BitForex Review : Fees, Pros and Cons, Reviews by Real Traders

BitForex

Operating status: SCAM

Website: https://www.bitforex.com/

Broker violations and abnormal records

Nov 04, 2020 The Securities Commission Malaysia (SC) Added BitForex into Its Investor Alert List
In 2020, The Securities Commission Malaysia (SC) issued a warning against BitForex
that this firm may possibly be a clone operating an illegal investment scheme and carrying on unlicensed capital market activities of dealing in securities. You may visit: https://www.sc.com.my/regulation/enforcement/investor-alerts/sc-investor-alerts/investor-alert-list

In 2020, The Securities Commission Malaysia (SC) issued a warning against BitForexthat this firm may possibly be a clone operating an illegal investment scheme and carrying on unlicensed capital market activities of dealing in securities. You may visit: https://www.sc.com.my/regulation/enforcement/investor-alerts/sc-investor-alerts/investor-alert-list
Jan 17, 2023 BrokersView has Reviewed that BitForex is an Unregulated Broker
BitForex claims to be a reliable firm while presenting neither details about its company office address and regulations, nor legal documents (terms & conditions, risk disclosure and privacy policy, etc.). Lacking such vital information may be a distinct characteristic of unlicensed brokers, as legit brokers always present their accreditation and licenses in a prominent position.
More importantly, the Securities Commission Malaysia (SC) issued a warning against BitForex that this firm may possibly be a clone operating an illegal investment scheme and carrying on unlicensed capital market activities of dealing in securities.
The truth is, BitForex may not be under valid regulation by any regulators to provide investment services. Investors' funds in this company are unsafe and cannot be protected by any law. It is a scam.

BitForex claims to be a reliable firm while presenting neither details about its company office address and regulations, nor legal documents (terms & conditions, risk disclosure and privacy policy, etc.). Lacking such vital information may be a distinct characteristic of unlicensed brokers, as legit brokers always present their accreditation and licenses in a prominent position.More importantly, the Securities Commission Malaysia (SC) issued a warning against BitForex that this firm may possibly be a clone operating an illegal investment scheme and carrying on unlicensed capital market activities of dealing in securities.The truth is, BitForex may not be under valid regulation by any regulators to provide investment services. Investors' funds in this company are unsafe and cannot be protected by any law. It is a scam.
Sep 04, 2025 BrokersView has identified that BitForex's website is currently shut down
According to an official announcement from Bitforex, its core team and several employees were detained by Jiangsu police on February 23, 2024, resulting in the forced shutdown of the platform and a temporary suspension of user withdrawals. Although the platform resumed withdrawals on July 24, 2024, trading, registration, and deposits remain disabled, and all services are undergoing comprehensive rectification. Withdrawals are being processed in batches and require strict KYC verification, with some user accounts still frozen on third-party platforms.

This incident highlights significant legal and operational risks associated with certain cryptocurrency exchanges. Please remain vigilant regarding platform compliance, exercise caution when allocating funds, closely monitor project developments, and avoid exposing your assets to unforeseen liquidity risks.

According to an official announcement from Bitforex, its core team and several employees were detained by Jiangsu police on February 23, 2024, resulting in the forced shutdown of the platform and a temporary suspension of user withdrawals. Although the platform resumed withdrawals on July 24, 2024, trading, registration, and deposits remain disabled, and all services are undergoing comprehensive rectification. Withdrawals are being processed in batches and require strict KYC verification, with some user accounts still frozen on third-party platforms. This incident highlights significant legal and operational risks associated with certain cryptocurrency exchanges. Please remain vigilant regarding platform compliance, exercise caution when allocating funds, closely monitor project developments, and avoid exposing your assets to unforeseen liquidity risks.

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Risk Warning:

FX trading is of high risk and may not be suitable for all investors. Leverage will create additional risks and loss. Before trading, please carefully consider your investment objectives, experience level and risk tolerance. You may lose part or all of your initial investment; do not invest money that you cannot afford. Educate yourself about the risks associated with FX trading. If you have any questions, please consult an independent financial or tax advisor. Any data and information are provided "as is" and only for information purpose, not for trading or recommendations. Past performance does not predict future results.

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The data contained in this website may not be real-time and accurate. The data and prices on this site are not necessarily provided by the market or exchange, but may be provided by market makers, so prices may be inaccurate and differ from actual market prices. Namely, this price is indicative price only to reflect market trend, and is unfavorable for trading purpose. The provider of the data contained in the Website shall not be liable for any loss incurred by you as a result of your trading activities or reliance on the information contained in the Website.