BITFLEX Review: Start Trading Derivatives in 20 Seconds with this Crypto Exchange
- Home
- /
- Bitflex Review
Table of Contents
Overview:
Within this review of the BITFLEX exchange, readers will discover a comprehensive analysis of the platform’s features and offerings. This article covers a range of topics, including trading options, fees, security measures, and customer support, providing readers with a thorough overview of the BITFLEX experience. Whether you’re an experienced trader or just starting out, this article offers valuable insights to help you make informed decisions about using BITFLEX for your cryptocurrency trading needs.
What is BITFLEX Exchange?
BITFLEX is a new cryptocurrency exchange that was launched in December 2022 with the goal of making crypto investment and trading more accessible and rewarding for users around the globe. Based in Seychelles, BITFLEX is a technology-focused company that provides a platform for spot and derivatives trading of a variety of cryptocurrencies.
The exchange is known for its user-friendly and intuitive interface. The platform is designed to be easy to use, even for beginners, while still providing advanced trading tools for more experienced traders. With a focus on providing a seamless user experience, BITFLEX aims to make it easy for users to buy, sell, and trade cryptocurrencies, regardless of their level of experience.
Bryan Wui Yang, CEO of BITFLEX, has extensive experience in the financial industry, and he and his team have worked hard to create a secure and reliable trading platform. The exchange uses industry-standard security measures to ensure that user funds and data are safe from cyber-attacks and other security threats.
BITFLEX is a new and exciting exchange that has quickly gained popularity among cryptocurrency traders. With its user-friendly interface, advanced trading tools, and affiliate program, BITFLEX offers something for everyone, whether you’re a beginner or an experienced trader. If you’re looking for a new exchange to trade cryptocurrencies, BITFLEX is definitely worth checking out.
You can start trading Bitcoin and Altcoins with up to 100x leverage today on BITFLEX. Use this link to sign up and earn a free bonus on your initial deposit.
How Does BITFLEX Work?
BITFLEX is a fairly new cryptocurrency exchange that offers both spot trading and derivatives trading for a variety of cryptocurrencies. One of the standout features of BITFLEX is its user-friendly interface, which makes it easy for new users to sign up and start trading without facing any hurdles. The exchange also offers an affiliate program that allows users to earn rewards by referring new users to the platform.
BITFLEX also regularly engages its users through different competitions and campaigns, giving them a chance to win prizes and rewards. With multiple campaigns running at the same time, users have the opportunity to win thousands of dollars with BITFLEX.
Security and legal compliance are top priorities for BITFLEX, and the exchange uses the best security measures and the highest standards of legal compliance to ensure that user funds and data are safe from cyber-attacks and other security threats.
Another standout feature of BITFLEX is its global 24/7 support, which is always available to assist users with any questions or issues they may have. This ensures that users can trade anytime, anywhere, without worrying about getting stuck with a problem they can’t solve.
Moreover, BITFLEX offers low trading fees, making it an affordable option for traders of all levels. Whether you’re a beginner or an experienced trader, BITFLEX is a great choice for anyone looking for a reliable, user-friendly cryptocurrency exchange.
Services Offer by BITFLEX Exchange
BITFLEX is currently offering the following services
- 1. Spot trading
- 2. Derivatives trading
- 3. Affiliate Program
Spot Trading
Spot trading is a type of cryptocurrency trading where users buy or sell digital assets at the current market price. It’s a simple and straightforward way to trade cryptocurrencies and is a popular choice among beginners and experienced traders alike. BITFLEX offers spot trading for five trading pairs, including Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Tron (TRX), and Cardano (ADA). The spot trading feature on BITFLEX is easy to use and user-friendly, making it a great choice for beginners looking to buy or sell cryptocurrencies at the current market price.
Derivatives Trading
Derivatives trading is a type of trading where users buy or sell contracts that derive their value from an underlying asset, such as a cryptocurrency. BITFLEX offers derivatives trading for USDT perpetual contracts for top cryptocurrencies, including Bitcoin, Ethereum, and Cardano ADA. The derivatives trading feature on BITFLEX offers leverage trading, which allows users to trade with more funds than they have available in their accounts. For BTC and ETH, the maximum leverage offered is 100x, while for other derivatives pairs, the leverage trading varies. With the ability to trade with more funds than they have available, users can potentially make larger profits on their trades, but it’s important to note that there is also a higher risk involved with leverage trading. BITFLEX’s derivatives trading feature offers a way for experienced traders to potentially increase their profits through leverage trading while also providing an opportunity for beginners to learn and explore the world of cryptocurrency derivatives trading.
