Basefex Review

basefex-review

BaseFEX was established in 2018 with a purpose to create an environment where you can trade better than ever before. This leverage trading platform differs from their competition by building a unique place for traders. The founding team is made by enthusiasts that believe in the original spirit of cryptocurrency, despising the illicit practices done by some of the other exchanges in the industry. By favoring those qualities, BaseFEX achieved what most exchanges struggle to do – good reputation.

The exchange is still considered young, however, the way they are going by adding highly desired trading instruments points to that they have chosen to reinvest in utilities, and user experience. BaseFEX is backed by big and prominent companies like Big.ONE, InBlockchain and ZhenFun, proving that the exchange has a solid foundation.

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BaseFEX Features Review

MarketsCrypto
Supported countriesWorldwide, US not allowed
KYCNo
Leverage100x
DepositsBTC, USDT
Min. Deposit0.001 BTC
Max. Withdrawal LimitNone
Trading fee0.06%
Supportlive chat, email
Mobile appiOS/Android

 

BaseFEX Security Review

In order for the platform to be reliable, BaseFEX implements good security measurements to keep the user funds safe. The exchange’s access system to the wallets is built in a way that makes the probability of internal failure close to zero. Multi-signature Cold wallets are in place and in case of a breach, a hacker will not be able to gain access to the full keys and thus not be able to accomplish the crime.

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

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Is BaseFEX Regulated and safe?

BaseFEX is not regulated in any major jurisdiction as they operate in the gray area which is the case for most of the major derivative trading platforms such as Bitmex, Bybit, and Deribit. They do comply with major requirements, such as the prohibition for users from certain countries to trade on the platform. It has proven to be secure during the two years of its existence and proof is that it is backed by big names in the crypto industry. 

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 withdrawals 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 compared to Bybit where withdrawals are processed three times a day.

basefex-deposit-page

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. At the moment there are few derivative trading platforms that offer both settlements against BTC and USDT thus making BaseFEX standing out from the pack.

BTC Settled Perpetual Contracts:

  • ETHXBT – 20x
  • XRPXBT – 20x
  • BCHXBT – 20x
  • LTCXBT – 20x
  • BNBXBT – 20x

USDT Settled Perpetual Contracts:

  • BTCUSDT – 100x
  • ETHUSDT – 20x
  • EOSUSDT – 20x
  • ETCUSDT – 20x
  • DASHUSDT – 20x
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Order Types

The mandatory order types for every trading platform can be also found on BaseFEX in order to provide 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 interface. There are a few leverage trading platforms that can boast a high-quality user interface. The environment is done in such a way that all of the important information is visible and opening and closing orders is easier than with most of the competitors. 

basefex-white-UI

basefex-black-UI

The UI is done in such a way, where even a newbie will be able to orientate without any problems. Pairs, balance, margin and the leverage slider can be found on the left. The chart takes up to the right while directly below it, the order tab, orderbook, and recent trades are located.

basefex-bottom-UI

Positioned on the bottom is the position tab, where all of the important information and indicators like Liquidation Price, Unrealized PNL and Realized PNL can be found. The UI design is sleek and suitable for long trading sessions, the only negative is that you cannot adjust the layout to your own preferences. 

basefex-account-page

BaseFEX has the best account page interface in the industry, following the same logic as the trading interface – keeping a compact view with quick access to other important options. The whole design of the platform is keeping a straight forward minimalistic style and design which has its own advantages over fully stretched window layout. 

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Trading Fees

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

Level30 Days Trading Volume in BTCMaker FeeTaker Fee
0>= 00.0200%0.0600%
1>= 1000.0200%0.0500%
2>= 5000.0150%0.0500%
3>= 20000.0150%0.0400%
4>= 80000.0100%0.0400%
5>= 250000.0100%0.0300%
6>= 600000.0050%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 will receive a rebate if their open positions meet the requirement.

