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BaseFEX.com

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BaseFEX.com Exchange Review

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BaseFEX is a secure and reliable platform to trade perpetual contracts for Bitcoin, Ethereum and other popular cryptocurrencies with up to 100x leverage. The variety of features on BaseFEX make the platform one of the most useful place to trade with crypto derivatives – according to their site. Is this really the truth?

Essential Information
Homepage https://www.basefex.com
Established
2011
Supported Trading Pairs BTC/USD , ETH/XBT , XRP/XBT , BCH/XBT , LTC/XBT ,BNB/XBT BTC/USDT ,ETH/USDT
acceptable currencies
Minimum Withdraw  only accepted in Bitcoin
Restricted countries:
United States of America , Québec (Canada) ,China ,Cuba , Crimea and Sevastopol , Iran ,Syria ,North Korea , Sudan
Supported Payment Methods

More About BaseFEX.com:

BaseFEX is a cryptocurrency derivative exchange developed by professionals from the IT and financial industries. Their vision is to use cutting-edge technologies to deliver the best possible service and user experience on the market. BaseFEX’s mission is to provide a reliable, transparent and advanced cryptocurrency derivative trading option on the exchange to make trading smooth, secure and accessible for everyone worldwide.

The company behind BaseFEX is Base Investing Corporation, a registered company on Seychelles with registration number 205276, but the exact company address is not known. The team is working from Hong Kong according to the information available on other sources.

BaseFEX trading platform

The trading platform is lead by two individuals, Jesse Wu listed as the Chief Executive Officer and Issac Zeng is the Chief Technology officer of BaseFEX. Jesse Wu is a software engineer, a serial entrepreneur and a veteran trader of stock, forex & crypto, both in spot and futures markets. His friend, Isaac Zeng, a software engineer as well who programmed the matching engine of Huobi exchange. They decided to start a company together to solve the issue that they have not found satisfying cryptocurrency futures exchange

BaseFEX is not really active on social media channels, they only run a Twitter account with a couple hundred of followers where they are posting infrequently. In addition to this, they have an official blog where they share announcements related to their services, like launching new trading pairs or perpetual contracts. This is a relatively low level of communication compared to other exchange providers. But you can read a lot about the various contracts and trading instrument under references.

BaseFEX Properties

Services offered on BaseFEX

The exchange platform offers up to 100x leverage on Bitcoin and also high leverage on other altcoin contracts. Their trading engine is capable to handle a high amount of transactions.

BaseFEX is a futures trading platform where you can trade Bitcoin and altcoin future contracts with high leverage. The positions are settled in Bitcoin, even in case of altcoin contracts. A futures contracts is a derivative product where you agree to buy or sell cryptocurrency at a previously determined price at a set of time in the future. BaseFEX futures are cash settled, directly in Bitcoin. This is not CFD trading or trading with Bitcoin.

Futures contract does not need 100% collateral as margin which lets you trade on leverage. All margins are denominated in Bitcoin, allowing you to speculate using only cryptocurrencies.

Perpetual contracts are tracking the price of Bitcoin live. Compared to futures contracts, Perpetual Contracts do not have an expiry date so that there is no settlement at the end. Perpetual Contracts have a Funding Rate that is updated in every eight hours. While holding the positions of Perpetual Contracts, you will pay or receive funding over this time automatically. Funding occurs every 8 hours at 02:00 UTC + every 8 hours every day. You only pay or receive the funding when you hold a position at one of these times. If you close your position before the funding exchange, you will not pay or receive funding. The Funding Rate has two parts: the Interest Rate and the Premium/Discount. The purpose of it is to keep the traded price of your Perpetual Contract in line with the underlying reference price. Refer to their funding rate calculation for more information if you are planning to do leverage trading at BaseFEX.

The platform supplies various data for its traders. BaseFEX supply 11 different indices which track the standardized prices of altcoins, removing the noises from the market.

You can see the historical funding rates for each trading pair which helps you to calculate your cost of leverage trading. BaseFEX uses a daily insurance fund to take over your unfilled positions before they are taken over by the Auto-Deleveraging System. The Insurance Fund comes from liquidations executed with a price better than the bankruptcy price of that position. You can follow the daily balance of this fund too.

If you like fame, try to get onto the top 25 traders list which is showing the rankings by profit percentages. Similarly, you can get to the affiliate leaderboard and earn money by referring others to the platform.

Getting started on BaseFEX (Deposits & Withdrawals)

BaseFEX Getting started
To register at BaseFEX, you need to provide an email, a password and a nickname you would like to use on the trading platform.

Upon registration, you receive a 6 digit code which lets you log in to your account within the next 10 mins.

You can fund your account using the unique Bitcoin address generated for you.

