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Bibox Review – is it scam or safe?
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Trading Accounts & Conditions
|Account type||Leverage||Maker Fee||Taker Fee||Deposit Fee|
|Standard||1:1*||0%||0.15%||Crypto only: Free|
Bibox is a relatively new Chinese cryptocurrency exchange, which is quickly gaining popularity. They appear to be copying the model provided by Binance – have multiple altcoins, and offer a token, which allows users to lower their fees.
Bibox is now affiliated wit LinkCoin, a platform which allows users to deposit fiat currencies. While we aren’t certain if they are the exact same company, they are connected in a lot of ways.
Experienced team – according to multiple sources, Bibox was founded by people who were previously involved with other exchanges, like OKCoin and Binance. This is a positive sign, despite the fact the company does not provide a presentation of their team (and the information is not confirmed).
2FA supported – this exchange supports the popular security, which allows you to verify logins with a mobile app. This way, even if someone knows your e-mail and password, they will need access to your smartphone in order to hack your account.
Solid platform – the trading interface provided by Bibox has two layouts. The simple one has a bit too much information put together in a small portion of “screen space”, but is still rather intuitive. In contrast, the full screen one places a lot of focus on the charts. Here is a screenshot:
Very low fees – one of the biggest advantages of trading at Bibox is the fact it’s very cheap, when compared to other exchanges. With a market taker fee of 0.15% and no fees for makers, active traders should enjoy this venue. As a comparison, most established trading venues charge around 0.20-0.25%.
BIX Token – Bibox was created with an ICO, which gave investors a new token. It can be used at the exchange, to reduce the costs of trading even further. There are speculations for further benefits for BIX holders, but the information is a bit conflicting. In case you want to pay your fees with tokens, the discount will be as follows:
Wide range of altcoins – the number of digital assets traded at Bibox is impressive – there are over 80 coins, with new ones being added constantly. They are traded against BTC, ETH, USDT and DAI. Some of the popular coins at this exchange include Litecoin, EOS, NEO and TRON, while one of the more interesting alternative ones is the High Performance Blockchain (HPB).
Chinese exchange – while Bibox seems to be very open towards foreigners, unlike some other locally oriented exchanges, the risk of further regulation is still present. Rumors of China banning cryptocurrencies in one way or another reappear every few weeks. They may have lost credibility at this point, but there should be at least some basis behind them.
No direct fiat currency deposit methods – Bibox is definitely not an entry-level exchange, but has partnered with LinkCoin, which is. Still, those of you who are new to the space, may like to look at the companies which accept credit cards.
Bibox is a new Chinese cryptocurrency exchange, which is on the rise. They provide vcry low costs of trading, a decent platform and slightly unusual (albeit extensive) coin offering. Updates are constant, with new coins being added frequently.
In order to properly judge such a young project, one must look at the user review. While the English ones are relatively few, they are mostly positive, with complains being focused mostly on the speed of customer support.
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Keep in mind, whenever you are dealing with a centralized cryptocurrency exchange they are the ones holding your coins. This leaves to the inherit risk of the company simply shutting down and running away with all the clients’ funds. This is not the case, with highly regulated forex brokers. Check the link below for more info.
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
Bibox Review – Cryptocurrency Exchange
Risk Warning: Your capital may be at risk
Bibox Review – Cryptocurrency Exchange
Bibox is another cryptocurrency exchange that means to offer its individuals an other option to platforms, for example, Binance and Huobi that are as of now at the front line of the cryptocurrency exchange market. The site has been in operation since 2020 and gives access to an extensive variety of coins, furthermore, the site makes use of smart AI algorithms that have been intended to help in the execution of ideal exchanges and transactions, and maximizes any potential returns. However, because its new, Bibox is as yet something of a puzzle to a significant number of cryptocurrency merchants.
What Is Bibox?
Bibox is a crypto to crypto exchange situated in China that was set up in 2020. There are different online sources stating that the exchange was established by the previous representatives of organizations, for example, Binance , OKCoin and Huobi. The team is said to include the prime supporter of OKCoin and founding individuals from Huobi, however, the company does not give any real information regarding the make-up of its team, and therefore, this information presently can’t seem to be affirmed.
