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BaseFEX Review 2024: Features, Fees & Security
Swen Keller
- URL: https://www.basefex.com
- Headquarter: Eden Island, Mahé, Beau Vallon, Seychelles
- Year Founded: 2018
- Platform App: Mobile/Web
- No. of Cryptocurrencies: 8 (Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin, Binance Coin, EOS, and USDT)
- Fiat Available: Not Available
- Payment Methods: Bitcoin and USDT
- Withdrawal Methods: Bitcoin and USDT
- KYC Verification: No
- Native Token: No
BaseFEX Review: Our Opinion
BaseFEX is a crypto derivatives exchange best suited for experienced traders. Beginners will not find the platform desirable as it does not support fiat deposit or withdrawal methods and doesn’t offer an instant buy and sell feature.
Also, BaseFEX has a limited selection of cryptocurrencies when compared to similar services, which may discourage traders looking for ample digital currencies to trade.
Company Overview About the BaseFEX Exchange
BaseFEX is a derivatives trading platform founded in 2018 and headquartered in Seychelles.
The current CEO of BaseFEX is Jesse Wu and Isaac Zeng is the Chief Technology Officer of the exchange.
BaseFEX is also backed by various giants (investors and companies) in the crypto industry including INBlockchain, BigONE Exchange, and ZhenFund.
It currently has office extensions in China and Hong Kong. The crypto exchange allows users to buy and sell perpetual contracts as well as other digital currency futures, offering leverage of up to 100x.
Beyond its trading services, BaseFEX allows users to access its platform using the web or an iOS or Android device. It also offers an API for developers who wish to integrate its services on their website.
Pros
- Users funds are stored in 100% Cold Storage
- High leverage
- No KYC required
- Beginner-friendly
- Low trading fees
Cons
- Limited crypto selection
- Not beginner-friendly
- No fiat currency deposit or withdrawal
BaseFEX Review: Unique Features
Leverage
BaseFEX offers its users leverage which allows them to trade with more capital than they have in their wallet.
BaseFEX offers a maximum leverage of 100x which means that you can trade with up to 100 times more than the coins in your BaseFEX account.
While leverage helps you to multiply the amount of profit you can make with little trading capital, it can also result in a quick loss of capital, if your trading strategy fails especially if you are trading volatile risk assets.
BaseFEX offers varying leverage based on which cryptocurrency you are trading. Below is the list of the leverage for each trading pair:
ETH/BTC: 20x
BTC/USD: 100x
BCH/BTC: 20x
XRP/BTC: 20x
BNB/BTC: 20x
LTC/BTC: 20x
EOS/USDT: 20x
ETH/USDT: 20x
ETC/USDT: 20x
BTC/USDT: 100x
You can easily change the leverage of your position when trading on BaseFEX. To do so, simply go to the trading screen and change the slider on the main trading screen.
Alternatively, you can type in your preferred leverage.
BaseFEX allows you to set your leverage before the trade as well as change the leverage during the trade.
That said, you can only change the leverage during a trade if you have enough initial margin in your account.
As stated earlier the use of leverage during trades can skyrocket your profit and cause your trading capital to rapidly deplete in the case of a loss. B
BaseFEX offers several tools and features that help traders manage their risks. Such features include liquidation price indicators, the entry price, Stop-Loss orders, margin call alerts, and auto-deleveraging mechanisms.
Auto-deleveraging is a feature that protects you from automatic position closure or liquidation.
BaseFEX Mobile App
The BaseFEX mobile app allows users to keep track of and manage their trades on the go. The mobile app is compatible with both Android and iOS devices.
BaseFEX prides itself in having a mobile app built for Next-Gen crypto futures trading with emphasis on the original crypto values: Transparent, Secure, People-powered, Boundless, Privacy, and Decentralized.
The mobile has an intuitive user interface that is suitable for both beginners and advanced traders.
BaseFEX app users can trade all available pairs on the BaseFEX crypto exchange.
They can also take advantage of the dual settlement feature to make USDT settlements to mitigate BTC volatility.
The mobile app grants you access to BaseFEX’s comprehensive API which gives you access to the exchange’s functions programmatically including managing positions, placing orders, getting market data, etc.
The API supports both WebSocket and REST protocols which allows for synchronous and asynchronous communication.
It is reliable, fast, and easy to use. And it is highly secure. It supports IP whitelisting and requires authentication with API keys for access.
You can hold positions as long as you want on the BaseFEX app due to its support for perpetual contracts. And it charges some of the lowest taker fees in the industry on BTC/USDT and BTC/USD.
BaseFEX also offers in-app customer support with finance professionals on the mobile app to users who need help while using the platform.
BaseFEX Testnet / Demo Trading
BaseFEX offers a Testnet platform which is the equivalent of a demo trading account offered by other crypto exchanges.
The Testnet is run through a separate subdomain at testnet.basefex.com.
Just like a demo trading account, the Testnet allows you to test your trading strategies and make simulated trades without losing money.
Trading on the Testnet is done with demo funds. BaseFEX provides you with 10 BTC in virtual funds which you can use to practice trading.
