Bibox reviews and review of the official website of the exchange

()

Bibox cryptocurrency exchange

Bibox is a Chinese cryptocurrency trading platform. It has been working since the end of 2017. Crowdfunding was used to launch. The ICO of the Bibox project took place from October 1 to October 31, with a regulated hard cap of 150,000 ethers. Accurate data on the amount of funds raised during crowdfunding was not disclosed.

By its model, features and interface, Bibox is a clone of another popular Chinese exchange – Binance. It also uses the internal Bibox Token (BIX) token, which burns like BNB (Binance Coin) and allows you to conduct trading operations with a reduced commission. A total of 271.5 million coins were issued.

According to unofficial information, the former top-level employees of such exchanges as OKCoin, Huobi worked on the launch of Bibox. The 16-page whitepaper of the project says that it is a decentralized exchange with a unique design and innovative tools from the field of artificial intelligence, which can simultaneously serve 10 million users. At the exit, the market received a Binance clone.

The exchange is translated into Russian, Chinese, Korean, Vietnamese and English. The platform is not tied to any jurisdiction or regulator. And she is registered on a legal entity in Estonia. Offices are in Tallinn, New York, Beijing, Vancouver, Hong Kong, Tokyo.

Registration and Verification

To open an account on the Bibox cryptocurrency exchange, click on the “Register” button (transfer features) in the upper right corner. Then fill in the standard fields in the form: email address and password. After that, activate the account by clicking on the link received at the email box specified during registration.

When authorizing on the Bibox website, the same antifrod tool is used as on Binance: you need to drag the puzzle element to the missing place.

Exchange verification – optional. But for basic accounts, there is a daily limit for trading in the amount of two bitcoins.

To start verification, go to your personal account – identity authentication tab. Next, indicate the name, surname, country of residence and serial number of the passport. After that, confirm the data by sending cover photos, a passport spread and a selfie with a document. For instructions on photographs, see.

Typically, verification of documents lasts from a few hours to a day.

Trading on the Bibox Exchange

Already on the main page of the exchange displays the current cryptocurrency rates. They are divided into markets:

  • BIX
  • ETH
  • BTC
  • USDT;
  • DAI.
    There is a field for quick currency search, as well as the ‘Favorites’ function. There is no Fiat on the platform, there is only Tether. The menu item “Currency Trading” is responsible for the trading terminal on the site. There are two versions: standard and full screen. We recommend using the standard one, since the zoning in it is familiar.

On the left, you can select the pair of interest, on the right is the price of current transactions (yours and market). Below is the history of orders and a list of open orders. The default chart is Japanese candles. It scales in time and size, there are several basic indicators. The transaction panel allows you to automatically place on orders 25%, 50%, 75%, 100% of the balance. Limit and market orders are available.

In total, over 70 coins and tokens in 130 pairs are available on the exchange. The highest liquidity is observed in the markets of Bibox Token, Bytom, Ethereum, Bitcoin. In the spring of 2018, Bibox broke into the top 10 24h volume. The maximum daily trading volumes on the platform exceeded $ 300 million.

The standard commission for all trading operations is 0.1%. However, if the trader’s account has enough BIX tokens to cover the commission deductions, then he receives a discount of 50%. Also, a reduced commission is available in the newly added tokens and coins, in front of which a gift icon appears.

Deposit and withdrawal of funds, commissions

To go to the transactions section, go to the assets section – main account – information about your assets. Use the ‘Deposit’ button to open the address for crediting funds, and ‘Withdraws’ to display cryptocurrency. For the convenience of users, a search has been added, the ability to hide a zero balance.

To withdraw funds, be sure to connect two-factor authentication or SMS confirmation, and also set a payment password. You can do this in your account.

The exchange does not charge any additional commission when depositing funds. Network expenses only. But when withdrawing funds there is an additional commission:

  • 0,0004 BTC;
  • 3 BIX;
  • 0.005 ETH;
  • 35 USDT;
  • 0.005 LTC;
  • 0.005 BCH.

Individual wallets on the exchange are sometimes disabled. They are marked as inactive on the list. This is usually due to an update. There are no serious delays in transfers.

Security and Support

The Bibox website uses an SSL certificate that protects user data from possible interception. There were no incidents of hacking or long delays in transfers. Unless there were complaints about the non-payment by the exchange of awards to partners who were engaged in attracting new users.

To protect users and their accounts, 2FA, SMS confirmation, payment password have been added. In your personal account, the authorization time and the IP address from which the account was logged in are recorded.

Additional features

The C2C tab should be responsible for fast transfers within the exchange. However, for now, it simply leads to the website of LinkCoin, which is developing this solution.

In April 2018, margin trading was implemented on Bibox. Users can trade with leverage, as well as act as a borrower. This function on the exchange opens only after confirmation of identity.

Implemented standalone programs for Mac OS, 32-bit and 64-bit Windows operating systems. According to the interface and functions, clients do not differ from the site. Developed and mobile applications for iOS and Android. They are optimized for quick trading, contain standard tabs: balance, market, transactions, personal account.

In your account there are API keys that are imported into the software for automated trading. Bibox is one of the few exchanges with free listing. The decision to accept new tokens and coins takes place by voting. Each participant can vote in the Vote section.

An additional investment opportunity is presented on the platform – CunBi Bao. Bibox offers customers to invest in one of the currencies (BTC, BIX and so on) for a certain period, at the end of which they will receive dividends.

BIX token holders also receive monthly dividends as a percentage of exchange commissions.

There is a news section in which information is published on the listing of new coins, swaps, contests, functional updates on the exchange, and wallet deactivation.

Advantages and disadvantages

The main strengths of the Bibox exchange:

  • There is a Russian version;
  • Convenient trading terminal;
  • Margin trading and additional investment opportunities for users;
  • Additional account protection tools;
  • Good liquidity and a large number of promising coins;
  • The ability to trade with a commission of 0.05% on any transaction;
  • There are mobile applications and clients for desktop devices;
  • To work with the platform, it is not necessary to pass verification;
  • Adequate support service.

Disadvantages:

  • So far, a small selection of indexes and trading tools is available;
  • There are no top-end cryptocurrencies, including Ripple, Dash, IOTA;
  • There may be delays in depositing and withdrawing funds, turning off wallets;
  • Little information about the creators.

Bibox quickly managed to jump into the top 10 exchanges in terms of daily trading volume. And this aroused suspicion among some players in the market. Sylvain Ribes, a trader and writer, argues that the real volumes on the platform are completely different.

So far, the exchange has been serving its customers with high quality. And reviews of Bibox are rarely negative. She does not stand out against the background of dozens of other sites and uses the already run-in business model (Binance). No technical solutions have been proposed by the exchange so far for market analysis and trading using AI algorithms. Although this is one of the main points of the White Paper project. Perhaps this direction will allow the platform to grow in the future.

In the meantime, Bibox is, first of all, an internal Bix token, a nice interface, a responsive support service, decent volumes, additional investment opportunities and a very low trading commission. No red flags have been noticed so far.

How useful was this post?

Click on a star to rate it!

Average rating / 5. Vote count:

No votes so far! Be the first to rate this post.

Leave a Reply

Your email address will not be published. Required fields are marked *