How does the Bibox exchange work? How do you decide this is exchange good for you? If yes, then how?
I will answer all your questions in our deep extensive review of the platform.
Bibox Exchange Review
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What is Bibox?
Bibox crypto exchange came into existence of 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 $415,178,863, It ranks 15th in Coinmarketcap. 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 50% discount on trading provided you’re paying them in BIX, the token was first launched on ICO on October 2017 and is an ERC20 based token on the Ethereum network.
Features 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 90+ 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. User have choice to view basic or full screen exchange mode along with many advanced technical analysis tools.
How to Trade?
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.
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”.
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.
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 categorised into 2 types –
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 upgradation criteria.
Bibox City Partner
Bibos is recruiting Global City Partner. 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 real-time exchange rate. One can access the debit card globally in all ATM withdrawal services, the exchange claims.
Bibox Fees and Security
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 coming years the discount will change accordingly.
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 google two face authentication(2FA), SMS authentication and Fund password.
The team do 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.
- 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.
- Jan 10, 2020: Bibox adds cross margin model to Margin trading in its Android and iOS apps.
- March 2019: Bibox exchange, one of the most active markets, has joined the Data Transparency Alliance established by CoinMarketCap. The Alliance aims to inform traders, without censoring exchanges and market operators, by providing accurate data about accounts, trading activity, and order books.
Overall, Bibox is a great cryptocurrency exchange, run and developed by intellectual minds, who have experience in trading and continuously updates 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 in this platform.
In our opinion, Bibox is pretty good exchange for beginners as well as experienced traders and in future could be in top 5 spots in exchange usage.
Trading Fee: 0.1% It is deducted from users.
Fees for Withdrawal: The withdrawal fee is different for different currencies. Check the official website.
The exchange allows adding funds to the account only via Cryptocurrency transfer. Fiat deposits are not allowed.
The exchange has revoked access in some countries like China, etc.