The strong development of cryptocurrencies has led to increasing demand for crypto transactions and storage. Choosing a suitable exchange will give us more peace of mind. If you are looking for a safe, fast, easy to use and low-cost exchange, then Bibox will be an option not to be missed. In today’s article, will introduce you to what Bibox is and how to register for an account on Bibox.
What is Bibox?
Bibox exchange is a China-based cryptocurrency exchange founded in 2017. There are various online sources claiming that the exchange was founded by former employees of companies from the exchange. Binance.
Additionally, the operation team is said to include the co-founder of OKCoin and the founding members of Huobi. However, the company did not provide any factual information about the staff and as a result, this information remains unconfirmed.
In addition to providing access to a wide range of altcoins, Bibox exchange also uses encrypted and AI-enhanced algorithms to assist traders in making trades and transactions.
Even though it was launched in 2017, Bibox has proven popular and has generated a significant volume of transactions. There are currently over 60 Coins listed on the exchange, with 145 market pairs linked to the 5 base currencies Bitcoin (BTC), Ethereum (ETH), Tether (USDT), DAI, and Bibox Token (BIX). ) available.
Bibox is currently the 14th exchange by total daily trading volume and is currently generating approximately 84,000 worth of BTC transactions per day, according to CoinMarketCap.
The exchange also generates over $300 million worth of trades per day, and this figure is currently dominated by the BIX/ETH pair which currently accounts for over $66 million in daily trades. The ETH/BTC and BIX/BTC pairs also generate over $30 million worth of daily transactions.
The Bibox team has developed an easy-to-use platform with an intuitive user interface that allows users to perform similar trading operations with platforms like Binance – the world’s leading exchange. To attract traders to its platform, Bibox also uses several important features.
What is Bibox Token (BIX)?
Similar to Binance’s BNB and Kucoin’s KCS. Bibox launched the BIX coin and issued it during the initial coin offering (ICO). BIX coin is used to pay transaction fees on Bibox exchange. This is one of the tokens running on the Ethereum Blockchain platform under the ERC20 standard.
BIX token is a token issued by Bibox in the form of an ICO to serve the needs of traders to pay transaction fees on the exchange. The BIX token is run on Ethereum’s blockchain platform in compliance with the ERC20 standard.
BIX tokens A total of 271.5 million BIX tokens were issued, unsold during the ICO will be destroyed. Anyone can track BIX derivative transactions on Etherscan.
55% of tokens will be sold during the ICO, 35% belongs to the development team, 10% belongs to investors.
There are 271,500,000 BIX tokens issued, after the ICO, 35% will belong to Bibox development team, 10% of investors. BIX token holders will receive a 50% discount on all trading fees on Bibox for the first year. The discount percentage will be halved each year, to 25% for year 2, 12.5% for year 3, 6.25% for year 4 and to 0% in year 5.
Like Binance’s BNB token, Kucoin’s KCS, the BIX token has a great investment value because it is an exchange coin, which will be created with many conditions to increase the price.
Outstanding features of Bibox
Bibox uses a web-based trading platform and has an easy-to-use and intuitive user interface that is rich in functions. Features such as orders, trading history, and charts are responsive, and the platform also allows traders to choose from a more advanced full-screen or basic interface. The platform also includes a number of advanced technical analysis indicators.
The Bibox team strives to develop technology and use AI-based modules and other smart tools to enable fast and reliable automated trading. The team also enables the integration of API interfaces with other trading services and provides desktop clients for PC and Mac, as well as mobile apps for both Android and iOS users.
Bibox exchange offers a good range of trading options and users have access to a large number of virtual currencies, limits and market orders, and a simple fee structure, with a 0.1% transaction fee for all users. Investors can also get a 50% discount on transaction fees if they pay in BIX when trading any Token on the Bibox platform.
Customer support service
The website currently offers 5 languages including English, Chinese, Russian, Korean and Vietnamese. In addition, the support team is always online to resolve any issues 24/7 and users can contact the team by opening a ticket in the Support Section.
The Bibox team can also be contacted via the Twitter account, Telegram, and Facebook page. There is also a FAQ page in the Support Section that addresses the most common problems, as well as a number of well-written guides to help users navigate the platform.
Review of BiBox Exchange
Advantages BiBox Exchange
- Low transaction fee: only 0.1%/1 transaction, if you trade with BIX, the transaction fee is only 0.05%/1 transaction, much cheaper than poloinex, Bittrex.
- High security: bibox uses a multi-layer architecture design system, so it is very stable and safe. This is the most advanced security system in the world, and for user accounts, bibox uses 2-layer security. 2FA, and SMS.
- Easy identity verification: with bibox you can easily verify your identity, to improve your BTC withdrawal level up to 30 BTC/1 days, but if you don’t verify it, you can rest assured to trade because You can withdraw up to 2 BTC / 1 day.
- Support many current technology devices: web, mobile, PC, html5, webchat, AI transaction assistant.
- Support many different coins: although newly established, bibox also supports trading a lot of coins, of which there are 4 main listed coin pairs: ETH, BTC, USDT, and DAI.
- Strong development team: Bibox’s development team is the leader of the 2 top-class exchanges in China, OKCoin and huobi.com, so you can rest assured.
- Has its own coin code: bibox is like Binance and Kucoin also has its own token, BIX.
- Margin Trading will be added in the future (in development).
Defect BiBox Exchange
- In addition to the above advantages, bibox also has some disadvantages as follows:
Chart: hard to see but in return full of indicator tools.
- Support team: The support time is quite slow, but when receiving a response, it is also handled quite ok.
- Language support: Bibox supports quite a few languages, only Chinese, English, and Korean, the support is mainly in Chinese.
- Not popular among traders and only serving Chinese people.
