Bibox exchange. Site review, registration and login, input and output, trade

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Bibox cryptocurrency exchange appeared in 2017, funds for its development were collected through ICO. Over the past two years, the site has developed, and now a number of users consider it to be not inferior in functionality and convenience to more well-known analogues.

Official site: bibox.com

This success is largely due to the experienced team. Among the creators is the founder of another exchange, OKcoin, and managers who previously worked at Huobi are involved in the development. According to the developers, the Bibox site is capable of withstanding up to a million operations per second and simultaneously serving up to 10 million people.

The platform is multilingual, it currently supports six interface languages, including Russian (although the translation leaves much to be desired).

Other top cryptocurrency exchanges for trading:

  1. Localbitcoins.
  2. Binance.
  3. Bitmex.
  4. Exmo.

Features of the Bibox exchange

The Bibox platform supports several key principles:

  1. Local BIX token helps you save up to 50% on fees.
  2. Security is ensured by two-factor authentication, SMS authentication, four-level password, account activity tracking.
  3. The referral program makes it possible to receive up to 50% of the commission for the transactions of invited people.
  4. Working with people from around the world. Chinese, English, Russian, Korean, Vietnamese and Turkish are currently supported, but more are planned.

The Bibox website offers applications for computers and smartphones (iOS, Android, MacOS, Windows).

In trading, some limits are set, the level of which depends on the level of the account. By the way, the site works entirely on cryptography, so it does not support work with fiat funds.

Official site Bibox.com

On the main page https://www.bibox.com, according to the standard, we see advertising information and a list of popular trading pairs, as well as information about them – current cost, changes over the last day, maximum for the last day, minimum for the same period, daily volume trades in USDT equivalent.

Main sections and services

On the top panel of the Bibox cryptocurrency exchange, you can navigate through the sections:

✅  Exchange Exchange in standard or full screen version. Both options allow you to buy and sell coins, they differ only in the nuances of the interface, so each user chooses the version that is more convenient for him.

✅  Bonds. The fruit of Bibox’s collaboration with Vocean is a digital bond token. This is a completely new solution in the financial market. It makes it possible to make safe investments and receive a stable income from cryptocurrency.

✅  Margin. Margin trading (with leverage). To use it, you first need to create a margin account. The commission for using the service is 15% of the amount received as a result of lending.

✅  Contract. Trading in perpetual contracts, a cross between margin and futures. Such contracts have no expiration date, are resistant to fraud, have flexible leverage and protect investors from high market risks.

✅  C2C. Peer-to-peer cryptocurrency trading on Bibox, in which the platform itself acts as the guarantor of the transaction. Reliable intermediation significantly reduces the risk of fraud. All transactions are carried out on a separate site – LinkCoin, to which a Bibox account is suitable for entering.

✅  Trading Rebate. Discount trade. Registered users can get a special invite link. When their acquaintances are registered on it and start trading successfully, then part of the commission charged from the transactions of these acquaintances is sent in the form of discounts to the referrer. The more active your friends are, the more you can save on commissions.

✅  bibox Orbit. Platform for launching IEO (fundraising campaigns for new projects supported and provided by the exchange).

Registration on the official website

Go to the official website https://www.bibox.com and follow the instructions:

  1. Click “Register” (Sing Up) to start creating an account.
  2. Fill in all the fields.
  3. Confirm your email address by following the link provided in the email.
  1. If the letter has not arrived, then it is worth checking the “spam” folder or requesting re-sending after a while.
  1. Registration on the BiBox exchange is completed.

To enter the Bibox trading platform, click Sign in and enter your registration data: email and password. Then solve the captcha.

Personal Area:

Safety

To keep your account on the Bibox exchange completely safe, it is recommended to go through several levels of authentication:

✅  Set up SMS verification. To do this, log in to the site and enter the profile settings. Find the item regarding SMS confirmation and click Enable. When prompted, enter your account password, mobile phone number and verification code. Complete the process by clicking the Confirm button.

✅ Set up Google verification. We recommend using this method to ensure the security of your account. Log in to the exchange, go to your profile settings. Click Enable next to Google Verification. Scan the QR code with your phone, download and install Google Authenticator on your phone. Launch the app and scan the QR code from the website. Enter the password and authentication code, click Confirm to apply the changes.

✅  Set a password for working with funds (required). To do this, click Set in the account settings opposite the corresponding item, enter the password for confirmation. Please note that the password for working with funds must be different from the password for the Bibox account. Open the Google Authenticator app, click Confirm to complete the password setting.

✅  Install an anti-phishing code. Click Set next to the item of the same name in the account settings. Come up with a code, then enter an authentication code and click Confirm to complete.

How to replenish, withdraw funds

Input

Once logged in, hover over Funds and click Master Account. On the page that opens, select the token that you want to deposit on the Bibox exchange, click Deposite.

To be able to make a deposit, Google or SMS authentication must be enabled, and a password for managing funds must be set. Pay attention to the choice of the required token and the specified address, because in the event of an error, the funds will be lost.

Click “Copy Address”, open a wallet or other platform where you store your cryptocurrency, transfer funds to the copied address. The deposit will appear on the account after confirmation from the miners.

