Bibox Exchange Review 2020: Features, Fees & More

Overview

Legal Name	Bibox Exchange
Headquarters	Hong Kong
CEO	Jeffrey Lei
Year Founded	November 2017
Exchange Type	Centralized
Trading Fees	Maker: 0.10%/ Taker: 0.20%
Deposit Methods	Cryptocurrency
Supported Cryptos	95+ supported coins including  Litecoin (LTC), Bitcoin Cash (BCH), Ethereum Classic (ETC), Dash (DASH), Ripple (XRP) and more
Fiat	Euro (EUR), and the United Kingdom’s pound sterling (GBP)
Customer Service	Email, Phone
Trading Options	Spot Trading, Margin Trading

When it comes to an exchange, everyone wants to know how reliable the buying or selling on it is. There are a few elements that depend on trading safety. Hence we need to consider all the aspects and their features before trading on a specific exchange.

Many of the exchanges are becoming increasingly more popular. They are definitely gaining market shares against their other counterparts.

In this article, we will provide you the complete guide on one of the popular exchanges, namely Bibox Exchange. Let us look in in this Bibox Exchange review in detail now,

What is Bibox Exchange?

Bibox is an online crypto exchange where users can trade a wide range of digital currencies against BTC, ETH, USDT, DAI, and BIX. BIX is Bibox’s native token. The Bibox exchange has a highly competent team and platform backing them up but still remains unregulated by any reputable regulatory authorities

The exchange was founded in 2017 and is owned and operated by a sophisticated team of Chinese blockchain and cryptocurrency experts. The team includes the co-founder of OKCoin and other founding members of Huobi.com which are among two of the largest cryptocurrency exchanges in China and the world.

The platform also offers its CunBi Bao financial product, which allows users to lock up specific digital assets such as bitcoin or BIX tokens for a fixed period to earn interest.

Bibox Exchange Features

1. Exchange platform: Bibox offers its traders an exceptional web-based trading platform that is accessible directly from the Bibox website. The exchange platform is beautifully designed for the ease of use and understanding of all its features. Traders have the choice to view a basic platform mode or a full-screen platform mode
2. Fees: Traders who purchase Bibox’s very own Bibox Token can use it to pay discounted fees on the Bibox trading exchange. There are no fees for depositing cryptocurrencies but withdrawing cryptocurrency from the exchange comes with a charge of 1% of the withdrawal amount with a minimum of $15 withdrawn.
3. Security: The Bibox exchange implements the latest and greatest security protocols to protect their client’s personal information, accounts, and funds. Such security protocols include SSL encryption technology, two-factor authentication methods through email, SMS messaging, and Googles Two-Factor-Authenticator. Security: The Bibox exchange implements the latest and greatest security protocols to protect their client’s personal information, accounts, and funds. Such security protocols include SSL encryption technology, two-factor authentication methods through email, SMS messaging, and Googles Two-Factor-Authenticator.
4. Mobile Support: The Bibox exchange also offers a native mobile app available both on Android and iOS. This means that you can trade at Bibox and carry out other transactions easily on the go.
5. Support: Bibox’s support team can be reached via email or a support ticket system. According to Bibox users, the support offered by the exchange is exceptionally good and representatives answer in a prompt and professional manner.

Bibox Exchange Fees and Limits

The Bibox trading fee for takers is 0.20%. Makers enjoy a discount on the trading fee and they trade with a trading fee of 0.10%. These fees are quite in line with the industry averages which has historically been 0.25%.

Furthermore, if you trade with the exchange’s own token (the BIX token), you get a 25% discount on the trading fees. This means that the trading fees for such trades will only be 0.15% for takers and 0.075% for makers if trading with BIX.

This trading platform charges a withdrawal fee amounting to the network fee. The network fee for BTC is around 0.000266 BTC. This fee is below the industry average. The exchange does not accept any other deposit method than cryptocurrencies.

Bibox Exchange Supported Currencies

The Bibox exchange supports over 95+ cryptocurrencies. Some of the major supported coins include: 

The fiat currencies supported by the Bibox exchange include: 

Bibox Exchange Mobile App

The Bibox exchange also offers support for mobile phones (IOS and Android). This means that you are not restricted from trading at Bibox just because you are not at home at your desktop. While most people do trade from their desktop, there are naturally also others who prefer to do it from mobile devices.

How to register on Bibox Exchange?

Step 1: Visit Bibox official website: https://www.bibox.com

Step 2: Click “Sign up” at the top right of the page.

Step 3: Enter the email address, choose a strong password, and click “Sign up”.

Step 4: Click “Send SMS” and you will receive a 6-digit verification code in your mailbox, Then enter the verification code in the window

Step 5: Prepare the ID documents and then click Account-Verification to enter the identity authentication page.

Step 6: Click “Other Regions” to enter the web authentication page. Then fill in the relevant identity information on this page, click submit, and wait for review.

How to recover the Bibox Exchange password?

In certain cases, to recover the Bibox Exchange password, Go to the login page and then click on the “Forgot Password” option. Then enter your personal information and user id after which you can reset your password. 

How to deposit on Bibox Exchange?

Step 1: Go to “Asset”, select the currency to be deposited and click “Deposit” or enter the “Asset-Deposit” page to select the currency to be deposited.

Step 2: Copy the “deposit address” to the third-party platform (wallet or other trading platforms) that needs to transfer the currency.

Step 3: Find “withdraw” or “transfer”, and fill in the address or use the transfer platform to scan the QR code to complete the deposit.

Step 4: The withdrawal application will be posted to the blockchain network, and the deposit will be displayed in “My Wallet” after the miner confirms it.

How to withdraw on Bibox Exchange?

Step 1: Go to “Asset”, select the currency to be withdrawn and click “Withdraw”; or enter the “Asset-Withdraw” page to select the currency to withdraw.

Step 2: Enter the withdrawal address, remarks, and the amount of withdrawal.

Step 3: Then click Submit to complete the withdrawal.

Step 4: On the “Withdrawal History” page, you can track your withdrawal process and view withdrawal records

How to buy cryptocurrencies on Bibox Exchange?

Step 1: Click “Exchange-Basic” to enter the transaction page.

Step 2: Move your mouse to currency pair, for example, if you want to exchange USDT into BTC, select BTC/USDT.

Step 3: Enter the amount and price you want to buy.

Step 4: Click “buy” to submit an order.

How to sell cryptocurrencies on Bibox Exchange?

Step 1: Click “Exchange-Basic” to enter the transaction page.

Step 2: Move your mouse to currency pair, for example, if you want to exchange USDT into BTC, select BTC/USDT.

Step 3: Enter the amount and price you want to sell.

Step 4: Click “sell” to submit an order.

Conclusion

It is evident that the exchange offers exceptional cryptocurrency trading services. Bibox offers a wide variety of cryptocurrencies to exchange in a number of markets. The website and platform operate very smoothly, and the customer support is pretty good as well.

However, It is unfortunate that this exchange does not offer fiat currency pairings, All in all, the Bibox exchange is a pretty good exchange with decent trade volume and very low fees.

Recent Updates

• On Aug 13, 2020, Bibox rolled out our one-stop knowledge base-Biboxpedia, in which you can find pretty much everything.

• ON Sep 02, 2020, Bibox DeFi Innovation Board will list OIN Finance (OIN)

• On Sep 03, 2020, OIN/USDT trading pair to be open on Bibox.

• On Sep 03, 2020, Bibox to list YFV/USDT trading pair on Yfv Finance