Bitfront is a centralized cryptocurrency exchange (CEX) registered in 2018 in the United States. It offers various services – buying, selling, and depositing, as well as limit orders, stop-limit orders, and some interest-bearing products.
As with any other CEX, Bitfront cryptocurrency exchange does require KYC identification. It is necessary to perform it in order to use the platform. A user needs to provide the following information: ID type, ID issuing country, date of birth, ID number, ID expiration date, and the name written on the ID. In addition, a photo or a scan of ID (using a passport or a driver's license is also possible) and a real-time picture of the user's face is needed.
Services of Bitfront crypto exchange are restricted in over 50 countries. Moreover, IDs issued by these countries (even if the user lives elsewhere) and phone numbers coming from them will not be accepted during the KYC identification process. In the US, any state is restricted except California, Indiana, Kentucky, Louisiana, Mississippi, Missouri, Montana, New Jersey, Pennsylvania, Utah, Wisconsin, and Wyoming.
This exchange operates via a simple-to-use website with good UX and trading platform application. This means that a user can trade on a phone, iPad, or similar, as well as, more traditionally – by using a desktop. The interface provides information on the 24-hour Bitfront volume of specific tokens.
Markets
While using Bitfront you can trade fiat-crypto and crypto-crypto with six assets. There is a total of 13 Bitfront trading pairs available. Derivative transactions on Bitfront are not possible, and leverage is also absent.
There are three markets on the Bitfront spot exchange:
- USD Market – on which it is possible to use USD to buy and sell crypto assets – this market is only available to residents of the US;
- USDT Market – for trades based on Tether (USDT) – the price of the market's cryptocurrency is converted to USDT and appears with the estimated price in USD;
- BTC Market – for trades based on Bitcoin (BTC) – the price of crypto is converted and appears as a price in USD.
Bitfront cryptocurrency exchange also offers stop-limit orders. After performing it, a reserved limit order is automatically placed when a token reaches the set stop price. A trader can utilize this feature in two ways. Setting a stop price lower than the current token's price or setting it on a higher price point than the current token's price. An order will be placed when the token's price reaches the specified stop price.
In regard to Bitfront exchange fees, LN/BTC and LN/USDT pairs are charged a 0.1% fee, and trades on USD, BTC, and USDT markets (except for LN transactions) have a fee of 0.2%.
Other Bitfront crypto fees include fees on deposit and withdrawal. As for fiat currency, using ACH as transfer method results in no fees, but a wire transfer has a deposit fee, a refund fee of $30, and a withdrawal fee of $15. There are no fees for cryptocurrency deposits, and a withdrawal fee varies depending on the token. These are as follows: 0.01 BCH, 0.001 BTC, 0.02 ETH, 0 LN, 0.05 LTC, 7.5 USDT.
All Bitfront crypto prices and fees are paid with LINK token, the LINE blockchain economy's key cryptocurrency.
Other Services
Bitfront cryptocurrency exchange offers interest-bearing products as an additional service. This allows users to earn even up to 8.32% annually as interest. It works by depositing an asset and subscribing to one of the products currently offered by the exchange. Interests are deposited every Monday (UTC) based on the duration of one's deposit. Withdrawals and additional deposits are available to make at any time.
There is no minimum amount that can be deposited. However, there is a minimum balance amount for receiving intrests. For BTC, ETH, and BCH, it is 0.00000001, and for USDT and LN, it is 0.000001. The maximum amount a user can deposit varies by offered products, but there are no minimum or maximum withdrawal limits.
About the Company
Bitfront crypto exchange was founded in Singapore in mid-2018 and was previously known as BITBOX. It was launched by Japanese messaging giant LINE and shut down in 2020 to re-launch as a global platform. Now it is operated by LVC USA Inc., a subsidiary of LINE Corporation, a publicly listed internet company on the Tokyo Stock Exchange and Nasdaq. In January 2021, it was reported that the Bitfront trade volume exceeded $2 billion.
