are also encouraged to enable 2-factor authentication to add an extra layer of security and discourage unauthorized account access. This site has never been hacked.
Fees
BitForex has relatively competitive fees compared to other platforms.
Deposits and withdrawals are free, while the trading fees are charged based on a marker and taker model.
When you add liquidity to BitForex’s order books, you’re charged a 0.04% marker fee, while a taker fee of 0.06% is charged when you remove liquidity from the exchange. All spot market trades are subject to a flat trading fee of 0.01%.
Supported Cryptocurrencies
This exchange site has a wide range of cryptocurrency assets for all traders to invest in.
There are more than 160 major coins and altcoins listed on the exchange, which is enough for beginner, intermediate and expert traders to diversify their portfolios.
BitForex also allows traders to invest in 9 perpetual contacts, including Bitcoin (BTC/USD) and Ether (ETH/USD), as long as they’re traded with high leverage.
Deposit & Withdrawals
BitForex allows deposits and withdrawals through some of the most convenient methods, including credit cards, cryptocurrency, and wire transfer.
All credit card deposits are powered by Simplex, and to make direct deposits using cryptocurrency; you simply have to go to the asset management section of your trading dashboard.
Withdrawals are also easy but have a limit, and they must be authenticated using 2FA.
Support
BitForex has 2 main customer support channels; an extensive FAQ section on their site and an email support ticketing system.
Their library of online resources is pretty comprehensive and covers all the common issues that users face.
Email tickets, on the other hand, take at least 24 hours to get responses which is relatively slow. There have also been several complaints on review sites about late responses.
Editors BitForex Review…
Hi! My name is Warren, and I am an Aussie crypto trading enthusiast. As a crypto investor, I’ve realized that all traders face the same challenges on trading platforms; high fees, low spreads, low liquidity, poor user experience, and substandard customer support.
In my pursuit for the ultimate Australian exchange site, I’ve had the pleasure of testing out different platforms, including BitForex, which I’ve been on for more than 6 months.
Check out my unbiased review on this exchange site below!
Account registration
The sign-up experience is simple, and you only have to click on the register button that’s available on the top right section of the home page.
This will direct you to the account registration page, where you’ll be required to provide details such as your email ID and a strong password. A verification code will be sent to you, and once you key it in, you’re ready to start trading!
This process is free and only takes about 5 minutes to complete. Click here to sign up
Identity Verification
You don’t have to complete the KYC verification process for you to start trading.
The support team may, however, ask you to verify your identity if they detect abnormal activity on your account or when your daily transactions are more than $10,000.
The trading process is as simple as:
Register for an account > verify email > deposit funds > start trading
Funding Account
Here’s a step by step guide on how to deposit bitcoin in your BitForex account,
- Navigate to the top right corner of your trading dashboard and click on assets. This will allow you to open your wallet.
- Click on the Deposit button available on the left bar menu.
- Enter the cryptocurrency that you’d like to deposit, and a wallet address will be generated for you.
- Transfer the coins from your external wallet to the new wallet.
BitForex doesn’t impose minimum deposits, so you can transfer as many coins as you’d like to trade with. The deposit will reflect in your account after one confirmation, but withdrawals require at least 3 confirmations.
If the cryptocurrency you wish to deposit into your BitForex account isn’t listed on the site, you can easily swap it for the available coins on another platform and then deposit them into your account.
Trading Experience
You can either trade on BitForex’s perpetual features or crypto spot market. Here’s a step by step guide on how to trade on both platforms;
- Deposit funds into your BitForex account.
- Navigate to the top menu and click on the spot trading button.
- Identify the trading pair you’d like to invest in.
- Enter the preferred order price or order size.
- Confirm your traction, and once the order is approved, the funds will be deposited in your BitForex wallet.
You can view all concealed or confirmed orders on the order history tab.
What Could BitForex Improve on?
BitForex is an all-inclusive crypto trading platform that can be used by traders of all experience levels.
Their trading interface is clean and highly intuitive, they have a wide range of listed crypto assets, and their trading fees are within the industry standards.
Their customer support team is, however, slow, and some traders don’t even get responses at all. All factors considered, if you’re just getting started with cryptocurrency trading, BitForex is a great place to start.
What Are the Top Features of BitForex?
BitForex has various innovative financial features, including;
1. Ethereum 2.0 Staking
The Ethereum 2.0 staking feature enables you to become a node provider when you stake ETH on BitForex.
The minimum amount you can stake is 0.1 ETH, and this does not prevent you from trading yor tokens. You also earn rewards from the BitForex pool based on the number of tokens that you have staked.
2. EazySwap
BitForex EazySwap is a new semi-decentralized platform that works on the Ethereum blockchain as a liquidity provider.
This feature gives you access to more than 980 ERC20 tokens for you to trade with. The beauty of EazySwap is that instead of making automatic trades in the market, you get to use liquidity pools.
Currently, this feature only supports ERC20 tokens, but they may include other tokens soon.
The major benefits of EazySwap include slow slippage, low fees, and instant matching. If you’re one of the liquidity pool providers, you also get all trading fees from the transactions you facilitate as a reward.
