This BaseFEX review will help you decide if this is the platform for you. Registered in Seychelles, based out of Hong Kong and founded in 2018.
BaseFEX is a relatively new cryptocurrency exchange platform that has risen to dominance and gained popularity among crypto traders and enthusiasts.
This is because of its low fees, its numerous trade offers and multiple account features. This makes trading with BaseFEX an easy and straight forward process for both beginners and experienced traders.
BaseFEX is backed by InBlockchain, one of Chinas biggest venture capital funds and bitcoin investors. BaseFEX allows traders from all around the world to participate in trading various types of crypto derivatives. All contracts can be opened with leverage as high as 100x on its web-based trading platform.
This trading platform was created using the latest cutting edge technology but made to look simplistic and user friendly. This makes it easy to understand, navigate and utilize for traders at all levels.
BaseFEX has a dedicated Fees page on its website that clearly outlines all fees traders are expected to be charged for depositing, withdrawing and placing trades on the BaseFEX platform. This page also features a full list of all crypto pairs traded on the platform as well as all fees associated with them. You can easily go through this page for the full fees list.
For trading fees, BaseFEX makes use of the Makers and Takers fee structure on their platform. Offering one of the lowest trading fees in the industry, BaseFX makers fees for almost all trades is set to 0 percent while the takers fees ranges between 0.05 percent to 0.2 percent, depending on the crypto pair you wish to trade.
Deposit and Withdrawal Fees
BaseFEX charges its clients no fees for depositing into their trading account or withdrawing from it. However, the network and mining fees for each transaction will still apply. But BaseFEX does not benefit from any of these fees. This is because these fees only go to the blockchain network you are using to carry out your deposit and withdrawals.
Discount On All Fees
BaseFEX also offers its clients a 50% discount on all fees for traders with high trading volume. To qualify for this bonus, your BaseFEX trading account most have an order value of more than $35 million USD in seven days. Once attained, all trading fees will be slashed by 50%. This gives you the ability to make more money while paying less.
BaseFEX Deposit and Withdrawal Methods
The process involved in funding your BaseFEX account is pretty simple and straightforward. All you need to remember is that BaseFEX only accepts Bitcoin for its deposits, withdrawals and all transactions on the trading platform.
If you do not have Bitcoin available, you need to head over to any popular bitcoin exchange platform in order to convert your fiat currency to Bitcoin. Once done, you can head over to the BaseFEX website where you can click on the Deposit button, copy the multi-signature wallet that gets generated and then complete your transaction by sending your BTC to the wallet address. There is no minimum deposit amount, so you can deposit any amount you want into your account.
The withdrawal process is a very similar one, making it easy for traders to easily carry out withdrawal transactions with little to no help. All you need to have is a Bitcoin wallet address where you can send your withdrawal to. Once you have your bitcoin wallet available, you can head over to the BaseFEX website, click on the withdrawal button and fill in the blank spaces. They will ask for information about; the amount you wish to withdraw and the wallet address you wish to send it to.
BaseFEX has led the way in the crypto trading industry when it comes to supported trading pairs. The derivative exchange supports the trading of a variety of crypto pairs on its platform. This gives clients numerous options to choose from. This is good for those looking for ways to diversify their cryptocurrency portfolio. The cryptocurrencies supported on the platform include: BTCUSD, XRPXBT, EOSXBT, BNBXBT, OKBXBT, ATOMXBT, ETHXBT, LTCXBT, ADAXBT, HTXBT, CTXBT.
Each of these contracts has a dedicated contract specifications page. This page provides a more in-depth analysis. Like, margin requirements and information about the trading pair of choice to the traders in order to help them make more informed decisions when it comes to placing trades or choosing their lot size.
Also, BaseFEX does not support the trading of any fiat currency, commodity or stock on its platform. This is because the trading platform only deals with crypto derivatives trading. The reason for this is that it’s easier to operate with current regulations.
BaseFEX offers its traders one of the best leverages in the crypto trading industry. This leverage varies depending on the crypto pair of choice. This basically means that users can trade the Bitcoin features with a leverage of 100x on the BaseFEX platform, while all other coins have a leverage of 20x.
With this leverage in play, users can put up a little capital for maintaining the margin requirement needed to keep a position open. It also means users can take more trades and have more capital exposure to the market.
However, it is also very important for you to understand the benefits and the risks involved with leverage trading before indulging in it or over leveraging. Because even though you can make really huge returns from leveraging your trades, you can make huge loses as well or even blow your account if the market goes against you.
In a situation where you are over leveraged and have no free margin required to keep the position open, BaseFEX will automatically begin liquidating your position and closing your orders.
