How BitForex Token (BF) Works

Last updated on March 10th, 2024 at 11:26 am

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What is BitForex Token?

The native digital asset of BitForex exchange is BitForex Token. Digital asset trading, loans, and asset management are some of the services provided by the exchange.

History

BitForex is a centralized exchange that was established in 2017 with its headquarters in Hong Kong. It offers a wide range of services and trading products including, margin trading, sport trading, and derivatives.

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Who Are the Founders of BitForex Token?

BF is an innovative idea of two like minds two Chinese nationals Jason Lou and Luca Lu. Both men attended the state higher institution with a Bachelor of Arts degree in Art and Design at Tianjin Academy of Fine Arts and with an executive EMBA.

Its goals

To fast-track and make its services and products easier and more accessible to its users, the exchange introduced its native token called “BitForex Token.”

While BitForex Token was created to boost user experience, with the BitForex environment, its token is now available on other major crypto exchanges where traders can make use of the available quote to perform transactions.

Token allocation

Unlike other tokens where tokens are distributed to investors and major partners, BitForex Token doesn’t have such data.

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Also, there is no data about the financial reserves of the BF.

Note: If you are the designer of the token, you are free to send the details of BitForex Token allocation to us.

Trading Pairs of BitForex Token

There are several pairs available on BitForex Exchange and other notable exchanges to simplify the process of acquiring BF.

The notable pairs include:

  • BF/USDT
  • BF/ETH
  • BF/BTC
  • BF/WAVES
  • BF/RUR

With these pairs, for instance, you use USDT to buy BitForex Token or sell your BF to get USDT or any of the quote coins.

But when trading a coin like BF, it’s better to use the BitForex exchange or any other popular exchanges that have been around for some time such as CoinGecko and Binance.

Features That Make BitForex Token Unique

The fact that BitForex Token can be used for a wide range of potential use cases within the BitForex platform makes it a unique coin.

For instance, holding BitForex Token allows you to be able to:

  • partake in Non-Fungible Token (NFT) marketplace, thereby enabling you to trade digital collectibles
  • You can also use BitForex Token as collateral for loans.
  • It can be used for trading services that are available on the BitForex platform such as spot and perpetual markets for a variety of digital assets.
  • You can earn BF Tokens when you actively participate in professional asset management.

Is BitForex Token Secured?

Like its counterparts, BitForex exchange deploys top industry-leading security tools and implements measures to ensure the safety of user assets and accounts.

However, as a user, you have to take extra precautions to secure your wallet by not sharing your passwords with third parties.

Second, BitForex is a centralized exchange. Centralized exchanges are prone to attacks or hacks, but there has never been a case of a security breach on BitForex platform.

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It is better to move your token or digital assets to a secure wallet. Even at that, we’ve also seen hacks on decentralized exchanges in the past, but losses are lesser than centralized ones.

The number of centralized exchanges that have been attacked in the past is more than the decentralized one, more reasons you have to take personal steps in protecting your digital asset.

So, it is safer to move your coins to a decentralized exchange or self-custodian wallets such as Trust Wallet, Zengo Wallet, Coinbase Wallet, MyEtherWallet, Blockchain.com Wallet and Trezor Wallet

Number of BF Tokens in Circulation

As of December 14, 2023, there were over 4.2 billion BitForex Tokens in circulation with 10 Billion BF as total supply.

Controversies Over BitForex Token

There has never been any case of sharp practices against the operator of BF, however, some users are cautious as can seen by a number of users on a forum.

All-Time High for Bitforex (BF)

On September 3, 2018, BF reached its All-Time High (ATH), traded at $0.083816, but at the time of publication, BitForex Token was trading at $0.00092325 (December 14, 2023 at about 13:47), meaning it lost -98.90% of its market value since it reached ATH in 2018.

Meanwhile, BF’s All-Time Low on September 12, 2023, at $0.00075430, according to coingecko data.

Best Exchanges to Buy Bitforex Token

The most popular exchange to buy and trade Bitforex Token is Bitforex platform, where you can use the most active trading pair BF/USDT.

You can also buy BF on the following exchanges:

  • Binance
  • Coinbase wallet
  • Kucoin
  • YoBit
  • Kraken

How to buy BitForex Token on Coinbase

With Ethereum (ETH), you can buy BitForex Token using Coinbase self-custodian wallet, here is how to:

  • Download and sign up for Coinbase account
  • Add ETH to your wallet
  • If you are using Coinbase mobile app or the Chrome browser, then swap ETH with BitForex Token
  • The “swap” option is available in the asset tab.
  • And finally, confirm the transaction.
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How to buy BitForex Token on Binance

  • Set Up a Binance account, if you already have one, skip this step
  • Download a Trust Wallet Wallet via Google Play or the iOS App Store (you can download it from the official site trustwallet.com) and create an account
  • On your Binance account, you need to buy ETH
  • From your Binance account, set the network to Ethereum, provide your wallet address, the amount you want to transfer
  • Click the withdraw button to transfer it to your Trust Wallet.
  • Now, it’s time to trade your ETH with the coin you want to get
  • Select your ETH as the payment and select the BitForex Token as the coin you want to acquire.
  • If BitForex Token does not appear on the DEX, you can refer to https://etherscan.io/ to find the smart contract address.
  • Copy and paste it into 1inch.
  • Once you are done with the above step, click on the Swap button.
  • You just bought BitForex Token

NOTE: Beware of scams and make sure you got the official contract address.

Size of BitForex Token Community

BF community over 242K across seven social media channels, including Twitter (158.5K Followers); Facebook (33K followers); Discord (2,206); Telegram (26, 048 members); Instagram (9,986), LinkedIn (11K followers, and with 1.69k subscribers on YouTube at the time of this report.

This community is very important to the growth of the platform’s native coin (BF).

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