Notwithstanding providing access to an extensive variety of altcoins, Bibox additionally utilizes AI improved and encoded algorithms that help merchants in performing exchanges and transactions. Notwithstanding just starting in 2020, Bibox has turned out to be extremely famous, and is as of now generating a significant measure of trading volume. There are right now more than 60 coins recorded on the exchange, with 145 market sets linked to the 5 base monetary standards of BTC, ETH, USDT, DAI and BIX being available. Bibox is at present a main 10 exchange in terms of both BTC and general day by day trading volumes and is as of now generating approximately 33,000 worth of BTC exchanges multi day. The exchange is additionally generating approximately $250m worth of trading multi day and this number is right now being dominated by the BIX/ETH pairing which at present accounts for over $66m worth of day by day exchanges. The ETH/BTC and BIX/BTC pairings additionally create over $30m worth of day by day trading each.
The Bibox team have built up a simple to use platform, with an intuitive user interface that allows users to direct their trading action in a way that is like platforms, for example, Binance, which is the world’s leading exchange. With a specific end goal to pull in brokers to its platform, Bibox likewise makes use of various significant key features.
Bibox utilizes an online trading platform, and features a simple to use and intuitive user interface that has an extensive variety of capacities. Features, for example, arrange book, trading history, and responsive diagrams are included, and the platform likewise allows brokers to look over a fundamental or full screen further developed interface. The platform additionally includes various further developed specialized analysis indicators.
The Bibox team endeavor to be mechanically best in class and use AI based modules and other smart devices to allow for swift and solid computerized trading. The team additionally allow for API integration with other trading services and give a PC and Mac work area customer, and also a mobile app for both Android and iOS users.
The exchange gives a good scope of trading choices and users approach countless, farthest point and market orders, and a straightforward expense structure; with a 0.1% trading charge for all users. Dealers can likewise get a half rebate on transaction fees if they pay with BIX when trading any token on the Bibox platform.
The site is available in English, Chinese, Russian, Korean, and Vietnamese. What’s more, a help team is available to manage any issues every minute of every day, and users can contact the team by opening a ticket in the Support Section. The Bibox team can likewise be reached by means of their Twitter account, Telegram gathering, and Facebook page. There is likewise a FAQ page in the Support Section that addresses the most well-known issues, and also various plainly composed Guides that assistance users to explore the platform.
Bibox Account Signup
Creating an account is a straight forward process, and the main page has a blue “Information exchange” tab at the upper right of the page.
1) Create an Account
Visit the Bibox site and tap on the “Information exchange” button. You’ll be looked with the following alternatives.
You can tap on the link to sign into your account, or you can duplicate the link and glue it into the asked for field, and furthermore enter your email and secret key and tap on “Sign In.”
Instructions to Trade on Bibox
Sign in and tap on the “Funds” button, search for the coin you wish to deposit and tap on “Deposit”. After this, duplicate the required deposit address and glue it in your coin’s wallet. Make sure to check every one of the points of interest deliberately. When you effectively made a deposit, an affirmation email will be sent to your email address.
You can exchange your coveted coins by means of one of the construct monetary forms in light of the Bibox platform. These include BTC, ETH, USDT, DAI and BIX. Bibox likewise gives brokers the decision to use an essential platform mode or a full-screen mode, and the second choice is further developed and includes more refined specialized analysis apparatuses. However, to exchange rapidly, simply tap the “Token Trading” button and pick the favored base money, e.g. BTC, and afterward scan for the money you might want to buy.
On the left you will see the market prices individuals are offering
The focal point of the screen contains the diagrams, you can pick between a graph which demonstrates the candles and a market profundity outline. There are devices at the best to change the day and age, indicate Moving Averages, Bollinger Bands etc.
What’s more, under the diagrams are your Buy and Sell boxes for placing Limit Orders.
The “Funds” area contains every one of the capacities regarding depositing and withdrawing and keeping in mind the end goal to influence a withdrawal, to tap on the “Funds” button, at that point search for the coin you need and tap on “Pull back”. The screen will then show the significant insights regarding sums and addresses. Enter all the essential points of interest and tap the “Pull back” button. An affirmation link will then be sent to your email. Check every one of the points of interest precisely and afterward tap on the link to affirm the withdrawal.
Bibox works various verification levels; however, unverified accounts can exchange uninhibitedly and make withdrawals of up to 2 BTC every day. Verification does not constrain your every day trading movement, and to finish your profile verification, it’s important to give your locale, full name, visa number, and a filtered duplicate of your identification. Additionally, anybody looking to have their account completely verified will be required to present a photo of themselves holding their international ID with a bit of paper saying Bibox along with the date the photo was taken. In the wake of completing this procedure, the day by day withdrawal cutoff will be increased to 20 BTC every day.