The minimum deposit is 0.0001 BTC (10,000 Satoshi) and your deposit will be credited right after 1 confirmation on the network.

Once you have deposited the amount of money you would like to trade with, you can see the available balance on your dashboard including your leveraged positions.

BaseFEX Balance

Withdrawals are also only accepted in Bitcoin. Enter your destination address to the required fields and make sure the address is correct – there is no option to reverse a withdrawal after submitted. Bitcoin network fees are set to 0.0005 BTC.

BaseFEX Chart

Trading on BaseFEX (Order Types)

Once you have logged into your account, you can see the chart of the instruments you would like to trade with. In order to engage into a deal, you can select Limit or Market order the middle of the screen.

There are certain conditions you can set, including trigger conditions and leverage which is depending on the trading instrument, for Bitcoin it can be up to 100x, for other altcoins up to 40x.

BaseFEX Trading

You can see the orderbook live on the screen along with the recent trades of the instruments.

Your open positions, active orders and order history is listed at the bottom of the page.

Beyond Bitcoin you can trade with the following altcoins at BaseFEX: BTC, ETH, XRP, LTC, EOS, ADA, BNB, HT, OKB, ATOM.

Fees on BaseFEX

BaseFEX employs a maker-taker fee schedule, where the maker fee is in most cases 0, while the taker fee is 0.07-0.2%. In addition to this, you need to consider the funding rate as well when doing a leveraged deal.

A negative fee means that you will receive a rebate. Funding rates change based on market lending rates.

BaseFEX has an additional fee discount policy for big traders. An account with a total order value of more than 35,000,000 USD in 7 days receives a commission fee discount of 50%.

The platform does not charge any fees on deposits or withdrawals. When you are withdrawing Bitcoin, the minimum Bitcoin Network fee is charged based on blockchain load.

BaseFEX Fees

User experience and support on BaseFEX

The platform has a standard, easy to navigate look. You can read the content in six different languages, including English, Japanese, Korean, Chinese and Russian.

BaseFEX is a relatively new exchange, just started its business in 2018. So far there has been no real complaints about their services. In one single case, one of the BitcoinTalk users has raised the content of BaseFEX regarding perpetual contract description matches with the articles listed on BitMex. All of the claims have been defended by one of the members of BaseFEX as of now and there have been no further complaints about the platform as of now elsewhere. One thing to point out the description of the contracts are indeed very similar to the one available on BitMex and the trading dashboard has some similarities as well.

BaseFEX User experience

BaseFEX offers customer service 24/7 through email, Telegram, and Twitter. In case you have any issues they are quickly responding on BitcoinTalk forum as well.

The platform has a mobile-optimized page, so you can access your account and trade with your phone and tablets as well on the go.

Supported Trading Pairs

  • BTC/USD
  • ETH/XBT
  • XRP/XBT
  • BCH/XBT
  • LTC/XBT
  • BNB/XBT
  • BTC/USDT
  • ETH/USDT

Security on BaseFEX

BaseFEX uses the best security practices in the industry. Assets are stored 100% in multi-signature cold wallets to avoid any loss even in the case of an unexpected security breach.

You can set two-factor verification on BaseFEX to increase the safety of your account. You can use Google Authenticator or another third party system to secure your account with 2FA.

BaseFEX Security
In the preferences, you can set what are the events you would like to get email notifications (like deposits, withdrawals, login and so on). This helps you to stay in charge of your account no matter what happens.

If you want to trade using bots on the exchange, you can get the API keys of the exchange as well to plug into your trading programs.

Supported Countries

All countries except:

  • United States of America
  • Québec (Canada)
  • China
  • Cuba
  • Crimea and Sevastopol
  • Iran
  • Syria
  • North Korea
  • Sudan

Conclusion

BaseFEX is offering derivative trading opportunity in Bitcoin and 10 other altcoins up to leverage of 100x. There is an opportunity to engage into future contracts and bet on the future price of Bitcoin, all settled directly in cryptocurrency. You can only deposit and withdraw Bitcoin on the platform, so no KYC is required to open an account, you can start trading with an email address. The site has good promises, as soon as it gets some more users and feedback it can be a good place to continue your trading journey.

FAQ

Contracts

What is a Futures Contract?

A Futures Contract is an agreement to buy or sell a commodity, currency, or other instruments at a predetermined price at a specific time in the future.

What is a Perpetual Contract?

A Perpetual Contract is similar to a traditional futures contract in terms of trading, yet it will not expire so that you can hold a position for as long as you wish. The Perpetual Contract at BaseFEX tracks the underlying Index Price.

It achieves this via a Funding mechanism.

What is Mark Price?

Mark Price means the price where the contract is marked for its Unrealized PNL calculation and for Liquidation purposes.

