Bynex Exchange: An Overview of a Regulated Cryptocurrency Exchange, Fees and Operations

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Bynex Exchange is a cryptocurrency trading platform registered in the Republic of Belarus and a resident of the High-Tech Park of the Republic of Belarus (HTP). Designed for the purchase, sale and exchange of Bitcoin and Ethereum cryptocurrencies, USD and BYN fiat currencies. The exchange is regulated by Belarusian law and allows you to replenish your account or withdraw funds through a bank card. The editorial staff of Btcnewsweb.com offers an overview of the Bynex cryptocurrency exchange and its features.

Official website: https://bynex.by.

Bynex Cryptocurrency Exchange

Other exchanges regulated by Decree No. 8 “On the Development of the Digital Economy”: Currency.com, Free2ex, IEX

The exchange is new, started operating in 2021, although the developer company has been in the HTP since 2008. ERPBEL LLC has been developing software for companies from various countries for more than ten years and is competent in matters of financial software security.

The site provides services to both individuals and legal entities. Despite the fact that so far only two cryptocurrencies are supported, which have established themselves as the most reliable and popular, it is planned to gradually add other assets from the top 15 CoinMarketCap.

Passed a technical audit from a qualified auditing company LLC Aichi Band Systems, as well as an audit by Ernst & Young for compliance with the requirements of the “Regulations on the requirements that individual applicants must meet in order to register them as HTP residents.”

Transactions on BYNEX are subject to the privileges established in the Republic of Belarus – until January 1, 2023, transactions with cryptocurrencies are tax-free. In February 2021, the exchange became a partner of Belarusbank.

Read also: top crypto exchanges for trading.

General information

Exchange nameBynex
Official sitehttps://bynex.by/ or https://bynex.io/
Country of registrationRepublic of Belarus
CompanyLLC “ERPBEL” UNP 690610877
Registration address220141, Minsk, Nezavisimosti ave., 172, office 308
Bank detailsaccount BY54BAPB30122317100170000000 in Belagroprombank OJSC. Bank address: 220036 Minsk, Zhukov Ave., 3, BIK BAPBBY2X
LicenseCertificate of registration in the Park of High Technologies No. 0000054 dated 10.10.2008
Exchange typeCentralized
MarketsSpot trading
Mobile appNo
Working with fiatYes
VerificationMandatory
Account protectionTwo-factor authentication, confirmation by e-mail and SMS
Trading commissionFor the maker from 0 to 0.1%, for the taker from 0.08 to 0.25%
Commission for deposits and withdrawalsDepends on the method. Learn more
CryptocurrenciesBTC, ETH
Fiat moneyUSD, BYN
Exchange tokenNo
Deposit and withdrawal methodsCryptocurrencies, bank cards, bank transfers
Types of ordersMarket, limit
Margin tradingNo
Referral programTwo-tier
Russian languageYes
Reference materialshttps://bynex.by/helpPage
Supportsupport@bynex.io, https://trading.bynex.by/ru/help/submit

Registration and account setup

There is a button for creating an account in the upper right corner of the Bynex exchange page.

Registration on the Bynex exchange

To register an account on the Bynex crypto exchange, the user needs to enter an email address, come up with a username and password, as well as a secret word that will be needed in case of loss of access to the account. Password requirements: at least 8 characters, Latin letters of different case, numbers.

Registration form on the Bynex exchange website

Agree with the privacy policy and user agreement, click the “Register” button.

A message with a four-digit code will be sent to the mail you specified. Enter it in the appropriate field and click “Got it” to get into your account.

Entering the registration code

Before starting trading, you should set up an account. Click on your e-mail at the top of the screen and select the “Profile Settings” menu item.

At the moment, the settings include only two sections:

  • General. Here you can change your password. It is recommended to change it every month for safety reasons. Password change is accompanied by two-factor authentication.
  • Safety. Here you can connect two-factor authentication. 2FA options are available via SMS, email or Google Auth. In addition, this section has an account lock function. After blocking, the login to the account will be prohibited, all active orders are canceled, the funds are frozen in the account.

Two more sections (trusted addresses and notifications) are still under development.

Verification

verification on the Bynex crypto exchange

Only citizens of the Republic of Belarus can verify an account on Bynex. The section “Verification” can also be accessed through the top menu. You will need to select a country (Belarus), then pass a small test of seven questions on the topic of blockchain and cryptocurrencies. After that, a page for entering personal data and providing documents will open.

Nuances:

  • The validity of the ID must be at least three months at the time of dispatch.
  • The minimum image size is 1200 pixels on either side so that all data is clearly visible.
  • Possible documents – passport (pages 31, 32, back endpaper), residence permit (pages 15, 16, back endpaper).
  • You will also need your own photo with a document of good quality.
  • Possible documents for confirming the place of residence / registration – passport or residence permit page with relevant information, certificate of ownership, mortgage, lease agreement, etc., certificate from government agencies about the place of residence.

Verification opens up the possibility of entering assets and performing trading operations. After verification of the identification data, a notification will be sent to the user’s email specified during registration about its successful completion, or about the need to correct the data, or about the refusal to provide access to the service.

See also: list of exchanges without verification.

Functionality of the Bynex exchange

Refill

The action is available only after verification. To make a deposit to Bynex, first go to the section called “Wallets” from the top menu (left). After selecting the desired currency, click “Replenish”. If you have chosen a cryptocurrency, then in the window that opens you will see a button for generating an address for replenishment. Click on it. Now you have an individual exchange wallet to which you can transfer funds. A top-up QR code is also available.

