How to Trade at BitForex for Beginners

Aug 26, 2023 53 0

How to Register an Account on BitForex

How to Register a BitForex Account [PC]

Register an Account on BitForex with Email

1. Firstly, you’ll need to head to the BitForex homepage and click [Register].

2. After you open the registration page, enter your [Email], and set up your password. Then, read and agree to the Terms of Service and click [Create account].

3. Enter [Verification code] sent to your Email.

4. Your account registration is finished once you’ve finished steps one through three. You can start trading using the BitForex platform.

Register an Account on BitForex with Phone Number

1. Go to BitForex and then click [Register] at the right corner of the top.

2. On the registration page, choose [Country code], enter your [Phone number], and create a password for your account. Then, read and agree to the Terms of Service and click [Create account].

3. Your phone number will receive a verification code from the system. Within 60 minutes, please enter the verification code.

4. Congratulations, you have successfully registered on BitForex.

How to Register a BitForex Account [Mobile]

Register an Account on BitForex App

1. Open the BitForex App [BitForex App Android] you downloaded and click on the icon in the top left corner.

2. Click [Login to BitForex].

3. Select [Register].

4. Enter the [Email] you’ll use for your account and [Password]. Then, tap [Send verification code].

5. Enter the 6-digit verification code sent to your Email.

6. For your account safety, please set the pattern password by drawing characters.

7. Your registration for an account is complete. Now you can log in to start trading!

Register an Account on BitForex Website

1. To register, select [Register] in the top right corner of the BitForex homepage.

2. Your account’s [email address], [password], click [Send]. Then, enter [Email verification code] sent to your email. And [Referral code (optional)] must be entered. Select [OK]

3. Your account registration is complete. You may now sign in and begin trading!

Download BitForex App

1. Open the App below on your phone by clicking BitForex.

2. Click on [Install] to complete the download.

2. Open the app you downloaded to register an account in BitForex App.

How to Verify your Account on BitForex

How to setup Google Verification on BitForex

1. Download "Google Authenticator" on your phone. IOS users can download this app from APP Store and users with Android devices could download it from their application stores.

iOS Version Download Link: https://itunes.apple.com/cn/app/google-authenticator/id388497605?mt=8

Android Version Download Link: https://play.google.com/store/apps/details?id=com.google.android.apps.authenticator2

Android Version Download QR Code：

2. Please open the installed Google Authenticator App to create an account, Click ‘+’ to [scan a barcode].

3. On BitForex, Click "Google Authenticator" in "Security Settings". Scan the QR code shown on the "Bind Google Authenticator" page, and the Google Authenticator App will generate a 6-digit verification code. Enter both the email verification code and Google verification code and click "Confirm".

4. Once the confirmation is finished, the binding is successful.

How to setup SMS Authentication on BitForex

If you sign up with your phone, you have SMS Authentication by default.

1. If you sign up with your email, please click [Security Settings] on the dashboard to enable phone verification(SMS auth).

2. Click the [Bind Now] after the Mobile phone.

3. Select the country code, fill in your phone number, and complete the SMS and Email verification. Click the [Confirm] button to complete the binding.

How to Verify Identification on BitForex (KYC)

1. On the homepage, click the profile tag [Identity Authenciation].

2. Click [Authentication].

3. Fill out your personal information as needed, then click [Next].

Note: Three kinds of personal ID can be chosen: ID card, passport, and driver’s license.

4. Please click [Submit] after adding the necessary materials.

How to setup Anti-Phishing Code on BitForex

What is Anti-Phishing Code

Anti-Phishing Code is a security feature provided by Bitforex that allows users to add an extra layer of security to their accounts. Once you have enabled the Anti-Phishing Code, it will be included in all genuine emails sent to you from Bitforex. This code will help you to discern real emails from phishing emails, helping you to prevent phishing attempts.

How to set up your Anti-Phishing Code

1. Navigate to your account dashboard. You can find Security Settings under the email tab, Click the Security Settings.

2. Click on the button labeled “Go to Settings” behind the Anti-Phishing Code.

3. You will now be prompted with a field where you can enter the Anti-Phishing Code. The code must be 6-20 characters with letters, numbers, and underscores. It is advised to choose a code that is not easily guessed but is easily recognized by you.

