24H Volume

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BitForex

4 from 1 vote
Seychelles

Fees

Taker fee

0.05%

Maker fee

0%

Withdrawal fee

0.0005

Funding methods

Wire transfer

Credit card

Other crypto

US investors permitted


BitForex Review

A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of BitForex consists of four parts: general information, fees, deposit methods and security.

General Information

BitForex is another one of those cryptocurrency exchanges from off-shore (Seychelles). This exchange is one of the six exchanges registered in the Seychelles. The by far most popular one is the almighty BitMEX.

BitForex does not explicitly state that US-investors are prohibited from trading. We therefore believe that US-investors can trade here. However, all US-investors should form their own opinion on whether state rules or federal rules affects their foreign trading activities negatively or not.

This exchange has a decent selection of trading pairs (92 different trading pairs) and a very impressive liquidity. At the date of writing this review (2 October 2018), BitForex had a 24 hour trading volume amounting to USD 315 million, making it the exchange with the 11th biggest 24 hour trading volume in the world.

BitForex Fees

BitForex Trading fees

Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. BitForex charges takers 0.05% in trading fees. 0.05% is extremely low and substantially below the global industry average.

Makers pay nothing at BitForex (0.00%). This is a very strong competitive edge in the market and is especially beneficial for the investors not interested in picking up existing orders from the order book but rather prefers to “go fishing” with maker-orders. One of the only exchanges offering maker fees below 0.00% is actually BitForex’s domestic competitor BitMEX, who charges -0.025% for makers, i.e. paying makers for executing trades.

BitForex Withdrawal fees

BitForex charges a withdrawal fee amounting to 0.0005 BTC when you withdraw BTC. Also this is below the global industry average.

Deposit Methods

At this exchange, you can deposit funds or cryptocurrencies in most ways you can prefer. Wire transfer, credit cards, cryptocurrencies from other exchanges, it all works. This makes this exchange an “entry-level exchange” which is necessary for any new crypto investor.

Security

We run all exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/). The score in such test is one of many indicators of the exchange’s security. This exchange only received a F-score in this test. This is below industry average and is thus not a competitive advantage at all for this exchange.

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If you have concluded that this is the exchange for you, congratulations! Go for it. But if not, find the best cryptocurrency exchange site for you by using our revolutionary matching tool.

Good luck!

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