What is BitForex?
BitForex is another one of those cryptocurrency exchanges from off-shore (Seychelles). It has been active since 2018. In an email sent out to its users on 23 October 2019, BitForex informed that they now have more than 3 million users.
Tired of reading? No problem, check out our video review of BitForex here:
BitForex Trading Engine
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.
This exchange has a decent selection of trading pairs and an impressive degree of liquidity (132 different coins are currently listed according to Coinmarketcap). When we prepared this review for the first time (2 October 2018), the 24-hour trading volume was close to USD 315 million. This put BitForex in the 11th spot in terms of trading volumes. This value surged to USD 1.95 billion two months before the scheduled bitcoin halving last year (20 March 2020).
Roughly 18 months since then, on the date of last updating this review (2 December 2021) the volume was USD 506 million. The trading volume is still above average, even though it has decreased somewhat relative to the previous values.
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.