Bibox is a cryptocurrency exchange that appeared in 2017. In a relatively short period, the company was able to gain popularity among users around the world.
Basic information about Bibox
Bibox is a happy young project that appeared on the financial market less than two years ago. The interface of the official website bibox.com has been translated into 7 languages, which testifies to the organization’s orientation toward the international market. Also, the exchange has many operating centers, which are located in Canada, the USA, Estonia, Hong Kong, China, Japan, and Canada. Bibox Technology Ltd. is registered in Estonia, from where the platform’s activities are regulated.
The company tries to provide users with favorable and comfortable conditions for trading. So, traders are offered 90 types of cryptocurrencies, which include both well-known altcoins and rare coins. The liquidity of the exchange is high, so the daily trading is also good. Bibox also offers margin trading with up to 10x leverage.
By analogy with the well-known exchange Binance, the organization has issued its internal token – BIX, which is based on the ERC20 standard of the Ethereum network. The task of the token is to attract investments that will be aimed at developing the site and its functionality. The cost of the crypto coin is $ 0.10. For beginners, the exchange will also be useful. The site contains a variety of training materials and lessons. The platform also has its blog with articles on financial topics. All information is presented in English.
The trading itself is carried out through a simple and intuitive platform. An experienced user will quickly be able to understand the main functionality of the bibox.com website. It is worth noting that the site is the first to introduce artificial intelligence technology for the crypto exchange of digital assets into its work.
All the necessary functionality is provided for trading:
- a quick search for currencies;
- function Favorites;
- basic indicators;
- two versions of currency trading – full-screen and standard;
- on the left, you can select the pair you are interested in, and on the right, see the price of current transactions;
- history of orders and a list of open orders.
There are no fiat funds on the platform. Only Tether is available to users. Several types of orders are also available. Not so long ago, margin trading became available on Bibox. Thus, users were able to trade with leverage and act as a borrower. You can use this functionality only after passing the verification. For users to have constant access to the trading platform, a mobile application was created. This way, customers can log into their profile from anywhere and anytime. Both iOS and Android versions are available. You can also download the software for Mac or Windows.
How to exchange cryptocurrency on the bibox.com platform?
To exchange cryptocurrency, you need to go to the bibox.com trading platform and follow a few simple steps:
- Choose a trading pair;
- Fill in the field for placing an order by filling in the amount of cryptocurrency to buy;
- Click on the Buy button.
If the current rate does not suit the user, you can place an order at a suitable price. Thus, when the rate reaches the set value, the exchange will occur automatically, even if at that moment the user is not online.
Verification on the Bibox platform
Verification is not a mandatory process. However, for unverified accounts, there is a limitation on the withdrawal of funds. It is equivalent to 2 Bitcoins per day. After passing the identity verification, you can increase the limit to 20 Bitcoins in 24 hours. To start the verification process, you need to go to your account and click on the Identity Authentication button. Next, you need to select the region of residence and fill in the following information:
- country of residence;
- name and surname;
- identity document (passport, ID card, or driver’s license).
After filling out the information, you should upload the cover of the document and the first page on which the user’s photo will be visible.
You also need to upload your photo, on which you should hold the front side of the downloaded document and a sheet with the inscription Bibox and the current date. All information will be sent for verification. Typically, the verification process takes from several days to several weeks.
Bibox crypto exchange commission
One of the main advantages of the site is a small commission for trading. Thus, up to 0.075% for a maker and 0.150% for a taker of the transaction amount is charged for a trade. Also, users can reduce the commission by half if they work with the internal digital currency of the exchange platform. To do this, you need to set in the settings payment in BIX tokens.
Withdrawal fee
The site also has a table with a withdrawal fee for each type of cryptocurrency. Let’s consider the most popular ones:
- Bitcoin – 0.0006 BTC;
- BIX Token – 3 BIX;
- Ethereum – 0.008 ETH;
- Ethereum Classic – 0.008 ETC;
- BitcoinCash – 0.008 BCH;
- Litecoin – 0.006 LTC;
- USDT (ERC20) – 3.5 USDT;
- USDT (Omni) – 4 USDT;
- EOS – 0.3 EOS;
- TimeNewBank – 200 TNB;
- Bytom – 1 BTM;
- CyberMiles – 10 CMT.
Conclusion
Bibox is an exchange that entered the market in 2017. During this period, the company has become popular among users around the world. The organization focuses on the international market, as evidenced by the multilingual interface. Comfortable and profitable trading conditions are provided for traders. However, inexperienced users underestimate the possible risks of trading. That is why, before registering for the project, you should familiarize yourself with the relevant documentation. Now the project looks good among competitors, although it has some drawbacks.
