BitForex crypto exchange review: What happened and what you need to know before December 25, 2025

BitForex used to be one of the top 10 crypto exchanges by trading volume. In early 2023, it handled over $1.38 billion in trades every day. It offered more than 500 cryptocurrencies, low fees, and free copy trading - features that attracted thousands of retail traders. But today, BitForex is gone. Not just slow. Not just struggling. BitForex shut down without warning in February 2024, and now it’s in its final days. If you still have money there, you have until December 25, 2025 to get it out - or risk losing it forever.

What BitForex Offered at Its Peak

When BitForex was active, it wasn’t trying to be Binance or Coinbase. It targeted traders who wanted high leverage and access to obscure altcoins. You could trade with up to 1:100 leverage on BTC and ETH pairs. Spot trading fees were just 0.1% for both makers and takers - lower than most exchanges at the time. Perpetual contract fees were even cheaper: 0.04% for makers, 0.06% for takers on major pairs.

It had a clean, TradingView-powered interface and mobile apps. It also offered social trading, letting users copy trades from others for free. That was rare back then. Most platforms charged for it. BitForex didn’t. It also claimed to store most funds in cold storage and offered 2FA and SMS verification.

By early 2023, it had over 3 million users. It ranked #10 on CoinMarketCap. For a while, it looked like a rising star. But behind the numbers, cracks were forming.

The Slow Collapse

The first red flag came in late 2023. Users started reporting that deposits from Coinbase or other wallets sometimes never showed up. One user wrote: “I sent ETH from my wallet. It’s been 48 hours. No update. Support didn’t reply.” Another said deposits had a “50/50 chance” of appearing within an hour.

Withdrawals got worse. People waited weeks. Some said they had to contact support five times just to get a simple withdrawal approved. Trustpilot reviews called the security system “way too tight” - meaning the checks were so strict they blocked legitimate users.

Then, on February 23, 2024, BitForex vanished. The website went dark. The app stopped working. No announcement. No email. Just silence. Users woke up to a dead platform. That’s when the panic started.

The $56 Million Missing

By March 2024, investigative site Fastbull reported that $56 million in user funds had disappeared. That wasn’t a rumor. It was based on user reports, blockchain analysis, and leaked internal data. Thousands of people lost money. Some had $500. Others had $50,000. All gone.

BitForex didn’t respond. No press release. No apology. No plan. Then, on July 24, 2024, a single page appeared on its website. It said: “We’ve regained system access. Withdrawals are open. Over 50% of users have already withdrawn their assets.”

That’s when things got worse.

The New Rules: Pay to Get Your Money Out

BitForex didn’t just reopen. It changed the game. Here’s what they announced:

• Trading is suspended - no buying or selling.
• No new accounts - you can’t sign up.
• No deposits - you can’t add more money.
• Mandatory KYC - every withdrawal requires ID verification.
• 5% monthly fee on remaining balances - minimum $10 per month.
• Deadline: December 25, 2025 - after that, all accounts are closed.

That fee? It’s not a refund. It’s a penalty. If you had $1,000 left in your account on August 25, 2024, they took $50. On September 25, another $50. And so on. That’s $600 gone in a year - just for holding your own money.

And the KYC process? It’s broken. As of October 2024, users were still stuck in verification limbo. One person wrote: “I submitted my passport three times. Still pending. I don’t know if they’re ignoring me or lost my documents.”

Why This Happened

BitForex was never regulated. It was based in Hong Kong but registered in Seychelles - a known offshore haven with no crypto oversight. That meant no legal protection for users. No insurance. No audits. No accountability.

It thrived by offering high leverage and low fees - the classic trap for inexperienced traders. People saw big numbers, assumed it was safe, and didn’t ask questions. But when the market turned, and withdrawals piled up, they couldn’t cover the cash outflow. Either they ran out of funds - or they never had them in the first place.

Experts now call it a classic exit scam. A platform built to attract users, then quietly drain them. The fact that they suddenly reopened in July 2024 - with a fee and a deadline - looks less like a rescue and more like a last attempt to pressure people into withdrawing without demanding answers.

What Users Are Saying Now

Trustpilot ratings for BitForex sit at 1.4 out of 5 stars, based on 164 reviews as of December 2025. The most common complaints:

• “They stole the money. They never informed us when they’d shut down.”
• “My order book was fake. Trades showed up, but my buy order stayed open for days.”
• “Support never replied. I sent 10 emails. Zero responses.”
• “I finally got KYC approved - but my withdrawal is stuck for 11 days.”

On Reddit, users shared screenshots of missing balances. One person said their account showed $12,000 in April 2024. By October, it was $8,000. The difference? The 5% monthly fee. Not a withdrawal. Not a loss. Just gone.

What You Should Do Right Now

If you still have funds on BitForex, here’s your action plan:

1. Log in immediately. The site might disappear at any time.
2. Complete KYC if you haven’t. Upload your ID, proof of address, and selfie. Do it now.
3. Withdraw everything you can. Even if it’s $20. Don’t wait.
4. Send funds to a wallet you control - not another exchange.
5. Document everything. Save screenshots of your balance, KYC status, withdrawal requests.
6. Stop paying fees. If you’re still being charged after December 25, 2025, you’ve lost. There’s no recourse.

There is no government agency to help you. No insurance fund. No legal team. BitForex is a shell. The clock is ticking.

What This Means for the Crypto Industry

BitForex isn’t the first exchange to collapse. It won’t be the last. But it’s one of the clearest examples of what happens when you trust a platform that doesn’t answer to anyone.

It shows why “not your keys, not your coins” isn’t just a slogan - it’s survival. If you don’t control your private keys, you’re at the mercy of someone else’s balance sheet. And when that balance sheet is fake, you lose everything.

BitForex’s story should scare you. Not because it’s rare - but because it’s normal. Hundreds of exchanges like it operate in the shadows. They look legit. They have apps. They have trading pairs. They have testimonials. But they’re not regulated. They’re not audited. And when the money runs out, they vanish.

Learn from BitForex. Never leave funds on an exchange longer than you need to. Use cold wallets. Verify withdrawal limits. Avoid platforms with no clear headquarters or regulatory status. And if something feels off - walk away.

December 25, 2025 isn’t just a date. It’s the end of BitForex. And if you’re still holding assets there, it’s your last chance to get them back.