Our belief: BitForex is basically a private exchange amongst cryptoCabal member exchanges to provide a neutral place to get liquidity to Binance. today's Tron/btc volume $7.2mm BitForex $3.7mm Binance $1.0mm KuCoin $0.9mm BigONE $0.7mm Huobi (Justin Sun) $0.6mm OKX Add up all below BitForex and you get $6.9mm. What if all the exchanges were trading TRON amongst each other on BitForex? Matches. BitForex has almost no history, is run out of the Seychelles, has only two humans associated with it, both very very young asian boys who don't say much and don't give interviews about their origin story. BitForex likes to appear at conferences with Binance (CZ) and Huobi (Justin Sun), such as Russia's Blockchain Life in 2019 where BitForex was the sponsor. Let's say BitForex's financiers were CZ and JSun, then wouldn't it make sense for BitForex to sponsor an event in which CZ and JSun are touted? BitForex claims it's a top 10 cryptocurrency exchange worldwide, but how and where did it come from? Maybe it really has 3mm users, retail, which feed into their honeypot, but would you be surprised if "Market Makers" were the dominant source of volume for the Tron/btc trading pair, and the "three million" users were the vast minority of the trades? Pictured below is a shitcoin ICO promoted by BitForex in May 2019. Looks like a classic bait and rug. "Crypto Capital" out of Beijing China is the only known backer. Who could that be? Well, no need to pin it down because TRON (JUstin Sun) is the main backer of BitForex. The only other backer is listed as QTUM, which may be the $300mm POS shitcoin. Coinstats.app lists a risk factor (appropriately labelled "Cons") as "Lack of transparency"— ya think? Fees are conspicuously low, as in 10 bps compared to 100-150 bps at Coinbase which is a money-losing exchange in the US. Sorry, but it's just no believable that BitForex's main business is earning money from trading fees. Our first question would be: Who are the "market makers" on BitForex and how can we KYC them? The expected answer, we think, would be that the market makers are related to Mr Justin Sun, and suspicious backers in China, but what do we know? The other scam, of course, is BitForex is going to issue their own token and then "back it" by buying back the token with 80% of it's trading fees! So it's yet another pump and dump. Any possible money they could be making is pumped into a shitcoin based on their own business, a shitcoin noboby needs. Despite "buybacks", the coin has gone from about $0.04 at start to $0.0007 today, the definition of a shitcoin, but still with a $4 million dollar market cap, and supposedly 6mm customers. Volume for BitForex is about $100k in our estimate, all of which is traded on BitForex itself. YoBit offers it, but zero volume (because nobody wants shitcoins with no income stream attached). KYC on BitForex? Nope. Email address only. In our estimation, BitForex is total bullshit, and only exists to maybe extract some money out of the pockets of some Asian suburban Dads, as well as provide a conduit for trades in things like TRON and other major cryptocurrencies like btc, eth, sol, ripple, avax, doge and dot to end up as liquidity on Binance. BitForex is likely not the ONLY exchange like this, consider: OKX Poloniex (Justin Sun) Huobi (Justi Sun) DigiFinex (another Seychelles exchange with non-existent history of founding, a couple of asian founders) One giveaway for BS exchanges is they list no founders on Crunchbase but tell you about the impressive-sounding companies the founders came from (TenCent, Baidu, etc….). That's all you get, just an unverified resume of solid-sounding companies that the founders may have dealt with once, or were hired by the capital providers to be the face of the exchange. It's all smoke and mirrors in our opinion.