Bitfront
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UPDATE 18 September 2024: When trying to access the website of Bitfront today, we were unsuccessful. As far as we know, there have been no preceding messages on system maintenance or new websites or anything similar.
Accordingly, we believe that this exchange has closed down and we have marked it as "dead" in our Exchange Graveyard. If the exchange's website would become accessible again and the error is just temporary, we will "revive" it and bring it back to our Exchange List.
To find a reliable exchange where you can start an account, just use our Exchange Filters and we'll help you find the right platform for you.
Bitfront Review
What is Bitfront?
Bitfront is a cryptocurrency exchange from the United States. It has been active since July 2018. It offers trading in the following cryptos:
- BCH
- BTC
- ETH
- LINK
- PAX
- TUSD
- USDT
Trading Volume
In terms of liquidity, the exchange witnessed tremendous growth in 2020 but was unable to retain the same momentum in 2021. On the date of last updating this review (2 December 2021), the platform's 24-hour trading volume was USD 356 million, according to Coinmarketcap. In comparison, the 24 hour trading volume on 21 September 2021 was USD 488 million.
Bitfront Support
As one of its unique selling points, Bitfront mentions that it has live chat support 7 days a week and that the support is available in over 15 languages. This is naturally very helpful for any interested trader.
US-investors
Why do so many exchanges not allow US citizens to open accounts with them? The answer has only three letters. S, E and C (the Securities Exchange Commission). The reason the SEC is so scary is because the US does not allow foreign companies to solicit US investors, unless those foreign companies are also registered in the US (with the SEC). If foreign companies solicit US investors anyway, the SEC can sue them. There are many examples of when the SEC has sued crypto exchanges, one of which being when they sued EtherDelta for operating an unregistered exchange. Another example was when they sued Bitfinex and claimed that the stablecoin Tether (USDT) was misleading investors. It is very likely that more cases will follow.
To our understanding, US-investors are permitted to trade here. In any event, we urge any US investors to form their own opinion on the permissibility of their trading at Bitfront. Specific state laws can be an issue here, even if the exchange itself welcomes your trading.
Bitfront Trading View
Every trading platform has a trading view. The trading view is the part of the exchange’s website where you can see the price chart of a certain cryptocurrency and what its current price is. There are normally also buy and sell boxes, where you can place orders with respect to the relevant crypto, and, at most platforms, you will also be able to see the order history (i.e., previous transactions involving the relevant crypto). Everything in the same view on your desktop. There are of course also variations to what we have now described. This is the trading view at Bitfront:
It is up to you – and only you – to decide if the above trading view is suitable to you. Finally, there are usually many different ways in which you can change the settings to tailor the trading view after your very own preferences.
Bitfront Fees
Bitfront Trading fees
Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. Many exchanges divide between takers and makers. Takers are the one who “take” an existing order from the order book.
Bitfront charges what we call flat fees, meaning that both the takers and the makers pay the same fee: 0.20%. These taker fees are quite in line with the industry average for centralized exchanges. Industry average has hsitorically been around 0.20-0.25% but we now see new industry averages being around 0.10%-0.15%.
Bitfront Withdrawal fees
Bitfront charges a withdrawal fee of 0.001 BTC per BTC-withdrawal. This fee is a bit above the global industry average BTC-withdrawal fees. The current global industry average is 0.000643 BTC per BTC-withdrawal according to this report, so Bitfront's BTC-withdrawal fee is around 35% higher than that.
Deposit Methods
In addition to depositing cryptocurrency to the platform, Bitfront also lets you deposit fiat currency. However, only through wire transfer (not credit or debit card). If you need an exchange accepting credit or debit card deposits, just use our Exchange Filters and you'll find one in no time at all.
Seeing as fiat currency deposits are at all possible at this trading platform, Bitfront qualifies as an “entry-level exchange”, meaning an exchange where new crypto investors can start their journey into the exciting crypto world.
Security
We generally don't like when exchanges refers to themselves as "most trusted" and "industry leading". Bitfront does that. If anything, the below picture shows that they consider themselves having a strong offering with respect to security (and offline storage of user assets and multi-sig tech is always welcome).
