A Platform that Listens to Users: BitFex Exchange Overview

A Platform that Listens to Users: BitFex Exchange Overview

The BitFex cryptocurrency exchange began its work a little over a year ago and in this relatively short period of time, it has already managed to gain the trust of many users and achieve good results. This platform differs from its competitors by the support of fiat currencies, the absence of complex verification and low and understandable commissions. So first things first.

Some history

The site began to work in January 2018, its jurisdiction is in Hong Kong. BitFex is very popular among traders in Eastern Europe, as the exchange interface is translated into two main languages in the world (English and Russian).

Reputation

You can easily find a large number of honest and objective reviews about the BitFex exchange at the specialized bitcointalk.org forum. Note that there are already six pages in this thread, and there are no complaining comments about problems with replenishment or withdrawal of funds from users.

Verification

As for verification, the exchange does not require it at any stage. Users will not have to scan the passport, driving license, payment receipts and take selfies with their documents neither when replenishing an account, nor when withdrawing. Just sign up, replenish your account, and you can start trading immediately.

User Feedback

The primary advantage of BitFex is its user feedback policy. That is, any trader can inform the exchange of his vision of a particular situation (functionality, design, etc). If this idea seems to be interesting to the community and other users support it, then the developers will implement it. Thus, the platform was created for traders and to solve their real problems.

Security

BitFex has a high level of security, it provides a separate server for each token, confirmation of output by e-mail, 2FA protection, cold wallets and other means of protection)

Trading on BitFex

Like most other crypto exchanges, BitFex uses a live chart from TradingView. This is the best solution, you can trade from any PC or laptop, just go to the site and log in. The terminal is free, dozens of indicators and a wide arsenal of tools for graphical analysis are available.

Deposit and withdrawal of funds

  • YandexMoney wallet (RUB);
  • AdvCash wallet (USD);
  • bank cards Visa, Mastercard, Maestro;
  • Sberbank Online system;
  • transferring cryptocurrency from another wallet to the internal wallet of the BitFex crypto-exchange.

As for the withdrawal, the methods are the same except for bank cards and Sberbank Online. In these areas, only replenishment is possible.

Commissions

The size of commission fees depends on the direction of replenishment or withdrawal and is minimal for the crypto industry.

  • YandexMoney – 0% commission for account replenishment and 1% for withdrawal, the minimum withdrawal amount is only 10 RUB;
  • AdvCash – 2% for replenishment and 2% + $ 0.05 for withdrawal;
  • when replenishing with cryptocurrency, the commission is not debited, and when withdrawing, either a fixed amount or a percentage of the transfer amount is taken (depends on the particular coin);
  • The trading commission is the same for everyone – 0.15% of the order amount.

Conclusion

Although BitFex cryptocurrency exchange is a newcomer to the market, it has a number of advantages over exchanges of the same age. Firstly, this is a fundamentally new vision of trading and listening to the needs of users. Secondly, the platform supports fiat currencies (in both directions). Thirdly, these are low commissions for replenishment/withdrawal, as well as for the trading itself.

BitFex is great for both beginners and professional traders. And as for the convenience of replenishment and withdrawal, this platform bypasses even industry leaders.

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