Affiliate Program
BITFLEX crypto exchange offers an affiliate program as a way for its users to earn commissions by inviting new people to join the platform. An affiliate program is essentially a marketing strategy that rewards users for bringing in new customers or clients. With BITFLEX’s affiliate program, users can earn up to 50% commission on the trading fees generated by their referrals. Additionally, users can get direct access to their campaign’s performance, invitees, and earnings in real-time, allowing them to track their progress and adjust their strategies accordingly. BITFLEX also offers the option to partner with sub-affiliates, further increasing the potential for earnings. In addition to monetary rewards, the affiliate program also offers exclusive rewards for top performers. BITFLEX’s affiliate manager provides helpful tools to manage these campaigns better, making it easier for users to maximize their earnings potential.
Customize Your Trading Experience with Flexible KYC Options
At BITFLEX, you have the freedom to choose whether or not to undergo KYC verification. Unlike other platforms, BITFLEX allows you to sign up and start trading without mandatory KYC procedures.
The exchange offers multiple tiers of KYC with varying withdrawal limits. This means you can select the level of identity verification that suits your comfort level, enabling you to customize your trading experience according to your preferences. While KYC verification is available for enhanced security and higher withdrawal limits, it is not compulsory. With BITFLEX, you can enjoy the liberty of selecting your desired level of privacy and control over your personal information.
In addition, BITFLEX has integrated renowned security providers such as Fireblocks, Coincover and Jumio, ensuring added protection for your assets. Keep in mind that KYC is required only if you wish to withdraw more than $20,000 per day or $500,000 per month, providing you with flexibility and convenience while ensuring compliance with necessary regulations.
How to Register on BITFLEX?
Signing up on the BITFLEX cryptocurrency exchange is easy and straightforward. Here’s a step-by-step guide to help you get started:
- 1.Visit the BITFLEX official website and click on the “Sign Up” option
- 2. On the signup page, enter your email address or phone number and create a password. You can also enter our promo code “VhIRI4” or use our referral link to receive a bonus when you sign up. After you have provided all the necessary information, click on the “Create Account” button to get started.
- 3. On the following page, you will need to enter your first and last name as well as your country of residence. Fill out the form with the required information and click on “Continue” to proceed.
- 4. Next, you will receive a promo code in your email, which you can use to verify your account.
- 5. BITFLEX does not require KYC, so you can deposit funds immediately and start your trading journey on this exciting new cryptocurrency exchange.
How to Deposit Funds on BITFLEX?
Depositing funds on BITFLEX is an easy and straightforward process. To get started, simply navigate to the homepage and click on the “Assets” option. From there, select “Wallet” from the dropdown menu, and you will be directed to the deposit page. Here, you can choose the cryptocurrency you wish to deposit and proceed with the deposit process.
To deposit USDT or any other cryptocurrency, simply click on the deposit option located next to the corresponding currency on the BITFLEX wallet page. You will then be directed to a page where you can generate your unique wallet address. In the case of USDT, you have the option to choose between the ERC20 or TRC20 network based on your preference. After selecting your preferred network, copy the wallet address and paste it into the wallet from which you are transferring your funds.
After successfully transferring funds to your wallet, you are ready to begin trading on BITFLEX. Furthermore, if you wish to engage in margin trading using derivatives, simply transfer the funds to your derivatives wallet by clicking on the “Transfer” button located next to the funds.
How to Trade on BITFLEX?
If you’re looking to start trading on BITFLEX, there are two main types of trading available: Spot trading and Derivatives trading. You can learn more about each of these options below.
How to Trade Spot Market on BITFLEX?
To start spot trading on BITFLEX, it’s a straightforward process. Just head to the homepage and select the “Spot” option. Once you click on it, you will be directed to the spot market interface, where you can easily begin trading cryptocurrencies.
Click on the BTC/USDT dropdown on the top left of the screen to switch between cryptocurrencies.
In this review, we will use Bitcoin as an example to demonstrate how to buy it on BITFLEX’s spot market.
