In the wake of 2017, so many people were beginning to know about the asset class called cryptocurrency. Coinbase was created in 2012, Binance, 2017; Robinhood, 2013; and Gemini 2014… yet, the potential (larger demand over supply) in the crypto industry was in the boom before the crash in 2018.
Within that period, as stated above, more people were accepting the blockchain product. And this meant that there was a need to have simplified platforms that could aid the onboarding of more users of cryptocurrencies and their derivatives. BitForex was introduced in the wake of this need to join the league of exchanges helping to accelerate the mass adoption of crypto through simplified user platforms.
What is BitForex?
BitForex is a centralized crypto exchange that was designed to provide users with crypto-related services in a safe system. These include trading of currencies, crypto education, and later added options based on users’ needs.
It has its headquarters in Singapore, with a registered presence in Seychelles. The team behind the project are top professionals from global brands around the world such as World Bank, McKinsey, Microsoft, and Lenovo, with food insight in finance, blockchain, and more.
How Does BitForex Work?
One of the first reasons users come to the BitForex platform is to trade cryptocurrencies. The system offers options to trade a lot of cryptocurrencies in the market. All a user needs is to sign up, connect a debit card or use other transfer mechanisms and buy crypto assets. This can be done here.
The trading options include spot trading, perpetual contract as well as copy trading which makes it easy for beginners to trade with minimal risk. BitForex trading options are available in more than 200 countries and 300 trading pairs.
BitForex has an academy which is a very vital part of driving the adoption of crypto. It is called BitForex Learning Centre and it contains a lot of materials in simple forms that anyone can read and understand in a short while.
For the support system of BitForex, the platform is multilingual, being able to communicate in more than 5 languages including English, Chinese, and Portuguese. This will also help to drive adoption across continents.
BitForex platform can also be accessed via a mobile app for Android and iOS users. Mobile is the future of tech development and BitForex is betting on that system to drive its services around the globe.
For those who come into BitForex, they can earn more by using the Referral Program of the platform. Then in terms of security, the entire ecosystem is under an annual penetration check by Hackenproof, and then a large portion of assets on the platform are stored in a Cold Wallet. This will help mitigate the stealing of funds online.
On the BitForex platform is CApp Town, which allows the connection between crypto holders and a lot of dApps; BF Sector where users can see the available DeFi tokens to invest in; and EazySwap, a decentralized system for swapping tokens.
BitForex added two features that support one of the most trendy aspects of blockchain, GameFi.
Read this also:
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- Bitlocus, the Trading Platform Transforming Crypto-to-Fiat Transactions
- DTTCoin Exchange: Driving Crypto Adoption through Crypto Trading Education
NFTs, Marketplace, and Launchpad on BitForex
In BitForex, users can buy, sell and trade NFTs of their choice. They can also use them to play games on other platforms provided that it’s a match for the requirement of the gaming platform.
For gamer developers who want to launch their games or any team that wants to launch a crypto project, BitForex is a good place to get support for such projects. The Launchpad makes it possible to have access to the large community of over 5m serviced by BitForex.
Puzzle Fantasy, CBY (CBerry), TMCN (TimeCoinProtocol), CAPP（Crypto Application Token), FZY (Frenzy), and WELL (Wellness Token Economy) are some of the NFT-based projects that have been launched and are yet to be launched on BitForex platform. Click here to participate in any of these launches.
Challenges of BitForex
According to sources from the web, Binance, Kraken, Coinmama, CEX.IO, and LocalBitcoins are the five top crypto exchanges in the world. BitForex will need to be different and unique to capture the same market these global brands are servicing.
Apart from the competition, the other challenge will be to continue to offer services that are needed in the crypto market. The addition of the NFT marketplace shows that the team understands the direction of the trends. In line with this, the mobile app is a good product. But the absence of consistent updates and improvement can diminish the strength of the product.
Team and Partners Behind BitForex
Jason Luo, a Master’s Degree holder from Nanyang Technological University, Singapore, was the Co-Founder of Eastern Altitude Technology and listing coordinator at HKEX, Hong Kong, before joining BitForex as Co-Founder and CEO. He is experienced in marketing, business analysis, and project coordination.
Guowei Hu, who is a Partner of organ & Finnegan Law Firm, is on the seat of advisors for BitForex focusing on the legalities. Marshal Webb, Co-founder, and CTO of Path Network is a security consultant with BitForex.
The two tech advisors for BitForex are Tian Jia, a Chief scientist, and Haobo Ma, Founder of AELF. Other team members are spread across the world with great working experiences in various fields. Amongst its partners are Essentia, Crypto Capital, and Todaq.
BitForex has been on for a while with a very good team that has brought about more than 142 coins listed with the provision of MT5 Trading features available for its over 3,500,000 users. Following what has been done so far, BitForex is a good platform for any crypto user to explore.
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