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BitFex Review - is it scam or safe?

BitFex Review - Is bitfex.trade scam or safe cryptocurrency exchange?

RATING: 2 / 0 REVIEWS BitFex
BitFex is not regulated. We cannot guarantee your money is safe.

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

Account type Leverage Maker Fee Taker Fee Deposit Fees
Standard

1:1

0.15% 0.15% Up to 2%*

 *fees vary a lot by payment method. More details can be found below.

 

BitFex is a rather new cryptocurrency exchange, with a strong focus on Russian clients. While the company supports fiat currency payments, they aren’t a classic entry level exchange, as the trading environment also seems decent. Read the full review to see why we gave them this score.

 

BitFex Advantages

 

Low trading fees – as is often the case with new companies, fees are initially set lower than the industry average of around 0.20-0.25%, in order to attract traders. Each exchange has the rights to change the costs of trading in the future, but current 0.15% at BitFex is very low.

 

Multiple fiat deposit methods – the ways one can deposit his fiat to this exchange include Credit Card, Sberbank Online Transfer, Yandex and AdvCash. While only the latter is suited as a USD-friendly option (with the others being Ruble-oriented), we expect little issues with credit card payments.

 

>>Exchanges accepting bank transfers across the world<< 

 

Low deposit fees – when one provides so many payment methods, he must also specify the fees associated with them all. BitFex has done so, as follows (click to zoom in)

 

 

Other than the fact, the trading fees (in the top of the table) make little sense, as they are presented, the rest is very clear and competitive. This is especially true for the BTC withdrawal fees, which are substantially higher at a lot of other venues.

 

TradingView charts – after we got all the issues regarding newcomers to crypto out of the way, it’s time to focus on the actual trading interface provided by BitFex. Everything feels intuitively arranged and most notably the charting package is one of the top in the business – the TradingView one. Here is a preview:

 

The trading platform at BitFex (click to zoom in)

 

The transaction history takes a bit of scrolling to get to, but this is also an “issue” with other trading venues. What is more unique is the chat box on the right of the platform.

 

Exchange reps in the chat – users often complain about the slow response times of customer support, at various exchanges. BitFex had a representative in the chat box, which everybody can see (only registered users can type, for rather obvious reasons). During the time we were browsing, they were active in discussing a newly listed coin with one of the traders. This is what you call staying in touch with users. 

 

Some altcoins available – BTC, ETH, LTC, BCH and DASH are the most well-known coins, traded on BitFex. Additionally a few rather unknown ones, like ONION are present. Trading is done against USD and RUR, while the more alternative coins are paired with the crypto-majors, we just mentioned. 

 

BitFex Disadvantages

 

No info on the people involved – This may sound like an obvious thing for the veterans in the world of crypto, but it doesn’t inspire much credibility. If exchanges are to attract more clients, a bit of transparency will do wonders. This of course doesn’t mean an exchange whose CEO is all over the website is automatically more secure.

 

New project – as far as we managed to understand, BitFex is running since January 2018. This makes them on of the youngest exchanges we have reviewed. This isn’t a problem by itself, but simply a sign they haven’t been proven.

 

Trading activity isn’t that high – the combination of the previous two factors leads to this one. Hopefully this will change in the future, but the more detail-oriented readers who zoomed in the platform screenshot would have noticed this – it’s sad to see a TradingView chart with so many gaps.

 

Margin isn’t provided – this isn’t at all surprising for a new cryptocurrency exchange. Even the more established ones often don’t provide this functionality (or when they do, fees are charged every hours). A simple way to trade Bitcoin aggressively is offered by some forex brokers.

 

>>Bitcoin trading with leverage<< 

 

They facilitate this service via Contracts for Difference (better known as CFD), which are derivative financial instruments. A CFD doesn’t grant you ownership of the product it is based on (Bitcoin in this case), but only follows its price action. There are a few specific details about this way of trading, which you must know before trying it out (for, instance it’s only suitable for short-term trading). Check our in-depth guide here.

 

Conclusion

 

BitFex is a new, entry-level cryptocurrency exchange, focused on Russian clients. That being said, the English version of the website feels completely fine, which isn’t often the case with such regionally-oriented exchanges. The trading environment seems nice and we expect the list of coins to continue growing. We were presently surprised to see an exchange representative in the live chat.

 

No matter what we say about BitFex, the main issue we have grants them this score – they simply don’t put any effort in gaining the trust of potential clients. We don’t know who is behind the project and even where this exchange is operated from. This is actually a common problem in the world of crypto – the lack of adequate regulation to separate the scammers from legitimate companies. If you are looking for a safe way to trade Bitcoin, see how this issue is resolved in traditional financial markets.

 

>>Regulated Bitcoin forex brokers<<

 

A recap of the current state of BitFex:

 

Pros Cons
Low trading fees No info on the people involved
Multiple fiat deposit methods New project
Low deposit fees Trading activity isn’t that high
TradingView charts Margin isn’t provided
Exchange reps in the chat  
Some altcoins available  

 

Latest news about BitFex
No news about BitFex. Check back later.
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Traders` reviews for BitFex

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