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BitForex Review - is it scam or safe?

BitForex Review - Is bitforex.com scam or safe cryptocurrency exchange?

RATING: 1.8 / 4 REVIEWS BitForex
BitForex is not regulated. We cannot guarantee your money is safe.

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Trading Accounts & Conditions

Account type Leverage Maker Fee Taker Fee Deposit Fee
Standard 1:1 0% 0.10% Crypto and Bank Transfer: Free

  

BitForex may sound like a forex broker, but is actually cryptocurrency exchange. They target mostly Chinese clients and even accept CNY deposits. While the project is very new, volumes are rapidly picking up, so we decided to give them a full review.

 

BitForex Advantages

 

Very low fees – probably the main driving factor for this exchange’s surge in popularity. Market “makers” (those who place orders in the book) don’t pay anything. This may seem too good to be true but we have seen quite a few Chinese exchanges have offered this in their early days, only to attract a userbase and then implement fees. “Takers” (those who take the best possible price from the order book), on the other hand, have to pay 0.10%, which is very low when compared to the industry average of 0.20-0.25%.

 

Strong security measures  – BitForex offers two-factor authentication (2FA), which is a solid way of protecting clients’ balances. This is a system which makes you verify each login to the platform with your mobile phone. This way, even if somebody knows your password, he wouldn’t be able to access you coins.  Additionally, the majority of the assets at BitForex are allegedly kept in cold wallets and there are other useful features like IP detection on login and more.

 

Great charting, layout isn’t impressive – the web-base platform at BitForex offers charts by TradingView. This is one of the best packages available, which technical traders love. The rest of the platform is aligned in a slightly unusual way, with the order book and transaction history being placed far below the main interface. Here is a preview:

 


The platform at BitForex, you have to scroll down to see the order book and tape 

 

Accepting CNY bank transfers – this makes BitForex an “entry-level” exchange (a term we use to describe companies, who accept fiat deposits and allow you to buy crypto). We are not certain if deposits from other countries will be accepted, but at the end of the day they will probably bee too expensive anyway. 

 

>>Exchanges accepting Credit Cards<< 

 

No deposit fees – this simply means the exchange itself doesn’t charge you anything extra when making a payment. The banks involved in the CNY transaction (or blockchain, if you are depositing crypto) will take their usual share.

 

Some altcoins traded –   considering this is an entry-level exchange, offering any altcoins is impressive. The list at BitForex currently includes BTC, BCH, ETH, ETC, LTC, DATA, CMCT and  AION. They are traded against USDT, while CNYT is only used for another asset, which we haven’t heard of – LVT. This is where the issues with this exchange begin.

 

BitForex Disadvantages

 

No info on the company – this exchange’s website doesn’t tell us anything about the people or company behind it. This is very troubling, even for an entity in the vastly unregulated world of cryptocurrencies. 

 

Their Twitter profile on the other hand states they are “licensed in EU”, but we don’t know what this means. Here is a preview:

 

 

New exchange  – one thing which is obvious is that this is a new project. As always, even if they have the best intentions, there are some risks involved with an inexperienced team.

 

 

 

No margin trading –  while this is an entry-level service, one can’t borrow more coins than he already has in order to trade speculatively. This isn’t a big issue, as most exchanges don’t offer similar functionality. 

 

>>Forex brokers, offering Bitcoin CFDs<<

 

That being said, some forex brokers are offering CFDs on cryptocurrencies, which may be more suitable for aggressive traders. One must be aware of the key differences between this style of trading and crypto-exchanges, before he chooses either option.

 

 

CNYT situation unclear – as we stated above, the token representing the Chinese Yuan isn’t traded against the rest of the coins available at BitForex, but only against one obscure asset. This may be a temporary situation, or there may be another way to convert CNYT into USDT.

 

CNY trading only vs one asset

 

Tether coins supported – the sheer fact BitForex supports two “tether” coins would be viewed as risky by the more conservative users. These are digital assets, which claim to be backed by the appropriate fiat equivalent. While we don’t know much about CNYT, a lot of people have expressed concerns about USD Tetrher

 

Conclusion

 

BitForex is a rather new cryptocurrency exchange, which targets the Chinese market. We have little information about their background and while the trading conditions seem very competitive, using this venue will come at your own risk. 

 

Then again one may argue even the most well-established exchanges are exposed to serious risks – from hacking, to the company simply deciding to close shop and run with the coins, everything is possible with a centralized exchange. As an alternative, the forex brokers we briefly mentioned above are often regulated by strict government agencies. Check the link below for more info. 

 

>>How Bitcoin forex brokers are regulated<<

 

Here is a summary of this review:

 

Pros Cons
Very low fees No info on the company
Strong security measures New exchange
Great charting, layout isn’t impressive No margin trading
Accepting CNY bank transfers CNYT situation unclear
No deposit fees Tether coins supported
Some altcoins traded  

 

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Traders` reviews for BitForex

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bitforex scammer be careful guys

i swear to god bitforex is a scammer. they fool ppl. for 10 usd transaction i paid 5 usd fee .their miner working like turtle .i hope god gonna cut em down .go hell bitforex

lonewolf 08/08/2019

Beware of Bitforex !!

I deposited there 0.1 BTC. Then I wanted to trade but unfortunately that was not because I still had to create a trading password. I could never create the trading password, as I only have 10 minutes to confirm my email. The emails come but always 10 -24 hours later. Without a trading password, I can not withdraw my BTC. I have chatted with the support, have sent emails but there is no help. Allegedly, it was passed on to the technical team. We know that! 1000 USD off! Bitforex is a huge scam in my opinion!

NeXus 07/23/2019

Lost tokens when withdraw on Bitforex

I'm not gonna point out exactly tokens I withdrew because it seems to happen with multiple tokens. I double-checked my withdraw address correctly. The status of withdrawing on Bitforex showed "Done", but I didn't receive any tokens. I contacts support many times. they said "our technical support team is working on it" ...they gave my kennel id to check it's on blockchain. I contacted token developer and they said if my tokens are on the blockchain it means that the issue was from your exchange. It has been more than 3 months since I had this issue. I haven't recieve any more response from Bitforex. So please avoid this exchange!! you have been warned !! good luck to your next exchange.

Crypto 07/21/2019

Avoid BitForex - Doubled ticker scams

Bitforex is not to be trusted and tokens and coins on the site may not be genuine. They not only allow but support a token to take a ticker name of an established coin and trade on the exchange. I contacted support and they told me they supported the EGC token on their platform that is not related to the EverGreenCoin foundation but is shared as being the supporting currency on other social media platforms. Intentional or unintentional we can not allow projects to steal others ticker tags and share their work as their own. In short please avoid BitForex for all of our sake.

James 02/28/2019
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