A crypto exchange guide must provide reviews of all of the exchanges out there, so that you can find the right one for you. This review of BitForex consists of four parts: general info, fees, deposit methods and security.
BitForex is another one of those cryptocurrency exchanges from off-shore (Seychelles). This exchange is one of the six exchanges registered in the Seychelles.
In an email sent out to its users on 23 October 2019, BitForex informed that they now have more than 3 million users.
The exchange also has a decent selection of trading pairs (92 different trading pairs) and a very impressive liquidity. At the date of first 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. However, at the date of last updating this review (20 March 2020, right in the middle of the crisis with COVID-19), the 24 hour tarding volume was an amazing USD 1.95 billion! This gave it place no. 23 on Coinmarketcap's list of exchanges in the world based on 24 hour trading volume.
According to information on its website, BitForex’s trading engine can process 1.6 million orders per second, which is more than most other trading engines around the world.
BitForex does not state that US-investors can’t trade here. So, we 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 or not.
BitForex Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen crypto and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can see that it feels right to you. The below is a picture of the trading view at BitForex:
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. This exchange charges takers 0.10% in trading fees for both takers and makers. Accordingly, the exchange has what we call “flat fees”. 0.10% is quite low and substantially below the global industry average (arguably being 0.25%).
If you have a 30 day trading volume exceeding 1,000 BTC (today, 20 March 2019, corresponding to approximately USD 4 million), and you also have at least 50 Bitcoins held with the exchange, you don’t have to pay anything in trading fees. We assume that the number of traders that meet these requisites are quite few.
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. The global industry average is arguably around 0.0008 BTC per BTC-withdrawal.
At this exchange, you can deposit funds or cryptos in most ways you can prefer. Wire transfer, credit cards, cryptos from other exchanges, it all works. This also makes this exchange an “entry-level exchange” which is necessary for any new crypto investor.
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.
Low trading fees are indeed very important for any crypto investor. All of the following exchanges also – like the above exchange – have very low trading fees (some of them don’t even charge trading fees at all):