Bibox is a decentralized exchange; and lately, this type of exchange is becoming increasingly popular and gaining more market shares than their centralized counterparts. Decentralized exchanges greatly reduce third party interference by giving the user full control over their money. also, the transactions are peer-to-peer which means that they are conducted directly between traders.
Decentralized exchanges normally do not require any personal information, you can open an account and start trading immediately. Although their order books have lower liquidity as compared to the regular exchanges, their servers are more spread-out than their counterparts thus lowering the risk of server downtime.
In the following Bibox crypto exchange review, we introduce you to the exchange, then we determine whether it is a legitimate exchange platform or not. We will talk about how they handle their fees, any kind of costs that a user is likely to incur, and so on. Hopefully, we will help you decide whether or not this exchange is the right choice for you.
Bibox is a quality exchange platform which was created by the same team that created OKCoin and Huobi. OKCoin and Huobi are two popular Chinese Bitcoin exchange powerhouses.
According to the information gathered during its ICO, Bibox has two major Business establishment. A cryptocurrency exchange business in Estonia and a spot exchange platform in Japan. Their leadership team is as follows
- CEO – Jason He
- Co-founder and Overseas President – Wanlin Wang
- Head of marketing – Alicia Pan
- Head of North America – Jian Qin
- Business Development – Estella Lin
Its developers claim that it uses AI features and cutting-edge systems that give it the ability to support more than 10 million users at a go.
- Mobile support – apart from catering for Mac and PC desktop clients, the Bibox crypto exchange also offers support for both iOS and Android mobile phones for those traders who prefer to use their phones.
- Trading interface – the Bibox exchange trading view shows the order book, the price chart of the chosen cryptocurrency, the buy and sells boxes as well as the order history.
- Trading options – it offers a wide range of trading options and accepts a wide range of altcoins. Traders can create market and limit orders if they so wish. Lastly, if you use BIX, the native token, you receive a 50% discount on all transaction fees.
- Customer support – it supports English, Russian, Chinese, Vietnamese and Korean in written form. The customer support team is available 23/7, they are contacted through the submission of a ticket located in the support section of the platform. You can also reach them through Telegram, Facebook and FAQ section of their site. Lastly, they provide walkthroughs and guides to help navigate the site.
- Technology – they aim at the most technologically advanced exchange in the game. They have smart tools, AI functionality and API which allows for integration with other platforms for trading purposes.
- Functionality – the platform is intuitive and easy to use. They provide charts, trading history, advanced tools and order books which make trading very easy and quick. They also complex indicators and analysis for more savvy traders.
Bibox crypto exchange offers a flat fee model percentage fee model based on which fees are being charged. The cryptocurrency market is quite volatile thus the fees mostly depend on the status of the coins and the industry.
- Bibox trading fees
Bibox trading fees for the buyer are 0.10% while the seller enjoys a slight discount on the trading fee and they trade with a trading fee of 0.08%. These fees are below the industry average which has historically been 0.25% but is now creeping towards 0.10% – 0.15%.
Trading with BIX the exchange’s token, you get a 50% discount on the trading fees.
- Bibox withdrawal fees
Bibox charges a withdrawal fee amounting to the network fee. As of now, the network fee for BTC is around 0.0000266 BTC.
This fee is way below the industry average and thus constitutes a strong competitive advantage against the majority of other top crypto exchanges in the market.
- Deposit fees
There are no deposit fees charged because they’d rather have the money put its use for trading purposes.
Its servers are spread out thus a lower risk of server downtime and immunity to attacks by hackers. If you take out one server, it makes little to no difference for the network of servers.
Also, when you make a trade at a decentralized exchange, the exchange itself never touches your assets. Therefore, even if someone manages to hack the platform, they will not be able to touch your assets.
Bibox exchange stays current with all regulatory requirements and safety protocols, so you know that you’re trading on a source site.
Users can set up a 2 Factor Authentication (2FA) that creates an additional layer of security for their accounts.
You can also set up a unique password for withdrawals only. So even if your account were to be hacked, access to your funds without the password would be impossible. A unique password gives you a third layer of security.
Bibox highly recommends these security features and they only require very few minutes to set up.
Getting registered and starting off
To get started on the Bibox crypto exchange, you will first have to get registered on the platform. Visit Bibox.com and then click on the “Sign up” button in the top right corner of the page.
Then you will be required to fill out a form with some basic information majorly your email address and your password. After which you will receive a verification email with the verification link. Upon clicking the verification link, you will be redirected to the Bibox login page. Now you are ready to start trading.
You will be limited to trading an equivalent of 2 BTC daily until you verify your identity. You will need a picture of your passport and a note with the date and the word “Bibox” on it to verify your account. Once you do that, your limit is increased to 20 BTC daily.
- Depositing funds
Bibox only accepts cryptocurrency deposits, therefore, a new trader has to purchase crypto from another exchange first and then deposit them at Bibox.
The deposit process is quite simple and straight forward. All you have to do is select the “funds” option at the top right of the page. On the fund page, you choose what coin you want to make your deposit with from nearly 100 cryptocurrencies. Then click on the deposit button and move your crypto from your current wallet to the Bibox exchange.
You select your market then exchange your coins using the buy and sell options. You can also perform trigger orders, Iceberg orders and margin trading. Even if you are not familiar with these types of trades, the platform will guide you through it.
After you have selected the market which you want, information is provided regarding that marketing to help you determine whether it is profitable for you or not. You then buy and sell coins as you wish.
- Withdrawing funds
Withdrawal is very similar to the deposit procedure. On the “funds” page, find your cryptocurrency of choice and click on “withdraw”. Then enter the address of your wallet and the amount you want to withdraw, then click submit and the procedure is done.
Overall, it is a solid exchange that stands out from others. Not only is it global, but it is also easy to navigate, it has a great platform design, charges low trading fees, and offers the BIX feature which saves users’ money and is not available anywhere else.
It has a few demerits such as a minimum withdrawal amount that hinders trading high volumes, the exchange does not support any fiat currencies, it is subject to the regulations and rules enacted by the government of China and lastly, the platform being multi-lingual can be very confusing to its users. But generally, the merits are stronger hence making it a great exchange option.
I believe that the future is bright for this exchange and I hope that this Bibox review has been helpful.
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