As a cryptocurrency trader, you were undoubtedly faced with the dilemma of having to choose an exchange to suit your investment needs among a staggering number of cryptocurrency exchanges out there.
To help you pick the right trading platform that suits your needs, CoinStats regularly reviews leading platforms like Binance, Coinbase, or Kraken and relatively small but reliable platforms like the Bibox exchange and presents their advantages and drawbacks.
Bibox is a decentralized cryptocurrency exchange platform for trading cryptocurrencies and earning on crypto. Bibox offers users decentralized financial (DeFi) services through its intuitive and user-friendly platform integrated with different AI-based modules. It has impressive liquidity pools for various assets and other advanced trading features.
Bibox exchange was launched in 2017 in Singapore and has recently announced its intention to open Bibox Europe.
Our Bibox exchange review will take you through one of the most popular decentralized crypto exchanges, discuss the Bibox platform’s services and products, pros and cons, trading fees, security, etc., and demonstrate how to start trading on the platform to maximize profits.
What Is Bibox
The Bibox decentralized exchange is a Singapore-based cryptocurrency exchange founded in 2017 by an experienced team comprised of Bitcoin enthusiasts, entrepreneurs, professional traders, investors, etc. Bibox has offices in the US, Canada, Switzerland, Japan, Estonia, etc., and has announced its intention to open Bibox Europe.
Bibox is the first AI-enhanced crypto exchange platform and reports an average trading volume of $200 million daily. However, there are times when Bibox trading volumes aren’t backed with actual liquidity, raising accusations of the platform’s wash trading in the crypto world.
Bibox supports over 90 crypto assets and 200 trading pairs. In addition to major cryptocurrencies, such as BTC, ETH, USDT, etc., Bibox lets its users trade a wide range of lesser-known altcoins. The exchange also has its own native Bibox token BIX, through which traders get up to a 50% discount on trading fees.
Bibox allows users to perform crypto swaps and trades and earn through crypto-backed loans and digital mining. The platform has an intuitive user interface with advanced features such as an order book, trading history, and customizable charts for crafting a seamless user experience.
This Bibox exchange review has explored the exchange’s key features and services to help you decide if Bibox exchange is a suitable platform for you.
The Bibox exchange was founded by a group of Chinese crypto experts and blockchain developers. The project was launched in 2017, at the peak of ICO popularity, and managed to bring together top specialists from Binance, OKCoin, and Huobi exchanges. Today the platform has offices in Canada, the US, Singapore, Japan, Switzerland, etc.
The Bibox exchange team members include founder, crypto entrepreneur, and investor Aries Wang, Meilun Li, product manager at Bibox, and director of operations Guojie Liu.
In the Whitepaper, the developers promised to make the exchange different from competitors by offering innovative tools and ensuring it could simultaneously serve up to 10 million people.
As a decentralized cryptocurrency exchange, Bibox isn’t regulated by any centralized authority.
Bibox claims to comply with the local regulations and laws of the geographic regions where it operates.
How Does Bibox Work
As mentioned, Bibox has an intuitive interface with features like an order book, trading history, and adjustable charts. Bibox supports margin trading, stop-limit orders, leverage trading, etc., and offers automated trading bots. Moreover, the platform provides a high transaction speed (<1 second) and is assessed as objectively convenient for trading.
Investors appreciate the exchange for various investment solutions for stable passive income. In addition, the Bibox exchange provides such services as detailed training and operative technical support via e-mail, a cloud, grid and copy trading, a network for swapping altcoins, the Bibox Lab, etc.
The Bibox affiliate referral program allows users to earn 20% -50% of the exchange’s net income from the invited participant.
Is Bibox Regulated
Like other decentralized exchanges, Bibox is self-regulated and has a less stringent verification process. Users don’t have to go through KYC verification and can start trading right away.
Bibox Technology LTD is registered in Estonia. The user agreement states that the platform operates within the framework of the countries’ laws where it operates. The company has operations centers in the US, South Korea, Canada, Singapore, Switzerland, Japan, etc.
Bibox Key Features
Bibox is a user-friendly and feature-rich cryptocurrency exchange with high-security features and a wide range of supported coins and trading pairs, suitable for both newbies and experienced crypto traders.
However, the platform doesn’t support fiat currencies, so traders must acquire their cryptocurrency from another platform before using the Bibox exchange.
Bibox key features are:
- Intuitive interface
- AI-run algorithms for a better crypto trading experience
- Support of a wide range of cryptocurrencies
- The Bibox native token – BIX
- Zero deposit fees
- Low transaction fee (0.1%) compared to other cryptocurrency exchanges.
- High-security level.
Bibox has issued its own native BIX token in compliance with the ERC-20 standard. Initially, the developers planned to issue 500 million crypto coins, but later the amount was limited to 270 million. The token is designed to attract investments and develop the exchange platform’s functionality.
The BIX token has the following use cases:
- Trading Fee Discount: Bibox token holders enjoy discounts and reduced trading fees on the Bibox platform.
