Hi, we are algotrading team, our algos work on various exchanges.
Not so long ago on the site coinmarcetcap, in the section of the most liquid exchanges appeared the Bitforex exchange. We understood that most likely these are scammers, who else could come up with such a name? But all the same, we decided to test in what way they launder trading volumes. We took a simple front run algorithm, and began to place orders for the first places in the order book and overtake all who got up before us. The first ask order was executed in about 6 minutes, and the second bit in about 3 minutes.
And this is on the exchange with the trading volume of the pair BTCUSD of 2.6 billion dollars a day! For example, if you place order on binance or okex in BTCUSD pair and start frontrun algorithm, you will get filled order in first 10-15 seconds, in bad case 30-40 seconds, in very very bad case something around one minute, but their trading volume less then 300-400 mln $.
In conclusion, I want to recommend immediately withdraw money from this exchange, and stop trading there, at any time it may be closed. Below is the video proof and an explanation of how they wash the volumes. Thank you for attention.
https://www.youtube.com/watch?v=vgajfzMZS80&feature=youtu.be
