The cryptocurrency exchanges have become a fundamental part of the cryptographic economy, thanks to them, anyone can enter the world of cryptocurrencies and make an investment in a simple way. That is why knowing its operation and knowing which ones are best suited to our needs is essential. In this review we will talk about Bitforex one of the leading cryptocurrency exchanges in the industry.
Headquartered in Hong Kong, since its inception in 2018 Bitforex has become one of the exchanges with the highest volume of transactions, the platform has independent operating teams in Korea, Singapore, the Philippines, Malaysia and Japan.
The initial financing of Bitforex was made through the investment of several institutions among which we can highlight, Genesis Capital, QTUM or TRON, among others, as well as crypto-investors who made an investment of more than 20 million dollars.
The exchange has more than 300 pairs to trade, a great liquidity and a secure and stable environment.
Creating an account in Bitforex
To start the process of creating the account in this exchange, just click on Sign Up, located on the top right corner of the page.
This will give us access to the registration form.
Bitforex allows you to create an account using an email or a phone number, the change between one and another can be selected from the bottom left of the registration box, marked on the image with the number 3.
In this review we will create the account using an email address.
To do this we must fill in the 3 boxes marked with the number 1 in the image. When we have added the registration email address and a password (with at least one uppercase letter, a lowercase letter, a number and 8 or more characters) we will press the SEND button, with which a 6-digit code will be sent to the email address used for the registration, code that we must type in the third box before 60 seconds.
Once this is done, we will only have to press Sing Up to finish the creation of the account.
If for this process we use a telephone number, the steps are the same, only that instead of providing an email address for the registration we must put a phone number and instead of receiving an email with a 6-digit code, what will be received is an SMS.
Before starting to use the Bitforex cryptocurrency exchange, it is convenient to know the possibilities that this offers us.
From the menu bar we can access the different sections of the exchange:
Exchange: As its own name indicates, from this part of the menu we will access the trading section, where the cryptocurrency exchanges can be made.
Referral: Bitforex has a referral program, which works as follows:
When inviting a user with a referral link, a commission will be obtained for each transaction that this user completes.
There are up to 3 levels of referrals: The level 1 referrals are those that have been registered in Bitforex directly a referral link. Level 2 are those that are registered through the referrals of level 1 and level 3 will be those that come from those of level 2.
The commissions they generate depend on their level and are divided into the following scale:
- Level 1: 30% commission for each transaction completed.
- Level 2: 10% commission for each transaction completed.
- Level 3: 10% commission for each transaction completed.
In these graphs we can see the behavior of the market in the different pairs that the exchange has associated with the USD [BTC/USD], [ETH/USD], [ATOM/USD], [GRIN/USD], etc.
A list with all the pairs that Bitforex has enabled for trading. Bitforex has a list of more than 300 pairs currently.
Latest news (4)
In this part we will see the different announcements and events that occurred in Bitforex, such as the new added pairs, maintenance notifications of the wallets or the platform, currencies that will be removed from the exchange and all the necessary information for users to be informed in every moment.
Regarding deposits, Bitforex does not have associated commissions, in withdrawals the platform has a commission based on the costs of the network.
You can see the complete list of fees on the official page.
How does Bitforex work?
If you have used an exchange of cryptocurrencies before, you will see that the use of all of them is very similar, but if you do not have this knowledge you can follow this guide in which we will explain how Bitforex works, one of the exchanges with the highest volume of transactions a day.
Deposits and withdrawals
One of the steps that scares most new investors, is the deposit and withdrawal of funds, because any error can mean the loss of your investment, at this point we will explain the steps to follow to correctly make deposits and withdrawals at any exchange.
A deposit in an exchange is the transfer of funds from a wallet or other exchange to the exchange wallet on which we want to trade, in this case Bitforex.
The first step to make a deposit in any exchange of cryptocurrencies, is to locate the wallet section of the exchange. To locate it in Bitforex, we must click on the upper right side, just next to the language selection flag, from there we will access the list of available wallets.
Once the cryptocurrency we want to deposit is chosen, the steps to follow are the following:
- Click on deposit.
- If this is the first time you make a deposit in that cryptocurrency, the exchange will take a few seconds until it generates a new entry address.
- If the deposit is made from a wallet located on a mobile we can use the QR Code option for the mobile phone to read the address, if the transfer is made through a computer, you must copy the destination address.
- Once this address is copied, we must go to the wallet from which we want to send and at the destination address we will paste the one we have copied from the exchange.
- Before making the transfer, it is convenient to note that the amount of cryptocurrencies to be sent is correct and that the shipping address is the same as the one in the exchange, this is usually verified by checking that the first 4 and the 4 The last digits of the address match both the sending wallet and the exchange one.
Withdrawals from an exchange are very similar to deposits, since both are a transfer of assets from one wallet to another. In this case the steps to follow are the following:
- Select the cryptocurrency that you want to withdraw.
- Copy the wallet address where we want to send the exchange’s assets.
- Click on the withdraw button of that cryptocurrency within the exchange.
- Paste the destination address, and enter the amount of funds to be withdrawn.
- Before proceeding to the withdrawal, you will be asked to enter a verification code that will be sent to the email address with which you have registered on the platform.
If you have any questions in the procedure to follow, you can watch the following video:
Security and assistance
Both the security and the customer assistance offered by an exchange are indicators of the quality and reliability of the same.
Regarding Bitforex security, we can see that it has the following characteristics:
- 98% of the users’ assets are stored in cold wallets.
- Hot wallet only keeps the necessary funds to make the withdrawals in the queue.
- 2FA – Bitforex allows to activate this security option, totally recommendable in all exchanges.
- DDOS protection and a new data server in which an exhaustive revision of the source code was carried out.
The security of the exchange must be reinforced by the security provided by users, using secure keys, protecting these passwords, using the second factor of authentication and everything in their power to keep their funds safe.
The assistance to the user is also remarkable in the platform, from the Crypto Economy team we have had the pleasure to verify the professionalism and the effectiveness of the Bitforex team.