BitForex Beginner's Guide
An Insight Into BitForex
For a cryptocurrency hub that is relatively new to the market, BitForex is doing great. It was launched in June 2018 and, from then till now, BitForex has accumulated about 3.5 million users and operates 300+ trading pairs. This sustainability is due to massive support from high liquidity partners who ensure trading goes on seamlessly.
BitForex is named among the top 20 global cryptocurrency exchange platforms. Many likable features add up to give it this prestigious status and these qualities are the reasons why it is popular; you have decided to go for BitForex.
First, your assets are secure with BitForex. Crypto assets invested into the platform are under insurance. So, there will be no reason for funds to disappear without a trace. Likewise, all wallets are highly secured, and —in case of users encountering any problems—24/7 online customer service is available to trash them out.
Also, there are no boundaries. BitForex can be used in over 180 countries around the world. This means that BitForex gives all-encompassing language options so that no one is left out. Such provision makes finding your way through the website or mobile apps very simple and stress-free.
You are about to take a new step. When starting on fresh terrain, it is important to know everything there is to look out for. More so, tips are necessary to keep one on the right path. Here are the features and information that you need about BitForex.
Getting Started
Registration
Go to www.bitforex.com or, better still, search for BitForex on your search engine and select the first tab. Tap on the register option and supply your email address, replicate the given code, and gives a strong password in the required fields then click on "sign up". Registration is done!
Verification
To authenticate the sign-up process, a verification code is delivered to your email address. Another code can be requested if the delivery time elapses and nothing has been sent by hitting "send again". Eventually, fill in the email verification box and click " verification" below. This routine process ensures that you are linked to the details inputted earlier.
2 Factor Authentication
Now, you are directed to your dashboard. On the top left-hand side of your screen, there is a tab titled "Account Settings". Upon opening it, "Security" will appear. Here, you can activate two-factor authentication (also known as 2 FA). It is used to give extra protection to your account by alerting you about subsequent login sessions via email. This prevents infiltration by hackers and other cyber attackers, putting users a step ahead. An emergency report can be made to customer service or log-in details can be changed if a hack occurs.
You can choose between "Bind phone" and "Google verification". The bind phone is easier so you had better go for it. You start by entering your phone number; take note of the country code. Thereafter, you will get codes from your phone number and your email address by clicking on "Get Code" at the email and SMS verification boxes. When the codes are entered into the respective boxes, tap "Confirm". Congratulations! Your Bitforex account is 100% secured.
More protection in place
Cold Wallet
This solution places 98% of user funds offline and subjects them to many signatories across the world.
If an administrator is compromised, a single hit would not suffice to cart away funds. With this level of security, it is near impossible to defy Bitforex cold storage.
Hot Wallet
The Hot wallet is used to fulfill withdrawals in waiting. Approximately, only 0.5% of user funds are here.
DDoS Protection
BitForex has detective-like software. It fishes out malicious server requests and blocks them.
Fund Your Account
Peep the "My Assets" tab, go on to click on it then choose "Deposit". Pick any of the tokens listed. Copy the deposit address and paste it into your wallet. You must ensure that the deposit address corresponds with the token. For instance, if you choose BTC; confirm that you have pasted a BTC address.
An error could lead to loss of funds. A completed transaction cannot be reversed. Scroll down to the bottom of the page to view your deposit history. Now, you can trade. You can buy cryptos on BitForex too.
Start Trading Your Crypto
On the top left of your dashboard, click on "Token trading". Trading pairs are provided on the left column; pick whichever one you want to trade with. Scroll down to place an order. Bingo! You have successfully placed a trade.
Online Application
Crypto business is made easy. BitForex has made a solution to prevent possible bottleneck traffic on the online website. They have made mobile applications for all and sundry. You can take advantage of any of the various versions: the iOS version on Apple Store, the Google Play version, the Android APK for instant download, and the Windows version.
Other Features You Stand To Enjoy
TRADING FEES
BitForex is no different from other cryptocurrency trading platforms; you incur trading fees on every order you execute. On BitForex, the trading fees are calculated on the realized P&L basis while they work in a Maker and Taker structure.
SPOT TRADING
Whenever you take on a spot trade, a regular and flat rate of 0.01% trading fees applies.
Perpetual (Cross) Trading
You add liquidity to your trade by placing limits on sell or buy. Whenever you place a limit order, a Maker fee of 0.04% is paid.
On the other hand, a Taker fee of 0.06% applies when you remove liquidity from the order book. This is possible by placing an order that clashes with another in the book.
BF Token
Bit Forex Token is the singular currency for running internal economics on the platform. It is usually used as reimbursement for mining and ecosystem construction. You can earn some. So far, the supply of BF Token has hit 10 billion.
Referrals
Referrals are rewarded. BitForex desires the traffic. There are two different types: General referrals and Knight. The first category receives daily settlements and earns a 30% spot trading commission. A Knight partnership, however, has more benefits: an extra 30% commission on perpetual contract trading and dedicated support from BitForex.
BitForex is all yours. You are sure that every piece of information about the intricacies of BitForex has been made known to you in this piece. Go onboard and profit on trades in the best conditions.
About BitForex:
BitForex is an exchange service platform that can be classified as one of the Top 10 cryptocurrency exchange services. It is focused on providing millions of users with a digital currency trading and investment tool that is not only safe but also professional and convenient. BitForex has a high customer-oriented culture and state-of-the-art financial technology.
BitForex is programmed in a way that it can quickly adapt to the changes of the Crypto market while introducing new features like margin trading, enhanced trading charts, derivatives, and a host of others. The headquarter of BitForex is located in Hong Kong, while there are branch offices in countries like the United States, South Korea, and Singapore.
