Bibox, a cryptocurrency exchange, offers various services and features in the DeFi (decentralized financing) domain. Decentralized by nature, the exchange allows users to control their crypto assets while the exchange itself is governed. The exchange is based in Singapore and has been operational since 2017.

It supports many different crypto assets and cryptocurrencies. Bibox token is the exchange’s own token. This token allows transactions to be made more profitably in certain situations.

Bibox allows its users to conduct crypto exchanges, deposit or withdraw assets, earn through crypto-backed loans and digital mining. Bibox has focused its resources on creating a seamless user experience with many features at the disposal of users. There are many resources available to assist beginners in learning about the financial sector that is based upon blockchain and crypto trading.

Cryptocurrencies on Bibox 

Bibox is a cryptocurrency trading platform that only allows cryptocurrency assets to trade. Bibox does not support fiat currencies. Therefore, traders will need to purchase their cryptocurrency from another source before trading on the Bibox platform. There are four markets where cryptocurrencies can be traded: Ethereum (ETH), Bitcoin, Tether (USDT) and dai (DAI). The dai cryptocurrency, which is a stable and decentralized coin like Tether, can be traded on the markets. The cryptocurrency assets that can be exchanged under this market are limited and pegged at the US Dollar.

The Tether market, which has the following coins, is the next-smallest.

The Ethereum and Bitcoin markets have more cryptocurrencies than the Ethereum market. Bibox constantly adds and subtracts coins, so the list is always changing. There are 50 cryptocurrencies, or more, that can be traded against Bitcoin and Ethereum.

Bibox Features

Bibox is a trading platform and crypto exchange that offers some unique features. With its flexible interface, the platform allows investors to choose from a variety of trading views. It allows users to trade more than 150 coins and more that 250 trading pairs via its platform.

Bibox was designed to support a user throughput up to 10,000,000 due to its highly efficient memory matching technology. The platform has taken security precautions to ensure that users and exchanges are protected from loss or compromise.

This is a list of safety precautions:

Bibox allows interested parties to apply for listings on the platform. They also offer premiums and the option to open institutions accounts. There are also ongoing contests and events on the cryptocurrency exchange that offer attractive rewards.

Fees

Bibox Trading Fees

Every trade is between two parties: The maker (whose order was on the order books prior to the trade) and the taker (who places the order that matches the maker’s order). Because their orders create liquidity, makers are named so. This liquidity is removed by taking orders from makers and matching them with their own.

Bibox takes a 0.20% trading fee. Makers get a discount on their trading fees and trade with a fee of 0.10%. These fees are in line with industry averages, which used to be 0.25%. However, they are now creeping towards 0.1%-0.15%.

You also get a 25% discount if you trade using the exchange’s token (the BIX token). If you trade with BIX, the trading fees will be 0.15% for takers or 0.075% to makers.

Bibox Withdrawal fees

The withdrawal fee for this trading platform is equal to the network fee. The network fee for Bitcoin is approximately 0.000051 BTC at the time of this review. This fee is lower than the industry average, and gives the exchange a competitive edge over most other top crypto exchanges on the market.

Deposit and Withdrawal Options

Bibox allows only crypto assets to be used for withdrawals and deposits. Before using Bibox, users must have crypto assets and store them in digital wallets. After a thorough verification process, there is a limit to the withdrawal of crypto assets. This limit can be raised if necessary.

Individuals can log into their exchange accounts, click the Deposit/Withdrawal button, then enter the currency amount to be deposited or withdrawn, and confirm the transaction.

Bibox Security

Bibox uses the most recent security protocols to protect client funds, personal information, and accounts. Such security protocols include SSL encryption technology, two-factor authentication methods through email, SMS messaging, and Google’s Two-Factor-Authenticator. The exchange also claims that the vast majority of funds are stored offline in cold storage wallets. In the event of hacking, most user funds should be safe.

Customer Security

Bibox support can be reached by email or via a support ticket. Bibox users rate the exchange’s support as exceptional and say that the representatives respond quickly and professionally. Bibox’s support team is extremely competent and responds quickly to many support requests. The FAQ page on the website offers additional support. Although it is limited in scope, some answers are available there. Bibox is active on social media.

Pros and Cons

ProsCons
It is extremely easy to use and navigateThere is no regulated exchange
Trading fees very lowNo fiat currencies supported
Intelligent trading platform featuring AI features
There are many cryptocurrency assets available

Conclusion

Bibox allows you to exchange cryptocurrencies in many markets. The platform and website work very well, and customer service is excellent. Although it is a pity that the exchange does not offer fiat currency pairings this is not a major issue for many. It is one of the most popular platforms that offers advanced trading features with simple functionality.

Leave a Reply

Your email address will not be published.