Exchange Bibox – a young Chinese cryptocurrency trading platform with big ambitions.
She appeared in 2017 and is gaining market position in the growing trading volumes.
This exchange is available several languages, including Russian. Localization allows traders from the CIS easily start working with it.
Bibox offers a wide range of functions not only for individual traders and investors, but also companies.
According to Coinmarketcap, crypto currency exchange’s turnover per day is almost 20000 BTC.
Ease of use and safety
Website Bibox has a nice friendly interface.
Designed so that the user can quickly navigate to the trading platform.
As for security on the exchange following methods are available:
- The username and password. The simplest protection installed by the user.
- SMS authorization. If enabled, the user receives an SMS message with a code to log in to your account on the exchange. However, this method is considered less secure because hackers can hack your smartphone.
- Authorization Google. The way in which every time to login the user receives the specific codes and enters them into the appropriate line.
- Adding a second password. Bibox allows you to create another password for withdrawal of funds from the stock exchange. After that, hackers will not be able to withdraw funds from the wallet of the trader-at least, if they have no second password. The degree of protection is significantly increased.
Features of cryptocurrency platform Bibox
Cryptocurrency exchange platform is divided into several key areas.
Here is the chart, the selection window of the asset, the ability to view open and closed positions and a window to make transactions. Consider all the details.
In Bibox have implemented our own graph to track prices and analyze cryptocurrency pairs.
The price in the form of Japanese candlesticks.
Beneath the chart you can see the volumes.
The chart allows you to select the timeframe, as well as set indicators.
Here are all of the most popular algorithms, including moving averages, Bollinger Bands, SAR.
Located below the chart window positions.
Here you can view the information by date, market, asset category, its current value, quantity, total amount of the transaction.
Available to clients information on open orders, and on already completed transactions.
Finally, the window opening positions. On the stock exchange Bibox trading available two types of orders – market and pending.
The first allows you to open trades on the current value, and the second gives the possibility of placing orders at the desired price trader.
The second option is suitable for those who know how to analyze the market and may suggest a particular mark.
In the price exhibited the desired cost quotes (you can select and the current value). In the quantity window exposed position size.
When ready the trader may choose the leverage.
Playground Bibox offers work with leverage. Here the options available in 25, 50, 75 and 100%.
In order to become a client Bibox, you must enter your email address, password, and confirm password.
To e-mail with a link to where you need to go to confirm. After that you can start to trade.
In this case, the trader will be certain restrictions on the withdrawal limit per day 2 BTC.
To increase the limit, you must pass the verification procedure Bibox.
It involves providing the exchange with a scan copy of identity document and registration at the place of residence.
Replenishment and withdrawal of funds
On the stock exchange Bibox trading account and withdrawals can be made only in bitcoin.
To start, you need to Deposit funds.
This procedure may take a time from several seconds to several minutes.
Low market entry threshold is not set.
After the trade, the trader can bring bought with the cryptocurrency.
Commissions and limits
As noted above, newly registered users who have not yet had time to verify, can trade on the exchange Bibox without any restrictions, But for them, there are limits on withdrawals.
As for commissions, they are on the site of one of the smallest in the industry and vary from 0.1%.
Reduce the size of the fee is possible through the use of an internal token BIX.
Internal tokens BIX
At the time of writing, the capitalization of the token is $77 million
The coin is worth more than $0,50. The trend is neutral. But with the growth of demand for services of the exchange, the coin can also start to rise in price.
Using tokens Bibox? First and foremost for trading on the exchange.
Allows you to both buy and sell. The internal cryptocurrency owners receive various benefits, including reduced commissions for transactions on the site.
The company Bibox ICO conducted in the fall of 2017. In terms of the initial bids were received tokens of Ethereum.
One Ethereum exchange offered 2,000 units BIX. After 11 days the number of BIX for Ethereum dropped to 1800.
The project team was expecting to reach 150 000 hardcap Ethereum.
The idea of the introduction of domestic coins was borrowed from the exchange Binns. Those who want to place on the crypto currency exchange your cryptocurrency needs to buy a certain number BIX.
Mobile app Bibox
The cryptocurrency exchange has its own app for iOS. You can download it on the website.
Also provides instructions for installing and using the terminal that are available through scanning the QR code.
The advantages and disadvantages of the exchange Bibox
The advantages of working with the platform include the following points:
- A high level of security. The company offers users a variety of remedies, ranging from a few to passwords and two-factor authentication. In addition, the service shares transactions to achieve greater efficiency and protection of each individual transaction.
- A competent team of specialists. On specialized forums and sites you can find information about what the team Bibox well versed in blockchain technology, Finance and artificial intelligence.
- More effective service. This is another specificity of the online product. The crypto currency exchange Bibox uses the special technology of the selection system memory so that the speed of the service is distributed evenly.
- Stability. The site has a new method of distributed clusters, providing increased stability of the exchange Bibox.
- Integration and compatibility. The platform provides mechanisms for integration and interoperability with other services of the cryptocurrency.
- System failure prevention. Playground Bibox controlled by artificial intelligence that controls the system and react quickly to any errors that may occur in the process.
- The scalability of the platform. According to information on the official website, the scalability of the platform can reach 10 million users.
- Complete market statistics. One of the major advantages of the platform is that it offers many of the market statistics like open positions and to close them. Thus, users get the possibility of opening the best deals at any given time.
- Support for multiple cryptocurrencies. In order to diversify, the service Bibox offers users a wide range of cryptocurrency assets (mostly compatible with ERC 20). At the time of writing, work is only possible with digital currencies. Equivalent added USDT. The team project is to add Fiat currencies such as Chinese yuan, Hong Kong dollar, Euro and Japanese yen.
- According to the company, in the near future will have the opportunity to make so-called short sell transactions. Such contracts will allow users not to lose money at a negative price fluctuations.
- Minimization of risks. The use of different APIs allows to reduce the risks of sudden price changes.
- Strategic tips. On Bibox implemented modules and other tools based on artificial intelligence.
- Decentralization. The exchange is decentralized. Accordingly, all transactions are fully transparent and secure.
- Margin trading. Open positions on the exchange is possible with the use of leverage. This approach allows us to obtain greater profit with less investment.
The disadvantages include the following:
- Small trading volumes and weak liquidity. At the moment this leads to the fact that users can’t always open positions at the desired price. Besides, one of the problems can be quite high volatility and risks of taking deliberate Panov and dumps.
- Users note the limited functionality of the site. The presence of leverage is the absolute advantage of working with a site. However, it appears to only market and limit orders, which is not always suitable for professional traders and investors.
- In the Internet found a lot of negative reviews regarding the support of the project. Some users and all interested in the fact whether the project another Scam.
- There is no information about how to store cryptocurrencies. Is a disadvantage, because the user does not know how secure his funds after their transfer to the stock exchange.
- The lack of Fiat. Prospects and promises is good, but at the moment to Fund their trading accounts in bitcoin, which somewhat limits the ability of traders.
Conclusions and recommendations
The exchange has not yet proved himself neither with the positive nor with the negative side.
The fact that it offers a service in the Russian language is a definite advantage for traders from CIS countries.
The prospects of this great crypto currency exchange, but is always attentive to those services that have to trust the safety of their funds.