You will now be required to enter your Google authentication code, SMS Authentication code, or Email verification code depending on which two-factor authentication you have enabled.

Once you’ve entered your two-factor authentication code, you will have created your Anti-Phishing code. Now all emails that are legitimate and from Bitforex will contain the code that you have set.

How to reset your Anti-Phishing Code

1. Click the ’Change’ button behind the Anti-Phishing Code.

2. Enter your new Anti-Phishing Code in the field, remembering that the new code must be 6-20 characters with letters, numbers, and underscores.

You will now be required to enter your Google authentication code, SMS Authentication code, or Email verification code depending on which two-factor authentication you have enabled.

Once you’ve entered your two-factor authentication code, you will have updated your Anti-Phishing code. Now all emails that are legitimate and from Bitforex will contain the new code that you have set.

How to Deposit BTC to BitForex

If you already have some crypto currency assets, you could deposit them into your BitForex account and trade with them.

1. Cryptocurrencies can be deposited via “deposit address”. Go to [Assets] - [Deposit] - [Select a crypto currency] to view the deposit address of your BitForex Account, then copy and paste the address to the platform or wallet you are withdrawing from to transfer them to your BitForex account.

Note: If you are using a mobile device, you could find the [Deposit] button after login in.

2. Select the cryptocurrency that you want to deposit, such as Bitcoin (BTC) and choose the deposit chain name (Blockchain Network).

Please make sure that the selected chain name is the same as the network of the platform you are withdrawing funds from. If you select the wrong chain name to deposit, you may lose your funds.

Summary of network selection:

BTC refers to the Bitcoin network.
TRC20 refers to the TRON network.
HECO refers to the Huobi Heco Chain network.
BSC refers to the Binance Smart Chain network.
POLYGON refers to the Matic(polygon) network.

For example, If you are holding some BTC in your TRON wallet, you should select the BTC-TRC20 deposit address to deposit your Bitcoin to your BitForex account.

The network selection depends on the options provided by the external wallet/exchange that you are making the withdrawal from.
If the external platform only supports ERC20, you must select the ERC20 deposit network.
DO NOT select the cheapest fee option. Select the one that is compatible with the external platform.
For example, you can only send ERC20 tokens to another ERC20 address, and you can only send BSC tokens to another BSC address. If you select incompatible/different deposit networks, you may lose your funds.

3. Click [Copy] and paste it to the address field on the platform you intend to withdraw crypto from.

How to Trade Crypto on BitForex

How to Trade Spot on BitForex App

How to Buy OMI Crypto on BitForex App

1. After login BitForex, you can click on the Spot icon at the bottom of the screen.

2. On the next screen, verify that your purchase is OMI/USDT

3. Click on OMI/USDT as shown

4. Enter your 6-digit Trading Password when the screen showed up. Warning: If you fail to enter your password 6 times, your trading will be banned for 5 minutes.

5. After entering your 6-digit password, choose the buy icon (1) and enter the OMI (2) amount that would like to buy in OMI/USDT section. Then click on the buy icon (3) down below to verify your trade

6. You can review your buy at Open Order below the page after clicking on the buy confirmation button. Please review your order the price and the amount that it’s correct. You can cancel your buy order if it is not yet filled.

How to Sell OMI Crypto on BitForex App

1. After creating an account on BitForex, you can click on the Spot icon at the bottom of the screen.

2. On the next screen, Find the down arrow at OMI/USDT and choose BTC/USDT or search BTC in the searching section.

3. Click on BTC/USDT as shown

4. After choosing BTC/USDT, enter your 6-digit password. Please be aware that if you fail to enter the password 6 times, your trading will be banned for 5 minutes.

5. After entering your 6-digit password, choose to Sell icon (1) and enter the BTC (2) amount that would like to sell in the BTC section. Then click on the Sell icon (3) down below to verify your sale.

6. You can review your sell at open order below the page after clicking on the sell confirmation button. Please review your order the price and the amount that it’s correct. You can cancel your sell order if it is not yet filled.

