Suppose you are looking for a low trading fees crypto exchange to trade Bitcoin futures with high leverage. In that case, BaseFEX is an unignorable trading platform. This cryptocurrency futures exchange claims to offer a fast, secure, and transparent trading platform for crypto enthusiasts.
But is BaseFEX worth your time and money? What are its features? What are the pros & cons of using it? We will provide a comprehensive and unbiased BaseFEX review, covering its features, benefits, drawbacks, and security.
- BaseFEX Exchange is a crypto derivatives platform that offers perpetual contracts for cryptocurrencies, such as BTC, ETH, XRP, BCH, LTC, EOS, and many more.
- It does not charge any fees for depositing or withdrawing money. The trading fee is 0.02% (maker) and 0.06% (taker).
- The exchange has a significant safe system with an A+ score on Mozilla’s Observatory Test.
What is BaseFEX?
BaseFEX is a crypto derivatives platform that started in 2018 in Seychelles and branches in Hong Kong and Shanghai. It lets traders buy and sell perpetual contracts on BTC and other crypto futures with up to 100x leverage.
Jesse Wu is the CEO, and Isaac Zeng is the CTO of the platform. They have much experience in the Internet industry and a passion for crypto trading. The exchange has the support of several famous companies and investors in the crypto industry, such as INBlockchain, BigONE Exchange, and ZhenFund.
BaseFEX has an app for Android and iOS. It also has an API for developers. It offers one of the lowest trading fees in the industry, the highest security standards, and 24/7 live support. The platform keeps most cryptocurrency holdings in cold storage and uses SSL encryption for all data transfers. Also, 2FA is available for extra security.
- Competitive trading fees and high leverage of up to 100x on BTC futures contracts
- Easy-to-use platform with mobile applications
- No need for KYC verification and full access to all features after registration
- Secure storage of assets in 100% multi-signature cold wallets
- Easy USDT settlements of your perpetual contracts without worrying about price volatility
- BaseFEX do not provides many trading products, such as spot trading, options trading, or copy trading or storing NFTs.
- The exchange has low liquidity and trading volume
- It is not available for US investors due to regulatory restrictions
BaseFEX Overview: At a Glance
|Listed Cryptocurrencies||BNB, BTC, ETH, LTC, XRP, EOS, BCH, etc.|
|Crypto Trading Pairs||Over 10|
|Fiat deposit supported||No|
|Supported Countries||Worldwide (Except USA)|
|Deposit and Withdrawal Fees||Only network charges apply|
|Trading Fees (futures)||Maker: 0.02%Taker: 0.06%|
|Mobile App||Yes (Both Android and iOS)|
|Customer Support||24/7 via e-mail|
Steps to Create an Account on BaseFEX Crypto Exchange
Step 1: Go to the BaseFEX official website and locate the “REGISTER” button in the page’s top right corner.
Step 2: Provide your email address and choose a secure password. Optionally, you can insert a referral code if you possess one. Afterward, press the “CREATE ACCOUNT” button.
Step 3: Click on the enclosed link to activate your account. This link will be sent to your registered email by BaseFEX.
With your account activated, you can log in and begin trading activities.
How to Place an Order on BaseFEX?
Step 1: Deposit Funds
To trade on BaseFEX, firstly, you need to add funds. Please note that this exchange does not support deposits of fiat currencies. You can only deposit cryptocurrencies via network transfer.
Click “ACCOUNT” on the top left and choose “DEPOSIT”. You can add Bitcoin or USDT to your BaseFEX wallet. Scan the QR code or copy the wallet address and send funds from your other wallet. BaseFEX does not charge any fees for deposits or withdrawals. However, you may pay network fees depending on the blockchain congestion.
Step 2: Choose a Trading Pair
After you have funds in your wallet, you can start your trading journey on BaseFEX by picking any trading pairs you want. You will see a trading screen with a chart, an order book, a trade history, and an order type.
Step 3: Place an Order
To place an order, enter the amount, the price (if needed), and the leverage number. The leverage is the borrowed money you use to increase your exposure. BaseFEX offers up to 100x leverage, which means you can trade with 100 times more than your capital. After entering the order details, click the ‘Buy/Long or Sell/Short’ button to confirm your order.
What are Order Types on BaseFEX?
Currently, BaseFEX offers four types of orders, including:
- Limit Orders: You set a specific price for your order. You can use this to get in or out of a position at your targeted price.
- Market Orders: Your order will be executed automatically on the currency market price. But you may face a price slippage in this case.
- Stop-Limit Orders: You place a limit order in the opposite direction of your trade. You can use this to protect your gains or limit your losses.