There are still few traders.
Currencies supported on Bibox Exchange
Bibox currently operates as a Crypto Crypto exchange and does not support fiat currencies. However, the team has announced that they plan to incorporate fiat pairs in the future. Until then, traders can use digitized currencies like USDT or DAI that are available to trade on the platform and act as more stable options when compared to the majority of assets. other digital.
There are currently over 60 Coins available on the platform with 145 market pairs linked to the 5 base currencies BTC, ETH, USDT, DAI, and BIX. The selection includes popular coins like Bitcoin, Bitcoin Cash (BCH), Dash, EOS, Ethereum, Litecoin (LTC), and NEO.
Bibox also provides access to several NEP-5 Tokens and other cryptic coins such as CPChain, ELF, HPB, IoT Chain, KEY, Pundi X, and Trinity. Bibox often appeals to traders looking to trade in some markets more obscure coins and also allows users to vote on lists of potential coins.
Just like the Binance exchange that has BNB Coin, the Bibox platform also incorporates the Bibox Token (BIX) which allows users to receive a 50% discount on transaction fees when paying with BIX to trade any Token on the Bibox platform.
Transaction fees on Bibox
Using the native Bibox Token (BIX) platform to make trades will result in a discount fee on the exchange. This is seen as an incentive for users to buy, use and hold BIX. Investors who do not use BIX are subject to a 0.1% transaction fee for all types of transactions.
There is no fee for crypto deposits, however, withdrawals are charged a network transaction fee and withdrawal fees will be adjusted according to the blocking situation.
Withdrawal fees vary depending on the currency selected, and fees include 0.0005 BTC for Bitcoin, 0.006 ETH for Ethereum, and 0.005 LTC for Litecoin. Other currencies that are more expensive to withdraw like ELF incur a 3 ELF fee.
Is Bibox Exchange safe or not?
Bibox implements several security protocols to protect customer accounts and supports Google’s Two-Factor Authentication (2FA), SMS Authentication, and Funds Password. Teams also provide a complete login log to help users track their account activity.
The team did not give a huge amount of detail regarding storage operations but claimed to store the majority of user funds offline in cold storage wallets. So far, Bibox has not been hacked.
The exchange’s incorporation of several features designed to facilitate transactions, such as microservices splitting, which breaks down large volume transactions into smaller bits, can be done securely. and more efficient.
The platform is also controlled and governed by an AI system that solves any possible errors in daily operations. Bibox also uses API interfaces such as RESTful, Websocket, and Fix, to help mitigate any sudden currency changes and losses.
Registering an account on Bibox
- Step 1: Go to Bibox.com and select Signup.
- Step 2: An email with a verification link will be sent to the email address provided.
- Step 3: Check the mailbox in the Email and click on the link to confirm the account. It is done!
Instructions for trading on Bibox
Select Funds, and search for the type of Coin you want to deposit, and select Deposit. Then copy the requested deposit address and paste it into your coin wallet. Please check all the details carefully, once the deposit is successful, a confirmation email will be sent to the user’s email address.
You can trade the Coin you want through one of the basic virtual currencies on the Bibox platform. Coin types include BTC, ETH, USDT, DAI, and BIX. Bibox also offers traders the choice of using a basic platform mode or a full-screen mode, and the latter option is more advanced and includes more sophisticated technical analysis tools.
However, to trade quickly, simply click the Token Trading button and select your preferred base currency (Ex: BTC), and then search for the currency you want to buy.
- On the left, you will see the market price being offered.
- In the middle of the chart display, you can choose between a candlestick chart and a market depth chart. There are tools at the top to change the time period, show moving averages, Bollinger Bands, etc.
- And below the charts are Buy and Sell Boxes for placing Limit Orders.
Enable 2-Factor Authentication (2FA)
There are 3 types of authentication available on Bibox exchange, including:
- SMS authentication;
- 2-Factor Authentication (2FA);
- Fund password.
The thing to note is to note down the key that shows up under the QR code. This is a backup key that users can use when losing their phone. Another thing is to screen print the QR code along with the Key and keep them in a secret place.
Once Google Authenticator is installed on your phone, open the app. Press the + button and scan the QR code with the camera.
Google Authenticator will now display a 6-digit code. The code will be continuously refreshed every 30 seconds.
After entering the code, you have successfully set up the 2FA feature on your Bibox account. Each time you log in to Bibox, you must enter the code displayed on your mobile device.
Overview of the Exchange Bibox
- Website: https://www.bibox.com
- Facebook: https://www.facebook.com/Bibox365
- Twitter: https://twitter.com/Bibox365
- Reddit: https://www.reddit.com/r/Bibox/
- Instagram: https://www.instagram.com/bibox365
- Exchange token: BIX
- The total number of coins that Bibox has issued: 271.5 million coins.
- Bibox token uses 20 ERC algorithm
Bibox is a new platform set out to cater to the Chinese market. However, the exchange has rapidly increased in popularity and gained traction with international investors. Bibox exchange provides a good trading platform that aims to allow users to get the same user experience as using sites like Binance and Huobi.
The team seems to be trying to increase market share by combining features like margin trading, open spot trading, and various AI-based data algorithms. The site is currently using a memory matching system that helps deliver speeds in the megabits per second region and provides users with a unified market input/output data, as the platform filters out large amounts of data. alternative currency and provide users with the most efficient transaction available at any given time.
Due to the lack of information regarding the founding team and the fact that Bibox is not a fully transparent and public compliant exchange, it may not be for everyone either.
However, Bibox exchange will suit traders who want to trade rather than looking for new coins and who are interested in some advanced data features and margin lending features. Bibox is a viable option for both new and more experienced traders. Since the exchange is relatively new, Bibox may be more suitable for experienced traders of the crypto community.