There are already plenty of well-known crypto exchanges available today, so why would you use a lesser-known option like Bibox? Kraken, Binance, Huobi, and others boast wide user bases along with high-quality features. That’s not to say Bibox isn’t a reliable option within the same market.
But what’s the appeal of Bibox? That’s the question I’m going to answer in this Bibox cryptocurrency exchange review. I’ll discuss the safety of the exchange, along with its costs and fees. Additionally, I’ll walk you through buying and selling your favorite digital currencies on the trading platform.
So without further ado, let’s jump right in.
Is Bibox safe?
The first thing many crypto users want to know about an exchange is whether or not it’s safe to use. Is it a legitimate platform, or is it a scam? Authenticity is often a concern due to the number of fake exchanges that exist to take your money and disappear.
Fortunately, Bibox is both a valid and safe exchange. The platform often ranks in the top 10 in daily volume and has a large user base, showing the site’s validity. It doesn’t hurt that the site remains current with all safety protocols and regulatory requirements, which means you’re trading on a site that takes its security seriously.
Plus, the platform highly recommends that its users set up and use 2-factor authentication. This type of feature serves to add another security layer when setting up your account. Additionally, you can create a password that you’ll use only when you withdraw funds.
Why would that matter? Well, let’s say your account gets hacked. It’s not likely, but it’s not impossible. Without your withdrawal password, the hacker won’t have access to your funds, which creates another layer of security.
Is it safe? So long as you take the additional steps recommended by the exchange, I would say the answer is a resounding yes.
The exchange was established in 2017 and is currently operated and owned by a team of Chinese cryptocurrency and blockchain authorities. Among these experts are the co-founder of OkCoin exchange and a few founding members of Huobi.
Where is Bibox Located?
Bibox resides in Hong Kong, China, and since its launch, the platform has received high praise for its transparent, stable, and secure features. As of today, the platform has operating centers located in various countries throughout the world. These centers can be found in Canada, Estonia, Japan, Singapore, Switzerland, and the U.S.
Bibox Trading Volume
Bibox brings impressive trading volumes to the table, which means it can stand alongside the industry’s big dogs. For example, the exchange experiences roughly $900,000 USD in average trading volume in a day. That number, however, has recently seen significant growth as interests in Bitcoin (BTC) and other cryptocurrencies grow.
The platform regularly surpasses $20M USD in trading every month. As a result, you know that the exchange has plenty of liquidity. What does that mean? It means it can quickly perform trades and orders, so you’re not waiting around for a transaction to complete.
When it comes to features, this platform has plenty to offer. It’s not a stripped-down exchange looking to make some money by charging high fees. Let’s take a look at what features you’ll get when you use this exchange.
Using the Bibox platform provides users a significant list of altcoins to trade alongside BTC. Traders can create both limit and market orders. Plus, the platform has a fee system that even the most inexperienced users can understand.
Bibox aims to be a platform that uses technology to make itself appealing to users. As a result, users are rewarded with AI functionality and smart trading tools. The exchange also provides an API that lets users integrate with other platforms. Plus, the platform offers both an iOS and Android mobile app, so users can buy, sell, and trade on the go.
If you can read Chinese, English, Korean, Russian, or Vietnamese, you’re in luck! Bibox provides customer support in all of these languages. Plus, the platform has a customer support team that’s always ready to help via a helpdesk ticket.
Not only that, but the exchange recently launched its Biboxpedia knowledge base. Within the knowledge base, users can find basic information about the platform itself, blockchain technology, and cryptocurrencies.
If that’s not enough, users also have the option to contact support through social media platforms like Twitter, Facebook, and Telegram.
Payments and Withdrawal Methods
Bibox only allows account payments and withdrawals through cryptocurrencies and a few fiat currencies like GBP and EUR. If you don’t already own crypto, you’ll need to purchase it through other means, then deposit it into your account or use one of the fiat currencies the platform supports.
Withdrawals are the same way. If you don’t use either GBP or EUR, you’ll need to withdraw your funds via a digital wallet.