3. BF Sector
This is a separate trading zone for Defi, Polkadot and NFT tokens. When you trade on the BF sector, you facilitate the creation of an immutable and open blockchain.
4. BitForex Capp
Capp is another name for crypto applications, and this feature allows you to access a wide range of blockchain applications.
Some of the app categories available include finance, entertainment and information. This enables you to access apps such as Matrix Port, CoinGecko, Twitch and Paxful. Users also have the chance of applying for their personal capps on BitForex.
5. BitForex Turbo
IEO projects are being launched frequently, some of which have no value. BitForex has an innovative feature that allows you to look through IEO projects that haven’t been launched yet but have a high chance of being profitable even in the already saturated market.
BitForex Turbo was specifically designed as a premium listing platform for IEO projects in the world. This platform enables you to view details of both completed & upcoming IEOs and track how they perform.
This is made possible by information such as start & end times, total project allocation and trading pairs.
6. Social Trading Platform
This is BitForex’s copy trading platform that allows you to share your investment strategies with other traders. Similar to eToro, it enables you to earn additional income, and you can also copy trades from other top traders.
BitForex social trading platform also allows you to link your investment profits with other investors on the platform. This way, when these investors make a trade, it’s copied to your portfolio automatically.
The beauty of this feature is that you get to make profitable trades at no additional charges.
7. BitForex MetaTrader 5 (MT5)
The Bitforex MT5 is a revolutionary trading platform that gives you access to a wide range of trading options and offers when you invest in financial products. With this feature, you get access to hundreds of trading pairs with a 200x leverage and CFD trading.
With CFD trading, instead of directly opening a position in a specific market, you trade assets through contracts with a broker.
For instance, indices have more than 10CFDs; commodities have more than 20 CFDs, while forex & crypto have over 100 CFDs. This type of trading supports major crypto including BTC, ETH, USDT and XRP and has very low fees.
You also gain access to advanced trading tools to facilitate technical analysis, including highly interactive charts and more than 30 technical indicators.
To facilitate MTF trading, BitForex allows you to move funds from your wallet into the MT5 account.
8. BitForex Mobile App
This exchange site has a mobile app that’s compatible with both iOS and Android devices.
It’s perfect for traders who are always on the move and are looking for a convenient way of accessing their trading dashboard. The official BitForex site is, however, responsive and can also be accessed on mobile devices without impacting your trading experience.
9. Referral Program
There are 2 types of referral programs on BitForex;
I. General: you get 30% commissions on all spot trades, and the money is deposited in your account within 24hrs.
II. Knights: BitForex knights receive the same rewards as general users but also get an additional 30% on all perpetual contract trades and dedicated support from the support team.
All users within the referral program get real-time reports regarding their referral data and the amount of commission earned.
What Are the Pros and Cons of Trading on Bitforex?
Pros
- Impressive security protocols
- A large number of cryptocurrency trading pairs.
- It allows spot and perpetual contracts.
- High liquidity and a reasonable trading volume
- It allows leverage trading of up to 100x
- Advanced trading tools and charts powered by TradingView
- A simple and intuitive trading interface.
- Doest require KYC verification to start trading.
Cons
- Slow customer support.
- It’s a relatively new platform and hasn’t gained much popularity.
What Is the BF Token?
The BF Token is BitForex’s native cryptocurrency and has a total supply of 10 billion tokens. Currently, the BF tokens in circulation are around 4.2 billion, 4.1billion have been burned, while 1.6 Billion are unsold.
Benefits of holding this token include;
- Ability to participate in BitForex’s global summit for VIPs.
- Token airdrops to coin holders.
- Ability to invest in IEOs at a discount.
- Exclusive trading bonuses.
BF token holders can also use this coin in the BitForex ecosystem on features such as entertainment and BitForex insights.
Is BitForex Safe?
Yes. Since this exchange site was launched in 2018, it has not reported any data breaches. BitForex also has strict security measures, including;
I. The majority of funds are stored in a cold wallet: this multi-signature wallet stores 98% of all the platform’s funds, and all withdrawals have to be approved by the designated team members who are in different regions of the world.
If one of the administrators were to be forcefully logged into the platform, their key wouldn’t be enough to initiate the fund’s transfer. This feature makes it almost impossible to hack Bitforex’s hardware wallet.
II. Hot wallet: the only funds stored in the hot wallet are those required to facilitate withdrawals from the exchange site. This is only about 0.5% of all funds.
III. 2FA: all users are advised to activate 2-factor authentication on their accounts. This feature is used to approve all withdrawals from the site.
BitForex has also installed software to detect malicious traffic and block all requests from blacklisted servers.
What Are the Best BitForex Alternatives?
Despite being relatively new in the cryptocurrency industry, BitForex is already gaining popularity.
It has a simple interface that enhances the user experience for beginners, the advanced trading tools on the platform are perfect for expert traders, and its fees are within the market standards. Bitforex also has a wide range of innovative financial features and offers both spot and perpetual trades. The only aspect they have to improve on is in the customer support department.
If you’re still considering your options, we recommend that you check out these Australian crypto exchange reviews next:
Warren is the co-founder of CoinCryption. He has a passion for cryptocurrency and has been involved in this space for more than 7 years. His other love is digital marketing and has over 15 years of experience.