- Trailing Stop Orders: You place a stop-loss order that moves with the market price. When the expected price is hit, you can use this to lock in your gains or profits.
There are also three sub-types of limit orders:
- Good Till Cancelled (GTC): The order remains open until executed at the price you set, or you cancel it.
- Fill or Kill (FOK): An FOK order needs the whole order to be filled right away at the price you set, or it is canceled completely.
- Immediate or Cancel (IOC): An IOC order fills as much of the order as it can immediately at the price you set and cancels the rest.
BaseFEX Trading Fees
BaseFEX uses a maker-taker fee structure, which means that the fees depend on whether you are adding liquidity to the market (maker) or taking liquidity from the market (taker).
This exchange offers a transparent fee structure for its users based on their trading volume. Different levels are determined by the amount of BTC traded in the last 30 days. For beginners, the maker fee is 0.02%, and the taker fee is 0.06%.
Here is the BaseFEX full fee structure:
|Level||Trading Volume [Last 30 Days (BTC)]||Maker Fee||Taker Fee|
|LV 0||>= 0||0.02%||0.06%|
|LV 1||>= 100||0.02%||0.05%|
|LV 2||>= 500||0.015%||0.05%|
|LV 3||>= 2000||0.015%||0.04%|
|LV 4||>= 8000||0.01%||0.04%|
|LV 5||>= 25000||0.01%||0.03%|
|LV 6||>= 60000||0.005%||0.03%|
Additionally, BaseFEX provides funding rates for its trading pairs. These rates apply to both long and short positions and are updated every 8 hours depending on the market situation.
BaseFEX Deposit and Withdrawal Fees
BaseFEX doesn’t ask for fees when depositing or withdrawing money from your trading account. Nonetheless, you will need to cover the costs associated with the blockchain network for each transaction.
These costs vary depending on the network congestion. It’s important to note that these fees don’t go to BaseFEX; instead, they go to the blockchain network (or miners) you’re using.
BaseFEX Exchange Deposit and Withdrawal Methods
BaseFEX only supports Bitcoin (BTC) and Tether (USDT) as deposit and withdrawal methods. You cannot use fiat or other cryptocurrencies to fund your trading account or withdraw your profits. This means you need a crypto wallet or other crypto exchange to deposit/withdraw on the BaseFEX trading platform.
BaseFEX Features Review
1. High Leverage
One of the best features of BaseFEX Exchange is the high leverage it gives to traders. You can trade perpetual contracts on BTC and altcoin with up to 100x leverage. This means that you can open a trade worth 100 times your capital. As a result, you can increase your potential returns for every trade you make. But using leverage also has risks. It can make your losses bigger too. So, traders should use leverage carefully and be disciplined with their trading strategies.
BaseFEX offers various tools and features to help traders manage their risks, including stop-loss orders, liquidation price indicators, margin call alerts, and auto-deleveraging mechanisms.
2. Comprehensive API
API lets you access the platform’s functions programmatically. For example, placing orders, getting market data, managing positions, and more.
BaseFEX Exchange’s API is fast, reliable, and easy to use. It supports both REST and WebSocket protocols. These allow for synchronous and asynchronous communication. The API also has a high level of security. It needs authentication with API keys and supports IP whitelisting.
3. No KYC Requirement
KYC is required to prevent fraud and money laundering. However, it can also be annoying and intrusive for users who value their privacy and anonymity.
BaseFEX Exchange respects the original privacy-first values of the crypto community. This crypto exchange does not require any KYC verification from its users. Therefore, you can sign up and start trading on the platform without giving any personal details or documents. You only need an email address and a password to create an account on the exchange.
4. Stablecoin Settlement
BaseFEX Exchange lets users choose between two contract settlement options: USD or USDT. USD is the standard option that settles contracts in USD-denominated BTC. USDT is the stablecoin option that settles contracts in USDT-denominated BTC. Therefore, you can avoid volatility by using the 1:1 pegged stable assets.
5. Testnet (Demo Trading)
BaseFEX Testnet lets you try to practice your trading strategies without losing money. It is like a demo trading platform. The Testnet is good for traders who want to learn about the platform, improve their trading skills, and check their trading strategies before going to the real market. With demo trading, you will get 10 BTC as a virtual fund for testing purposes.
Products and Services offered by BaseFEX
Futures trading allows users to speculate on the price movements of the underlying assets and hedge against market risks. BaseFEX offers both fixed-date and perpetual futures contracts on various cryptocurrencies. Fixed-date futures have an expiration date, while perpetual futures do not.
Perpetual trading is a type of futures trading that follows the asset’s spot price and does not expire. This lets users trade with leverage and benefit from price movements without owning the asset. BaseFEX has perpetual contracts on BTC, ETH, XRP, BCH, LTC, EOS, and BNB with up to 100x leverage.