Funding the account of the Bynex exchange with Bitcoin (BTC)

In the case of fiat currencies, the following methods of replenishing the balance are available:

✅  from a card through the Assist payment service;

✅  Bank transaction.

When choosing the first option, you will need to choose a bank – Belarusbank or another. Then you will need to link the card by entering its details. Enter the amount and click “Top up”.

Go to the Assist page and confirm the operation. It so happens that it is not possible to bind the card – instead, a white screen opens. In this case, you need to contact your bank, since there are certain restrictions on the card.

To replenish by bank transfer, you will need to transfer funds to the details provided by the exchange, paying special attention to the “Purpose of payment” field. It must contain the surname and name of the user, the name of the account.

Trade

Trading operations are performed on the corresponding page of the Bynex exchange.

Bynex Cryptocurrency Trading Platform

Here you can see the chart of the selected currency pair and all the information about its trading at the current moment. You can change a currency pair by clicking on its name in the upper left corner of the trading terminal.

There are two types of orders that a user can create:

✅  Market. When creating it, you only need to specify the amount of the purchased / sold asset. The deal is executed at the current market price.

✅  Limit. When creating it, you must also indicate the price at which the market participant intends to buy or sell the currency.

The system will automatically calculate the commission. Please note that during trading it can be reduced if the order adds liquidity to the order book (maker’s commission). Initially, the maximum possible commission is indicated – for the taker, that is, it is assumed that the order withdraws liquidity from the order book.

Creation of orders to buy and sell cryptocurrency on the Bynex exchange

The created limit order is displayed in “Open Orders” below the chart. The order is executed in parts as opposite orders appear in the order book. Thus, the amount of assets in orders gradually decreases, and the volume of the purchased asset increases.

All conducted transactions (date, amount, price) can be viewed on the “History” tab.

Withdraw funds

To withdraw assets from Bynex, go to the “Wallet” section and click the “Withdraw” button next to the currency of interest.

When withdrawing a cryptocurrency, a page opens where you need to specify the address of your external BTC or ETH wallet. Enter the amount of funds, read the information about the commission. To withdraw, you will need to enter the 2FA code, this is done for security reasons.

Withdrawing cryptocurrency from the Bynex exchange

Fiat withdrawal is possible, as well as replenishment, to the card via Assist or by bank transfer. In the first case, you indicate your bank, enter the amount and card details, confirm the operation. Money is debited from the account instantly, but it is credited to the card with some delay.

Information about all deposits and withdrawals can be seen on the “History” tab, in the “Deposits” and “Withdrawals” sections.

Commissions and limits

Bynex trading commissions and their dynamics:

  • Turnover from 0 to 10 BTC – maker 0.1%, taker 0.25%
  • Turnover from 10.01 to 100 BTC – maker 0.09%, taker 0.17%
  • Turnover from 100.01 to 500 BTC – maker 0.08%, taker 0.15%
  • Turnover from 500.01 to 1000 BTC – maker 0.06%, taker 0.13%
  • Turnover from 1000.01 to 5000 BTC – maker 0.04%, taker 0.12%
  • Turnover from 5,000.01 to 10,000 BTC – maker 0.03%, taker 0.11%
  • Turnover from 10,000.01 to 20,000 BTC – maker 0%, taker 0.1%
  • Turnover from 20,000.01 to 50,000 BTC – maker 0%, taker 0.09%
  • Turnover from 50,000.01 to 100,000 BTC – maker 0%, taker 0.08%

Deposit fees:

  • VISA Belarusbank cards – 0.45%, amount from 25 to 6500 BYN or from 10 to 2500 USD.
  • VISA cards of other banks – 3 BYN + 2.5% or 1.2 USD + 2.5%, the amount from 25 to 6500 BYN or from 10 to 2500 USD. With a top-up amount over 250 BYN or 100 USD, the commission is 2%.
  • Bank transfer – 2 BYN or 10 USD (also the bank may charge). Amount from 250 to 6500 BYN or from 100 to 2500 USD.
  • Cryptocurrency – 0.01 ETH or 0.00051 BTC, amount from 0.1 to 8 ETH or from 0.001 to 0.5 BTC.

Up-to-date information on the page https://bynex.by/fees.

Referral program

The Bynex exchange has a referral program that allows you to receive 20% of the commission for each referral’s trade. The referral link is located in the corresponding section, which can be accessed through the top menu.

The referral program includes two levels. Referrals who registered directly using your link are the first level, and those who were invited by themselves are the second level. Both of them bring profit to the inviter on every trade.

Accruals are made in the currency in which the commission was charged, and immediately after the transaction. If the referral made a transaction without commission, then nothing will be credited. The number of referrals is not limited.

Advantages and disadvantages

Pros:

✅  Regulated site with a license.

✅  Low commissions, which are further reduced as trading volume increases.

✅  Possibility of replenishment / withdrawal through a bank card.

✅  Partnership with a large bank Belarusbank, payment system Assist Belarus and payment provider VISA.

✅  Two-level referral program.

✅  Future integration with the Interbank Identification System.

Cons:

❌  Mandatory verification.

❌  Minimum information about the team.

❌  Trading functionality is limited to two types of orders.

❌  No social media activity.

Conclusion

Due to its novelty, the Bynex cryptocurrency exchange has not yet acquired wide functionality and supports everything for the coin. However, the developers are serious, enter into partnerships with banks and payment systems, and conduct an independent audit. The platform is equipped with a detailed Russian-language help section. The site itself is available in four languages: Russian, Belarusian, English and Spanish. Has a minimalistic and fairly intuitive interface.

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