There are a lot of centralized crypto exchanges out there but very few decent decentralized ones. We’ve looked for a few and so far, our favorite is BitForex.
BitForex in a nutshell
Pros:
- decentralized, No KYC (unless you have abnormal IP address behavior)
- Zero deposit fee
- Low tradings fees
- Easy to use.
- Has mobile apps for both Android and iOS
- Offers extra security (2 factor authentication and SMS verification)
- Has advanced tools
Cons:
- decentralized (lack of transparency)
- accused of fake trading volume
- customer service could do better
When we say “decentralized” it means the exchange is not under a regulatory body and therefore not required to file our personal information over to any governing bodies.
We like investing in the stock market but we also love diversifying our portfolio. As the saying goes, “Never put all your eggs in one basket.” Cryptocurrency trading offers higher returns but also higher risks. We’re not financial experts but hear us out, we think that cryptocurrencies are the future.
BitForex claims to operate in over 180 countries. It offers spot trading, perpetual contracts with a leverage of up to a hundred times, margin trading, and a social trading platform. We also like that it is backed by crypto big wigs like Node Capital, TRON, Crypto Capital, Block VC and Genesis Capital.
This exchange is also powerful enough to probably hit every trade in its servers. BitForex claims that it has the capacity to process 1.6 million orders per second (Did you read that Coinbase, Binance and Robinhood?). It has never experienced and down in times of high volume trades and hopefully, it never will. It pays to have at least two exchanges operational especially if you’re day trading. It hurts when you can’t execute trades whether it be stocks or cryptocurrencies. Every millisecond counts.
Services Offered:
BitForex offers what other major exchanges offer. It offers the standard spot trading, margin trading, and coin swap.
Fees:
Spot Trading – 0.1%
Perpetual Trading – 0.04% for BTC and ETH for the maker and 0.06% for the taker. Other currencies at 0.06%.
I’m seeing posts that BitForex is a scam!
If you read the negative reviews, you’ll find that most of the ones crying about their trades not going through are because they didn’t read the minimum trade.
Things to watch out for:
This decentralized exchange is not known for great customer service. So it’s better to study the trading platform and its FAQs first before doing your trades. It’s better safe than sorry. We’ve never experienced any hiccups so far but we did read a lot of folks going crazy with the level of customer support (or lack thereof).
What’s the final verdict with bitforex?
We think that BitForex sits in the middle of Coinbase for user-friendliness and Binance for advanced trading. It’s a great place to trade cryptocurrencies as it offers a wide selection of tokens to trade. The exchange is fairly secure but needs to improve its customer service if it wants more customers staying on its platform. BitForex is a great primary or secondary platform for crypto exchanges. Try it out and use our referral link here!
