What is BitForex? BitForex user guide from AZ

By Jane Luis | Exchanges

BitForex floor

Crypto exchanges have long been no longer merely a development of trading immediately, but have supported more leveraged trading and other features.

In addition to the pairs of crypto transactions with each other on the platform of immediate trading and leverage (such as margin trading, perpetual contracts). A number of digital trading platforms are now starting to integrate with forex and forex trading features to diversify trading products and optimize the right trading options for users.

BitForex is a prime example of focusing on digital trading. In addition, the platform also integrates initial links of forex-related interfaces for users to experience.

In today's article, I will discuss with you all the issues related to BitForex platform to be able to trade the best on this trading platform!

BitForex is a crypto exchange in the market for immediate and leveraged trading. At the same time, there is a direction to support the forex interface for users using the Metatrader5 interface (currently a separate demo interface with trading with BitForex).

In addition, the floor also sells these IEO project plan to be listed on their exchange.

BitForex's company is based in Hong Kong and has independent operating teams in Korea, Singapore, Philippines, Malaysia and Japan.

On the exchange's website, there are listed three nicknames of the exchange's administrators: CryptosRUS, Crypt0 and Ilya Mescheryakov.

However, the information on the social networks of these three members is not clearly connected to the exchange.

Some other features of BitForex in addition to immediate trading and leveraged trading:

  • Support listing projects about to be listed.
  • Support trading on MT5 platform.
  • There are blogs on the trading platform website that support trading information.
  • BitForex has its own BF coin that was launched not too long ago (in August 8) and applied the "transaction fee mining" model.

Review BitForex floor

Advantages of BitForex platform

  • Supports multiple trading pairs and trading leverage on the BitForex trading platform.
  • Support MT5 trading platform interface for users to experience.
  • Users can flexibly choose the types of leverage from x1-x100 to trade on the floor.
  • Support both stablecoins are USDT and TUSDT.

Disadvantages of BitForex

  • There is not much accurate information regarding the exchange confirmation.
  • The MT5 interface has no clear instructions and lacks authentic information about these trading pairs.
  • Support Vietnamese mixed with English, difficult to track a lot of content.

Instruction to register an account on BitForex

Information required to register for a BitForex account

For quick and easy registration and authentication, you need to prepare in advance:

  • Email / Registered phone number.
  • Google Authenticator authentication software.
  • Passport or Vietnamese ID card or passport.

Register an account on BitForex

First, visit the BitForex homepage. You can use the following link to support Coin98: https://coin98.net/go/BitForex

You have two options of registering by phone number or email. Here I will give examples by phone number:

  • Enter email.
  • Click Get Verification code >> Wait for the confirmation code sent to email >> Enter the code.
  • Enter the password & confirm the password.
  • Select I have read and agree to the <Terms of Service>.
  • Select Register.

Link phone numbers to trading accounts

When choosing the registration email, you can combine your phone number into your trading account by: Go to Security Setting -> Mobile phone -> select the prefix +84 and then enter the phone number.

Then, you press the send button to send the verification code to your email and phone number.

Open 2FA authentication for the account

This step helps you set up increased security for your account.

First, siblings install the application Google Authenticator on mobile devices:

  • Go to Security Setting -> Google Authenticator on the trading interface interface.
  • Enter the QR code or sequence of numbers to establish 2 FAs on the account.
  • Get the code verification code from the email.
  • Get 2FA verification code from Google Authenticator.
  • Click Confirm to confirm.

Instructions for KYC BitForex trading account

Go to Security Settings >> Identity Authentication >> Enter your first and last name and choose the type of paper to KYC (Passport / ID card / Driver's license).

In country or region: Select Vietnam >> Enter Passport Number / ID Card / Driver's License.

At Expired, select Expire on >> Enter date or Long validity.

Take a photo of the front of the passport (front + back for ID card / front + back for driver's license) >> Take a selfie with KYC papers >> Select Confirm to confirm.

Instructions for using BitForex platform

Transfer money to wallet address

At Assets >> Choose token >> Choose Deposit.

Transfer by wallet address by word or scan QR code.

Withdraw funds from your account on BitForex

At Assets >> Select the token you want to withdraw >> Choose withdraw:

  • Select the type of crypto to withdraw.
  • Enter the address of the wallet you want to withdraw.
  • Enter the total amount to withdraw.
  • Click Submit to confirm.

At this point, BitForex will send you the verification code to the registered email / phone number. Also enter 2FA code to complete.

Create a trading password on BitForex

At Security Setting >> Trading Password >> Enter Password >> Retype Password >> 2FA Authentication >> Verify email.

Guide to Buy and Sell Bitcoin and Altcoins on BitForex

BitForex provides users with popular trading types including spot trading and perpetual trading. In the section below, I will guide you in detail these types of transactions.

In the main interface, select Spot (immediate transaction) or Perpetual (permanent contract transaction) to conduct transactions with Bitcoin and altcoins.

Guide to spot spot trading on BitForex

Place a Limit Order on BitForex

With trading at BitForex it is possible to trade altcoins along with BTC, ETH, USDT and TUSD.

BF token is the token of the exchange. However, the floor has not set up private trading pairs with BF.

Currently, BitForex only supports trading with Limit Order orders.

Place a Limit Order on BitForex

Users can also place orders by setting a limit price and clicking on the amount purchased or sold (25%, 50%, 75% and 100%) of the total capital / token available. Or enter the number of tokens to buy / sell then click Buy or Sell.

