What is Bitforex Crypto Exchange?
Among 500 registered crypto exchanges globally, Bitforex is one of the best known for its customer experience.
Along with a wide range of trading tools like spot, margin and future trading, BitForex Earn, NFT marketplace, and Crypto Loans, the exchange has very low fees, high liquidity, and multiple layers of security.
It launched in 2017 and has more than six million users across 200 nations. The exchange even helps new projects to gain exposure. Recently, it became the first crypto exchange to support IOTA's Shimmer Network Token.
Who runs Bitforex crypto exchange?
With its head office in Hong Kong, Bitforex is led by Jason Luo and is becoming one of the fastest-growing crypto exchanges due to its high security and variety of trading tools. The exchange provides token and margin trading, BitForex Earn, NFT marketplace, and futures contracts with leverage up to 100x.
The crypto exchange raised more than $20 million in the funding round from famous VCs like Crypto Capital, TRON, Genesis Capital, and Block VC.
Registered in the Republic of Seychelles, the exchange is maintained and run by an international team who resides in different corners of the world, such as Germany, Singapore, Malaysia, Estonia, and the Philippines.
Features of this crypto exchange
• Deposit: The users can deposit funds into their Bitforex account using multiple methods such as Wire transfers, cryptos from other exchanges, credit and debit cards, cash, and bank account transfer.
• Web presence: The platform can be accessed via the web and mobile app on Android and iOs.
• Even the mobile web version of this exchange is user-friendly.
• The trading system is capable of handling more than 1.6 million trading orders per second.
• Bitforex has 163 listed major cryptocurrencies in 360 trading pairs.
• It does not charge any deposit fee and the withdrawal fee depends on the network.
• Bitforex also has a decentralized token mechanism for ERC-20 tokens known as EasySwap, which has no gas fee, very low slippage cost, and offers more than 980 ERC-20 tokens for trading.
Are funds safe?
The team at Bitforex is concerned about the security of their user's funds, hence they have the following security features.
• Only 0.5% of the total funds are kept in hot wallets to ensure easy withdrawals and security.
• The exchange has multi-factor authentications like 2FA, SMS verification, and insurance security coverage to safeguard the funds.
• To add further protection for the safety of its user's funds, the exchange keeps 98% of the funds in different multi-sign offline cold wallets across various locations.
There is no surprise, given how interactive and innovative the platform is with the wide selection of products, that BitForex appears all around a good platform despite being a newcomer to the cryptocurrency exchange market.
Author: Sayani Chakraborty
Has been working in the Crypto Industry for over 5 years now, as a Strategic Content Creator and copywriter.