Bibox Review
- Extremely easy to use and navigate
- Very low trading fees
- Sophisticated trading platform with AI features
- Large array of cryptocurrency assets
- Not a regulated exchange
- No fiat currencies supported
Bibox is a relatively new Chinese cryptocurrency exchange which hopes to compete with exchanges like Binance and Huobi. The exchange was founded in 2017 by a dedicated team of highly sophisticated blockchain and cryptocurrency experts. This team had a unique vision for Bibox that would set it apart from the competition and allow it to compete with top exchanges. Their unique idea was to incorporate smart AI algorithms that help traders to capitalize on good trades, aids them in the execution of trades, and helps to maximize returns. This unique feature has attracted many traders to Bibox and is now considered a top 10 exchange with an average daily trading volume of $250 million. Bibox has their headquarters based out of Hong Kong due to their favorable laws and regulation towards cryptocurrency exchanges. However, the exchange has yet to become regulated, just like most cryptocurrency exchanges. Bibox is an international exchange and accepts traders from all around the world and offers their services in the English, Chinese, Korean, Russian, and Thai languages. Though Bibox has quickly climbed the ranks amongst the top exchanges, can they be trusted? What makes them such an enticing crypto exchange? Let’s find out in the following review.
Trading Platform
Bibox features their very own proprietary web-based trading platform which is accessible via any web browser and all desktop computers and smart mobile devices. This is very handy for busy traders who are always on the move. The entire user interface is beautifully designed and very user friendly, making for an excellent trading solution. It even features two interfaces, one for beginner traders and one for experienced traders. Both of the platform interfaces feature most of the same sophisticated features but are just laid out and presented to the user differently. For instance, the advanced interface is a full screen mode with more in-depth charting capabilities, while the beginner interface is simpler with a small chart among other features. Both interfaces allow for multiple order types such as market orders, limit orders, and stop-loss orders. As well, they both feature advanced charting capabilities complete with numerous technical indicators, chart types, time frames, and real-time one click trading for the advanced trading interface. While these features are great, they are the same as every other exchange. The differentiating aspect of Bibox is the smart AI algorithms. These algorithms facilitate the best trades with minimal human interaction. However, there is little information available about how these algorithms work. Nevertheless, they seem to be doing a good job and Bibox traders are very happy with the platform.
Exchange Markets
The Bibox exchange deals strictly with the trading of cryptocurrencies and doesn’t even support fiat currencies. However, this is very common among crypto exchanges, especially the large Chinese ones. Traders must acquire Bitcoin (BTC), Ethereum (ETH) or other cryptos from a different exchange with fiat currency before trading on Bibox. With that said, the crypto markets in which traders can exchange cryptos are Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Dai (DAI), and Bibox Token (BIX). The total number of cryptocurrencies available on the exchange is over 70 and counting, with over 150 trading pairs. Most of these cryptocurrencies are available under the Bitcoin and Ethereum markets, with the others only having a select amount. For instance, the BIX market features 13 cryptos, the USDT market features 11 cryptos, and the Dai market features 2 cryptos.
Fees and Commission
One of the main benefits of trading on the Bibox exchange is their extremely low trading fees. Traders only need to pay one fee for all types of trades, the maker and taker fees are the same. The trading fee imposed on all trades is only 0.1% and can be further reduced when paying fees with the Bibox Token (BIX). This gives traders an incentive to buy and hold Bibox Tokens for discounted fees. As for deposit and withdrawal fees, there are no fees on deposits. Withdrawals on the other hand come with a fee of 1% of the withdrawal amount and require a minimum of $15 to be withdrawn. All in all, the fees and commissions imposed on traders is relatively low compared with most of the competition.
Security and Fairness
The Bibox exchange is not regulated, but still employs all the necessary security measures and level of fairness as a regulated exchange. Bibox is relatively new, so they still need to prove the test of time, but thus far they have been a safe and secure crypto exchange with no hacks or loss of funds. They hold the majority of crypto funds in offline cold storage wallets and employ the latest security measures such as SSL encryption and two factor authentication methods. Also, Bibox treats all of their clients fairly and provides the same tools, features, fees and opportunities to everyone, no matter how big or small their trading volume or deposit amount is.
Support
The support offered by Bibox is one of the exchanges strong suites. It has been reported that support representatives are very quick to respond as well as friendly and helpful with their responses. The support methods available include email or a support ticket system. While these contact methods are limited, they are often sufficient for the majority of users. As well, they are available 24/7. Additional methods of support include reaching out to Bibox on their social media channels and browsing through helpful information on their support page or FAQ page.
Conclusion
It’s evident that Bibox is a quality cryptocurrency exchange who offers competent trading services while differentiating themselves from the rest. The trading platform is very user-friendly while also being highly advanced and sophisticated. The AI algorithms is an interesting aspect and the very low trading fees are very enticing. Also, the customer support is very good. All in all, the Bibox crypto exchange is one of the better exchanges we have reviewed.
Bibox Q&A
The following are the common questions that customers inquired about Bibox.
Is Bibox regulated?
No, it is not regulated.
Is Bibox a scam?
No, Bibox is a legit exchange and is trusted and used by many.
Where is Bibox based?
Bibox is based out of Hong Kong.
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