How does BaseFEX calculate the Settlement Price?

Settlement Price is the price where a futures contract settles. To avoid price manipulation, BaseFEX takes an averaging over some time before the settlement, yet this time frame might fluctuate due to different instruments.

How to buy or sell a Perpetual Contract?

Go to the Trade dashboard, then choose the quantity, price, and direction you want to trade and use Buy/Long or Sell/Short buttons to place your order.

Bid and Ask?

Bid is a standing order where you want to buy/long a contract at a specific price and quantity. Ask is a standing order where you want to sell/short a contract at a specific price and quantity.

Leverage

How much leverage does BaseFEX offer?

BaseFEX offers different amounts of leverage for different products.

Leverage is determined by the Initial Margin and Maintenance Margin levels. These levels specify the minimum equity you must hold in your account to enter and maintain your positions. Leverage is not a fixed multiplier but rather a minimum equity requirement. You can see the minimum Initial Margin and Maintenance Margin levels for all products at Risk Limits.

BaseFEX offers leverage on each of its products, and the highest leverage offered at BaseFEX is up to 100x, such as the BTC/USD Perpetual Contract.

What is Initial Margin?

Initial Margin is the minimum amount of Bitcoin or USDT you must deposit to open a position.

What is Maintenance Margin?

Maintenance Margin is the minimum amount of Bitcoin or USDT you must hold to keep your position open. Once your margin balance on BaseFEX falls below this level, your position will be liquidated automatically.

Liquidation

Why would I be liquidated?

If the Mark Price of your contract falls below your liquidation price for Long position, or it rises above your liquidation price for Short position, your Maintenance Margin level will be broken, and the system will take over the position instead. You can check your liquidation price in Trade History, where your liquidated position is closed at the Bankruptcy Price (which means your Maintenance Margin is equal to 0).

How does a Liquidation happen?

Once your position is going to be liquidated, the system will try to close the position at the prevailing market price. However, if the system fails to liquidate that position, then our Liquidation Insurance Fund comes to handle.

What is Insurance Fund?

The Insurance Fund is created to take on the unfilled liquidation orders before they are handled by the Auto-Deleveraging system.

Our Insurance Fund comes from liquidations that were able to be executed in the market at a price better than the bankruptcy price of that particular position.

What is Auto-Deleveraging?

Auto-Deleveraging happens when a liquidation remains unsettled in the market. Those who hold opposite positions will be closed according to leverage and priority based on the profits.

Does BaseFEX charge fees on Auto-Deleveraging?

No. BaseFEX does not charge any fees during the process of Auto-Deleveraging.

Will I get bankrupted?

No. BaseFEX has established a profound mechanism to protect the funds of our users. Your margin balance on the platform will never fall below 0.

Will BaseFEX socialize losses?

No. Since we have our Auto-Deleveraging mechanism, we do not need to socialize the losses further.

Fees

Does BaseFEX charge fees on depositing Bitcoin or USDT?

No. No fees will be charged on deposits at BaseFEX.

Does BaseFEX charge fees on withdrawing Bitcoin or USDT?

No. No fees will be charged on withdrawals at BaseFEX. If you want to withdraw your Bitcoin or USDT, the minimum Bitcoin or USDT Network fee will be charged according to the blockchain load.

Does BaseFEX charge fees on trading?

Yes. BaseFEX charges a trading fee on every completed trade. You can check the Fees for detailed information.

Deposits and Security

How can I deposit?

Go to Deposit page under the Account tab, and you will get a multi-signatured address to deposit your Bitcoin or USDT. Then the funds will be credited to your account after one confirmation.

What is the minimum deposit amount on BaseFEX?

The minimum deposit amount on BaseFEX is zero.

What kind of wallet does BaseFEX use?

BaseFEX stores all Bitcoin or USDT in a cold multi-signature wallet.

What is a cold multi-signature wallet?

A Cold multi-signature wallet stores your Bitcoin or USDT offline and requires multiple signatures to make any expense. At BaseFEX, we require 5 out of 7 partners to sign for any transaction before the expense.

Why does BaseFEX use multi-signature address?

We use this kind of address to prevent any theft to ensure the safety of our users’ funds.

When does BaseFEX handle the withdrawals?

The cutoff time for Bitcoin or USDT withdrawals is at 7:00 UTC+00 every day. Your Bitcoin or USDT will be sent to your address shortly after this time.

How can I get help if I have a problem?

You can send an e-mail to reach out for help. See Support.

Pros

  • low fees
  • futures trading options
  • leverage up to 100x

Cons

  • lack of real user experience online
  • no social media activity
  • users from the US are excluded
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Is BaseFEX.com Scam or Not?

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