Bitforex is a cryptoasset exchange located in Seychelles. Their volume over the last 24 hours is $2.04B. The exchange is rated “C” which means “Fair.” They allow trading with the following fiat currencies: USD.
Bitforex is one of the world’s leading cryptocurrency exchanges as it is amongst the top 10 digital asset exchanges by the trading volume. Launched in June 2018, this centralized exchange is registered in the Republic of Seychelles and headquartered in Hong Kong which has been famous for its favorable treatment of new technologies despite numerous bans from mainland China. Also, it has independent teams working in Germany, Estonia, Singapore, Malaysia, the Philippines, and many other regions covering all together more than 200 countries.
Among the key benefits that Bitforex offers to its users are high liquidity, safety, and stability. And indeed, it can be considered to be really secure as throughout all its existence it has never been hacked. The platform supports more than 300 trading pairs and implements advanced technologies that allow it to process 1,600,000 orders per second.
The platform is supported by a number of reputable investment funds, including Block VC, Genesis Capital, Node Capital, Crypto Capital, QTUM, TRON, and some other big names famous in the blockchain industry. Altogether, they reportedly provided Bitforex with initial funding of 20 million USD.
Bitforex has an everlasting referral program that helps traders earn commission on transaction fees paid by other users who register on the platform by their affiliate link. Bitforex partners can get up to 50% from on-spot transaction fees and up to 30% from perpetual transactions. The platform claims to provide them with transparent real-time reporting on their earnings and daily payouts.
Bitforex charges the average maker-taker fees. The deposit is free while some additional fees are required to withdraw your funds. Following the example of many other cryptocurrency exchange platforms, Bitforex has launched its native BF token. Holders of BF get a number of privileges such as trading bonuses, VIP invitations to Bitforex global conferences, token airdrops, IEO (Initial Exchange Offering) discounts and more.
Just like many other projects outs there, BF token is ERC-20 compatible as it is based upon the Ethereum standard. The platform conducted a public sale of its token in late July 2018 having raised 24 million USD in Ether.
The platform’s team consists of experts from such huge corporations as Microsoft, Merrill Lynch, McKinsey, Lenovo, and Tencent. Bitforex’s CEO Garrett Jin has extensive experience in the blockchain industry as prior to joining the company, he worked as an Operational Director at Huobi and has founded some trading initiatives.
Despite holding the top positions, Bitforex has some dark spots on its reputation as well. On November 15th, 2019, a report was released by Chainalysis, a well-known auditor in the blockchain industry. According to this report, for every 1 BTC entering the platform, Bitforex reported 40,000 BTC worth of trading volume compared to only 6 for Bitwise’s top 10, i.e. the industry average. After Bitwise released its report on fake trading volumes in March 2019, Bitforex was the only one from the top 25 exchanges to be artificially increasing trading volumes.
This was not the only time for Bitforex to be suspected of unholy actions. In August 2018, the platform removed SyncFab (MFG) in only 13 days since it was listed without giving any explanation. This aroused suspicions among its users.Read More