Bitforex is a cryptocurrency exchange platform that was launched in 2018. Based in Singapore, it is a relatively new entrant in the cryptocurrency exchange space but has quickly gained a reputation for its advanced trading features and high level of security
The platform claims to use a number of security measures to protect its users' funds, including two-factor authentication, SSL encryption, and multi-signature wallets. The exchange also stores the majority of its funds in cold storage, which provides an extra layer of protection against hacks and theft.
Bitforex offers a range of advanced trading features, including margin trading, futures trading, and other complex trading strategies, as well as supports wide range of trading pairs.
Despite being a relatively new exchange, Bitforex has quickly gained a foothold in the cryptocurrency industry, thanks in part to its attractive fee structure. The platform charges a flat fee of 0.1% for all trades, which is lower than many other cryptocurrency exchanges. The exchange also offers a range of promotions and bonuses for new users, which has helped to attract a large user base.
However, like many cryptocurrency exchanges, Bitforex has faced some challenges. In 2019, the exchange was accused of faking its trading volume, which is a practice known as "wash trading". Bitforex denied these allegations, but the incident raised concerns about the transparency and credibility of the exchange.
Bitforex has also faced some regulatory challenges. In 2019, the exchange was one of several cryptocurrency exchanges to be added to the New York Attorney General's "Virtual Markets Integrity Initiative" watchlist, which is designed to protect consumers and investors from fraud and abuse.