One of the newer cryptocurrency exchanges to hit the market is Bibox. This exchange was developed by the teams that created Chinese Bitcoin exchange powerhouses HuoBi and OKCoin. Knowing that, you can rest easy knowing that Bibox is an exchange that will offer quality to its users.
Of course, there are plenty of exchanges available already. Why would someone look at Bibox when they can already choose between Binance, Kraken, Gemini, and others?
This is just the question we’re going to answer during our Bibix review. We’ll determine whether or not Bibox is a safe exchange, how it handles fees, what costs you will encounter, and ultimately, whether or not this is an exchange you want to use.
If you’re ready to learn more about Bibox, then let’s get started.
Who are Bibox?
Based on information gathered during its ICO, the Bibox company has two major business entities. One business is a cryptocurrency exchange which resides in Estonia, while the other is a platform based in Japan designed to change digital currencies into fiat currencies.
There isn’t a lot of information about the Bibox leadership team outside of who they are. Here’s what we do know about the team:
- CEO: Jason He
- Co-Founder and Overseas President: Wanlin Wang
- Head of Marketing: Alicia Pan
- Head of North America: Jian Qin
- Business Development: Estella Liu
Bibox is defined by its developers as an encrypted cryptocurrency exchange that uses cutting edge systems which make it capable of supporting more than 10 million users at once. With its advanced AI features, Bibox is a digital currency exchange worth investigating.
The Bibox exchange offers plenty when it comes to great features. Here are just a few you’ll experience if you decide to use Bibox.
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- Trading Options: Bibox offers its users a wide range of trading options along with a long list of altcoins. Traders also have the ability to create market and limit orders. Additionally, Bibox has easy to understand fees for all users (which we’ll cover in a bit). If traders use the Bibox native token, BIX, when trading, they receive a 50% discount on all transaction fees.
- Customer Support: Those who read Korean, Vietnamese, Chinese, Russian, or English will find Bibox offers its support in those languages. Additionally, the platform has a customer support staff that is ready to deal with problems 23/7. Users can contact the team by submitting a ticket located in the support section of the exchange. There are also options to reach Bibox customer support through Telegram, Facebook, and Twitters. An FAQ section is available in the support section for common questions or concerns. Bibox also provides several guides and walkthroughs which help navigate the site.
- Technology: Bibox wants to be the most technologically advanced cryptocurrency exchange on the market. With its smart tools and AI functionality, the platform makes a strong case for itself. Bibox also offers an API which allows for integration with other platforms for trading purposes. Android and iOS users can use the mobile app as well as a Mac and PC desktop client.
- Functionality: When using Bibox, users get a trading platform that is intuitive and easy to use. There are plenty of features and functions available on the exchange which make buying, selling, and trading quick and easy. These include in-depth charts, trading histories, advanced trading tools, and order books. Additionally, more savvy traders have access to advanced indicators and analysis.
All exchanges have fees. It’s just the nature of the beast. However, Bibox differentiates itself by offering both a flat fee and percentage model based on which fees are being charged. Everyone knows how volatile the cryptocurrency market is, which means these fees might be more or less depending on the status of the coin and the industry.
Bibox also offers its BIX token, which gives users the ability to reduce their fees. Think of it along the same lines as Binance. The exchange has its own token which when used gives users a discount on transaction fees. The BIX token is an ERC20 based coin which resides on the Ethereum blockchain. Using BIX gives users a 50% trading discount which makes it worth using while trading on the Bibox exchange.
When it comes to deposit fees, there are none with the Bibox exchange. This is something that many exchanges incorporate as part of their platform strategy since they’d rather have the money put to use for trading purposes.
Unfortunately, withdrawal of your cryptocurrency isn’t free on the Bibox platform, which is the case for many exchanges. You’ll pay a flat fee when withdrawing your cryptocurrency from Bibox, but the fee is dependent on the digital coin you’re wanting to take out. The site has a complete list of charges on its fee structure page.
While it might be a new method of charging withdrawals when it comes to crypto exchanges, it’s nice to have transparency from Bibox so you know exactly what you’ll pay.
The trading fee is a standard charge that you can expect to encounter with all cryptocurrency exchanges. When trading on Bibox, it’s a percentage of the trade amount. Currently, Bibos charges a fee of 0.1% on any trades that occur on its platform.
Therefore, any trade made on Bibox, including margins, will result in a 0.1% fee charged to the asset. This is an automatic charge and cannot be avoided as long as you use the platform.