ContractLong Funding RateShort Funding Rate
BTCUSD-0.0349%0.0349%
ETHXBT0.0100%-0.0100%
XRPXBT0.0100%-0.0100%
BCHXBT0.0100%-0.0100%
LTCXBT0.0100%-0.0100%
BNBXBT0.0100%-0.0100%
BTCUSDT0.0000%0.0000%
ETHUSDT0.0100%-0.0100%
EOSUSDT0.0100%-0.0100%
ETCUSDT0.0100%-0.0100%
DASHUSDT0.0100%-0.0100%
ZECUSDT0.0000%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 the only company offering it. Individuals and institutions can apply if interested to become a market maker. In return, they will receive up to -0.05% maker fee for creating market liquidity.

BaseFEX Daily Volume

The daily volume of BaseFEX is around 20 million with BTCUSD taking up the majority of it, followed by BTCUSDT and ETHUSDT. The exchange provides reliable and honest trading data in contrast to most of the industry players, which provide malicious volume information in order to attract new users. BaseFEX is listed on coinmarketcap where the daily trading volume data is constantly updated.

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How to start trading on BaseFEX step-by-step

how-to-start-trading-on-basefex

Step 1: Registration

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

  • E-mail
  • Password
  • Nickname

basefex-registration

Step 2: Depositing Funds

basefex-deposit-steps

By clicking Account (1) in the top menu it will take you to the page where you will find the Deposit tab (2). After that you will need to choose which asset you want to deposit – BTC or USDT (3). The last step is to copy the provided address (4) and execute the transaction from your personal wallet.

Step 3: Opening positions on BaseFEX

open-position-on-basefex

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

NOTE: Higher leverage comes with bigger potential profit, but also with much higher risk due to the liquidation price being much closer to the opening price. 

For the Limit order you have to set the initial parameters on which the order will be executed. Set the desired price target (5) and once the price target is reached, the order will be executed and you will have an active position. The next step is to choose the quantity of the 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).

opening-position-confirmation-on-basefex

After all of the parameters are set you need to confirm the order after if you are satisfied with how you have set the parameters.

Step 4: Managing and Closing Positions on BaseFEX

basefex-managing-position-stop-loss-take-profit

Managing an open position is an important step in order to minimize risk and have more control on the potential outcome. To adjust the stop loss and take profit you need to click on the button (1) under Take Profit, Stop Loss. A window will pop-up where you will be able to adjust at what price you want to take profit or close the position in order to not lose all of your funds used for that position.

basefex-setting-stop-loss-and-take-profit

You can close the open position by clicking on the buttons (2) on the right – Limit or Market. Clicking on “market” will close the position at the current price on the market. By clicking limit you will be able to set a desired price target that when reached, will automatically close the position.

Step 5: Withdrawing Funds on BaseFEX

basefex-withdrawal-step

Withdrawing profit is always advisable, you can do that by returning to the Account page and selecting Withdraw. Choose the asset that you want to withdraw, for this example we will use Bitcoin. You need to paste the personal BTC address in the corresponding field (1), type the desired amount that you would like to withdraw (2) and click Submit (3). 

BaseFEX Affiliate Program

BaseFEX offers its users 35% from the trading fees which is higher than most of the competitors. 

BaseFEX Review Conclusion

This leverage trading platform is trying and succeeding in its quest to be among the best of the best. It is very hard to find negative opinions for BaseFEX, the engine is stable and orders are executed without any latency. Some of the other major competitors usually experience slow down and become unresponsive in times of high volatility, while BaseFEX manages to stay stable and responsive in critical price movement moments. Providing honest trading data, which BaseFEX does, is also an important aspect when fundamentally judging a company.

Pros / Cons
  • Next-gen UI
  • 10 trading pairs
  • Good reputation
  • Non-customizable UI
  • Low leverage on some pairs

Basefex is a next-generation leverage trading platform with 10 trading pairs with up to 100x leverage. Basefex provides one of the friendliest trading environments while managing to keep it professional for most demanding traders.