BaseFEX Mobile App Review
BaseFEX has a mobile app for both Android and iOS users. This app has a straightforward interface that suits newbies and experts. It has all the web platform features like placing orders, setting limit orders, using API, and withdrawing cryptocurrencies.
You can get it from the App Store or Google Play Store. The app has good feedback from users and experts who like its features, performance, and ease of use.
Supported Cryptocurrencies on BaseFEX
BaseFEX functions as a cryptocurrency derivatives exchange, where all transactions are ultimately settled using BTC or USDT. In futures contract trading, only BTC and USDT are allowed. However, perpetual contracts on BaseFEX offer support for additional digital currencies, including BTC, XRP, BCH, ETH, EOS, BNB, and LTC.
Due to some regulations, BaseFEX only allows you to trade cryptocurrency contracts and doesn’t deal with fiat currencies, commodities, or stocks.
BaseFEX Security: Is it Safe to use?
BaseFEX is safe. This exchange is using many features to keep its users and their funds safe. Here are some of them:
- Offline wallets: To protect users’ funds from hackers, BaseFex keeps most of the crypto assets in offline cold wallets and needs multiple signatures when accessing.
- SSL encryption: BaseFEX uses SSL encryption to secure the data transfer between the users and the platform. SSL encryption ensures that the data is encrypted and verified. Therefore, no one can intercept or change the data.
- 2FA verification: BaseFEX lets users enable 2FA on their accounts, which adds more security. 2FA asks users to enter a code from an app or a device, like Google Authenticator, along with their password when they log in or make transactions.
- Hashed passwords: BaseFEX hashes its users’ passwords with a cryptographic algorithm, making them impossible to decode. This means that even if the passwords are leaked, they cannot be used to log in.
- Encrypted data: The platform encrypts all the data on its servers, such as user details and transaction history. This means that even if unauthorized parties steal the data, they cannot read or use it.
- Anti-phishing code option: The exchange allows users to set an anti-phishing code, a unique word or phrase that appears in every email from the platform. This helps users to spot real emails from BaseFEX and avoid phishing scams.
BaseFEX Customer Support
BaseFEX has two ways to support its customers: email and Twitter. For any queries, you can contact the customer team at “email@example.com” or follow BaseFEX on Twitter (@BaseFEX) for news and updates.
BaseFEX Alternatives to Consider
|Trading Volume||Very Low||High||Very High|
|Trading Fees (Futures)||Maker: 0.02%Taker: 0.06%||Maker: 0%Taker: 0.02%||Maker: 0.02%Taker: 0.05%|
|Supported Coins||Only 10||1754+||323+|
BaseFEX Review: Conclusion
To sum up the BaseFEX Exchange review. This crypto exchange specializes in Bitcoin futures trading with high leverage and competitive fees. It has a simple and user-friendly platform that works for beginners and experts alike. It also has a no-KYC policy and a high-security standard for its users.
However, BaseFEX has some drawbacks, such as the lack of variety in its products, the low volume compared to other exchanges, and the limited feedback from customers online. So traders should think and research properly before using BaseFEX.
Is BaseFEX available in the US?
No, BaseFEX is not available in the US. However, since it is a no-KYC platform, you can still use the exchange with a VPN. (Note: We do not recommend using a VPN, as it is against the law.)
What is the minimum deposit for BaseFEX?
There is no minimum deposit for BaseFEX, and you can deposit any amount of BTC or USDT on BaseFEX.
What is a perpetual contract?
A perpetual contract is a derivative that lets you buy or sell an asset at a fixed price with no expiry date. It is like a futures contract but does not have a settlement date or delivery of the underlying asset. Instead, it uses a mechanism called funding rate to keep the contract price close to the asset’s spot price.
What is the risk of a perpetual contract?
Perpetual contracts are risky financial instruments that involve high leverage and volatility. One of the main risks of trading perpetual contracts is “liquidation“, which means that the platform will automatically close your position if your margin balance falls below a certain level. This can happen if the asset’s price moves against your market price prediction, and you do not have enough funds to maintain your position.
Another risk is “basis risk”, which means that the price of the perpetual contract may deviate from the asset’s spot price due to market fluctuations or technical issues. This can affect your profit or loss calculation and expose you to unexpected price movements.
Are perpetual contracts illegal?
No, perpetual contracts are not illegal. However, these contracts do not follow the same laws as standard financial products. They have no legal protection or penalties for fraud or default. Crypto perpetual contracts are banned in some places, like the US. Platforms that offer them need to register with the CFTC. If not, they may face legal trouble.