Beaxy Cryptocurrency Exchange Review : Pros & Cons

About Beaxy

Launched on 10 Jun 2019, Beaxy Exchange is a centralized exchange, headquartered in The Board of Trade in Chicago, IL. The exchange claims to support 6 fiat pairs, a two-way fiat ramp, credit and debit card support, and spot cryptocurrency trading. It is a U.S. registered, FinCEN money servicing business. Cryptocurrencies are reportedly secured by Curv institutional custody and fiat accounts are insured up to $250,000. Beaxy Exchange offers prebuilt TA, signals, for cryptocurrencies listed on their platform. Members of their team have reportedly built trading desks in Chicago, IL. Their API feature REST and WebSocket as well as FIX, view the documentation here.

Information Table

How To Register At Beaxy Exchange?

To register on Beaxy, click Register Now button at the top of the page. You can also start creating an account directly through the form on the main page.

You only need to enter your e-mail and come up with a password. If there is a referral code, it is also entered at this stage. Password requirements: at least 8 characters, numbers, upper and lower case.

Click ” Create Account ” then go to your email to verify it. Enter the code you received and registration is complete. You can start replenishing your account.

How To Verify Your Beaxy Cryptocurrency Account ?

There is no mandatory verification at Beaxy, but you can pass it if you wish. At the moment, the only restriction imposed on unverified users is the withdrawal limit of 1BTC. In the future, depending on the actions of regulatory authorities, conditions may change.

For verification, you can use one of four documents to choose from: passport, driver’s license, identity card or residence permit. Artificial intelligence is used to evaluate the authenticity of documents. This service is provided by the Onfido online identification service, already used by the Beaxy, Revolut platforms.

How To Buy Crypto Or Deposit Crypto At Beaxy Crypto Exchange?

There are two main options for topping up your balance on Kraken. Firstly, you can buy cryptocurrency with a bank card – it’s fast and convenient. Go to the ” Buy crypto ” -> ” Buy crypto with a credit card ” section.

Choose a cryptocurrency (currently there are 13 coins available for purchase in this way). Enter the amount and select the fiat currency to be used for payment.

After that, you will need to select a payment channel: each of them has conditions. You can choose between Simplex, Mercuryo, Banxa and Moonpay. Click ” Buy ” next to the appropriate option.

Agree to the terms and confirm the transition to the site of the payment provider. Enter information about the card and its owner, confirm the transaction. Cryptocurrency will be credited to the exchange account within a few minutes.

Second Method

You can transfer digital assets to the balance of the exchange from any external crypto wallet. For this:

• Go to the “Deposit” section from the “Assets” menu.

• From the drop-down list, you can select the cryptocurrency you want to deposit into your account.
• The wallet address will appear. You need to copy it and send funds to it from another wallet or exchange. Please note that only bitcoin can be sent to bitcoin addresses, similarly with other coins.
• You can also click “Show QR code” – for transfers from a mobile wallet, this is a more convenient option.

How To Withdraw Crypto Asset From Beaxy Exchange ?

Having completed all the necessary trading operations, it’s time to withdraw the received assets to an external wallet. Go to ” Assets ” -> ” Withdraw “. Please note that the operation is only available after enabling two-factor authentication in the settings. This is for added security and requires less than a minute, so don’t neglect this measure.

Select a cryptocurrency and enter the withdrawal amount. Each coin has its own withdrawal fee, for example, for BTC it is 0.00057 BTC. Click ” Output “. By default, the exchange processes applications three times a day, however, hourly withdrawals are available for Premium users. Also, the time of receipt of the cryptocurrency is affected by the workload of the blockchain network.

How To Secure Your Beaxy Account ?

Also remember to go to the Security tab and activate two-factor authentication using the Google Authenticator app – this is the most reliable way to prevent unauthorized access to your account.

Trading Fees

Beaxy has a tiered fee structure that starts at a 0.25% fixed fee per trade on market takers and a 0.15% maker fee. These rates may be reduced by increasing your user level, which is accomplished by a combination of maintaining an average daily trading volume and / or (based on the table below) holding a certain quantity of BXY tokens on the exchange.

Features Of Beaxy Crypto Exchange

Available At Android & IOS Store

Beaxy Cryptocurrency Exchange exchange application available on both world famous mobile store google play store and iOS store . You Can download App and start trading.

Beaxy Exchange API Portal

Beaxy’s API provides you with comprehensive data that allows you to expand your trading system’s potential. Whether you’re new to algorithmic trading or an experienced pro, they’ll give you everything you need to widen your capabilities. For help setting up your API connection, visit your discord here and tag a team member.

Your funds are safer on Beaxy

Beaxy is excited to offer institutional grade custody of cryptocurrency via your partner,  Fireblocks  What does this mean for you? Put simply, increased autonomy, accessibility and security for your digital assets.

Become a Beaxy Partner

Is your crypto company or trading service interested in partnering with or connecting to Beaxy? Enter your email, name, and company name below and a representative will be in touch.

Enhance your trading with Hummingbot

Hummingbot is here! This platform allows Beaxy users to employ market making and other advanced trading strategies via a simple and easy to use interface.

Save Your Time

In short, it means anyone can be an algo trader. You can save time by automating your trades, increase efficiency by employing bots to run day and night.

Simple Efficient

Automation becomes a powerful tool to enhance your trading capabilities. The best part is, you don’t need any prior experience to get started.

A crypto solution tailored for FX providers

CFX is a web app custom-built for one purpose To recover the margin FX brokers have been losing to PSPs.  Too often providers and their clients are paying far too much to get into and out of crypto. Adding CFX to your platform results in less chargebacks, higher acceptance rates, lower fees, and no rolling reserve requirement. Once CFX is integrated with your trading platform, your clients can purchase crypto for as little as 2.1% and the funds will automatically credit to their FX trading account.

Work with a regulated Counterparty

Money Services Business trusted by global regulators, Beaxy is uniquely situated to face off with both traditional PSPs and FX Brokers to move your assets at the best price point.

24/7 Live Chat

If you’re awake, they are too. When you need help, your team of experts will work with you via 24/7 live chat to reach a quick and efficient resolution.

Beaxy Conclusion

Beaxy is a centralized cryptocurrency exchange that offers users a wide range of trading pairs and an advanced trading platform. The exchange has high liquidity and implements good security measures to protect users’ assets. However, as with any centralized exchange, there are potential drawbacks, including the centralized nature of the platform, vulnerability to hacking, limited customer support, possible regulatory issues, and trading fees. Ultimately, whether or not Beaxy is the right exchange for an individual will depend on their specific needs and priorities. It is important for individuals to carefully consider the Pros and Cons of the exchange before making a decision to trade on Beaxy.