Bibox Exchange Review: Features, Fees And More
There are already plenty of well-known crypto exchanges available today, so why would you use a lesser-known option like Bibox? This Bibox Exchange Review will tell you. 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.
- Operating since 12th Dec 2016
- Cryptocurrencies 156
- Fees 1.3%
- Deposit methods SWIFT (Bank)
- Fiat currencies Yes
- Verification methods ID/AML
- Margin trading Yes
- Futures trading Yes
- Is Bibox safe?
- Where is Bibox located?
- Bibox features
- Payments and withdrawal methods
- Cryptocurrencies supported
- Countries supported
- Mobile/desktop app
- BIX token
- How to buy/sell cryptocurrencies on Bibox exchange
- Bibox Exchange Review Australia
- Bibox Exchange Review Canada
- Bibox Exchange Review UK
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 crypto trading platform.
After going through this review, you should be able to determine whether Bibox exchange is fit for your needs. Or if it’s actually better to pick other exchanges like Coinbase or Binance.
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 two-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.
Some cryptocurrency exchanges are confusing and difficult to navigate. Bibox, on the other hand, is a feature-rich platform that is ideal for both new and experienced crypto traders. With robust security and the ability to trade a wide variety of coins, Bibox is a solid option no matter what your comfort level.
Check out the Bibox cryptocurrency exchange and get started trading your favorite digital assets today!Visit Bibox
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.
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.
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.
Also, Bibox has a rebate system where the users who invite new users to the platform can receive rebates on the Bibox trading fees via referral rewards.
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 like an order book. 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. Overall, the fees are priced very competitively.
The good news is that depositing your crypto on the Bibox exchange won’t cost you anything. Yes, you read that right. The deposit fees are free. 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 what withdrawal fees are associated with what coin, check out the website fee page here.
Make sure you pass the KYC authentication so you can withdraw digital currency, as well as conduct fiat transactions, etc.
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 (www.bibox.com).
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)
- Neo (NEO)
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 cryptocurrencies 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 Bibox token 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?
Bibox Exchange Review Australia
Bibox is a cryptocurrency exchange and a platform that offers decentralized financial services to its users. It was launched in 2017 as a platform that offers many services, features, and functionalities to people who are involved in the crypto space.
Bibox was launched in Singapore, and since its first early operations, the exchange for cryptocurrencies has grown significantly and provides great liquidity pools for various assets.
Because of the platform’s base of operations, Bibox’s users are mainly of the Asian demographic. However, as it is growing, it’s also now getting popular in Australia.
Furthermore, Bibox supports many crypto coins and assets that users can trade at very competitive rates across the market.
Take note that the company has also paid attention to creating a user-friendly and highly responsive platform integrated with various AI-based advanced margin trading features and modules. This combination of surplus and practical functionalities is what is the strongest foundation of Bibox.
They aim to offer a platform for trading cryptos, earning through crypto, and other services in terms of decentralized financing.
Such features come with very minimal charge, while the transactions that happen through the platform are subject to a trading fee. These form the main sources of revenues for Bibox.
Of course, when it comes to user experience, it is very polished, and each of the functionalities is built to improve the intuitiveness and simplicity of the process.
With several different data representations and trading views, using the Bibox platform has become very inviting and encouraging.
Moreover, through automated bots protocol for different purposes, the company has created a platform that only needs minimal manual input.
Bibox’s other services that provide solutions include a network for swapping altcoins, cloud, grid, and copy trading, and many more!
All these features make the exchange platform stand out from other crypto exchange companies out there.
A frequently asked question (FAQ) I always get is: Is the Bibox exchange platform available in Australia? The short answer is, absolutely yes!
There are several excellent crypto exchanges in Australia such as Swyftx and Binance.
But Bibox also offers outstanding cryptocurrency trading services like futures trading. This crypto exchange offers a plethora of cryptocurrencies to trade in a number of markets.
Bibox has a pretty good customer support and their website operate very smoothly. I particularly like their website as it is very user-friendly. Sure, they don’t offer fiat currency pairings. However, this isn’t a make-or-break deal for many users out there like me.
Bibox Exchange Review Canada
The Bibox exchange platform is also available in Canada.
The company has some of the latest as well as some uncommon features as a crypto trading platform and exchange.
Bibox provides various trading views to fit the certain needs of traders and investors with an adaptable application interface.
They let the users to trade more than 150 coins and over 250 trading pairs through their platform.
Bibox was thoughtfully built to handle the users’ throughputs of up to 10 million that comes as a result of the platform’s very efficient memory matching system.
As for the security aspect, Bibox has undertaken a number of safety measures to protect the exchange and its users from any compromise or loss.
Here’s a list of safety measures Bibox has incorporated:
- Robust architectural guard nets.
- SSL encryption.
- Two-factor authentication method (2FA).
Interested parties can also open institutional accounts with the platform, make use of the ‘Super VIP’ premiums, or apply for listing. It’s also worth mentioning that Bibox also has various events and ongoing online contests with attractive rewards.
Lastly, Bibox offers decent customer support and their website operates very smoothly. As I’ve mentioned above, I like their website because I found it very user-friendly. The only drawback is that Bibox doesn’t support fiat currencies. So, you can’t simply buy crypto assets such as Bitcoin, Ethereum, or any other cryptocurrency on the platform with your credit card.
Take a look at our comparison of the Best Canadian Crypto Exchanges for a list of Canadian-based crypto exchanges.
Bibox Exchange Review UK
If you’re wondering if Bibox is available in the UK, the good news is …
Yes! It is also available in the UK!
Compared to other cryptocurrency exchanges out there, Bibox has been constantly making waves in the space of DeFi or decentralized finances via the periodic addition of various products and services to allow traders and investors to manage their digital assets more efficiently and handle each task on the same platform.
Bibox supports a wide array of products and services, which include:
- DeFi Mining – accomodating the users who want to get profits out of the platform, DeFi mining is a service through which the users can make money from Bibox and provide computing power for the several processes of the chain.
- Fixed Investments – such investments are aimed at the investors who are looking to buy and hold assets for a long period of time and are not significantly affected by the market fluctuations in the short term.
- Recommendations and Academy – due to Bibox’s automated nature, the users are ensured that they can be recommended on the basis of their personal crypto holdings. Aside from that, there’s also a digital learning tool through which novice investors can learn the fundamentals of trading.
- Swap for Crypto Assets – as per my review, there are two main networks available on Bibox platform through which the users can swap their crypto assets and have them produce high returns.
- Provision to Open Institutional Accounts – the platform also comes with a service with which institutional accounts can be opened, which features the security protocols and advantages of Bibox. Such accounts have around a dozen cutting-edge and very useful features, such as increased withdrawal privileges, exclusive transactional butler, first-hand industry information, and many more. The rest of the services can be available via Bibox’s website, on which the users can also use them immediately.
If you’re a new crypto trader or investor and wondering if Bibox is safe in the UK, worry not because the platform is yet to be compromised from any cyber threat. Bibox has a clean track record, and their incorporated safety methods are at par with the industry standard.
For a list of UK-based crypto exchanges, have a look at our comparison of the Best Crypto Exchanges in the UK 2022.
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 a crypto exchange that offers something to every user, with an excellent user interface experience and various services in the domain of decentralized finance or DeFi.
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 beginners and advanced users. It offers plenty of trading pairs along with the features and functionality users want in a cryptocurrency exchange.
To sum it up, Bibox exchange is a great crypto exchange with very low fees and decent trade volume.