- Voting Rights: Token holders can vote on the Bibox exchange development issues.
- BIX Incentive Reward: The Bibox exchange buys back and regularly burns a certain amount of BIX.
- Treasure Box Program: The program ensures that BIX token holders who lock their tokens receive an incentive.
- Bibox Orbit: Bibox Orbit is the exchange’s IEO launchpad. BIX token holders can participate in the Bibox Orbit to buy into listed projects.
Traders can use both the official desktop and mobile apps for iOS and Android. The mobile applications are as user-friendly and attractively designed as the website. They provide seamless navigation and are designed for users trading on the go.
The Bibox exchange desktop application has an intuitive trading interface with extensive settings, different indicators, and charts to meet any trader’s demands. The functional screen can be customized, and key zones can be configured.
Anyone can register on the Bibox platform without any location restrictions. The registration process is standard – you must provide your e-mail address, create a password, and verify your e-mail through the link sent to you.
Trading on Bibox
After registering a Bibox account, traders get access to financial transactions and can place several order types such as Limit Order, Stop Profit/Loss, DPL, Iceberg Order, Followorder, and Advanced limit order.
To make transactions with your Bibox trading account, you must select a trading pair in the upper left corner, choose the order type and enter the number of coins you want to purchase or sell. Once the details are specified, you can click on the “Buy” or “Sell” button.
Deposit and Withdrawal Methods
The Bibox deposits and withdrawals can only be made in the form of crypto assets, as the exchange doesn’t support fiat money on the platform.
Depositing currency to the platform comes with zero fees.
You must log in to your Bibox account, select the Deposit/ Withdrawal button, enter the amount of currency to be deposited or withdrawn, and confirm the transaction.
There is a withdrawal limit on the number of crypto assets, and the limit can be increased after undergoing a verification process.
Bibox Trading Fees
Bibox fees are quite competitive compared to other crypto exchange platforms. The trading fee for takers is 0.20%, and the fee for makers is 0.075%.
Bibox fees also gradually decrease as the client gains new levels. Low trading fees can be further reduced if trading with the native BIX token. Bibox provides a 50% trading fee discount during the first year, which is reduced to 25% the following year.
Regarding Bibox withdrawal fees, the exchange charges a withdrawal fee, i.e., network transaction fee, which varies depending on the cryptocurrency you’re withdrawing.
Bibox Services and Products
The Bibox exchange platform provides the following trading options:
- Spot Trading
- Margin Trading
- C2C Trading
- Swap USDT
- Coin Swap.
What sets Bibox apart from other crypto exchanges is the constant improvements and various products/services implementations.
Bibox implements services focused on helping traders to perform all operations on the same platform, including:
- Fixed Investments: For investors seeking to buy and hold assets for long periods and not affected by the market fluctuations in the short term.
- DeFi Mining: For users wanting to gain profits by mining for the platform and offering computer power.
- Swap for Crypto Assets: Users can swap their crypto assets and get high returns.
- Bibox Labs: To foster innovation and creativity in kids by focusing on robotics and STEM learning through Playful learning.
Bibox Earning Opportunities
The Bibox exchange platform provides several earning options, including:
- Current Financing: It allows users to gain profit by holding assets. Current financing has a 7-day cycle, counting from the date interest is credited. As soon as the term expires, the client manually withdraws the profit; otherwise, the funds will go to the investment fund account.
- Land/Earn: It allows Bibox users to borrow the tokens available on the account to gain interest.
- Computing Power Lease: This section provides offers users can accept to earn commissions.
Bibox Security Features
So, is Bibox safe?
Bibox exchange hasn’t registered any hacking incidents due to the latest security measures on the platform. To protect client accounts, Bibox implements such security protocols as SSL encryption technology, multi-factor authentication, and Google’s 2-Step verification. Moreover, Bibox claims to store most user funds offline in cold storage wallets.
The user is immediately prompted to enable two-factor authentication (Google Authentication or SMS authentication) and set up an anti-phishing code.
We highly recommend using a reliable crypto portfolio tracker like CoinStats, to manage all your crypto assets across several exchanges and wallets from a single platform.
Bibox has a reputation for prompt and efficient customer support, available in English, Chinese, and Korean. There are several ways to contact the Bibox support team:
- Feedback form (ticket)
Bibox also has official pages on social media, including Facebook, Twitter, Reddit, Weibo, LinkedIn, etc. All the links are provided on the Bibox website.
The Bibox cryptocurrency exchange offers a rich suite of cryptocurrencies, tokens, and several advanced trading options, such as leveraged trading, margin trading, etc. The platform stands out from other decentralized exchanges with excellent usability, rich functionality, a large section of training guides, no minimum deposit, low trading fees, etc.
Bibox offers several investment options and advanced features such as automated bots, copy trading, and decentralized management, making it one of the leading platforms with advanced trading mechanisms and simple platform functionality.