To buy or sell Bitcoin on BITFLEX, navigate to the right side of the screen, and click on the “Buy” tab on the big rectangle labelled “Place Order”. From here, you can place a limit order and purchase Bitcoin at the desired price. Simply enter the price at which you want to buy BTC and the amount of USDT you wish to spend and click “Buy” to complete the transaction. As an example, let’s say we want to purchase $50 worth of BTC on the spot market.
After entering the required values, you can click on the “Buy BTC” option to execute your purchase when the actual price reaches the limit order price. A confirmation will appear, and once you click on it, you will receive a notification that your purchase was successful.
To sell Bitcoin on the spot market, switch to the “Sell” tab on the “Place Order” box and repeat the process.
How to Trade Derivatives Market on BITFLEX?
To access the derivatives market on BITFLEX, you will first need to transfer funds from your spot wallet to your derivatives account. To do so, simply navigate to the spot wallet, select the asset you want to transfer, and click on the transfer option.
Enter the amount of USDT you want to transfer and click on confirm.
Once you have successfully transferred your funds, you can proceed to the derivatives trading by clicking on the “Derivatives” button located at the top of the page. This will allow you to enter BITFLEX’s perpetual contract markets.
You can select the perpetual contract you wish to trade by clicking on the top left tab with the contract name, such as BTCUSDT-P. In this review, we will focus on ETHUSDT-P as an example.
On the right-hand side of the screen, you will see a large rectangular box where you can open a position for a long or short trade.
To open a long position, first, enter the desired order price in the designated field (limit order), then select your preferred leverage ratio. Keep in mind that higher leverage ratios come with greater risks. BITFLEX allows users to choose a leverage ratio between 2x to 100x. Once you have chosen your leverage, enter the amount of ETH or USDT you want to allot to this position. In this example, we will go with 2x leverage and 50 USDT. Finally, click on the “Open Long” button to execute the trade and open your position.
After clicking on “Open Long,” a confirmation window will appear, asking you to verify the values. Once you have reviewed and confirmed the details, click on the “Confirm” option to proceed with opening your long position.
In real time, you can monitor your position in the box located beneath the Trading View chart and determine if it is currently generating a profit or a loss.
To close your position, simply click on the “Limit” button located under the “Close By” section. Then, enter the price at which you would like to close the position and click on “Confirm”. Your position will be closed automatically as soon as the price reaches the limit order price.
You also have the option to set a “Take Profit” and “Stop Loss” price by clicking on the “Add” button under the TP/SL section. Here, you can enter the price at which you want to take a profit and the price at which you want to limit your losses. You will be able to view your potential profits or losses here as well.
To short the price of Ethereum or any other crypto asset, simply repeat the process in the “Short” section of the “Place Order” box. However, it’s important to keep in mind that when you short the price of an asset, you will only earn a profit if the price decreases. If the price increases, it will inversely affect your position.
Is BITFLEX Secure?
BITFLEX takes the security of its users very seriously and uses advanced technology to ensure a secure trading environment. The website is secured with HTTPS encryption and has various security features in place to protect against hacking attempts and unauthorized access. Two-factor authentication is also offered to add an extra layer of security to user accounts. Users can choose between Google Authenticator or mobile phone-based authentication methods to secure their accounts.
Additionally, BITFLEX offers an “asset password” feature that allows users to secure their assets in the wallet with an extra layer of security. This feature ensures that any attempted withdrawal or transfer of assets requires the user to enter a unique password, which can prevent unauthorized access to the assets.
Furthermore, BITFLEX has partnered with Fireblocks, a leading security solution provider, to enhance its security measures. With the partnership, BITFLEX has implemented cutting-edge security measures that ensure user data and funds remain safe and secure.
Overall, BITFLEX is a solid and secure exchange that takes the security of its users seriously. The various security measures and partnerships in place demonstrate the exchange’s commitment to ensuring a secure trading environment for its users.
BITFLEX Promotional Campaigns
The BITFLEX Campaigns section is another highlight of the exchange that sets it apart from its competitors. Regularly run campaigns allow users to earn rewards and make more money besides just trading. These campaigns include the likes of BITFLEX futures tournament, a trading competition where users can win rewards of up to 10,000 USDT, Monthly top inviter rewards where top inviters can win prizes of up to 2,000 USDT, and BITFLEX Monthly trading sweepstakes where traders can win the latest iPhone, iPad Mini, Apple Watch, and many other prizes. Moreover, the exchange’s social media platforms are quite active and regularly feature new campaigns with opportunities for users to earn additional rewards. This constant engagement with users and dedication to enhancing the overall user experience is a testament to BITFLEX’s commitment to creating a rewarding and enjoyable trading experience for its users.