Instructions to trade perpetual trading (perpetual contracts) on BitForex

For perpetual contract transactions, you can choose to transfer your account from wallet to perpetual contract account and confirm transaction risks.

Trading on perpetual contracts can be made either by placing it on the long (long) or short (short) positions according to the trader's prediction.

Users can select the Limit order to place an order by selecting a leverage ratio from 1-100x then enter the number of contracts (1 contract corresponding to 1 dollar) and price (in dollars).

There are 12 contract trading pairs on BitForex, all of which are in USD.

Users can also set Conditional conditional orders to close orders as they wish. The information of opening a position will appear on the right after placing an order in Account Info.

Instructions to link BitForex account with MT5

BitForex acts as an intermediary in connecting to the MT5 platform so that users can trade forex, commodity or crypto pairs on this application platform and pay brokerage fees for BitForex.

MetaTrader 5, also known as MT5 for short - is an electronic platform that allows traders to trade foreign exchange and other non-Forex financial products such as stock and commodity markets.

Metatrader 5 uses a programming language, MQL5, which is different from the MQL4 used by Metatrader 4. Therefore, there is no compatibility between the two software so technical indicators and forms can be used in the software. but cannot be used in other software.

People can create accounts and Demo trading on MT5 interface from BitForex website.

Select MT5 >> Trade now >> Create a Demo account and experience forex fiat trading pairs.

Currently, the BitForex Demo account mainly supports currency pairs. Therefore is an opportunity for people to want to experience related to forex.

Instruction to buy crypto by credit card

Users can buy BTC, ETH, LTC, BCH, XLM via credit card and choose to pay in currencies such as US dollars, EUR, Canadian dollars and Japanese Yen.

Select the type of crypto to trade >> Choose currency >> Enter the amount of crypto to trade.

However, now it seems that the credit card transaction feature has not been fully activated to be purchased on BitForex.

Introducing BitForex's IEO Turbo platform

Bringing information related to the IEO on the floor, prices, trading pairs as well as the time listed.

Currently, Turbo has listing CAPP listing on April 20 for trading with BTC.

According to unilateral data from the floor, the IEOs on the floor achieved a high profit rate of about 200% - 2000%.

How to create an API for the account

Enter the account information name and IP address of the device. Then select Confirm to enable the use of features that can be used remotely.

Frequently asked questions when trading on BitForex

Is BitForex safe and reputable?

There is not much information regarding the BitForex exchange from experienced traders or listing projects related to the exchange.

What is the trading fee on BitForex?

For spot transactions (Spot):

  • Maker fee: 0.1%
  • Taker fee: 0.1%

Perpeptual contracts:

  • Maker fee: 0.04%
  • Taker fee: 0.06%

Commission fee when trading via MT5 that BitForex is a broker:

  • Commission fee is the fee that is collected when a trader makes a purchase or sale of a product.
  • Forex / Commodities / Metals / Indices: USD 10 per lot.
  • Crypto: 0.08% on each trade.

What are the deposit / withdrawal fees on BitForex?

  • BitForex free nap coin.
  • BTC withdrawal fee: 0,0005 BTC.
  • ETH withdrawal fee: 0,01 ETH.
  • USDT withdrawal fee: 5 USDT.

You can see the details of withdrawal fees here: https://support.BitForex.com/hc/en-us/articles/360007107871-Withdrawal-Fees

Has BitForex been hacked yet?

Currently, BitForex has not encountered any fraud.

What country is BitForex?

BitForex's company is based in Hong Kong and has independent operating teams in Korea, Singapore, Philippines, Malaysia and Japan.

What is BitForex exchange coin?

BitForex has a floor token of current BF, anchored current prices of USDT, BTC and ETH.

BF is issued mainly through "trade mining" or "transaction fee mining".

In addition, BF is also gradually released through community activities and building mutual ecosystems.

BF tokens are distributed as follows:

  • 40% Trade Mining.
  • 24% for community and reciprocal ecosystem.
  • 20% promote the development team.
  • 8% for private activities.
  • 8% for the platform.

Total supply: 10.000.000.000 billion BF.

Current capitalization: $ 23.000.000 million.

In addition to BitForex, BF is also traded on YoBit.

Does BitForex support Vietnam?

BitForex has an information interface that can be converted to Vietnamese language.

However, some parts have not been translated yet. Support the above information Telegram Still only have English language.

What is the deposit and withdrawal limit on BitForex?

BitForex has no maximum and minimum load limits.

Regarding the withdrawal limit, there is a maximum withdrawal limit of one day and a minimum deposit limit for each transaction.

You can see more details here: https://support.bitforex.com/hc/en-us/articles/360006824452-Withdraw-Questions

Does BitForex have apps on Android, iOS?

BitForex has apps on Android and iOS. Users can download it in CHPlay or App Store.

What types of transactions does BitForex support?

BitForex supports trading at the spot and futures contracts.

For immediate trade only support Limit orders.

For futures trading, supports both Limit and Conditional orders.

Does BitForex have an IEO?

BitForex has IEOs, which can be viewed on the Turbo section of BitForex.

How is BitForex related?

BitForex lists partnerships with twelve parties, most of which list project information and reviews.

summary

Above is the article about BitForex - a growing trading platform that gradually improves the features. Because there is some unclear information about the exchange.

This will be a new option to experience with small money. Especially for those who wish to trade in combination with traditional markets refer to the combination of MT5 platform.

Everyone can join the discussion at the Telegram (English) group of the exchange: https://t.me/BitForexEnglish

Hope the article helps you.

And now, hello and see you in the next article!

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