Overview of Belfrics
Belfrics is a forward-thinking fintech company that is specialized in providing Blockchain solutions and facilitating cryptocurrency exchanges through a state-of-the-art interface offering profound liquidity for seamless high-frequency crypto trading. Spanning continents with offices in various countries including Malaysia, Singapore, India, Hong Kong, Kenya, Nigeria, Tanzania, and Japan, Belfrics firmly commits to delivering high-quality cryptocurrency execution services, primarily focusing on markets within the Asian and African regions.
Promoting transparency and efficiency as its core values, Belfrics brings together a team of financial trading professionals savvy in the nuances of monetary businesses. Having been granted approval by the Central Bank of Bahrain, Belfrics has effectively expanded its services into the vast Middle Eastern markets. Beyond crypto exchange services, the company's blockchain division, BelfricsBT, extends its services to governments and central banks across multiple regions, enhancing the identity management aspect of numerous global institutions through its KYC-compliant blockchain, Belfrics.
Is Belfrics a regulated broker？
Belfrics, a globally recognized digital asset exchange, proudly holds regulatory status in Malaysia. This means that the company operates in accordance with the national financial regulations of Malaysia, which is an important consideration for investors looking for a reliable platform for digital asset transactions. As a regulated entity, Belfrics abides by the standards set forth by Malaysian financial authorities, ensuring its operations are transparent and adhere to legal stipulations.
In addition to its compliant status in Malaysia, Belfrics utilizes Straight Through Processing (STP). This efficient processing method eliminates the need for any manual intervention in the processing of trades, providing traders with swift and seamless transactions. STP also heightens the degree of transparency in trading processes, as orders are directly forwarded from clients to liquidity providers. Such practices highlight the legitimacy of Belfrics towards transparency and adherence to regulatory standards in its operations.
Pros and Cons
Pros:
Multiple Coin Support: Belfrics recognizes the importance of diversity in cryptocurrency trading. It supports a range of popular digital currencies such as Bitcoin (BTC), Ethereum (ETH), and their own Belfrics coin (BEL).
High Liquidity: Belfrics offers high liquidity which can enable faster transactions, reduced price slippage, and the potential to execute large orders without drastically impacting the market price.
All Devices Covered: With applications available on both the App Store and Google Play Store, Belfrics ensures accessibility to their platform from various operating systems for multiple devices, making trading a seamless process regardless of your device preference.
Global Presence: Belfrics has established its footprint across multiple continents including Africa, Asia, the Middle East, and Europe. This wide reach enables them to cater to various markets, enhancing diversity and increasing their clientele.
Proprietary Trading Platform:
Their in-house trading platform offers high-frequency trading and liquidity, specializing in soft commodity derivative contracts
Cons:
Unclear Regulatory Status in other countries:
Besides Malaysia, Belfrics's regulatory compliance in other countries remains less transparent, causing concerns among international investors.
Geographic Limitations:
There might be restrictions or limited services for users based on their geographical location due to regulatory limitations.
Lack of Traditional Financial Instruments:
As a dedicated crypto exchange, there might be less versatility for users interested in conventional financial instruments like stocks, commodities, or forex.
Limited Trading Resources:
Advanced trading features and tools such as leveraged trading, trading algorithms, etc., are not well emphasized, limiting trading strategies.
Volatility Concerns:
Since the key focus of Belfrics is on cryptocurrencies, users have to contend with the inherent volatility of such assets.
Market Instruments
Belfrics is a dedicated cryptocurrency exchange that provides expansive trading services to its users. It primarily deals in trading various cryptocurrencies, functioning as a robust platform for digital asset transactions. The exchange has been designed to cater to high-frequency trading, supporting fluidity in trading experiences and offering profound liquidity provisions for seamless transacting. Belfrics signifies its fidelity to deliver efficient and swift crypto exchange services, focusing on diverse crypto markets to promote robust investment opportunities for its users.
In addition to functioning as a daily trading platform, Belfrics also serves a broader role by providing liquidity services to other exchanges, particularly geared towards soft commodity derivative contracts. By contributing to these markets' liquidity, Belfrics helps in bringing stability and increased market depth, essentially facilitating smoother and more efficient trading operations. This aspect of its services helps distinguish Belfrics from the typical cryptocurrency exchanges, asserting its versatility and expansion in its range of financial operations.
How to open an account in Belfrics？
To join the community of traders on Belfrics, potential investors need to open an account first. This process involves several crucial steps, carefully designed to ensure security and transparency in all financial dealings. Here are the step-by-step procedures to open an account with Belfrics:
Create an account: Visit Belfrics' official website and click on 'Join us now!' or 'Create an account' to initiate the account creation process. Input necessary details such as full name, email address, and phone number.
Link your KYC: Enhance security and transparency by providing KYC details. Submit scanned copies or photographs of identification documents like passports or driver's licenses to verify your identity.
Start buying & selling: Once the KYC process is successfully completed and your account is verified by Belfrics, proceed to deposit funds. After funding your account, you're ready to start buying and selling various cryptocurrencies on Belfrics' user-friendly platform, designed to cater to both beginners and seasoned traders.