Due to the strict regulations imposed by various regulatory bodies in the US, BaseFEX does not accept clients from the US. However, the derivatives trading platform allows the creation of totally anonymous trading accounts on its platform making it possible for you to easily open an account on the platform without having to provide documents or undergo identity and location verification first. If you are a US trader you can use a VPN. One of the most popular VPN among bitcoin traders in the US is NordVPN.
Of course, as a responsible trader you would do this at your own risk is your are living in the US and nothing written here is meant as financial advice.
BaseFEX offers a sophisticated web based platform that was created using the latest cutting edge technology in order to ensure security, stability and efficiency for all trading needs.
For the desktop platform, BaseFEX made sure the interface was created to be easy to understand and navigate. There is the charting interface taking up most of the screen, while the full list of all tradeable pairs takes up the left hand side. At the bottom of it all is the summary of all opened position making it easy to track all position from a single place.
The platform also allows users place multiple types of advanced orders like:
- Limit order
- Market order
- Stop limit order
- Stop market order
- Trailing stop order
- Take profit limit order and
- Take profit market order
The platform also allows users carry out in-depth technical analysis on any pair of their choice. And for that, you can make use of the numerous built in indicators and analysis tools present on the platform. You can also check your order history of the trading account in your data section. This includes the time and date the positions where opened and closed as well as the profits and losses obtained from the position. This historical information can be very useful to you if you are looking for ways to improve your strategy and limit your losers.
BaseFEX also has a custom built mobile trading app that allows its users trade with while on the go. The app is available for both Android and iOS users. The mobile app can be downloaded from the google play store and the iPhone app store for free.
The app allows users place new orders, close running positions, monitor their running trades and complete other forms of transactions on the platform.
Trading Charts/Trading View
BaseFEX provides charting features to its numerous clients with the use of trading view. This chart offers users a wide range of options to choose from. Like, picking the right timeframe, chart type as well as technical tools for their style of trading.
The chart also allows users customize the look and feel to suit their trading needs and preference. All active positions, margins, P&L as well as traded pairs are all displayed in real time at the bottom of the chart. This makes it possible to monitor all open positions from one place.
Security and Safety
BaseFEX takes its platform security very seriously and over the years has incorporated numerous checks and balances into its platform in order to ensure the safety of its clients funds and its trading platform. Some of the security checks it as incorporated includes:
- The Use of Cold Storage Wallet:
In order to protect client’s funds from hacks, BaseFEX stores all of its assets in offline multi-signature cold wallets. These wallets requires the availability of all keys from the signatories in order to access the funds.
- Withdrawal Confirmation:
BaseFEX carries out a manual auditing of all withdrawal requests made on its platform in order to ensure all requests are made from an authentic source. This way, users can be rest assured that their accounts will not get hacked or emptied illegally.
- The Use of Insurance On Clients Funds:
BaseFEX has also implemented an insurance system on all client’s funds, protecting it from any market disruptions or sharp drops in value. This way, clients can be rest assured that their accounts are not exposed to the volatility regularly experienced in the crypto market.
- Use of 2FA Security:
BaseFEX offers its users the option to activate the 2 factor authentication method on their new account. With this authentication method in place, you can easily get notified whenever anyone wants to carry out any form of financial transaction on your account. It will also require you to confirm withdrawal requests made on your account thereby adding that extra layer of security.
- Technologically Advanced Trading Platform:
The BaseFEX web based trading platform was created using some of the latest cutting edge technology in web development. The technology ensures that the platform is protected from all forms of cyber-attacks, errors, and loss in communication.
BaseFEX provides customers with a team of highly trained and professional customer support members. The team is always on standby and available 24/7 to render support and assistance to all your needs. This support team can be contacted via email, Telegram and Twitter. However, at the time of writing this review, BaseFEX does not offer customer support over the phone.
BaseFEX also offers a FAQ’s page that provides users with an in-depth answer to some of the most common questions and problems faced on the platform. There is also an educational page that informs and teaches users on how to trade using the BaseFEX platform as well as the meaning of various terms and basic margin requirements needed to open a position and keep the position opened.
Although BaseFEX is still a relatively new trading platform, it is blazing the trails and leading the way on how derivatives trading is being done. It provides clients with an easy to use platform and is offering numerous crypto pairs for trading. Moreover, BaseFEX is providing high leverage and very low and competitive trading fees. BasFEX is gradually becoming an industry giant and a force to be reckoned within the crypto trading industry.
So, if you are looking for a derivative platform with very low fees, high liquidity, a dedicated and transparent team and a platform that offers numerous options to choose from when it comes to tradable crypto pairs. BaseFEX might be the right crypto derivatives trading platform for you.