How to Trade Spot on BitForex Web

How to Buy EOS Crypto on BitForex Web

1. After you loin into BitForex, to buy is by click on Spot on top of the site as shown in the red box.

2. On the next window, at the search section (1) type in eos then click on the EOS/BTC line (2)

3. At the buy section, by choosing the percent of the amount (2) that you would like to buy, you could see the price of the current BTC that you are going to purchase. After reviewing the amount that you would like to purchase, you can confirm by clicking on the Buy EOS icon (3) as shown.

4. After you confirm your buying order, please enter a 6-digit password into the Safety Verification bar when its window pop-up. Warning: If you entered an incorrect trading password 6times, you are prohibited from trading for 5 minutes.

5. After you complete it, you can see Order Success! Green Icon showed up by the Buy section. By now your order to buy is open.

6. You can view your buy order by clicking on the Open Order below as shown in the red box. Please check the status section to confirm your order is filled yet. You can cancel in the Action section if it is not filled.

How to Sell EOS Crypto on BitForex Web

1. After you login to BitForex, to sell is by click on Spot on top of the site as shown in the red box.

2. On the next window, in the search section (1) type in eos then click on the EOS/BTC line (2).

3. On the next window at the sell section, you will find the amount that you are currently holding at BitForex. In the Amount section, please choose the percentage that you would like to sell such as 25%, 50%, 75%, or 100%. Then confirm your sale by clicking on the Sell EOS icon (3) below to open a sell order.

4. For Safety Verification, please enter a 6-digit password when the Safety Verification window pop-up. Warning: If you enter an incorrect trading password 6 times, you are prohibited from trading for 5 minutes.

5. After you complete it, you can see Order Success! Green Icon showed up by the sell section. By now your order to sell is open.

6. You can view your buy and sell order by clicking on the Open Order below as shown in the red box. Please check the status section to confirm your order is filled yet. You can cancel in the Action section if it is not filled.

How to Withdraw BTC from BitForex

If you already own some cryptocurrency assets in your BitForex account, you could withdraw them to your own crypto wallet or an external platform.

1. Go to [Assets] - [Withdraw], Select a cryptocurrency that you want to withdraw. such as BTC (Bitcoin), and select the chain name (Blockchain Network)

Note: If you are holding some Bitcoins in your Spot account or Perpetual account, you need to transfer it from the associate account to your Wallet account first if you would like to withdraw it.

2. Click [Add frequently used address] to add your withdrawal address and save it in your BitForex address book.

Choose the Chain name (Blockchain Network).
Name your withdrawal address.
Fill in your withdrawal address. (Please re-check the address and make sure your withdrawal address is 100% correct, or you will lose your funds forever if you withdraw your coins to the wrong address.)
Click [Send] and fill in the 6-digit verification code to complete the Email verification.
Click [Confirm] to complete the GA/SMS authentication.

3. After the safety authentications, you’ve successfully added your withdrawal address to the address book and you can find it by clicking this area.

Note: To withdraw some cryptocurrencies such as XRP/XLM coin, the MEMO(TAG) is required to fill in for withdrawal.

For example,

you need to fill the MEMO when sending XRP coin to another BitForex account or to another exchange.
If you need to withdraw your XRP to your own crypto wallet(You are holding the seed phase), you can fill whatever you like in the MEMO(TAG).
Make sure to re-check if a MEMO is required or not. If a MEMO is required and you fail to provide it or provide the wrong MEMO, you may lose your funds. (some platforms and wallets refer to the MEMO as Tag or Payment ID.)

4. Enter the withdrawal amount and you will be able to see the corresponding transaction fee and the final amount you receive. Click [Submit] to proceed.

5. Complete the GA/SMS authentication for your withdrawal.

You will be able to view the status of this withdrawal after the safety verification is completed.

Frequently Asked Questions (FAQ)

Registration

Can I use my cell phone to sign up?

Yes. BitForex currently supports phone number or email sign-up.

Why can’t I receive an SMS?

The network congestion of the mobile phone may incur the problem, please try again in 10 minutes.

However, you can try to solve the problem by following the steps below:

1. Please make sure the phone signal is working well. If not, please move to a place where you can receive a good signal on your phone;

2. Turn off the function of the blacklist or other ways to block SMS;

3. Switch your phone to Airplane Mode, reboot your phone, and then switch off Airplane Mode.

If none of the provided solutions can solve your problem, please submit a ticket.

