Crypto Currency Exchange

Bibox Exchange Review 2020: Features, Fees & More

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. You simply can rest easy knowing that Bibox is an exchange that will offer quality to its users. Bibox exchange supports 2 fiat currencies and 86 cryptocurrencies. The exchange has added NULS and Zynecoin on its trading platform.


Buy and sell dozens of cryptocurrencies on Bibox Exchange with 0.1% trading fees.

Of course, there are plenty of exchanges available already. Why would someone check out Bibox once they can already choose from Binance, Kraken, Gemini, and others?

This is just the question we’re getting to answer during our Bibox 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.

Bibox exchange is at the 7th position on the Coingecko data report according to the 24hr trading volume of $921,413,577 as of writing.

What is Bibox?

Bibox crypto exchange came into existence in 2017, in China. The exchange is said to be founded by employees of companies such as Binance, OKCoin, and Huobi (top cryptocurrency exchanges in China). This is one reason to trust this exchange because of such quality minds behind the platform.

Despite only starting in 2017, Bibox has been very popular and is already generating an outstanding amount of trading volume.  With a 24 hrs volume of $921,413,577, It ranks 7th in Coingecko. Currently, the exchanges have built operating centers in the U.S., Canada, Switzerland, Singapore, South Korea, Japan, Estonia, and more countries and regions to serve its users more.

Similar to Binance,  Bibox has its own token that will help you to get a 50% discount on trading provided you’re paying them in BIX.  The token was first launched on ICO in October 2017 and is an ERC20 based token on the Ethereum network.

Key factors of Bibox –

Robust Security: The platform uses microservices splitting design and AI to provide smart token and trading management.

Multiple Coins & Trading Pairs: Bibox Supports more than 110+ high-quality coins and 200+ various trading pairs.

Customer Support: The support team is available 24/7 for service with multilingual support to solve your inquiries instantly.

Exchange platform: The platform is very easy to use and has been designed beautifully. Users have the choice to view basic or full-screen exchange mode along with many advanced technical analysis tools.

Services provided by the Bibox exchange

Bibox Partner

This feature of Bibox exchange is similar to any affiliate or referral program. The traders will get rewards based on the referrals created. Although, the program is categorized into 2 types –

Bibox Ambassador

Bibox Ambassador is any trader who creates a referral. Though unlike other exchanges, a BA (Bibox Ambassador) will reap more benefits like –

  • 76% transaction fee discount
  • 72% referral commissions
  • 19% locking dividend

BA can upgrade till level 3 wherein he will get more benefits. Check the official website for the up-gradation criteria.

Bibox City Partner

Bibox is recruiting Global City Partners. The main mission of a city partner will be to promote the Bibox structure to its community. Each city will have only one City Partner. The city partner reaps the benefits of a BA as well as will receive 1,000,000 BIX (Bibox token) as a reward.

Bibox Debit Cards

Bibox exchange in association with Litecoin Foundation and Ternio blockchain firm plans to release a physical cryptocurrency debit card known as Bix Debit Card. This card will let users spend their cryptocurrency funds both online and in physical store locations around the world.

the card will be processed in the real-time exchange rate. One can access the debit card globally in all ATM withdrawal services, the exchange claims.

BIX – Bibox Token

Bibox also offers its BIX token, which allows users to lower their fees. Isn’t it similar to Binance? The exchange has its own token which when used gives users a reduction on transaction fees. The BIX token follows an ERC20 protocol based on Ethereum blockchain. Users trading BIX tokens get a 50% trading discount.

Supported Currencies

The exchange also supports 80+ cryptocurrencies. Some of them are – BTC, BIX, ETH, ETC, BCH, LTC, BCD, USDT, EOS, TNB, BTM, CMT, PRA, LEND, RDN, MANA, HBP, SBTC, ETF, EMO, MKR, DAI, ELF, ITC, MOT, BTO, GNX, CAT. The platform frequently adds new currencies for trading.