Anybody needing a higher utmost ought to send an email to [email protected] and make a specific demand.
Bibox presently works as a crypto-to-crypto exchange and does not bolster fiat monetary forms; however the team have reported that they plan to incorporate fiat pairings later on. Until at that point, brokers can make use of digitized monetary forms, for example, USDT or DAI that are available to exchange on the platform and go about as more steady choices when contrasted with the dominant part of other digital resources.
There are as of now more than 60 coins available on the platform with 145 market sets linked to the 5 base monetary standards of BTC, ETH, USDT, DAI and BIX. The determination includes prevalent monetary forms, for example, Bitcoin, Bitcoin Cash, Dash, EOS, Ethereum, Litecoin and NEO. Bibox additionally gives access to various NEP-5 tokens and other more dark coins, for example, CPChain, ELF, HPB, IoT Chain, KEY, Pundi X, and Trinity. Bibox frequently pulls in brokers looking to bargain in a portion of the markets more dark coins and furthermore allows its users to vote in favor of potential coin listings.
Like Binance with their BNB Coin, the platform likewise incorporates its local Bibox token (BIX) which allows users to get a half rebate on transaction fees while paying using BIX to exchange any token on the Bibox platform.
Using the platform’s local Bibox Token (BIX) so as to influence exchanges to will bring about marked down fees on the exchange. This goes about as an incentive for users to buy, use, and hold BIX. Brokers who don’t use BIX are liable to a 0.1% trading expense on all exchanges. There are no fees for depositing digital forms of money, however, withdrawals are charged a network transaction expense, and the withdrawal expense will change by block circumstance.
Withdrawal fees change depending on the money chose and fees include 0.0004 BTC for Bitcoin , 0.005 ETH, for Ethereum , and 0.005 LTC for Litecoin . Different coins are more costly to pull back, for example, ELF which incurs an expense of 3 ELF. Is BiBo Safe?
Bibox executes various security protocols to ensure customer accounts and backings Google Two-Factor Authentication, SMS Authentication, and a Funds Password. The team likewise give an entire login record to enable users to monitor their account movement. The team don’t give out a lot of insight regarding their capacity rehearses but do claim to store the lion’s share of user funds offline in cool stockpiling wallets. Up until now, Bibox has been strong to any hacks.
The exchange incorporates various features intended to help trading, for example, a miniaturized scale service splitting which separates vast volume transactions into littler bits, which can be done all the more safely and productively. The platform is additionally controlled and governed by an AI framework that addresses any deficiencies that may be incurred during everyday activity.
From a useful standpoint, the framework utilizes the use of smart AI algorithms that have been intended to help in the execution of ideal exchanges and transactions (in order to maximize returns).
A portion of the other key features of this service include:
One of the key parts of Bibox is its use of a “microservice splitting” outline which helps breakdown voluminous transactions into littler bits. Accordingly, transactions can be done in a significantly more secure and productive way.
(ii) Prompt Service:
According to different online discussions and networks, for example, Bitcointalk, Medium, the team behind Bibox is involved individuals who are very knowledgeable in issues pertaining to blockchain , finance and AI.
(iii) Smooth Operations:
Another interesting feature of this item is its working effectiveness. To be more specific, we can see that Bibox makes use of a “memory matching framework” that can deliver speeds that range in the “megabits every second” area.
One of the key zones where this item really delivers is that of platform strength. Through the organization of an all new “distributed bunch” framework, Bibox can offer users with a consistent crypto encounter.
Other Key Aspects
(I) Integration + Compatibility:
This service accompanies integration features that allow for it to line up with other comparable crypto services in a totally bother free way.
(ii) Anti Fault Mechanisms:
As specified before, the AI framework that controls and governs BiBox has been intended to rapidly address any deficiencies that may be incurred during the running of the center programming.
According to the official company site, this service allows for a huge user throughput of up to ten million individuals.
What Benefits Can You Receive?
(I) Good Market Data Statistics:
One of the main preferences of using Bibox is its capacity to deliver clients with “unified market section/leave data”. The platform screens and sift through a lot of alt money data, and furnishes users with just the best investment bargains that are available in the market at any given point.