Despite being a demo account for practicing trading, the BaseFEX Testnet has the same features and functions as the live account and simulates actual market movements.
This gives you a realistic trade experience and lets you know if the trading strategies being tested will perform well in the live market.
Dual Settlement
Another unique feature of the BaseFEX crypto exchange is its dual-settlement option.
This allows users to choose between 2 contract settlement options.
You can choose settlement in USD or USDT.
The standard settlement option is USD, which settles contracts in USD-denominated BTC.
When you choose the USD option, your trades will be in BTC-settled future and perpetual contracts.
The USDT option, on the other hand, settles contracts in USDT-denominated BTC, this helps you to avoid the loss that can arise with the volatility that occurs when using BTC.
Using the 1:1 pegged stable assets helps minimize the volatility of your trades in bear markets when the value of Bitcoin is going down.
Cryptocurrencies Available on BaseFEX
BaseFEX supports 8 cryptocurrencies. Supported cryptocurrencies include Bitcoin, Ethereum, Binance Coin, EOS, XRP, Litecoin, USDT, and Bitcoin Cash.
The BaseFEX exchange has a perpetual futures contract for each of the coins listed on the exchange.
BaseFEX Fees
BaseFEX Trading Fees
BaseFEX uses the taker and maker model to charge its trading fees.
This means that traders who take liquidity will be charged different BaseFEX trading fees than those who add liquidity to the BaseFEX platform.
The BaseFEX futures trading platform offers a clear structure for its trading fees, which are dependent on the user’s monthly traded volume in Bitcoin.
Different levels are determined by the amount of Bitcoin traded by the user in a month (last 30 days).
That said, BaseFEX fees for beginners are a maker fee of 0.02% and a taker fee of 0.06%.
Here is the full BaseFEX fee structure including trading volume:
LV 0: This level is for users with a trading volume >= 0 in Bitcoin for the last 30 days and has a maker fee of 0.02% and a taker fee of 0.06%
LV 1: This level is for users with a trading volume >= 100 in Bitcoin for the last 30 days and has a maker fee of 0.02% and a taker fee of 0.05%
LV 2: This level is for users with a trading volume >= 500 in Bitcoin for the last 30 days and has a maker fee of 0.015% and a taker fee of 0.05%
LV 3: This level is for users with a trading volume >= 2,000 in Bitcoin for the last 30 days and has a maker fee of 0.015% and a taker fee of 0.04%
LV 4: This level is for traders with a trading volume >= 8000 in Bitcoin for the last 30 days and has a maker fee of 0.01% and a taker fee of 0.04%
LV 5: This level is for users with a trading volume >= 25,000 in Bitcoin for the last 30 days and has a maker fee of 0.01% and a taker fee of 0.03%
LV 6: This level is for users with a trading volume >= 60,000 in Bitcoin and has a maker fee of 0.005% and a taker fee of 0.03%
In addition, our hands-on experience with this crypto exchange revealed that BaseFEX provides funding rates for its trading pairs.
The rates apply to both long and short positions and are updated every 8 hours depending on the present market situation.
BaseFEX Deposit Fees and Withdrawal Fees
BaseFEX does not charge deposit or withdrawal fees.
However, you will need to cover the usual blockchain network fees for every transaction.
The costs vary depending on the current network congestion. These are not deposit or withdrawal fees and do not count as BaseFEX fees because they go to Blockchain miners and validators.
BaseFEX Review: Payment Methods
BaseFEX only supports 2 cryptocurrencies for deposits: Bitcoin and USDT.
The futures trading platform does not support the use of fiat currency for deposits or withdrawals.
You also cannot use other digital currencies as deposit methods on the BaseFEX trading platform.
So to use the BaseFEX futures trading platform you need to have a cryptocurrency wallet where you’re holding funds or another crypto exchange that you’ll send your digital assets from.
Security
Drawing upon our first-hand experience with this crypto exchange, we noticed that BaseFEX is a secure crypto exchange and has never suffered any system overloads or server downtime.
It does not require KYC verification from users because it respects the original privacy-first values of the crypto community.
This means you can sign up and start trading on the platform without providing your details and documents. Only an email address and password are required.
BaseFEX stores all (100%) of users’ assets in multi-signature cold storage wallets and no private keys are kept on cloud servers.
This means if the platform were to suffer a security breach, the hacker(s) would not have access to users’ funds or crypto assets.
All data transfer between users and the platform is securely done and encrypted using Secure Socket Layer Encryption.
The purpose of encrypting and verifying all data is to ensure that the data is not intercepted or changed by a malicious party during transmission.
All users’ data and transaction history on the BaseFEX exchange is also encrypted at rest.
This is to prevent unauthorized parties from stealing, accessing, reading, or using the data.
Users’ passwords stored on the platform are hashed with a cryptographic algorithm that makes the passwords impossible to decode.
Users’ accounts are protected with security features like, password protection and two-factor authentication using Google Authenticator.
The password and two-factor authentication are required when you log in to your account as well as for the verification of transactions.
Users can also set an anti-phishing code.
