Biconomy Crypto Exchange Review 2023 : Pros & Cons

What Is Crypto Exchange ?

Buying, selling, and trading different cryptocurrencies like Bitcoin, Ethereum, Litecoin, and many more can be done on an online platform known as a crypto exchange, also known as a cryptocurrency exchange or a digital currency exchange.

These marketplaces serve as middlemen between buyers and sellers, facilitating trades by giving users a safe platform to convert cryptocurrencies into fiat money or other digital assets.

For their services, cryptocurrency exchanges often charge a fee, which may include a trading fee, a withdrawal fee, and a deposit fee. Moreover, some exchanges might provide functions like staking, lending, and margin trading.

Users should conduct their homework to locate a trustworthy exchange with a solid track record of security and customer care because not all exchanges are made equally.

What Is Biconomy Crypto Exchange ?

Biconomy is a cryptocurrency exchange platform that provides global cryptocurrency trading services for a number of digital assets. believe in the ideology behind blockchain suggesting that technologies based on distributed ledger systems can help build foundational human trust, enhance transaction efficiency and have a positive influence on social and economic well-being.

Biconomy Crypto Exchange Quick Facts

How To Register At Biconomy Exchange?

To register on Biconomy , 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.

Biconomy Exchange Supported Countries

Biconomy Exchange is a cryptocurrency exchange that supports users from various countries around the world. However, the availability of services may vary depending on the location of the user.

Exceptions are the US, China, Japan and countries in the Middle East. Syria and North Korea are also countries whose nationals cannot trade on Biconomy .

How To Verify Your Biconomy Cryptocurrency Account ?

There is no mandatory verification at Biconomy , but you can pass it if you wish. At the moment, the only restriction imposed on unverified users is the withdrawal limit of Free. 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 Biconomy , Revolut platforms.

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

There are two main options for topping up your balance on Biconomy . 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 Biconomy 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 Biconomy Account ?

Biconomy doesn’t provide user accounts in the conventional sense because it is an infrastructure for decentralised trading. Instead, Biconomy gives developers the resources and infrastructure they need to create decentralised apps that communicate with a variety of blockchains and protocols.

There are various steps you can take as a developer using Biconomy to secure your application and guarantee the security of your users’ money. Several general best practises are listed below:

1. Employ secure coding Techniques: Develop secure code and abide by industry best practises to reduce the chance of vulnerabilities in your code.
2. Test Carefully: Before making your application available to users, conduct a thorough test to find and address any security flaws or problems.
3. Use Safe frameworks and Libraries: Employ reputable, validated libraries and frameworks to minimise the chance of vulnerabilities in your application.
4. Secure Access Keys and Secrets: Use multi-factor authentication whenever possible and keep access keys and secrets confidential.
5. Encrypt sensitive data: Employ encryption to safeguard sensitive data, including user information and private keys.
6. Maintain software updates: To make sure that any security vulnerabilities are patched, keep your software and dependencies up to date.
7. Give users clear instructions: Provide consumers explicit instructions on how to use your application safely and how to safeguard their own private keys.

Fees taken when buying virtual currency

Futures Trading:
Maker Fees: 0.04%
Taker Fees: 0.06%

Spot Trading:

Maker Fees: 0.2%
Taker Fees: 0.2%

The indicated commissions are the base level. If you are a BIT token holder and a member of the referral program, the commission is reduced in proportion to your level.

Biconomy Trading Fees

The exchange assesses a trading cost each time you place an order. Typically, the trading charge is a portion of the trade order’s value. Often, trades draw a distinction between takers and makers. The people who “take” an existing order from the order book are known as takers. Makers are the ones that add orders to the order book, creating liquidity on the site.

The normal trading fees at Biconomy are 0.20 percent for takers and the same (i.e., without a concession) for makers. The global industry average for centralised exchanges is 0.20%, or even somewhat less. Industry averages have typically been between 0.20 and 0.25 percent, but new industry averages are now starting to appear between 0.10% and 0.15 percent.

Biconomy Withdrawal Fees

We have not been able to find any information on this exchange’s withdrawal fees. This is potentially a risk for you as an investor. Whenever an exchange does not inform of a fee, there is a higher risk that such fee is high. As soon as receive information on the withdrawal fees at Biconomy, will update this review and post them here.

Deposit Method

You can deposit assets to Biconomy in a variety of ways, including wire transfer, debit card, and simple deposits of current cryptocurrency assets. Biconomy qualifies as a “entry-level exchange,” which is an exchange where novice cryptocurrency investors can begin their adventure into the exciting world of cryptocurrencies, given that fiat money deposits are permissible at this trading platform.

Trade On Go Biconomy Is 100% Mobile Friendly

Trade On Go is a mobile-friendly decentralised trading platform built on the Biconomy architecture that offers consumers a simple and practical trading experience on their mobile devices.