Trading Platform
Belfrics operates on a proprietary trading platform that is designed to accommodate the high-frequency trading of cryptocurrencies. The in-house developed platform offers an intuitive interface that is user-friendly, making it possible for traders of varying expertise levels to make the most of their trading experiences. It is geared towards enhancing the fluidity of trading and offers profound liquidity provisions, allowing seamless transactions. The special focus of the platform on the trading of soft commodity derivative contracts sets it apart from its contemporaries.
Moreover, Belfrics's proprietary platform is built to serve a dual role, not only functioning as a standard daily trading platform but also providing liquidity services to other exchanges. The inclusion of liquidity services plays a crucial role in stabilizing the crypto market, which, in turn, facilitates smoother transaction processes and contributes to increased market depth.
Deposit & Withdrawal
Belfrics provides a comprehensive range of financial transaction methods, both traditional and digital. For users who prefer traditional fiat currencies, Belfrics accepts bank transfers with zero fees for both deposits and withdrawals. This offering significantly enhances convenience and enterprise for users who prefer working with globally recognized fiat currency. However, it's crucial to note that geographic restrictions may apply, with Belfrics accepting bank transfers from specific regions including Malaysia, Singapore, Dubai, Kenya, Hong Kong, China, India, and Indonesia.
Simultaneously, Belfrics also caters to the burgeoning cryptocurrency market by adopting standard blockchain transfers. This feature allows users who are inclined toward the digital asset world to manage funds securely and efficiently. Adding to its appeal, Belfrics imposes no fees for depositing and withdrawing cryptocurrency assets. This user-friendly move is aimed at amplifying the advantages of blockchain's transparent and cost-effective nature, although users should also be aware of the unique risks associated with cryptocurrency transactions.
Trading Fees
In terms of charges, Belfrics applies a volume-based fee structure, taking 0.50% of each transaction's volume. While this fee rate might seem high when compared to other exchanges that typically set lower volume-based fees, it's important to understand this rate is confined to platform trading. Exchanges like Coinbase and Bitstamp that directly permit purchasing Bitcoin via Credit Card generally levy a substantially higher fee.
Customer Support
Belfrics provides exceptional customer support services to its users with multiple communication channels catered to various geographical regions, through a series of dedicated phone lines serving different countries. The contact numbers are +60 8744-3733 for Malaysia, +254 799427933 for Kenya, +255 22 292 3577 for Tanzania, +971 42506668 for the United Arab Emirates, +234 (0)92 920 411 for Nigeria, and +65 68085803 for Singapore.
Apart from that email service is also available at support@belfrics.com, info@belfrics.com. Their website also offers customer support to send them queries explicitly. Additionally, the company also maintains a physical presence through its official registered office providing an accessible touchpoint for assistance. The official company address is located in Malaysia at Lot 3, 1st Floor, Lazenda Phase 3, 87000 F.T. Labuan.
Educational Resources
Belfrics firmly believes in nurturing a knowledgeable community of users and offers a robust set of educational resources. Through the Belfrics Academy, which stands as their international research and skill development unit, Belfrics furnishes comprehensive Blockchain training and mentoring programs by collaborating with colleges, universities, government bodies, regulatory bodies, and private organizations. Furthermore, it runs innovation hubs within university and college campuses, further fostering Blockchain skills and stimulating innovation.
Belfrics also provides updated news aggregation via their platform referred to as Incrypts. As an all-inclusive hub for news and updates in the realms of Blockchain, financial technologies, and cryptocurrencies, Incrypts utilises AI to source both international and regional news, customizing feeds based on user preferences. This keeps the Belfrics community connected, informed and engaged. Moreover, Belfricss Beldapp platform facilitates the deployment of decentralized applications (dApps) for consumer utility, providing easy access to advanced Distributed Ledger Technology for businesses of all sizes.
Conclusion
Belfrics emerges as an expansive cryptocurrency trading platform with a global reach, proudly running its operations from a regulated base in Malaysia. Known for more than just exchange services, Belfrics fosters the advancement of blockchain skills through their international research and skill development unit, Belfrics Academy. They stay connected to their community by using Incrypts to update them with the latest news from the fields of blockchain, financial technologies, and cryptocurrencies. Furthermore, through Beldapp, they bridge the gap between theory and practice.
However, Belfrics has faced some concerns regarding its regulatory status in certain jurisdictions outside of Malaysia. While Belfrics has proven its adherence to regulatory compliance within its home turf, many investors express a need for increased transparency concerning its operations in other countries. By addressing these concerns, Belfrics could further solidify its stand in the global market and strengthen the trust of its international user base.
FAQs
Q: What is the regulatory status of Belfrics？
A: Belfrics is regulated by LFSA in Malaysia.
Q: What are the trading instruments offered by Belfrics？
A: Belfrics primarily trades in cryptocurrencies, providing numerous opportunities in the digital asset market along with liquidity and commodities.
Q: What type of customer support does Belfrics offer？
A: Belfrics offers dedicated customer support through various regional phone lines and an office in Malaysia.
Q: What are trading platforms utilized by Belfrics？
A: Belfrics operates its in-house trading platform with high-frequency trading and liquidity provisions.
Q: What educational resources are available from Belfrics？
A: Belfrics offers blockchain training through Belfrics Academy and up-to-date industry news via Incrypts.
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