Why can’t I receive emails?

If you didn’t receive your email, you can try the following steps:

1. Check whether you can send and receive emails normally in your Email Client;

2. Please make sure your registered email address is correct;

3. Check whether the equipment for receiving emails and the network is functioning;

4. Try looking for your emails in Spam or other folders;

5. Set up the whitelist of addresses.

Verification

Instructions on how to disable SMS Authentication

If you can receive the SMS verification code with your previous phone number, you can follow the instructions below to unbind:

1. Login to [Security Setting Page] - [Mobile Phone] and click on [Unbind]

2. After verifying SMS and Email verification, your account will be successfully unbound.

If you can not receive the SMS verification code, please submit a request with the following information to unbind:
1. Fill out your "Asset Info" which includes Token/Coin types and amounts.

(e.g.: I have 0.1 BTC and 100 USDT in my account, etc.)

2. The latest "Deposit or Withdrawal" record. (Include time, token/coin type, and amount)

(e.g.: I deposited 100 ETH on 2019/06/20 at 21:00 GMT+8 or I withdrew 0.5 BTC on 2019/06/21 at 22:00 GMT+8, etc.)

3. The latest trading record includes trading pairs, time, and price.

(e.g.: I bought 1 BTC via BTC/USDT trading pair at the price of 8,000 USDT, etc.)

4. A self-portrait photo of a hand-held ID card with written notes: To BitForex, I will take all responsibilities once unbinding the phone number of my account, plus the date and signature. (As shown below)

I understand, Submit the unbinding request now

(We will contact you by email within 1-3 business days)

If you have any further questions, please contact our Online Customer Service

Disable Google Authenticator

If you need to "Unbind Google 2FA, please read the information below and submit a request with relevant information uploaded in the attachment:

1. Amount, date, and token names of deposit and withdrawal;

2. Fill out your "Asset Info" which includes Token/Coin types and amounts.

(e.g.: I have 0.1 BTC and 100 USDT in my account, etc.)

3. The latest "Deposit or Withdrawal" record. (Include time, token/coin type, and amount)

(e.g.: I deposited 100 ETH on 2019/06/20 at 21:00 GMT+8 or I withdrew 0.5 BTC on 2019/06/21 at 22:00 GMT+8, etc.)

4. The latest trading record includes trading pairs, time, and price.

(e.g.: I bought 1 BTC via BTC/USDT trading pair at the price of 8,000 USDT, etc.)

5. A self-portrait photo of a hand-held ID card with written notes: To BitForex, I will take all responsibilities once unbinding the Google 2FA verification of my account, plus date and signature. (As shown below)

I understand, Submit the unbinding request now

(We will contact you by email within 1-3 business days)

Any question? Online Customer Service

Platform Security

Cold Wallet

Our cold storage maintains more than 98% of user funds in an offline, multisignature wallet, requiring 4 of 7 hardware security modules (HSMs) in possession by globally-distributed management team members to approve all transactions. If an administrator is compromised and forced to log into the platform, a single HSM would not be sufficient to initiate transfer of funds. The challenge to acquire enough of these devices to access cold storage is tantamount to impossible.

Hot Wallet

Our hot wallet maintains only the funds necessary to fulfill withdrawals in the queue, approximately 0.5%. To refill the hot wallet, 4 of 7 HSMs are required to initiate a transfer from the cold wallet to the hot wallet.

Data Structure

BitForex migrated to a new data server and our expanded security team performed a comprehensive audit of our entire stack, including a deep analysis of all source code and dependencies.

DDoS Protection

Intelligent load balancing and failover routing among servers help to increase performance. Real-time malicious traffic detection blocks malicious server requests. Automatic inline mitigation measures decrease latency and increase uptime. Through encrypted connections with HTTPS TLS 1.3, price and performance are improved.

