Right now, the crypto industry is entering a very competitive phase that could end up in a classic survival of the fittest. It remains to be seen whether BitForex would be amongst those platforms that would continue working in five years' time, though I currently don't see any prerequisites for this. The management is evidently making some moves in order to keep the platform afloat, but that won't be enough in the long run.
As I see it, the industry is currently developing in a way that leads to the demise of the majority of altcoins and cryptocurrency exchanges that simply don't meet the necessary standards of security, efficiency, and, in case of cryptocurrencies, the ability to showcase sustainable gains. It is like the survival of the strongest in the crypto space right now. And I doubt that BitForex would be able to survive the competition in the long run. This platform is just too dull and unreliable, if not to say shady.
I am not really fond of the fact that BitForex is registered in Seychelles, because it is evident that they chose this jurisdiction for the purpose of tax evasion. And while it might be good for their business, it also doesn't instill too much trust in this platform. I understand that the entire cryptocurrency industry has lax regulation and absolutely no safety net against scams, but the trader is still responsible for choosing the platform that is transparent and preferably regulated, not registered in some offshore zone.
BitForex is a tough competitor for such well-established exchanges as Binance Huobi, and Latoken. They are constantly developing the ecosystem, adding new functional feats and promos. For instance, right now, BitForex offers a $10 welcome bonus to all newly registered users who use the BitForex mobile application for trading purposes. It's not a lot for a serious trader, but could really be a nice boost for a fledgling trader who's just begun learning the craft and doesn't have thousands of dollars to spare.
If you live in a country where crypto regulation is on the softer side, then you should definitely consider trading on BitForex. The reason is that, unlike many other exchanges, BitForex accepts deposits in fiat via banking card, so it relieves newly registered traders from the hassle of buying crypto with fiat and then depositing this crypto to the exchange. As I have already said, the lax regulation, which means that the bank won't start nagging every time you make a deposit, allows traders to use BitForex to the fullest extent.
Even though BitForex has the backing of such powerhouses of the crypto industry as TRON, QTUM, and Block VC, which was to show the prospects of this platform, it still managed to make a lot of stench because of the alleged involvement in wash trading and volume manipulations. I know that virtually everyone in this industry is "doing that", but that is definitely not the way how the crypto space should evolve. Therefore, I chose to express my protest by switching from BitForex to another platform.
One of the things I've noticed straight away is the weird layout of the trading window. While the charting is okay, mainly because it is provided by TradingView, the placement of the order book, as well as the box that shows the transaction history, is unconventional - somewhere way below the interface - and uncomfortable for that matter. It takes time to get used to it, a lot of time. On the flip side, BitForex offers literally the lowers taker fee among its peers - 0.1% per trade is a bargain.
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