November, 2018 | AtoZ Markets - Bibox is an AI enhanced 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 "Is Bibox scam or reliable? Can I trust Bibox?
Let us remind you that 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 changing our opinion.
How to open Bibox crypto exchange account?
Bibox registration is very simple. You just need your email address and a strong password to open an account. When you submit it and after passing an authentication, you will receive an account confirmation email to the email address you have entered. The exchange will send an email for account activation. Click the verification link to complete the registration process.
In the next step you need to make an important account settings. The account page includes options to use Bibox’s native token BIX, change login password, set up funds password, and set up SMS and Google authentication. Also, you can verify your profile (from the upper right) to gain access to higher daily withdrawal limits.
The account opening process is very simple. It usually takes 5-10 minutes for a beginner to start using this account. After using this account for a few days, we have noticed that the uptime of the website is better as compared to other exchanges. However, the biggest drawback of this exchange is that it doesn't support fiat currencies. So, you'll need to find an alternative if you use fiat for crypto-trading.
To increase your daily withdrawal limits (~20 BTC) you will need to verify your account using using official identification ( Passport).
Where is Bibox based in?
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.
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 withdrawal fees
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
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.
Pros and Cons of Bibox Exchange
- Two Factor Authentication
- AI enhanced encrypted digital asset exchange
- Low Fees
- A wide range of coins
- No Fiat Payments
- Leverage not available yet
- Not a regulated exchange
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 regulated?
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.
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.
Do you have any experience with Bibox? Let us know in the comments section below.