This code appears in every email sent from the platform and helps users easily spot fake emails from fraudulent parties claiming to be BaseFEX support and phishing scams.
BaseFEX also has an Insurance Fund. The Insurance Fund is a pool to protect traders who are exposed to late liquidation that is beyond the bankruptcy price of the trader’s position. The BaseFEX Insurance Fund is replenished by the liquidations that are executed above the bankruptcy price on losing positions.
Staking Rewards
Unfortunately, BaseFEX does not support any form of staking.
Supported Countries
BaseFEX is available to users in most countries around the globe.
Supported countries include Germany, France, Russia, Australia, Nigeria, Cameron, Niger, South Africa, Brazil, etc.
That said, BaseFEX is not available to users in certain countries including the United States of America and Québec (Canada).
Residents of the following countries are prohibited from holding positions or entering into contracts on BaseFEX: Cuba, China, Crimea and Sevastopol, North Korea, Syria, Sudan, and Iran. BaseFEX is also not available in jurisdictions where its services are prohibited or restricted.
BaseFEX Review: Opening a BaseFEX Perpetual Futures Contracts Account
To create a BaseFEX trading account go to the BaseFEX official website here: https://www.basefex.com.
Next, find and tap the Register button at the upper right corner of the page.
On the next page, enter your email address and select a password following BaseFEX derivatives trading platform requirements.
Once you’re done inputting those details tap on the Create Account button.
Go to your email address and click on the verification email sent to your registered address.
The link will redirect you to BaseFEX and your account will be activated.
After account activation, you can begin trading and using the BaseFEX platform in totality.
BaseFEX does not require users to undergo KYC verification.
BaseFEX Review: Trading Experience
After our team’s extensive use of this crypto exchange, we found that BaseFEX offers a trading experience best suited for advanced users.
Beginners will find the trading platform complex and intimidating.
That said, executing a trade on the BaseFEX trading platform is straightforward for experienced traders.
You just need to deposit USDT or Bitcoin to your BaseFEX crypto wallet by copying your BaseFEX wallet address using a QR Code or by copying/pasting the address.
Once the funds get in you can begin trading by picking the trading pairs you want.
On the trading platform, you’ll see an order type, an order book, a chart, and a trade history.
To execute an order you just need to enter the price, and amount, and choose your margin trading leverage if applicable (BaseFEX offers up to 100× leverage in margin trading).
To confirm your order you need to click the ‘Buy/Long or Sell/Short’ button.
That said, BaseFEX supports the following order types: Limit orders, market orders, stop-limit orders, Good Till Canceled, Fill or Kill, Immediate or Cancel, and trailing stop orders.
Customer Service
BaseFEX users can contact the BaseFEX customer support team via email at ennifer@basefex.com and support@basefex.com.
Customer support is also available via Live Chat on the BaseFEX website and the BaseFEX mobile app.
There is also an X (formerly Twitter) handle where users can contact the customer support team.
Customer Satisfaction
Leveraging our expertise in crypto exchanges, we observed that BaseFEX is a very solid crypto futures and derivatives exchange. The platform is easy to use and has a lot of outstanding features that give users an excellent trading experience.
BaseFEX also offers good customer support to users. There are also no BaseFEX withdrawal fees or deposit fees.
Does BaseFEX Exchange Offer Education?
No, BaseFEX does not offer any form of trading education.
BaseFEX is Right for You If:
You are an advanced crypto trader
Do you want to trade crypto futures
You need high trading leverage
Don’t mind depositing and withdrawing in crypto
In addition, you will need to consider if BaseFEX trading fees maker and taker fees are acceptable to you.
Conclusion
BaseFEX is a simple crypto exchange and doesn’t offer much beyond crypto futures.
However, it has low trading fees and no deposit fees, which is one of the primary pros of using the exchange.
There is also no KYC verification process which may be a pro or con depending on the type of user you are.
BaseFEX’s global presence is notable, but the crypto world is diverse. Explore another major player with our Deribit Review.
FAQ
Most frequent questions and answers
To withdraw money from your Bitcoin wallet, you need to use a crypto exchange that allows you to convert your Bitcoin to fiat currency or has a card that allows you to spend Bitcoin like fiat on ATMs and Point of Sale terminals.
Other methods for withdrawing your Bitcoin include using a Bitcoin ATM, going to peer-to-peer exchanges, or trading one crypto for another and cashing out the support. There is no BaseFEx withdrawal fees.
A perpetual contract is a digital asset futures contract with no expiry date and just like a futures contract, a perpetual contract is a derivative that gets its value from the underlying cryptocurrency asset it represents.
With no expiry date, there is no physical settlement of goods, so this means that the primary purpose of perpetual futures contracts is to speculate on the market price of a digital asset.
BaseFEX does not have a minimum deposit amount. You can deposit any amount of Bitcoin or USDT that you want.
No, BaseFEX does not require KYC.
A core value of the BaseFEX crypto exchange is that it respects the original privacy first values of the cryptocurrency industry.
This means that you can sign up and start trading on the trading platform without providing any personal details or documents like an international passport or driver’s license.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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