The exchange enforces strict KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures to meet global standards. Beaxy reached a settlement with the SEC that saw them agree to pay fines totaling $165,200, cease operations, and shut down their platform. Following the shutdown, customers were advised to withdraw all their assets within 30 days.

STK  Loyalty Rewards Program

When choosing a platform, caution is warranted if the company lacks regulation by any overseeing agency. This should serve as a warning that your funds may not be secure, and there’s no protective regulatory framework. Unregulated entities can potentially abscond with your money without being held accountable. The order panel and trade history are placed on the left, while the right is reserved for the order book.

Why Kraken Crypto Exchange Is The Perfect Alternative

Put simply, increased autonomy, accessibility and security for your digital assets. As one advantage that Beaxy promotes, they mean that the KYC-procedure on their platform is much easier to follow and comply with than the KYC-procedures at other major American crypto exchanges. The information in the below picture comes from 18 September 2019. This fee is line with the historical global industry average, which was arguably around 0.25%. Today, however, the industry average is 0.213% for takers and 0.16% for makers, so Beaxy is a bit above average when it comes to taker fees. Once your account is funded, you can then begin day trading at Valr.

• At this exchange, they accept fiat currency deposits (both wire transfer and credit cor debit card transfers) through Simplex.
• Several safe crypto exchanges offer secure trading, rewarding programs, and advanced tools for every level of trader.
• Beaxy’s customer support also includes a massive Help Center where you can find tens of valuable articles explaining how exactly to use the exchange.

Beaxy Exchange API Portal

We use dedicated people and clever technology to safeguard our platform. Just like 4bit.live, one of the primary concerns with Beaxy.io is its lack of regulation by reputed authorities such as CySec, ASIC, FCA, CNMV, and others. This unregulated platform operates without the necessary regulation, raising doubts about the safety of your funds. While regulation alone does not determine a scam, it is an essential factor to consider. Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies.

By creating an account you get access to a wide variety of payment rails, automated trading systems, assistive trading tools, bulletproof security, and more. After your transfers have been confirmed by the network and Beaxy displays https://traderoom.info/beaxy-cryptocurrency-exchange-review/ your wallet’s funds, you are free to trade on the exchange. Evan Jones was introduced to cryptocurrency by fellow CryptoVantage contributor Keegan Francis in 2017 and was immediately intrigued by the use cases of many Ethereum-based cryptos. He has a keen and vested interest in cryptos involving decentralized backend exchanges, payment processing, and power-sharing. Yes, prior to its shutdown, the platform had a partnership with the Gunbot trading bot, which allowed Gunbot users to connect to the exchange at no extra cost. If you’re thinking about trading crypto, you’ll need a crypto wallet to keep your digital assets safe.

Businesses

The platform is set out in a way that makes it easy for new users to get acquainted. The exchange also features the most advanced interface, data compilation, trading tools, and security measures to date. The fees on the Beaxy exchange are fixed at 0.2% of whatever you deposit, however, the BXY token allows users to reduce their fees by up to 50%. There is also an option to earn a portion of trading fees by locking up PLS tokens and onboarding friends onto the platform via the referral program.

It might be dangerous to gamify trading, but it could be worth looking into if you’re a novice trader looking for some ideas and direction. That said, blindly following trading signals and mindlessly swiping left and right on trades would be unwise, regardless of the proclaimed win rate. However, the service could be a valuable learning resource for anyone new to trading. The Hummingbot is a nice feature, but it’s very frustrating to get going or learn how to integrate despite Beaxy’s customer support resources. And the application for Beaxy Black hardly seems worth it unless you are a die-hard, high-volume Beaxy trader.

This exchange allows users to buy, sell, store, and trade crypto assets and fiat currencies, including over 40 trading pairs with several fiat currency-based pairs. Beaxy also features a trading bot called Hummingbot, a Beaxy Black VIP program, a signal service, and more. Learn more about this crypto exchange by reading our complete Beaxy review.

Beaxy Withdrawal fees

Visit Beaxy and create a free account to join the large community of traders that are already refining their results with assistive trading tools and automated trading systems. Apply for VIP membership with the Beaxy Black program to get 30% of your trading fees back in BTC and compete for loyalty rewards! Beaxy Exchange offers it’s traders the best loyalty reward programs that allow them to earn up to 12% APR, get rebates of 30% on trading fees, and trade or own more of their favorite cryptocurrencies. Beaxy is a new exchange that looks to be one of the most promising up-and-coming exchanges on the market, bringing many new features and a high-performance trading engine to market with a smooth user interface.

Best Merchant Crypto POS Systems for Retail Stores

As for the Hummingbot and Beaxy Black, the friction of actually implementing the bot or applying for Beaxy Black will make both largely unappealing to most traders. Although Beaxy generates the signals, the Trender has an option to filter by timeframe, favorite assets only, and signal strength. Once you deposit funds and complete the identity verification process, you can check Beaxy’s listed trading pairs and in its mobile app to find a live signal with professional-grade technical analysis pre-built onto its chart. The last feature of Beaxy’s platform worth mentioning is its signal service that uses pre-built technical analysis to offer actionable trading signals with an acclaimed 63% win rate. Truthfully, integrating the Hummingbot will probably be too inconvenient or complicated for most to endure, but it’s a great option for serious algo traders nonetheless.

• This unregulated platform operates without the necessary regulation, raising doubts about the safety of your funds.
• It’s also important to note that Beaxy will have an exclusive partnership with OneTick, its flagship software, a comprehensive suite for time-series data management, real-time event processing, and analytics.
• This should serve as a warning that your funds may not be secure, and there’s no protective regulatory framework.
• Cryptocurrencies are reportedly secured by Curv institutional custody and fiat accounts are insured up to $250,000.

With all that said, Beaxy does indeed follow top security practices, and offers security features that really bring the user peace of mind because they know that their assets are safe. Beaxy’s customer support also includes a massive Help Center where you can find tens of valuable articles explaining how exactly to use the exchange. Users are encouraged to first check their Help Center if a question arises.

Exclusive Innovations: Assistive Trading Technology

Once your account has been verified, click on the ‘DEPOSIT’ button, which you’ll find at the top right-hand side of the screen. Choose which currency you want to deposit and then you will be provided with the Wallet details that you need to transfer the funds to . This means that this exchange is what we call an “entry-level exchange”. Accordingly, also the withdrawal fee model at this exchange is competitive. The exchange was previously registered in Saint Kitts and Nevis, but it is now owned by Windy Inc. (a Delaware corporation) and Beaxy’s headquarters today are in Chicago, Illinois.