Remember, though, that if you pay for the fee with BIX, then you get a 50% discount. That means that you’ll only pay 0.05% per trade. That’s a pretty hefty discount if you’re a high volume trader. This is definitely one of the premier features that makes Bibox stand out from its competitors.
Safety of Bibox
Of course, since Bibox doesn’t have the cache or popularity that exchanges like Binance and KuCoin have, many want to know if it’s a safe and legitimate platform to use. This is a legitimate concern given the rise in fake exchanges that only want to part you from your money.
The good news is that Bibox is a safe and legitimate trading platform for anyone interested in using it. It doesn’t hurt that it ranks in the top 10 of all exchanges in terms of daily trading volume. Bibox offers a large user base and a superb development team which only help to show the legitimacy of the site.
Bibox stays current with all regulatory requirements and safety protocols, so you know that you’re trading on a secure site. Additionally, Bibox offers its users the ability to set up 2-Factor Authentication, which helps to create an additional layer of security for your account.
Users can also set up a unique password for the purpose of withdrawals only. That means even if your account is hacked – which is unlikely – the hacker won’t be able to access your funds without that password, which establishes a third layer of security.
It only takes a few minutes to set up these additional security features, which is something Bibox highly recommends. You will have to download Google Authentication if you don’t already have it, but again, it’s time well spent to ensure that your funds have the protection they need.
Getting Started with Bibox
- Top 10 crypto exchange by reported trading volume.
- Get access to over 100 cryptos.
- Use BIX token to get 50% discount in fees.
- Beginner friendly.
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To get started using the Bibox exchange, you’ll first have to register. Visit Bibox.com, then click on the “Sign Up” button in the top right corner of the page.
On the next page, you’ll fill in a form asking for some basic information. Provide your email address and select a password, then wait for the verification email to arrive in your inbox.
When you receive your email, click on the verification link where you’ll be redirected to the Bibox login page. Now you’re ready to start trading. Until you verify your identity, you’re limited to trading the equivalent of 2 BTC every day.
You’ll have to provide a picture of your passport and a note with the date and the word ‘Bibox’ on it to verify your account. Once you do, your limit is increased to 20 BTC daily.
You can only deposit cryptocurrency into the Bibox exchange, however, the process is simple and straightforward. Head over to the ‘Funds’ option in the top right of the page.
One the Funds page, you have the choice of making a deposit with any of the coins currently available on the platform. There are nearly 100 from which you can choose. Find the coin you want to use, click on the ‘Deposit’ button, then move your crypto from your current wallet to the Bibox exchange.
Trading on Bibox is as simple as selecting your market, then exchanging your coin using the buy and sell options. Users can also perform Iceberg Orders, Trigger Orders, and Margin Trading. Even if you’re not familiar with those types of trades, the platform itself is easy to use.
In the top left is a dropdown that lets you select the market you want. Once you select your market, you’ll then see a chart that tells you anything you want to know regarding that specific market. This may or may not be beneficial to you depending on your knowledge about trading.
Now that you have the right market and all the analytical information you need, you can decide whether you want to buy or sell. At the bottom of the chart, you’ll see boxes that allow you to purchase or sell. Enter the amount you want, click the button, and wait for the order to fill. It’s really as simple as that.
Withdrawing your funds from Bibox is very similar to the way you deposited them. Head on over to the ‘Funds’ page, then find the cryptocurrency you want to withdraw. Select ‘Withdrawal’ on the right-hand side.
Enter the address of your wallet, the amount you want to move, and make a comment if you want to (it’s not required). When you’re satisfied with everything you’ve entered, press the ‘Submit’ button. You should see your funds in your wallet once the transaction completes.
Pros and Cons
Is Bibox Worth Using?
Overall, Bibox is a solid and reliable cryptocurrency exchange. Although not much is known about the team behind it, Bibox has a great team that has the knowledge and experience necessary to deliver a quality platform. This is clearly shown in the ways Bibox attempts to differentiate itself from other crypto platforms.
While Bibox isn’t completely unique in the crypto exchange market, it does try to offer features that aren’t available elsewhere. For instance, using its BIX coin reduces trading fees by 50%, plus users that hold BIX can earn weekly payouts as long as they perform one trade a week.
It’s these features and others that make Bibox an exchange worth using. It offers an easy to navigate platform that is great for both novice and advanced users. As Bibox evolves and learns more about what its users want, it’s easy to see Bibox sliding into the top 5 among cryptocurrency exchanges.