Deposit

Deposited the wrong coins

If you sent the wrong coins to your BitForex coin address（e.g., deposit BTC to BCH address on BitForex）:

Generally, BitForex does not provide a retrieval service for incorrectly deposited tokens due to operation errors by users.
If the user has suffered a significant loss as a result of incorrectly deposited tokens, BitForex may, solely at our discretion, assist you in resuming your tokens. This process is extremely complicated and may result in significant cost, time, and risk. If you wish to request BitForex to recover your coins, please provide your BitForex account email, coin name, address, amount, txid(very important!)， detailed description, and transaction screenshot to the online customer service or submit a request. BitForex team will reply in time and determine whether you meet the recovery criteria. If it was possible to recover your coins, we may need our technical team for recovery solutions. It may cost at least 1 month to retrieve the wrong coins. Your patience will be greatly appreciated.

Deposit Fees

There is NO fee required for depositing to BitForex.

When depositing digital currency to BitForex, the platform prompts that the transfer is successful, but the assets have not been credited after a long time?

Blockchain asset transfer has 3 major steps: transfer out – blockchain network confirmation – credit into your account. If the blockchain shows that the asset transfer is confirmed but you have not received assets on your BitForex account, please contact our online customer service. We will deal with the problem as soon as possible.

Deposit to a non-BitForex address

If you sent your coins to a non-BitForex address, BitForex is unable to help you recover the coins due to the anonymity of blockchain transactions.

Trading

Chart on BitForex

Candle interval selection. e.g. 1h means each red/green candle represents 1 hour.
Chart properties allow color changes, scale parameters changes, etc.
Open a large database of additional chart indicators.
Expand the chart to fill the screen.
Open (O), High (H), Low (L), and Close (C) prices for selected candles.
Current Market Price

Limit Order

A limit order allows the trader to specify a price and amount they would like to buy or sell.

Example: If the current market price is 12500 and I want to buy lower than that at 12490, then I would place a limit buy order at 12490. If the market reaches 12490 and an ask order matches my bid, my limit order will be executed at 12490.

How to place a stop-limit order on BitForex

1. Log in to your BitForex account and go to [Trade] - [Spot]. Select [Stop-limit].

2. Enter the stop price, limit price, and the amount of crypto you wish to purchase. Click [Buy] or [Sell] to confirm the details of the transaction.

Order Book Terms

Bid/Ask

The Bid side of the order book is on the left and colored green. The Ask side of the order book is on the right and colored red.

Count

This is the total number of orders at that level. A count of 1 means that 1 order is at that price point; a count of 6 would mean that there are 6 orders at that price point.

Amount

This is the number of coins offered at a specific price point.

Total

This is the cumulative number of coins offered to a specific price point. In other words, this is the sum of all “amounts” leading to this price level in the order book.

Price

This is the offer price by a trader or traders at a specific price point.

Trading Fees

Maker:

Maker fees are paid when you add liquidity to our order book by placing a limit order below the ticker price for buy, and above the ticker price for sell.
Maker fees: 0.1%

Taker:

Taker fees are paid when you remove liquidity from our order book by placing any order that is executed against an order on the order book.
Taker fees: 0.1%

Fees Tier:

The account level is determined by the account balance and the trading volume for the last 30 days.
For the market makers and LV2 account, please submit your application form to [email protected]. Applications will be approved on Mondays.

Withdrawal

How often will we handle the transactions?

Our staff members provide service for you 24-hour around. Usually, we will deal with your withdrawal request in two hours. Please wait patiently.

How long will it take for the assets to be credited?

After you submit the withdrawal request, we will review it as soon as possible. Usually, we will transfer your assets in 2 hours. But the specific arrival time will also be affected by the rules of the platform you are transferring to. Also, if the blockchain network is having congestion, the time of withdrawal will be prolonged.

What if I withdraw my assets to the wrong address?

Once you click "Confirm" on the withdraw request page, BitForex has entered the process of withdrawing your digital asset. Since it’s fully automated, no one can stop the process. Due to the anonymity of blockchain addresses, we are unable to get back your coins. We strongly suggest you check the withdrawal address to ensure its accuracy and avoid the loss of personal assets.

What if the digital assets do not show up in my wallet after withdrawal?

Blockchain asset transfer has 3 major steps: BitForex withdraw request – Block Confirmation – your settlement platform confirmation. After you submit the request, BitForex will generate TXID within 30-60 minutes. Then you can check the blockchain network using TXID. If the blockchain shows that the transaction is confirmed but you still have not received the digital asset, please contact the settlement platform. If TXID has not been generated in 60 minutes, please contact BitForex online service to help you.