Basefex Review

Basefex was established in 2018 with the goal of creating an environment where you can trade better than ever before. This leverage trading platform differentiates itself from its competitors by creating a unique place for traders. The founding team consists of enthusiasts who believe in the original spirit of Bitcoin and despise the illegal practices of some other exchanges in the industry. By favoring these qualities, Basefex has achieved what most exchanges have difficulty achieving – a good reputation. 

Although the exchange is still considered young, the path they are taking by adding highly desirable trading instruments indicates that they have decided to reinvest in utilities, user experience, and infrastructure. Basefex is supported by large and prominent companies such as Big.ONE, InBlockchain, and ZhenFun, which proves that the exchange has a solid foundation.

Visit BasefexVisit Basefex

BaseFEX Features Review

Markets	Crypto
Supported countries	Worldwide, US not allowed
KYC	No
Leverage	100x
Deposits	BTC, USDT
Min. Deposit	0.001 BTC
Max. Withdrawal Limit	None
Trading fee	0.06%
Support	live chat, email
Mobile app	iOS/Android

 

BaseFEX Security Review

In order for the platform to be reliable, Basefex uses good security measures to protect the users’ funds. The exchange access system to the wallets is designed in such a way that the probability of internal failure is close to zero. Cold wallets with multiple signatures are present, and in the event of a breach, a hacker cannot gain access to the full keys and therefore will not be able to compromise user funds. 

The security framework of BaseFEX includes:

• Constant Security Audits and Stress tests
• 2FA Google Authentication 
• Encrypted SSL
• Anti-Phishing Code
• Cold, Hot wallets
• Manual Withdrawal Auditing

Withdrawal Policy

Withdrawals are checked manually, which requires the actions of more than one employee in BaseFEX’s treasury department before any users’ funds to leave the platform. This security practice makes the withdrawal process secure and at the same time internally decentralized to a certain degree. 

Visit BasefexVisit Basefex

 

Is BaseFEX Regulated and safe?

Basefex is not regulated in any major jurisdiction as they operate in the grey zone, which is the case with most of the major derivatives trading platforms such as Bitmex, Bybit, and Deribit. They meet important requirements, such as the prohibition for users from certain countries to trade on their platforms. 

Does BaseFEX have KYC?

There is no KYC (Know-your-customer) procedure on Basefex and they have no KYC promise to their users stated on their website. 

Deposits and Withdrawals

The deposit and withdrawal options are limited to two assets on Basefex – BTC and USDT. Withdrawals are processed once a day at 07:00 UTC, unfortunately, Basefex is one step behind Bybit where withdrawals are processed three times a day.

Minimum Withdrawal Amounts:

• BTC: 0.002
• USDT: 20$

Trading Instruments

On Basefex you have the opportunity to trade with up to 100x leverage on BTC and USDT settled contracts. Currently, there are few derivatives trading platforms that offer settlement against both BTC and USDT, which makes Basefex stand out from the crowd.

Visit BasefexVisit Basefex

 

Order Types

The mandatory order types for each trading platform can also be found on Basefex to create a good trading environment.

Order types that you will find on BaseFEX:

• Limit
• Market
• Trigger

For the advanced order types, BaseFEX goes above the industry standard with:

• Good Till Cancel
• Immediate or Cancel
• Fill Or Kill
• Post Only
• Reduce Only

User Interface

Basefex introduces a clear and cleverly designed user interface. There are a few leveraged trading platforms that boast a high-quality user interface. The environment is designed so that all of the important information is visible and opening and closing orders is easier than most of the competitors. 

The UI is designed in such a way that even a newcomer can easily find his way around. Pairs, Balance, Margin and the Leverage slider can be found on the left. The chart occupies the right-hand side, while directly below it are the order tabs, the order book, and the latest trades. 

At the very bottom is the position tab, where all important information and indicators such as Liquidation Price, Unrealized PNL, and Realized PNL can be found. The UI design is sleek and suitable for long trading sessions, the only downside is that you cannot customize the layout to your own preferences. 

BaseFEX has the best account page interface in the industry and follows the same logic as the trading interface – a compact view with quick access to important options. The overall design of the platform retains a linear minimalist style and design, which has its own advantages over a fully stretched window layout. 

Visit BasefexVisit Basefex

 

Trading Fees

Basefex has very low fees, which makes it one of the most competitive platforms for trading crypto. Fees are calculated on a 30-day volume basis, the more you trade, the less you pay. There are 6 levels of fee reduction, with level 0  having a Maker fee of 0.02% and a Taker fee of 0.06%.

