In this post we are going to look at the Bitforex platform, with a complete analysis of this exchange.
With the popularity that ECOMI has had, Bitforex has become very popular as one of the two exchanges where you could only get this cryptocurrency. So many people have used this exchange or have heard about it. Let’s see if it is really a good exchange and if it is worth using it compared to others.
Like many exchanges, it has a wide variety of options within its platform, but we will focus on those aspects that almost everyone uses and are more relevant. Such as the commissions it has, the usability of the platform, its security and the ease of depositing and withdrawing our funds. So let’s start
What is BitForex?
Bitforex is in more than 180 countries, +300 cryptocurrency pairs to buy and sell and more than 3.5 million users have used this platform. Still, if you think of a cryptocurrency exchange, I’m sure bitforex is not the first one that comes to your mind, although this does not mean that it is a bad platform. You can watch the video review to get a more detailed look at the platform inside.
Commissions
The commissions of bitforex are 0,10% when you buy and 0,10% when you sell your cryptocurrencies in spot. They are not really high or low. They are actually the standard commissions found on the major exchanges and you are rarely going to see lower. It’s a really small percentage if you’ve bought shares or other types of assets on other platforms. So the commissions on this platform are good.
Security
Security is another very relevant factor when you have your money on the platform. This platform has a 2/3 on cybersecurity accredited by certified, which is a positive thing even though it is not perfect. The team and workers are public, so it is another aspect to be able to trust the platform. In terms of regulation, bitforex is not very regulated, which makes it easy to use without filling in your KYC but it can also be used for money laundering.
Bitforex in security aspects, if you create an account you will be able to see that it has double authentication with the google authentificator app, which makes it more difficult to hack into your account.
Deposits and withdrawals
Depositing and withdrawing funds from your account is also another important factor to look at. At bitforex, to deposit, you can buy BTC, USDT and ETH at Buy Crypto with your credit card or by bank transfer and have it instantly. The only negative aspect is the commission of the payment method which is external to bitforex. As you can see, 3.95% on mercuryo and paxful with 1% only available to buy bitcoin. The best option is uar paxful with 1% commission which is really low if we compare with other platforms to deposit funds.
Another way you can use, is to buy cryptocurrencies in another Exchange, in my case I use Binance, which is very easy to deposit funds, and withdraw them from binance to deposit them in your Bitforex wallet. So you can also have the cryptocurrencies in Bitforex to buy and sell the one you want. To do this, simply go to deposit the cryptocurrency you want to move from binance to bitforex and copy the address. Keep in mind the network you use, the best option is to use the TRC-20 tron network in case of USDT because of the low commission it has.
Platform: Binance
Min. deposit: $10
License: Cysec
Very low commissions
Exchange with more cryptocurrencies
To withdraw funds, bitforex works the same way as all other platforms, and with no extra fees. Go to the cryptocurrency you want and click withdraw. Here you can select the network you prefer depending on the cryptocurrency and withdraw to your metmask wallet or to another platform.
Usability
Regarding the usability of the platform, it is very similar to most of the big exchanges, which all work and have a very similar interface. In the case of bitforex you have your cryptocurrencies usually in your wallet, and to use them to buy and sell, you must go to transfer, and put from wallet to spot account and the amount you want to transfer, which is done instantly. With your cryptocurrency in the spot account, you can go to spot, look for the pair you want to buy, go down to the green button and indicate the amount and click on buy. You will see that bitforex has a password that you must enter when buying and selling cryptocurrencies, which adds even more security so that no one can trade without the password. Enter it or if it is the first time, go to settings and configure it and that’s it. With this you will be able to buy and sell cryptocurrencies on Bitforex.
There are other aspects in Bitforex that are not so relevant but you can also explore as a Uniswap yours in eazyswap or BF Sector where you can find cryptocurrencies of the category NFT, Polkadot and DEFI, although this I leave it to you.
Is the platform worth it?
As we have seen, the platform has low commissions, medium-high security and reliability, and is quite intuitive to use. Still, I think there is a better alternative if you are looking for the best Exchange to buy and sell cryptocurrencies. Before we look at the best alternative, though, let’s see when it’s worth using Biforex. On coingecko, the platform has received an 8 out of 10 trust score.
When to use Bitforex?
From my point of view, Bitforex is very interesting to use when there are cryptocurrencies listed that are not found on other major exchanges. In the world of cryptocurrencies, it is common for projects to start appearing on this type of exchange before going to the top 3. So in case you want to buy a cryptocurrency that can only be found in Bitforex or in a few exchanges and not in the main ones, as has happened with OMI, it is a great alternative. In addition to seeing new cryptocurrencies that may have potential before appearing on the main exchanges.
Plataforma: Bitforex
Depósito Min.: 10€
Licencia:Â Cysec
Comisiones bajas
Gran Variedad de Criptomonedas
BitForex reviews
We have been able to experiment with it, and it has shocked us in a good way. With extremely good support for any issues, ease of use, and no notable incidents in the interval that we have been able to use it.
In this sense, our days using it have been positive, I recommend you look around for various thoughts, to see if you have equally encountered a good experience, or any difficulties in using BitForex.
Best alternative
The best alternative if you are looking for the best cryptocurrency exchange is Binance. With commissions of 0.10%, in case you have their cryptocurrency in your account (Binance coin), they are reduced to 0.075% and a great amount of cryptocurrencies that you do not find in other exchanges.
Plus a really easy deposit and withdrawal using your credit card for instant balance. And a great variety of options to earn money with your cryptocurrencies by staking with them. The number 1 Exchange, with more customers and volume of cryptocurrencies. If you do not have an account with Binance, in the description you will also find a link to create your account.
Platform: Binance
Min. deposit: $10
License: Cysec
Very low commissions
Exchange with more cryptocurrencies
