Ease of use and safety
The Bibox platform has a nice user-friendly interface. It is designed so that each consumer can quickly find themselves on the pages of the trading exchange. If we consider its safety in more detail, then the following methods are available on the site:
1. Login and password. An elementary method of protection, installed independently by the user.
2. SMS authorization. When it is turned on, the consumer receives an SMS notification with a code to enter his office on the exchange. This technique is considered less reliable, as hackers often manage to hack smartphones.
3. Google authorization. A method due to which, when entering the exchange, the user receives an individual code and enters it into the appropriate line.
4. Setting a second password. Bibox allows you to create a spare password for withdrawing money from the exchange.
After that, it will be more difficult for hackers to withdraw funds from the trader's wallet, at least if they do not have a second password. The degree of protection is significantly increased.
The platform of this cryptocurrency exchange is divided into several key areas. There is a chart, an asset selection window, you can contemplate open and closed positions, there is a window for making transactions. Let's consider each of them in more detail:
Bibox has created a unique chart for tracking the value and analysis of cryptocurrency pairs.
The price is represented here as Japanese candlesticks.
Below, under the chart, you can see the volumes.
A window with positions is located under the chart.
Here you can view information by date, market, asset category, its current value, quantity, total transaction amount.
For clients, information is available both on open orders and on already completed transactions.
Finally, the window for opening positions. There are two types of orders available on the Bibox exchange - market and pending.
The first one allows you to open deals at the current value, and the second one allows you to place orders at the price desired by the trader.
The second option is suitable for those who know how to analyze the market and can assume one or another mark.
In the window, the price is set to the desired price of the quote (you can also select the current value). In the quantity window, the position volume is set.
When everything is ready, the trader can choose to leverage.
The Bibox platform offers work with leverage. There are options available in 25, 50, 75 and 100%.
To become a Bibox customer, you need to enter your email address, password and confirm your password.
An email will be sent to the email address with a link that you need to follow to confirm. After that, you can start trading. In this case, the trader will have certain restrictions on the withdrawal of funds - the limit is 2 BTC per day.
To increase the limit, you must go through the Bibox verification procedure.
It involves providing the exchange with a scanned copy of an identity document, as well as registration at the place of residence.
Deposit and withdrawal of funds
On the Bibox exchange, you can replenish your trading account and withdraw money only in cryptocurrency.
First, you need to deposit funds.
This procedure can take from a few seconds to several minutes.
There is no minimum entry threshold.
After trading, the trader can withdraw the purchased cryptocurrency.
Commissions and restrictions
As noted above, newly registered users who have not yet had time to pass verification can trade on the Bibox exchange without restrictions, but they have withdrawal limits.
At the time of this writing, the token capitalization is $ 77 million.
Coin costs over $ 0.50. The trend is neutral. But as demand for the exchange's services grows, the coin may also begin to rise in value.
What are Bibox tokens used for? Primarily for trading on the stock exchange.
Here you can both buy and sell them. Owners of internal cryptocurrency receive various privileges, including a reduction in commissions for conducting transactions on the site.
Bibox conducted an ICO in the fall of 2017. Ethereum tokens were accepted as part of the initial offer.
For one Ethereum, the exchange offered 2000 BIX units. After 11 days, the amount of BIX per Ethereum dropped to 1,800.
The idea of introducing internal coins was borrowed from the Binance exchange. Those who want to place their cryptocurrencies on the crypto-exchange must buy a certain amount of BIX.
Bibox mobile app
The cryptocurrency exchange offers its own iOS app. You can download it on the website.
It also offers instructions for installing and using the terminal, available by scanning the QR code.
Advantages and disadvantages of the Bibox exchange
The advantages of working with the site include the following points:
• High degree of security. The company offers users a variety of security features, ranging from multiple passwords to two-factor authentication. In addition, the service divides transactions to achieve greater efficiency and protect each individual transaction.
• On specialized forums and sites, you can find information that the Bibox team is well versed in blockchain technology, finance and artificial intelligence.
• Extremely efficient service work. This is another specificity of the online product. Bibox cryptocurrency exchange uses a special technology of the memory selection system so that the service speed is evenly distributed.
• Stability. The site has implemented a new distributed cluster technique that provides increased stability of the Bibox exchange.
• Integration and compatibility. The platform has implemented mechanisms for integration and compatibility with other cryptocurrency services.
• Failure prevention system. The Bibox site is controlled by artificial intelligence, which monitors the operation of the system and quickly responds to any errors that may occur during the operation.
• Scalability of the site. According to the information on the official website, the scalability on the platform can reach 10 million users.
• Complete market statistics. One of the most important advantages of the platform is that it provides a lot of market statistics for both opening positions and closing them. Thus, users are able to open the best deals at any given time.
• Support for a wide variety of cryptocurrencies. In order to diversify, the Bibox service offers users a wide range of cryptocurrency assets (mostly ERC 20 compliant). At the time of this writing, work is possible exclusively with digital currencies. Equivalently added USDT. The project team plans to add fiat currencies such as the Chinese yuan, Hong Kong dollar, euro and Japanese yen.
• As the organization assures, in the very near future it will be possible to carry out the so-called short sale deals. Such contracts enable clients not to lose money in the event of negative price fluctuations.
• Minimization of risks. The use of different APIs helps to reduce the risk of sudden price changes.
• Strategic advice. Bibox implements modules and other tools based on artificial intelligence.
• Decentralization. The exchange is decentralized. Accordingly, all transactions are completely transparent and secure.
• Margin trading. You can open positions on the exchange using leverage. This approach allows you to get more profit with less investment.
The disadvantages include the following points:
• Low trading volumes and weak liquidity. At the moment, this leads to the fact that users are not always able to open positions at the desired price. In addition, one of the problems can be a rather high volatility and the risks of deliberate pumps and dumps.
• Users note the limited functionality of the site. Leverage is an absolute advantage of working with the site. However, only market and limit orders are available here, which is not always suitable for professional traders and investors.
• On the Internet, you can find a lot of negative reviews in relation to the project's technical support service. Some users are even interested in whether the project is just another scam.
There is no detailed information on how to store cryptocurrency. This is a disadvantage, since the user does not know how protected his funds are after they are transferred to the exchange. Lack of fiat. Prospects and promises are good, but at the moment it is possible to replenish trading accounts only in cryptocurrency, which somewhat limits the possibilities of traders.