If you find an exchange that doesn’t charge fees. I would very much like to know about it. Bibox does, which is par for the course with crypto exchanges. However, this platform is a bit different in regard to fees. The exchange offers either a percentage-based fee or a flat fee, depending on the transaction type.
The good news is that depositing your crypto on the Bibox exchange won’t cost you anything. Don’t be surprised though, as this is a tactic a lot of exchange employ. They’d much rather you have all your money available to buy, sell, and trade.
I hope you enjoyed depositing all your crypto for free because withdrawing your funds on Bibox isn’t. This is in line with what many exchanges do. Users incur a flat fee when withdrawing their currency. The fee depends on the type of currency you’re withdrawing, which is calculated based on the network fee. If you want to know withdrawal fees are associated with what coin, check out the website fee page here.
Bibox charges varying trading fees for takers and makers. Takers start at a standard fee of 0.20% while makers begin at 0.10%. This is for a level one normal user on the platform. If you progress in levels on the exchange, you’ll find that your maker fees decrease.
If you’re a pro user on the Bibox platform, you’ll start with a maker fee of 0.07% and a taker fee of 0.09%. Again, these fees decrease as your level increases. Additionally, users can earn another 25% off their transaction fees if they use the BIX token, which we’ll get to in a moment.
Trading services on the exchange include Margin Trading, Stop Profit/Loss trades, Follow Order trades, Advance Limit Order trades, and Iceberg Orders. To learn more about these check out the Bibox website.
Bibox supports many trading pairs, which includes the following cryptocurrencies:
- Bitcoin (BTC)
- Ethereum (ETH)
- BIX (BIX)
- Tether (USDT)
- Bytom (BTM)
- DAI (DAI)
- Fusion (FSN)
- Litecoin (LTC)
- DASH (DASH)
- Ethereum Classic (ETC)
- EOS (EOS)
- Bitcoin Cash (BCH)
- Qtum (QTUM)
- Ripple (XRP)
- Tron (TRX)
- Maker (MKR)
You can find a full list of coins available on the exchange here.
Users from around the world can open an account on the exchange, so long as they aren’t violating any local regulations or laws. There are a handful of countries that Bibox does not support. They include:
- Hong Kong
The problem with a lot of exchanges is that you’re limited to using the exchange in a web browser on your PC or laptop. Bibox aims to buck this trend by making its exchange available on both iOS and Android smartphones. Plus, you can download a desktop application that works with both Windows and macOS. That means you can trade whenever and wherever you want.
As I previously mentioned, Bibox has its native token, BIX. With BIX tokens, exchange users can reduce their fees when making trades on the platform. The token is ERC-20 based, which means it resides on Ethereum’s blockchain. If you decide to use Bibox for cypto trading, it might be a good idea to get some BIX and reduce your trading fees.
How to Buy/Sell Cryptocurrencies on Bibox Exchange
Once you’ve created your account, buying and selling crypto on the exchange is pretty straightforward. The first thing you’ll do is open up the Bibox app or webpage and choose “Exchange-Basic.” This will take you to the transaction page.
Next, select the trading pair you want. For instance, if you’re exchanging some of your Ethereum into Litecoin, just choose ETH/LTC. Now you need to enter the amount you want to buy or sell. Click on the “Buy” or “Sell” button to submit your order. That’s it. Pretty simple, huh?
Wrapping up, I would say Bibox is a reliable and solid exchange that does what it can to set itself apart from other platforms. It’s not an entirely unique platform, but it tries to provide features not found elsewhere. This effort and these features make Bibox an exchange worth considering.
It doesn’t hurt that Bibox is an intuitive exchange that provides a desktop app for Windows and macOS, along with a mobile app for Android and iOS. Bibox is a great exchange for both novice and advanced users. It offers plenty of trading pairs along with the features and functionality users want in a cryptocurrency exchange.
No. of cryptocurrencies supported
Fiat currencies (yes/no)
Verificaton methods (ID/AML, etc.)
Margin trading (yes/no)
Futures trading (yes/no)