bibox

Bibox Review (2019)

in Use Crypto by

What is Bibox?

Bibox Exchange is a young Chinese cryptocurrency marketplace with big ambitions. It appeared in 2017 and is gradually gaining positions in the market with increasing trading volumes. There are several languages available on this exchange, including Russian. Localization allows CIS traders to easily start working with this platform. Bibox offers wide functionality not only for private traders and investors but also for companies. According to Coinmarketcap, the turnover of the platform per day is almost 20,000 BTC. Many users say that Biboxs interface, functions and business mode is very alike with its main competitor aka other Chinese exchange platform – Binance. Moreover Bibox uses same strategy to lower commissions by introducing its own coin very much like Binance.

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Commission fees on Bibox

Already on the main page of the exchange displays the current rates of cryptocurrency. They are divided into markets: BIX; ETH; BTC; USDT; DAI. There is a field for a quick search for currency, as well as the “Favorites” function. Fiat on the platform is missing, there is only Tether. You can replenish any of the Bibox cryptocurrency accounts without commission, and when removed, the site keeps a fee equal to the network commission. Commission size:

  • Bitcoin 0.0004 BTC
  • BIX Token 3 BIX
  • Ethereum 0.005 ETH
  • Ethereum Classic 0.005 ETC
  • Bitcoin Cash 0.005 BCH
  • Litecoin 0.005 LTC T
  • Tether 35 USDT
  • EOS 0.3 EOS

The amount of commission may vary, depending on the situation and the load of a particular blockchain network.

Starting with Bibox

The Bibox site uses an SSL certificate that protects user data from possible interception. No incidents of hacking or long delays occurred during transfers. Unless there were claims of non-payment by the exchange of awards to partners who were engaged in attracting new users. To protect users and their accounts added 2FA, SMS confirmation, payment password. The personal account records the time of authorization and the IP address from which the login was performed.

Bibox works with ETH, BTC, USDT, and DAI. This is a digital asset exchange, fully tied to AI. Here you get the opportunity of peer-to-peer trading in the same way as on the decentralized EtherDelta Exchange. The main goal is to provide a quantitative calculation and analysis of the trade. In the near future, it is also planned to add fiat currencies to the exchange. It is still unclear how the company implements the technology of artificial intelligence. The team has not yet released data on the internal work of its platform.

In addition to desktop applications for Windows and MacOS, which allow trading on the stock exchange with the highest speed and stability, Bibox offers Android and iOS mobile applications for remote work. Also, they can be downloaded by scanning the QR code in the “APP” section of the official website.

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Security measures

For a short time, Bibox did not compromise its reputation – there was not a single incident of hacking, theft of funds or information. But there is one question that traders ask in a review to the site – where all the assets that are on the exchange are stored. The administration of the exchange has not yet released this important information. The simultaneous use of all options will ensure the most secure storage of digital assets and data on Bibox.

Review Recap

Traders increasingly prefer decentralized exchanges that offer a higher level of security and independence from external factors. This explains the success of the Bibox exchange from the very early stages of launch. Although the platform is already fully operational, it does not stop its development – the listing of currencies is constantly updated with new promising tokens, functions are added, increasing profitability and expanding the capabilities of Bibox clients.

I’m a freelance writer and full-time curious person. My main interests are philosophy, politics, art, culture, science, and how they’re all interlinked. When I’m not writing, I’m fronting a band, producing records, and making videos. I’m also currently working on launching a YouTube channel that will focus on culture and politics. I think blockchain technology is fascinating because of the huge potential it has to revolutionise not only the financial sector, but society as a whole.