What is Bibox – A Review of Bibox Cryptocurrency Exchange

Bibox is an online cryptocurrency exchange with a base in China. Apart from providing crypto trading services, Bibox seeks to be an alternative to established exchanges like Binance. The platform deploys AI algorithms that execute optimal trades with the goal of maximizing returns. In addition, Bibox comes with its own product called CunBi Bao. The financial product allows customers to lock specific cryptos for a fixed period to earn interest. Here is the Bibox exchange review to get you started.

Creating an Account with Bibox

To get started with Bibox, visit the official website and click the ‘Sign Up’ button. You will provide your email, a password that is between 8-20 characters. Agree to the terms and conditions then complete the sign-up process.  Confirm your account through a verification link that is sent to your email. You will then log in and start trading.

Cryptocurrencies Listed on Bibox

Bibox users have access to over 60 cryptocurrencies and tokens. Some of the supported cryptos include; Bitcoin, Bitcoin Cash, Dash, EOS, Ethereum, Litecoin, and NEO. The exchange has 145 market pairs that are tied to BTC, ETH, USDT, DAI, and BIX. Supported tokens on the platform include NEP-5 tokens, CPChain, ELF, HPB, IoT Chain, KEY, Pundi X, and Trinity.

Note that at the moment, the exchange is a crypto-crypto trading platform without support for fiat currencies. However, the team is set to incorporate fiat in the coming days.

Trading on Bibox

To start trading, you need to deposit funds into your Bibox account. Log into the account and click ‘Funds’ then click ‘Deposit’. An address will be displayed, copy and paste it in the coin wallet you wish to deposit from.  When the deposit is over, an email is sent to confirm. After depositing funds, they will reflect in your account depending on the number of network confirmations needed to complete a transaction for your currency. Additionally, network congestion time also affects the process.

Bibox gives traders the choice to use a basic platform mode or a full-screen mode, and the second option is more advanced. It has sophisticated technical analysis tools. However, in order to trade quickly, just click the “Token Trading” button and choose your base currency and then select the currency you would like to buy.

How to Withdraw From Bibox

To withdraw after trading, you need to visit the ‘Funds’ section. You will then click on ‘Withdraw’. The screen displayed has the necessary information about your withdrawal. You will see the amount to withdraw section and the wallet to send to. Once you have provided the required information, click ‘Withdraw’ and a confirmation email will be sent to you.  Note that before proceeding, confirm that all the details are in order.

Withdrawal amounts on Bibox are determined by the verification level. Users who create accounts and only verify emails can withdraw up to 2 Bitcoins in a day. The next limit is 20 Bitcoin per day. However, you will have to submit your name, country of residence, copies of the cover page and biographical page of your passport, and a headshot of you holding your passport and today’s date. In case you want a higher withdrawal, you can contact the customer support for further guidance.

Bibox Fees and Account Limits

Just like Binance exchange, Bibox has its native Bibox Token (BIX) that powers operations on the platform. Traders who use BIX get discounts. The token is for incentivizing users to buy, use, and hold BIX. Users who prefer to use other coins incur a trading fee of 0.1%. The exchange does charge users for depositing cryptos. However, all withdrawals are subject to network transaction fees. 

How Safe is Bibox

The Bibox team incorporates various security measures to protect funds. The platform has the Two-Factor Authentication, SMS Authentication, and a Funds Password. The fund’s password facilitates the safe withdrawal of digital assets.

Furthermore, Bibox helps user track account activity by keeping a record of all logins. We don’t have more information on how the exchange stores actual funds but it is believed that a cold wallet is utilized. Bibox’s AI systems work on any faults that arise in the course of operations.

Bibox User Interface

Bibox trading platform is accessible on d desktop, Mac, Android, and iOS. The exchange uses web-based features that are easy to master for beginners. It comes with an intuitive user interface with different functionalities. The dashboard has the order book, trading history, and responsive charts for advanced traders. Furthermore, we have professional technical analysis indicators.

Bibox Customer Support

Bibox has a variety of customer support services. The platform allows submission of tickets through Zendesk in case one has an urgent query.  Additionally, the exchange has a Telegram channel with both English and Chinese support. They also have a WeChat account.

TheBibox team is also accessible through the various social media platform. They have both Twitter and Facebook accounts. On the Bibox website, we also have a FAQ section that addresses the majority of concerns from customers. The website has guides clearly spelled out for the user.

Bibox Pros

• Wide variety of digital currencies.
• Competitive trading fees.
• Desktop and mobile trading option.
• Margin trading option.
• Supports 2-factor authentication

Bibox Cons

• The exchange is subject to strict government regulations since is based in China.
• No fiat deposits

Bibox Bonuses

Bibox has shown interests in growing its members. The exchange has a referral bonus where existing customers can bring on board their friends. One can earn a commission of up to 50% per trade for every person they refer. The referral bonus is an indication that the exchange is working to improve its services.

Conclusion

Despite Bibox operating in different countries, the website design is more friendly to individuals who understand the Chinese language. The exchange comes with attractive trading fees alongside a good range of cryptocurrencies. However, the platform has locked out potential investors due to lack of fat deposits. At the moment, the exchange can still operate but the team needs to speed up the addition of fiat to reach to a bigger audience.

Although Bibox looks promising, the lack of transparency about the management should be a major concern. The exchange is not open to everyone. It is suitable for traders keen on using professional data features. The platform is efficiently based on its design to attract both new and advanced traders.