BITFLEX Community
BITFLEX has established a thriving community on social media platforms, including Discord and Telegram. These communities offer a space for traders to come together and share their insights and experiences. Being part of these communities allows users to stay up-to-date with the latest developments, gain valuable insights into trading strategies, and participate in newly designed campaigns as soon as they are launched. By creating a space for its users to connect with each other and with the BITFLEX team, the exchange is able to provide a more personal and approachable experience. It’s also worth noting that BITFLEX is active on social media, regularly posting new campaigns and interacting with its users. Overall, BITFLEX’s commitment to building a strong and engaged community is another factor that sets it apart from other cryptocurrency exchanges.
BITFLEX Trading Fee
BITFLEX is an exchange with low trading fees, making it an attractive option for both casual and professional traders alike. The exchange offers a starting rate of 0.015% for makers and 0.06% for takers, which is competitive compared to other exchanges in the industry. As users increase their membership level, the trading fees can become even lower, providing additional incentives to trade on the platform. The fee structure is as follows:
| Membership/Tier Level | Maker Fee | Taker Fee |
|---|---|---|
| Level #0 | 0.0150% | 0.0600% |
| Level #1 | 0.0120% | 0.0500% |
| Level #2 | 0.0090% | 0.0450% |
| Level #3 | 0.0060% | 0.0425% |
| Level #4 | 0.0030% | 0.0400% |
| Level #5 | 0.0000% | 0.0350% |
| Level #6 | 0.0000% | 0.0350% |
Membership levels on BITFLEX are determined by the 30-day trading volume, meaning the more you trade, the higher your membership level will be.
BITFLEX Customer Support
BITFLEX offers exceptional customer support to its users, which sets it apart from other cryptocurrency exchanges. The BITFLEX team is always available to assist users with any issues or concerns they may have. Whether it’s a query about a particular trading pair, a technical issue, or simply seeking guidance, the customer support team is readily available to provide prompt and professional assistance. This level of support shows that BITFLEX is committed to providing a seamless trading experience and that they care about their customers. With a responsive and knowledgeable team, BITFLEX ensures that any user is assisted with their needs and they are not left in the dark when it comes to trading cryptocurrencies. The exchange also provides users with various communication channels, including a live chat feature on the website, an email address, and social media handles, making it easy for users to connect with customer support.
Conclusion: Final Verdict on BITFLEX Exchange
BITFLEX is an emerging cryptocurrency exchange that offers a wide range of trading options for both novice and seasoned traders. The platform is user-friendly and offers a simple, intuitive interface for buying and selling cryptocurrencies. The exchange has implemented robust security measures, including two-factor authentication, asset password protection, and KYC procedures, to ensure the safety of user funds.
One of the most attractive features of BITFLEX is its low trading fees, which start at 0.015% for makers and 0.06% for takers and decrease as the user’s trading volume increases. The platform also offers a membership program that provides additional benefits, including reduced trading fees, priority customer support, and access to exclusive features.
BITFLEX also offers various campaigns and incentives to reward and encourage its community. These campaigns include referral programs, trading competitions, and token airdrops, which provide opportunities for traders to earn more rewards while trading on the platform.
BITFLEX is a great option for those looking to enter the world of cryptocurrency trading. The platform is secure, user-friendly, and offers low fees, making it an appealing choice for both novice and experienced traders. Overall, BITFLEX is a solid exchange that is worth considering for anyone interested in trading cryptocurrencies.
Start trading Bitcoin and Altcoins with up to 100x leverage today on BITFLEX. Use this link to sign up and earn a free $10 bonus on your initial deposit.
Table of Contents
Buy / Sell Bitcoin
Rating: 89%
Claim up to $7,000 in Bonus
Rating: 85%
World’s largest crypto exchange
Our Favourite Trading Platforms
Rating: 94%
Rating: 91%
Follow for more Crypto Content
All content on Bitcoinsensus.com is provided for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any product, service or investment. The opinions expressed on Bitcoinsensus does not constitute investment advice and independent financial advice should be sought where appropriate. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. Bitcoinsensus will not be held liable for any of your personal trading or investing decisions. Bitcoinsensus will not be held liable for any losses that you may incur by speculating in the market.