Review of BitForex Functionality Study
BitForex is an international cryptocurrency exchange founded in 2017. The exchange claims to be in the top 10 platforms for user data security, customer service, and cryptocurrency trading capabilities. The company bitforex.com asserts that it has over 3.5 million traders on its platform, offering margin trading, derivative financial instruments, and more than 300 trading pairs. In this review, we will explore the key information about BitForex.
Liquidity and BitForex Rating
According to the CoinMarketCap information portal (tab “Exchanges” → by liquidity), BitForex ranks 23rd with an average daily trading volume of $588.8 million USD (data as of June 2018).
Although BitForex may seem attractive at first glance, it is worth remembering that claims can often be false, and statistics and reviews can be distorted to improve positions on the CoinMarketCap portal.
Assets and Figures
The platform presents only distorted trading volumes, as confirmed by data analysis on the alternative analytical portal BTI. BitForex shows only 2% of actual trading volumes, confirming the existence of massive manipulation. These data for April 2019 debunk the myth of high exchange liquidity.
Security Concerns
BitForex claims that users’ crypto assets are insured and stored in cold wallets. However, detailed information is lacking, raising doubts. Users face limited security measures and risks for which the exchange does not take responsibility.
Functionality and Fees
BitForex offers trading opportunities through the “Spot” and “Perpetual Contract” tabs. However, standard orders are insufficient for many trading strategies. The fee rate is 0.1%, and users can utilize internal tokens to reduce fees.
Summary and Recommendations
An overall analysis shows that BitForex’s platform has widespread distortions, inadequate protection, and limited functionality. It is not recommended to register on the exchange and conduct transactions due to the listed factors. When making decisions about investing funds, carefully study the platform and avoid questionable operations.