(ii) Multi Currency Support:
To help make transactions consistent, this platform allows for the use of a wide cluster of tokens (essentially any cash that is ERC20 agreeable). In its present incarnation, the framework underpins OmiLayer and EOS, but in the coming future, the company intends to allow for the help of fiat monetary standards, for example, CNY, HKD, EUR and JPY.
According to the company’s blog, they will allow users sooner rather than later to benefit of “open spot transactions” that can help meet requests pertaining to ‘short selling’ (in this manner preventing vast scale misfortunes for investors).
(iv) Risk Minimization:
Using API interfaces, for example, RESTful, Websocket and Fix, BiBox can help minimize sudden financial swings and misfortunes.
(v) Strategic Advice:
Using AI based modules and additionally other smart instruments, this platform allows for good exchange arrangements to go through with minimum human interaction conceivable.
Similarly as with all high quality blockchain services, Bibox is totally decentralized and in this manner allows for transactions to happen in a totally protected and straightforward way.
Fees, Deposits, and Withdrawals
We have just discussed as far as possible the site gives their clients giving you folks a thought of the cutoff points forced depending on the level of your account. As you may have seen at this point, the site works totally with the use of crypto therefore there is no Fiat choice for deposit and withdrawals.
Available coins for deposit/withdrawal are: BTC, BIX, ETH, ETC, BCH, LTC, BCD, USDT, EOS, TNB, BTM, CMT, PRA, LEND, RDN, MANA, HBP, SBTC, ETF, EMO, MKR, DAI, ELF, ITC, MOT, BTO, GNX, CAT, GTC, AWR, CAG, SHOW, AIDOC, AMM, WAX, C20, SNOV, BLT, DTA, GTO, JNT, SXUT, CZR, TNC, CPC, TRX, FSN, UUU, ABT, KICK, KEY, PXS, BBN, LEDU, MED, QTUM, NEO, DXT, LGO, DASH, NPER, and ACAT.
The most recent refresh regarding trading Fees is 0.10% for the Taker and Maker. As specified before, you get half rebate on the Fees if you use BIX to pay for the transaction. Furthermore, depositing cash into your Bibox.com account does not expect you to pay for anything and withdrawal fees are not charged straightforwardly by the site but rather are network fees.
Pros and Cons
An extensive variety of coins
No Fiat Payments
Use not available yet
Judging on how the site is outlined, clearly it was intended to cook the Chinese gathering of people but with the plan of providing overall scope. Bibox.com gives a decent trading platform that individuals would consider using in time (in the wake of adding influence) because of its temperament as a rule. You get 2FA security for your account; get the opportunity to browse dozens of crypto markets with one of the lowest trading fees in the business today. In spite of the fact that Fiat payments are not available, this is certainly not a definitive decision which can be included the future because of the quantity of individuals that really like trading with crypto and has the power of using Fiat in the meantime. If it’s not too much trouble share with us your own involvement with the site in the remark segment below.
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Orbex to signify that they are a player on the worldwide stage. The firm is situated in Cyprus and is managed and authorized by both neighborhood and other administrative bodies over the European continent.
It is of course no secret to those involved in the industry and others who are enthusiastic about cryptocurrency that crypto exchanges up until now lack being regulated.
This, unfortunately, as much as gives a wider margin to them to work, it also on the other hand opens the way to scam and risky dealing, in the shade of absence of a clear, straightforward law labels to regulate that business and chase those who run such exchanges when they fail to meet the compliance labels. Hence, most traders feel insecure in their trading, having concerns about whether they are opening their accounts with the right exchange or not.
For the above-mentioned reasons, and since we are leading veterans in the cryptocurrency market, its exchanges and pertinent type of business, at AtoZ Markets, such exchanges are usually given a rigorous eye for study from the senior management to junior editors, before introducing interviews about them to our readers.This comes from our high appreciation to the trust our readers put on us, which we exchange with our commitment to our honor in the market. In this review, we talk about Bibox. We will analyze one of the top 5 cryptocurrency exchanges.
Since traders have parted in two teams for this cryptocurrency exchange between with and against, here we are trying to answer the main question – “Is Bibox scam or reliable? Can I trust Bibox?As a reminder, at AtoZ Markets, Cryptocurrency exchange reviews are not sponsored and they are personal opinions by the authors.