Mobile App

The exchange supports Android and iOS mobile applications. The application is also designed for Windows and Mac OS.

Bibox Fees and Security

What does the Bibox charge?

The deposit fee is zero. The withdrawal fee is different for different currencies. The trading fee of 0.1% is deducted from users. But if you pay using BIX(Bibox own token), you may get a 50% discount and furthermore, for the coming years, the discount will change accordingly.

Security on the Bibox

When you start reading this Bibox exchange review, you will be curious to know about its Security aspect. Bixbox provides advanced multi-level security to the users. The platform offers to google two face authentication(2FA), SMS authentication and Fund password.

The team does not give out more detail regarding their storage practices but claims to store the majority of user funds offline in cold storage wallets. So far, Bibox has successfully protected itself from any hacks.

How to create an account on Bibox?

Follow the below steps to create an account in bibox exchange

  1. Step 1


    In order to set up a new account on Bibox, a user can log on to the official website.

  2. Step 2


    Click on the tab “Sign up” which then redirects you to the registration window.

  3. Step 3


    For email signup, Enter the details such as email ID and create a new password.

  4. Step 4


    Click on the checkbox asking for age verification then “create account”.

  5. Step 5


    In case of an invitation, you can enter the code next.

  6. Step 6


    A verification email with a link goes to the registered email ID that validates an authentic user. Once the verification is complete, the user can begin with trading.

A verification email with a link goes to the registered email ID that validates an authentic user. Once the verification is complete, the user can begin with trading.

How to trade on Bibox exchange?

Deposit

  • After logging in successfully,  click “Funds”, select ‘master account’.
  • Choose the coin you wish to deposit and click on “Deposit”.
  • After this, click “copy address” and paste it in your coin’s wallet. Please check all the details carefully.
  • Once you successfully made a deposit, a confirmation email will be sent to your email address.

Withdrawal

  • After successful login. click  “Funds”, select ‘master account’.
  • In addition, Choose the coin you wish to deposit and click on “Withdrawal”.
  • Select the token you want to withdraw, click “Withdrawal”.
  • Enter the address, remark and withdrawal amounts and click “Submit”.

Trade

  • Click “Exchange-Basic” to enter the transaction page.
  • select your desired currency pair, for example, if you want to exchange ETH into BIX, select BIX/ETH.
  • Enter the amount and price, Then click “buy” or “sell” to submit an order.

Market prices are displayed on the left side which people are offering. In the center there is a chart, users can use the tools at the top of the chart to change the time period, show Moving Averages, Bollinger Bands and so on.

Latest Updates

Fab 2, 2020: Bibox has launched the grid trading service in token trading, which also enjoys BIX transaction fee deduction and other related benefits.

Jan 15, 2020: The exchange has launched the User Classification System, with which each user can enjoy upgraded trading benefits and experience.

Final Verdict – Bibox Exchange Review

Overall, Bibox is a great cryptocurrency exchange, run and developed by intellectual minds, who have experience in trading and continuously update themselves with the feedback of traders.

The team is looking forward to growing its market share by enhancing features with AI-based data algorithms. Moreover, the platform offers C2C trading, Bonds and margin trading.  Still, fiat trading is not available on this platform.

In our opinion, Bibox is a pretty good exchange for beginners as well as experienced traders and in the future could be in the top 5 spots in exchange usage.

FAQ’S


What are the fees for Bibox Exchange?


Trading Fee: 0.1% It is deducted from users.
Fees for Withdrawal: The withdrawal fee is different for different currencies. Check the official website.


What payment methods are accepted by the Bibox exchange?


The exchange allows adding funds to the account only via Cryptocurrency transfer. Fiat deposits are not allowed.


Can I access Bibox globally?


The exchange has revoked access in some countries like China, etc.

Summary
Reviewer
Qadir AK
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Bibox Exchange
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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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