|Brief||BitForex began its operations in June 2018. The exchange was launched by the company of the same name which had been registered in Seychelles, evidently, for tax relief purposes.|
|Last updated:||Saturday, July 11, 2020 3:00:03PM UTC|
|Volume 24 hours, USD:||218 083 325|
General BitForex facts, technical details and general information about BitForex exchange
BitForex began its operations in June 2018. The exchange was launched by the company of the same name which had been registered in Seychelles, evidently, for tax relief purposes. While being domiciled in the jurisdiction of the island state, BitForex carries out all business operations from its headquarters that are currently located in Singapore. The platform is more inclined to serve the needs of traders who reside in Asian countries, confirmed by the fact that BitForex has offices in the Philippines, Japan, Malaysia, Korea, and Hong Kong. The terms of service of the official website states explicitly that the exchange doesn’t admit users from Mainland China to avoid any legal discrepancies. But, in general, BitForex serves traders from more than 180 countries. According to the platform’s own estimates, BitForex has more than 3.5 million registered users who generate trading volume, sufficient to place this exchange in the Top 20 ranking.
The daily trading volume on BitForex usually moves within the framework of $700 - $800 million, with the most popular trading pairs being BTC/USDT and ETH/USDT, which collectively generate almost half of the volume. The platform features four primary trading markets: BTC, ETH, USDT, and TUSD, but, apparently, don’t have a native token to trade and pay fees with.
Users can try and make a profit in more than 300 trading pairs which are comprised of some interesting altcoins, like GRIN and GAP, as well as the top-ranked ones. The trading panel has a cool feat - animated emojis placed next to some of the coins. The panel itself has an intuitive interface, designed in dark grey, with a correctly positioned order book and the market overview window. Apart from the browser version of the platform, BitForex also offers desktop and mobile applications. The mobile app, though, is not very popular since there are only 50+ downloads on Google Play.
One of the best traits of this exchange is that it allows deposits in fiat via Visa or MasterCard transfers. Moreover, all crypto assets that had been deposited to a platform are covered by insurance, though there are no specifics about the maximum insured sum.
The trading fees on BitForex are at the lower end of industry average: the spot trading involves paying a fee of 0.1% by both makers and takers. Those engaged in perpetual contract trading, available on this platform, are subject to different fees, 0.04% - maker and 0.06% - taker. The withdrawal fee is different for each coin. 0.0005 BTC must be paid to take out Bitcoin from the exchange, 0.1 ETH and 5 USDT for these two popular cryptocurrencies, respectively.
BitForex boasts an impressive list of partners that includes such industry heavyweights as Bitmain, the largest producer of mining equipment, Coinmarketcap, and F2Pool, arguably the most significant mining pool that has been operating since 2013.
|BitForex volume change 24 hours||9.82%|
|Exchange||Volume change, 24h|