Trade On Go is a mobile-friendly platform that makes it simple for users to purchase, sell, and trade cryptocurrencies while on the move by giving them access to a variety of decentralised exchanges and protocols directly from their mobile devices. Uniswap, SushiSwap, Curve, and Balancer are just a few of the well-known decentralised exchanges and protocols that are supported by the platform.

Trade On Go offers a number of features in addition to its mobile-friendly interface that are intended to improve consumers’ trading experiences. These features include the ability to track portfolio performance and balances, as well as real-time market data and charts.

How To Contact Biconomy Customer Support Team?

You can get in touch with Biconomy’s customer support team in the following ways:

Visit the Biconomy website: Visit the Biconomy website at https://biconomy.io/ and select “Support” from the menu in the upper right corner of the screen.

Email: Fill out the help request form with your name, email address, and a brief description of the problem you’re having.

Form: After submitting the form, Biconomy ought to send you an automatic email with a ticket number for your support inquiry.

Support: The support staff at Biconomy will examine your request and respond to you by email as soon as they can. You can also check the status of your support request by login into your Biconomy account and navigating to the “Support” area..

You can also send an email to [email protected] or make a request through their official Telegram channel (https://t.me/biconomy community) to get in touch with Biconomy’s support staff.

Features Of Biconomy Crypto Exchange

Top Exchange Platform

We are a leader in terms of real daily trading volume. With our licenses in the US and Canadian markets we sere a diverse market.

Top Coins Available

We list only top coins and carefully evaluated projects. Providing our customers access to only reliable assets is crucial for us.

Top Business Services

We provide comprehensive pre- and post- listing services with dedicated team support and accelerator program.

Optimized User Experience

We have created a streamlined buying and selling experience with low rates. We understand our users’ needs and wants.

Secure Trading Platform

We have a multi-tier and multi-cluster system architecture with 98% assets in cold storage.

Reliable Customer Support

We offer 24/7 dedicated support and trading assistance to all our clients. Our client’s satisfaction is our top priority.

Performance

We think that strong performance is our core competence and that it should never be sacrificed.

Transparency

We believe that can build a trustworthy environment only through open processes and clear communication.

Growth

We believe in hard work and continuous development, so do best to move forward quickly.

Mobile App:

This has a mobile app for both iOS and Android devices, allowing users to trade on-the-go.

Biconomy Good Or Bad Points

A blockchain technology firm called Biconomy offers infrastructure solutions to developers so they may build and integrate decentralised applications. Here are some potential advantages and disadvantages of the biconomy:

Good points:

1. User-friendly: The Biconomy platform is made to make it simple for programmers to incorporate blockchain technology into their apps.
2. Scalability: Biconomy’s infrastructure solutions can assist increase the scalability of blockchain applications, making them more effective and user-friendly.
3. Cost-effective: For developers wishing to incorporate blockchain technology into their apps, Biconomy’s platform provides affordable alternatives.
4. Security: The infrastructure solutions from Biconomy are created to offer high levels of security, safeguarding user data and assets..
5. Interoperability: The platform from Biconomy supports a number of different blockchains, allowing programmers to design cross-chain applications..

Bad points:

1. Centralization: According to some detractors, Biconomy’s infrastructure solutions centralise control over blockchain applications, thus weakening the technology’s decentralised nature.
2. Lack of transparency: Biconomy’s governance structure isn’t entirely open, which could raise questions regarding responsibility and decision-making.
3. Dependency: Developers that utilise Biconomy’s infrastructure solutions run the risk of becoming reliant on the firm’s services, which can impede their ability to develop and consider alternative alternatives.
4. Competitive: Biconomy competes in a market that is quite competitive, with other blockchain infrastructure companies providing comparable services..

Is Biconomy Is Safe Platform To Trade ?

Biconomy is a blockchain technology business, not a trading platform, that offers infrastructure solutions to developers so they may build and integrate decentralised applications.

Having said that, Biconomy’s platform was created with security in mind, and the business places a high priority on safeguarding customer information and assets. To protect user data and assets, Biconomy employs cutting-edge security methods like encryption and multi-factor authentication.

The security of any platform, however, ultimately depends on a number of variables, including the security controls in place, user behaviour, and the general security of the underlying technology. Before utilising any platform, it’s a good idea to do your homework on it and take the necessary security precautions, such using strong passwords and turning on two-factor authentication.

Biconomy Conclusion

In conclusion, Biconomy is a blockchain technology business that offers infrastructure solutions for developers to build and integrate decentralised applications. The company’s platform supports several blockchains, allowing developers to create cross-chain apps, and it is created to be user-friendly, scalable, affordable, and safe.

FAQ