If you do not have cryptocurrency, you can use the above-mentioned C2C partner platform LinkCoin to purchase it.

Output

To withdraw cryptocurrency from the Bibox exchange, hover the cursor over your account, select the Master Account item from the menu. Click on Withdraw against the cryptoasset:

Enter your cryptocurrency wallet address, withdrawal amount and note, as well as authorization data. Click Submit. The note must be filled in.

Exchange trading. Buying, selling cryptocurrency

Trading cryptocurrency on Bibox is not difficult – the procedure is standard.

To enter the trading section, select the Exchange section. There are two types of terminals: basic and advanced. Then choose a suitable currency pair, for example BTC-USDT. Enter the amount and price for which you want to sell or buy cryptocurrency. To create an order, click Buy or Sell, respectively.

The following order types are used: Limit Order, Trigger Order, Iceberg Order. In 99% of cases, limit orders are used, in which we indicate the amount and price of buying or selling cryptocurrency. There is no market order, which is very surprising.

Margin trading

You can get a loan from the Bibox exchange in order to be able to use more funds in trading than you have in your account. First, you need to transfer part of your finances from the main account to a separate, marginal one. The maximum leverage provided by the platform is X3.

Before starting margin trading on Bibox, read and accept the terms of service:

The main (master account) is used to deposit and withdraw money, while the margin account is required to work with margin and other derivative financial instruments.

Within the framework of margin trading, lenders (who provide leverage) and borrowers (those who use it) work. Lenders do not have the right to claim back the money earlier than the specified time, but the borrower has the right to repay the amount himself ahead of schedule. The loan term is 7 days. If the payment is delayed, the system automatically takes a new loan to pay off the old one and all interest; interest immediately begins to accrue on the new loan.

The lender can acquire insurance that will cover their losses if necessary (for example, if the cryptocurrency market has dropped significantly).

Commissions

Bibox exchange fees:

There are no deposit fees.

Withdrawal fees depend on the specific cryptocurrency. For example:

  • for BTC – 0.0005 BTC
  • for ETH – 0.006 ETH
  • for LTC – 0.005 LTC
  • for USDT – 5 USDT

Trading commissions: 0.1% of the transaction amount. Half can be redeemed with BIX tokens.

IEO on Bibox Orbit

The Bibox Orbit platform was launched by the developers to facilitate implementation and development for quality blockchain projects. Immediately after the launch, dozens of project applications from different countries expressed a desire to take part in the initial distribution of their tokens using the exchange.

At the time of the initial launch of the site, three IEOs were simultaneously held at once:

  1. IX. X-Block is a margin-based computing blockchain platform. Aims at simplifying the operation and maintenance of network security tools, fund management, financial consulting and other areas.
  2. Ludos is a solution for the distributed gaming ecosystem. It will help to implement various blockchain games and develop high-quality economic incentives for them.
  3. The Force Protocol is a distributed crypto-financial services protocol based on the main public chain system and a sub-layer standard data protocol network. Provides solutions for financial problems and instruments such as cross-platform assets, trades, total trading volume, cross-communication chains, etc.

Bibox Orbit managed to satisfy 11% of applications – there were 56,000 applicants in total. On the same day, the tokens were listed, where they can be bought for BTC. This is the current record time for tokens to be listed after IEO. Because of this, the value of the FOR token instantly skyrocketed by 800%, and other exchanges can only follow the example of Bibox.

Bibox Token (BIX)

When users trading on Bibox need to pay transaction fees, some discount will be offered to Bibox token holders. You can use it as you wish.

The maximum discount amount decreases every year:

  1. 1 year – 50%
  2. 2 years – 25%
  3. 3 years – 12.5%
  4. 4 years – 6.25%
  5. Year 5 and beyond – no discount.

Advantages and disadvantages

Advantages of the Bibox cryptocurrency exchange:

✅  Two-factor authentication and other measures to ensure a high level of security of the account and the funds stored on it.

✅  Very low commissions compared to competitors.

✅  The ability to save money using the BIX token.

✅  A wide range of coins in the listing.

✅  Convenient interface, ease of use.

✅  Multifunctional platform with AI elements.

✅  Russian language support.

Disadvantages of the Bibox cryptocurrency exchange:

✅  Fiat currencies are not supported.

✅  Unregulated exchange.

✅  Little information about the development team.

Conclusion

Obviously, the original Bibox site was aimed specifically at the Chinese audience, but with long-term plans for worldwide coverage. It is a solid trading platform, safe and convenient, with one of the lowest commission levels on the modern crypto market. While fiat payments are not yet available, there is a possibility that they will be added in the future.

It is worth noting the speed of Bibox: the site uses a memory mapping system that helps to ensure about a megabit of data transfer per second. Within the interface, it is possible to filter altcoins by many parameters in order to find the most profitable deals at the moment.

Not everyone trusts the project due to the small amount of information about the founders and incomplete transparency. Nevertheless, the cryptocurrency exchange is suitable for traders who are primarily interested in trading operations and who would like to see advanced functionality, as well as use margin lending. Bibox is a completely viable option for both beginners and experienced traders, although it is still recommended primarily for “oldies”.

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