Level	30 Days Trading Volume in BTC	Maker Fee	Taker Fee
0	>= 0	0.0200%	0.0600%
1	>= 100	0.0200%	0.0500%
2	>= 500	0.0150%	0.0500%
3	>= 2000	0.0150%	0.0400%
4	>= 8000	0.0100%	0.0400%
5	>= 25000	0.0100%	0.0300%
6	>= 60000	0.0050%	0.0300%

 

Every 8 hours, Basefex takes a funding fee from the open positions with the fees itself being on par with Bybit. There are negative funding rates where users receive a discount if their open positions meet the requirement.

Contract	Long Funding Rate	Short Funding Rate
BTCUSD	-0.0349%	0.0349%
ETHXBT	0.0100%	-0.0100%
XRPXBT	0.0100%	-0.0100%
BCHXBT	0.0100%	-0.0100%
LTCXBT	0.0100%	-0.0100%
BNBXBT	0.0100%	-0.0100%
BTCUSDT	0.0000%	0.0000%
ETHUSDT	0.0100%	-0.0100%
EOSUSDT	0.0100%	-0.0100%
ETCUSDT	0.0100%	-0.0100%
DASHUSDT	0.0100%	-0.0100%
ZECUSDT	0.0000%	0.0000%

 

Market Making Program

There is a Market making program for BaseFEX. This feature is very common among Forex based brokers, but for crypto trading BaseFEX is one of the few companies that offer this feature.  Individuals and institutions can apply to become market makers if they are interested. In return, they receive up to -0.05% Maker fee for the creation of market liquidity. 

BaseFEX Daily Volume

The daily volume of Basefex is approximately 20 million USD, with BTCUSD accounting for the largest share, followed by BTCUSDT. The exchange provides reliable and honest trading data, unlike most industry players who provide malicious volume information to attract new users. Basefex is listed on coinmarketcap, where daily trading volume data is constantly updated.

Visit BasefexVisit Basefex

 

How to start trading on BaseFEX step-by-step

Step 1: Registration

By clicking Register you will be redirected to the registration page where you will have to input:

• E-mail
• Password
• Nickname

Step 2: Depositing Funds

If you click on Account (1) in the top menu, you will be taken to the page where you will find the Deposit tab (2). You must then choose which asset you wish to deposit – BTC or USDT (3). The final step is to copy the address (4) and make the transaction from your personal wallet.

Step 3: Opening positions on BaseFEX

To open your first position, click on Trade (1) and you will be directed to the trading interface. Next, you must select the pair you wish to trade (2). After you are on the desired pair, choose one of the order types (3) –  Limit, Market, or Trigger. The next important step will be to adjust the leverage (4) you want to use.

NOTE: A higher leverage is associated with a higher potential profit, but also with a much higher risk, as the liquidation price is much closer to the opening price. 

For the Limit order, you must specify the initial parameters on which the order will be executed. Set the desired price target (5) and as soon as the price target is reached, the order will be executed and you will have an active position. The next step is to select the quantity of contracts (6) – how much would you like to long or short. The last step towards opening position is clicking on either Buy/Long or Sell/Short (7).

Step 4: Managing and Closing Positions on BaseFEX

Managing an open position is an important step in minimizing risk and having more control over the potential outcome. To adjust the Stop Loss and Take Profit, you must click the button (1) below – Take Profit, Stop Loss. A window will open where you can set the price at which you want to take profits or close the position in order not to lose all your used capital. 

You can close the open position by clicking on the buttons (2) on the right side – Limit or Market. If you click on “Market”, the position will be closed at the current price on the market. If you click on Limit, you can set a desired price target and when reached the position will be closed automatically.

Step 5: Withdrawing Funds on BaseFEX

It is always advisable to withdraw the profit. You can do this by returning to the Account page and selecting the Withdraw option. Select the asset you wish to withdraw, for this example we will use Bitcoin. You must enter your personal BTC address in the appropriate field (1), enter the amount you wish to withdraw (2) and click Submit (3). 

BaseFEX Affiliate Program

Basefex offers its users 10% of the trading fees, which is higher than most competitors.

BaseFEX Review Conclusion

This leverage trading platform tries and succeeds in its efforts to be among the best of the best. It is very hard to find negative opinions for Basefex, the engine is stable and the orders are executed without latency. Some of the other main competitors tend to slow down and become unresponsive during periods of high volatility, while Basefex manages to remain stable and responsive during critical moments of price movement. Honest trading data, as provided by BaseFEX, is also an important aspect in the fundamental assessment of a company.