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The data are from WIKI Research 2021.05.10 updated
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Basic Information & Regulation of BitForex
BitForex is currently one of the world's leading cryptocurrency exchanges dedicated to providing investors with professional, convenient, and secure trading services in the cryptocurrency market. Founded in 2018, BitForex is headquartered in Singapore and set offices in Hong Kong, Estonia, the Philippines, Malaysia, and other locations. It is worth noting that BitForex is not currently regulated in any way.
Safety Analysis of BitForex
The primary criterion for determining whether a forex trading platform is safe or not is whether it is formally regulated, and BitForex, as a cryptocurrency brokerage firm, is currently unregulated, which means that investors' trading activities and the safety of their funds are not effectively protected. Therefore, investors are advised to stay away from this BitForex cryptocurrency brokerage firm.
BitForex offers investors access to the popular cryptocurrencies currently available in the cryptocurrency market, mainly Bitcoin, Ether, Thaumaturgic, Litecoin, etc.
BitForex charges a fee of 0.10% per trade for orders executed on the platform.
Trading Platform Available of BitForex
BitForex offers traders the most advanced MT5 trading platform available. For traders and investors, the trading platform provided by the exchange is a very important part of the trading activity. The trading platform is the software algorithm that controls and oversees the entire trading activity. Trading platforms offered by most cryptocurrency exchanges are very similar when it comes to trading views, including buying and selling boxes, historical orders, various price charts, etc. However, the user interface provided by the exchange is different. BitForex offers investors a simple and intuitive trading interface.
Deposit and Withdrawal of BitForex
BitForex supports traders to deposit and withdraw funds to and from their investment accounts through a number of different methods, such as credit/debit cards, wire transfers, and cryptocurrency transfers. Additionally, BitForex charges a fee of 0.0005 BTC for each bitcoin withdrawn by its clients.
Pros & Cons of BitForex
The main advantages of Bitforex are:
1. MT5 trading platform
2. Multiple deposits & withdrawal methods
The main disadvantages of Bitforex are:
1. No regulation
2. No account & leverage information provided
3. High transaction fees & withdrawal costs
The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.
Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click 'Complaints 'and 'Correction' to inform us. We will check immediately and release the results.
Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.
Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.