BitForex is a leading global digital asset trading platform dedicated to providing users with safe, professional, and convenient digital currency trading services. Starting from the users perspective, BitForex leverages its deep understanding of the blockchain field to carefully select high-quality cryptocurrencies for global users, leading the trend of blockchain technology. BitForex is headquartered in Singapore, registered in the Republic of Seychelles, and has independent operating teams in Germany, Estonia, Hong Kong, Malaysia, the Philippines, and other countries and regions. It currently has users in over 186 countries. From its inception, it has received over 100 million yuan in investment from top investment institutions such as Crypto Capital and industry leaders. The core team members come from world-renowned companies such as Merrill Lynch, the World Bank, McKinsey, Microsoft, Tencent, and Lenovo, with graduates from prestigious universities such as MIT, Columbia University, Cambridge University, and the National University of Singapore. The average education level is Masters degree or above, all of whom are high-quality talents in the technology, finance, and blockchain fields.
BitForex Listing Rules
I. Application Requirements
The project submission materials are complete and accurate.
There is no policy risk and it meets professional and compliance requirements.
A strong team or community support.
Projects with actual technical support or practical applications.
The project information can be disclosed truthfully and timely, including the project whitepaper, regular development, and progress reports.
Other requirements of the trading platform regarding the listing of trading currencies.
II. Delisting Explanation
The hiding of TOKENS and delisting of trading pairs includes but is not limited to the following rules. BitForex generally evaluates whether to initiate the delisting process for a blockchain innovation project TOKEN or trading pair based on the following rules:
1. Issuance and forking without prior notice and other events that have a significant impact on the price of the coin.
2. Smart contract vulnerabilities or serious technical or security issues that have not been addressed in a timely manner.
3. The project party bypasses the exchange and directly performs contract-level operations on users.
4. The project team disbands or faces major legal issues.
5. The project operation team actively requests delisting.
6. There are major discrepancies in information disclosure.
III. Listing Fee
The listing fee for the innovation zone includes project authenticity verification, qualification audit, and code audit fees. This fee is non-refundable once collected.
BitForex Trading Fees
Different fees are charged for "market makers" and "traders".
When a user places a limit buy order at a price lower than the market price, or a limit sell order at a price higher than the market price, the market depth of the order book (commonly known as: order hanging) is increased. In this case, the market maker fee is charged.
When a user reduces the market depth of the order book (commonly known as: order eating) through any type of order, the trader fee is charged.
If you buy or sell at the market price, you will pay the trader fee because the market price order can immediately eliminate the amount of orders (other traders orders) in the order book.
If you place a limit buy order below the market price or a limit sell order above the market price, you will pay the market maker fee, because you increase the depth of the order book, and other traders can accept your order in the process.
Market maker (maker, order hanging) fee: 0.1%
Trader (taker, order eating) fee: 0.1%
Introduction to the BitForex Platform Token (BF)
BF Token (short for BF) is a token issued by the BitForex platform, representing the ownership rights of the trading platform. BF is mainly issued through trading mining and community ecosystem, and the total issuance is fixed at 10 billion.
BitForex will use 80% of the trading fees of mining currencies for BF Token buyback. In the future, BF holders will also have the right to participate in major decision-making and community management of the platform.
BF token contract address: 0x5b71bee9d961b1b848f8485eec8d8787f80217f5
How to get BF
Users can obtain BF through trading mining, invitation mining, and community ecosystem construction rewards.
Platform Revenue Distribution Mechanism
BitForex will use 80% of the trading fees of mining currencies for BF Token buyback; 20% will be used for BitForex development and operation.
BF Trading Mining
BitForex will adopt a mining model to release and issue 40% of the total BF. 120% of the users trading fees will be allocated in the form of BF, of which 80% is circulating BF and 40% is holding BF. More
From 12:00 to 23:59 (HKT) on August 1, 2018, BF will start pre-mining; at 12:00 (HKT) on August 2, official mining will start. At 12:00 (HKT) on August 2, BF/USDT trading will also be launched.
Note: During the pre-mining period and the first hour after the official launch of trading, the initial price of 1BF = 0.05USDT will be used to calculate the number of BF mined for BTC/USDT, ETH/USDT, and BCH/USDT.
Community and Ecosystem Benefits
24% of BF will be issued through invitation mining and other community benefit rewards.
Among them, 4% is generated from invitation mining. Invitation mining is divided into invitation trading. Inviters share their account invitation links to invite friends to register BitForex. After friends complete registration, the inviters will receive invitation mining rewards through the trading of BF by the invited friends. Invited users can receive an additional 20% return on trading fees from invited friends, in the form of holding BF, which will be issued to the inviters BF holding account the next day.
BF Token Allocation Plan
BitForex adopts a mining synchronous release mechanism to complete the issuance of most BF. 64% of BF will be rewarded to users through "mining", and 36% of BF will be issued through cornerstone investment, private placement, and initial team incentives. The specific allocation ratio is as follows:
40% - Trading Mining
24% - Community and Ecosystem Benefits
20% - Team Incentives
8% - Private Placement
8% - Cornerstone Investment
Allocation Mechanism
Mining part: Users obtain it through trading and invitation mining, distributed daily.
Holding/locking part: Unlocked daily at a certain rate based on the total BF holding amount. The detailed unlock rate is as follows:
Private placement BF: Locked for 2 months, 10% unlocked each month;
Holding rewards obtained from mining and cornerstone locked BF: Unlocked into circulating BF at a floating rate of 5/10,000 to 1/1,000 of the total locked BF per day, the initial ratio is 8/10,000.
The team incentive part will be locked for 4 years, 5% of the total BF will be unlocked at the end of each year.
