BitForex Review 2024
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $5
- MT5
- Tons of cryptocurrencies and coins, no fiat money, a profitable investment program, a service for copying strategies and auto trading, fixed commissions
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $5
- MT5
- Tons of cryptocurrencies and coins, no fiat money, a profitable investment program, a service for copying strategies and auto trading, fixed commissions
Our Evaluation of BitForex
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
BitForex is a cryptocurrency exchange with higher-than-average risk and the TU Overall Score of 3.09 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by BitForex clients on our website, Traders Union expert Anton Kharitonov recommends users to consider a more reliable broker with better conditions, as, according to reviews, many clients of this broker are not satisfied with the company’s work.
BitForex offers a vast array of popular cryptocurrencies and large trading volumes. A convenient trading terminal, an application for mobile trading, and the ability to trade through MT5 make the process comfortable. The platform is suitable for newcomers because of the possibility of training and opening a demo account. The pros for experienced traders are large leverage and a well-thought-out investment program. There are cutting-edge solutions such as CApp Town and Eazy Swap. The site has fixed fees for spot and OTC trading.
Brief Look at BitForex
The BitForex exchange is a cryptocurrency trading platform with its proprietary TradingView trading terminal. In addition to the web version, there is a mobile application and the ability to trade through MT5. The site presents Bitcoin, Litecoin, Ethereum, Ripple, Dash, and other cryptocurrencies. For spot trading, leverage up to 1:100 is provided. Demo accounts and educational video tutorials are available to novice traders. The crypto exchange offers regularly updated investment programs. Moreover, there is a social trading platform with a free-of-charge service for copying strategies and auto trading. Fiat funds are not presented; trading is only in crypto-crypto pairs. There are all the main options for depositing and withdrawing funds. Fees are fixed at the market average.
- a humongous array of cryptocurrencies for trading;
- intuitive trading terminal, the ability to trade through MT5;
- availability of an application for mobile trading;
- social trading platform for coping strategies;
- demo account and training materials;
- large leverage (up to 1:100) for spot trading;
- Eazy Swap semi-decentralized transaction protocol;
- referral program with additional features.
- lack of fiat;
- no call center.
TU Expert Advice
Financial expert and analyst at Traders Union
BitForex allows you to trade exclusively through the TradingView web terminal, mobile application, or MetaTrader 5 (MT5). There is a full complement of standard functions, indicators, and charting tools. The intuitive interface can be mastered quickly.
For novice traders, the crypto exchange offers a low entry threshold which is a minimum deposit of 0.0002 BTC or 5 USD if you enter fiat (they will be converted to BTC equivalently since the site's wallet is not intended for storing currencies). There is a free demo account for getting to know the terminals and testing trading strategies. Also, a trader can use a social platform and copy transactions of successful colleagues for free.
Top-brass training programs are at your fingertips. The referral program stands out due to the presence of two options. The premium option provides interest on perpetual contracts and extended statistics. The investment program is based on cryptocurrency deposits in blockchain projects.
The site's fees are average; the advantage is that they are fixed. There are withdrawal fees. All major deposit/withdrawal options are presented, including MC and Visa cards. The limits are large (up to 100 BTC per day). There were no technical problems or failures. The crypto exchange works stably, and it is equally convenient for beginners and experienced crypto traders.
- You want to access large Selection of cryptocurrencies, as BitForex offers a wide range of cryptocurrencies for trading, including many lesser-known coins. This extensive selection provides traders with ample options to diversify their portfolios and explore different investment opportunities within the crypto market.
- You want to access Copy Trading feature, as BitForex offers copy trading, allowing users to automatically replicate the trades of successful traders. This feature is beneficial for those who may lack trading experience or prefer to follow the strategies of seasoned traders to potentially achieve better trading outcomes.
- You want Staking and Earning services, as BitForex provides staking and earning services for various cryptocurrencies, enabling users to earn rewards by holding certain assets in their accounts.