If you are a trader, or investor and you want to share your opinion, please refer to our comments section below this review. Meanwhile, if you are from Bibox and you would like to add comments please contact AtoZ Markets editorial team, though, we don’t promise changing our opinion.
Bibox is based in Hong Kong, China. Currently, they have established operation centers in Estonia, the US, Canada, Mainland China, Hong Kong, and Japan to better serve their users.
In this Bibox exchange review, we analyse one of the top 5 cryptocurrency exchanges. Here, we will try to find out “Is Bibox scam or reliable? Can I trust Bibox?
Bibox is an enhanced and encrypted digital asset exchange that allows its users to trade more than 60 currencies.
To help you decide whether Bibox is a reliable crypto exchange for your trading needs, we’ve compiled a wide range of relevant facts and figures in this review. In this Bibox exchange review, we analyse one of the top 5 cryptocurrency exchanges. Here, we will try to find out whether Bibox is scam or reliable and trustworthy.
As a reminder, AtoZ Markets Cryptocurrency exchange reviews are not sponsored and they are personal opinions of the authors. If you are a trader, or investor and you want to share your opinion, please refer to our comments section below this review. Meanwhile, if you are from Bibox Exchange and you would like to add comments please contact AtoZMarkets editorial team, though, we don’t promise of changing our opinion.
Is Bibox Safe?
Security is huge for Bibox.com that’s why they provide services beyond your login password. They support Google Authentication, SMS Authentication, and Funds Password. The added security measures make all registered customer’s accounts safe and away from a potential compromise of account. Aside from the multiple layer of passwords, the website also provides a complete login record to help you keep track of your account’s activity.
Is Bibox reliable or SCAM?
After carefully examining in depth about the Bibox cryptocurrency exchange, it became evident that the exchange offers exceptional cryptocurrency trading services. It offers a vast variety of cryptocurrencies to exchange in a number of markets. The website and platform operate very efficiently, and the customer support is pretty good as well. It is unfortunate that this exchange doesn’t offer fiat currency pairings, but this doesn’t violate deal for many. All in all, the Bibox exchange is a comparatively good exchange with decent trade volume and low fees.
According to the research made by our AtoZMarkets team, Bibox has proven to be reliable and trusted exchange among crypto traders. On top of that, Bibox is a very legit exchange and is not a scam.
Bibox trading fees
This exchange offers competitive 0.1% trading fees as well as fee discounts for holders of its native BIX token. The trading fee of 0.1% will be deducted from your balance.
You will enjoy a 50% discount on transaction fees if you pay with BIX when you trade any token on the Bibox platform. If you hold enough BIX to pay for transaction fees, the system will calculate transaction fees according to the market price and convert the fees to BIX with 50% discount for payment completion.
Bibox takers fee
The rate of trading fee is 0.1% for Taker.
The “taker” is a trader who removes the liquidity from the book by placing an order that matches immediately with an existing order on the book.
The rate of traiding fee is 0.1% for makers.
The “maker” is a trader who provides liquidity to the order book by placing a limit order below the best ask price for the buy and above the best bid price for the sell.
Bibox deposit fees
Bibox doesn’t charge any fee for the deposit.
Bibox abides the regulatory laws of the governments that regulate the participation of their citizens in crypto trading. However, Bibox claims to confirm that you comply with the laws and regulations of the country and are willing to bear all the legal consequences arising thereof.
User Interface (UI)
Bibox keeps its website simple and eye-friendly. The user interface is more easy to understand, and traders can’t miss their way on it. The menu is categorized properly and there is a visible tile one can spot, where they can download the application for all the platforms in use.
The platform of Bibox exchange is pretty basic compared to other crypto trading exchanges in the market. The chart is located in the center of the platform and the order slip is right below that. Order slip displays the best price that you have for the day.
However, you can change it manually by clicking on the price box and entering the desired buy/sell price.
The exchange doesn’t charge any fee from their side for the withdrawal process. However, the withdrawal fee i.e. network transaction fee will vary according to the following table
Bibox’ customer support team stands ready online 24/7 via phone support to help customers to effectively resolve any trading issues.
Based on the direct check and the survey with their customers we, at AtoZ Markets, have carried out, their support team seems to be responsive and efficient in dealing with the
The support team can be reached out through live chat, phone numbers, and emails, as their website shows, while bellow we are gonna review the pros and cons of the exchange:
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