BitForex Trading Signals - TU Expert review
Trading signals are one of the best trading options for beginners and for earning passive income. Novice traders can use such signals and earn a profit, while still learning. Brokers can offer various ways of receiving signals. Traders Union analysts have prepared a detailed analysis of BitForex trading signals. You will learn what kinds of trading signals BitForex offers and what the conditions for using them are.
Short introduction of 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.
| 💰 Account currency: | Cryptos |
| 🚀 Minimum deposit: | 0.0002 BTC (or 5 USD) |
| ⚖️ Leverage: | 1:100 |
| 💱 Spread: | Market |
| 🔧 Instruments: | Cryptos |
| 💹 Margin Call / Stop Out: | No |
BitForex Pros and Cons
👍 Advantages of trading with BitForex:
•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.
👎 Disadvantages of BitForex:
•lack of fiat;
•no call center.
What are trading signals?
Trading signals are signals to enter a trade, which the broker provides to traders. They can be based both on fundamental and technical analysis.
A broker can provide signals in several ways:
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Copy trading.
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Email alerts.
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Signals through a blog on the website.
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Recommendations of a personal manager, etc.
When choosing signals, it is important to take into consideration their profitability, the list of trading instruments, the conditions of their provision – fees, markup, etc.
BitForex Trading Signals
There are fixed fees on the crypto exchange, they do not depend on the trading volume. Spot trading commissions are equal for the taker and maker. They are 0.1% of the transaction amount. For OTC trading when using BTC and ETH, the fee might vary, e.g., by 0.04% for the maker and 0.06% for the taker. In all other cases, the fee charged from the taker and the maker is the same: 0.06%.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard | 0,1% for the bid | Yes |
Conclusion
Based on the results of the analysis, Traders Union analysts have concluded that BitForex does not have the best conditions for trading signals. The broker offers a limited choice of instruments, for which signals are provided, high fees and there are questions about signal profitability. Therefore, if you are planning to trade signals, it would be a good idea to consider another option.
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FAQs
Can I lose money by trading signals?
Keep in mind that there are no ideal trading signals and trading signals may lead to a loss of funds. There are always risks.
In which form can signals be provided?
Signals can be provided as copy trading, newsletters, alerts, blog articles, etc.
Can trading signals depend on the account type?
Yes. As a rule, they are provided for certain account types, but may also be available for the standard account.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.