- You are not okay with limited Fiat Support, as BitForex only supports a few fiat currencies for deposits and withdrawals. If you rely on a fiat currency not supported by BitForex, you may encounter difficulties when depositing or withdrawing funds from the platform.
BitForex Summary
| 💻 Trading platform: | Proprietary MT5 trading platform |
|---|---|
| 📊 Accounts: | Standard, demo |
| 💰 Account currency: | Cryptos |
| 💵 Replenishment / Withdrawal: | Bank cards and accounts, electronic and cryptocurrency wallets |
| 🚀 Minimum deposit: | 0.0002 BTC (or 5 USD) |
| ⚖️ Leverage: | 1:100 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | From 0.1 |
| 💱 Commission: | Market |
| 🔧 Instruments: | Cryptos |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | Not indicated |
| ⭐ Trading features: | Tons of cryptocurrencies and coins, no fiat money, a profitable investment program, a service for copying strategies and auto trading, fixed commissions |
| 🎁 Contests and bonuses: | Yes |
You can make a minimum deposit in any cryptocurrency or currency, however, when fiat is entered, it will be automatically converted to BTC, since there is no way to store funds in e-wallets on the account. Before opening a real account, you can open a demo account for free, it does not require a deposit but allows you to explore the full functionality of the platform. There are only two ways to contact the technical support of the site: through tickets on the website or the company's accounts on social networks.
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Commissions & Fees
| Account type | Commission (minimum value) | Withdrawal commission |
|---|---|---|
| Standard | 0,1% for the bid | Yes |
When trading through MT5, the fees are different. If you are trading cryptocurrencies, the commission is 0.08%. When trading metals, commodities, indices, and Forex, the fee is 10 USD per 1 lot. For cryptocurrencies, BitForex offers fees lower than many exchanges. For comparison, the table shows data for several sites:
| Broker | Average commission | Level |
|---|---|---|
|
$0.1 | |
|
$20 | |
|
$0.1 |
Investment Programs, Available Markets, and Products of the Crypto Exchange
The BitForex investment program is called BitForex Turbo. It allows you to make deposits in one cryptocurrency and receive payments in another. The investor earns interest above the deposit because the cryptocurrency funds are used by the exchange partner companies to develop their blockchain projects.
By going to the appropriate section of the site, the user sees all current and completed investment programs. The programs are constantly being updated. Each of them exists in two periods — the period of deposits and the period of payments. The deposit period can last from several hours to several days (this is the time when investors make deposits). The payout period is the time when investors receive interest payments on a launched project.
Investment programs differ in the following respects:
sales volume of each token;
pair of deposits and payments;
start/end time;
lockup period (if any);
potential percentage.
By clicking on the "Details" button, you can find out additional parameters. Interest payments are made every day. Not all programs have a lockup (the period when the investor does not have the opportunity to dispose of his deposit).
Also, the service of auto-trading and coping strategies can be considered as a source of passive income. It allows any trader to view the strategies of other traders (who trade transparently) for free. The strategy you like can be copied to your trading terminal and, if necessary, adjusted by any parameter. You can subscribe to another trader and automatically trade perpetual contracts according to his strategies.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
BitForex’s affiliate program
The BitForex referral program makes it possible to earn money from invited users. After registering via your personal account, you will have access to a personal referral link. You can post it anywhere such as on forums, chats, social networks, and other platforms. Each user who follows your link and registers on the exchange will become your referral.
Then it all depends on the type of program that you have chosen. Under the standard program (General Referral), you receive 30% of all trading commissions on the spot trading of your referral. If you have chosen the premium program (Knight), then you will additionally receive 30% of the fees of your referrals for OTC trading. Referral statistics are available for any version of the program.
Affiliate payments are made daily, within 24 hours after the referral's transaction. The program is unlimited which means you receive income all the time your referral is trading on the platform. The program is single-tier (income from commissions of users invited by your referrals is not available to you). The Knight program option provides priority technical support.
User Satisfaction