What is Bibox?
Bibox is a Chinese cryptocurrency exchange operator which is often compared to Binance and predicted to become its main competitor in the nearest future. According to a Bibox review on Reddit, the exchange was founded by the same people who run KuCoin and Binance (that explains a lot of similarities between these exchanges). This is obviously a huge advantage for Bibox, although the company doesn’t publicly reveal the names of people who stand behind this project.
Like any other Chinese exchange, Bibox was coerced into moving its serves to other countries after the infamous government clampdown on cryptocurrencies. Now it is based in Japan. About a week ago, Japanese tech giant LINE announced about its plans to launch a brand-new exchange which is called Bitbox, so try not to confuse these two. With great initial investments and a variety of altcoins, Bitbox is definitely off to a good start.
Bibox’s popularity has been precipitously rising over the past few months due to a set of its innovative features. It took Bibox only one month to appear among the top 15 cryptocurrency exchanges on the market.
There are currently more than 80 coins (including a few exclusive ones that are only found on this exchange) which is more than enough for crypto enthusiasts. Before a particular cryptocurrency is listed on the platform, it has to go through a strict vetting process that involves evaluating its safety and liquidity.
This exchange is particularly interesting because of the introduction of Blockchain 3.0. Bibox teamed up with ArcBlock in order to implement this innovative technology. The third-generation blockchain offers developers a lot of useful features such as smart contracts and cloud nodes. While solving a lot of scalability issues, Blockchain 3.0 is widely considered to be the future of the whole cryptocurrency industry.
While doing this Bibox exchange review, it’s also worth mentioning that Bibox has its own Bibox Token (BIX). The new token had been showing optimistic results, reaching an all-time high of $3.70 in January. As of July 2018, its price has dropped to $0.87. Nevertheless, Bibox’s success shouldn’t be underestimated, since it is still one of the most popular altcoins out there (it is the 103th biggest cryptocurrency by average trading volume according to coinmarketcap.com). Bibox has three trading pairs that include BIX (BTC/ BIX, ETH/ BIX and USDT/ BIX). Similarly to Binance, those who own BIX can take advantage of a 50% discount on trading fees.
Is Bibox Safe?
Security is a top priority on Bibox. Bibox exchange allows its users to enable TFA and set a separate fund password (a second password which is only used for withdrawing funds). The fund password ensures that your money won’t be stolen in case of a security breach.
How to Use Bibox?
There are no restrictions for foreign users when it comes to creating a new account on Bibox, since this is a major international exchange.
First of all, you have to go through a registration process. Go to the bibox.com and click the ‘Sign Up’ button in the top right corner of the screen. Fill out a basic registration form to create a new account. Luckily, the website is translated into numerous languages, so you don’t have to bother using Google Translate.
Once the sing-up process is finished, you have to enable 2FA to make your account is safe. The exchange encourages you to do so by issuing the following warning:
Bibox is a C2C exchange. Hence, ID verification is not mandatory, and you can deposit funds right after creating a new account. Go to the ‘Funds’ section which is situated in the top left corner of the website and choose ‘Master Account’ in the drop-down window.
Here you can see the list of all listen cryptocurrencies that you can buy or withdraw from the site.
Since Bibox doesn’t accept fiat money, you have to create an account on any exchange that allows fiat-to-crypto transactions (for example, Coinbase). You have to buy BTC (or any other crypto) here and then deposit it to Bibox.
When it comes to withdrawals, you have to remember about certain restrictions. Yes, unverified users are still allowed to do anonymous transactions, but there is a daily withdrawal limit which is currently set at 2 BTC. If you want to significantly increase this number to 20 BTC, you have to provide the scans of your passport along with your photo and proof of residence.
How to Trade on Bibox?
In April 2018, the company launched margin trading that may significantly increase your profit by means of leveraging. However, you should be aware of the fact that margin trading is only suitable for advanced users who make a deep preliminary research and work out different hedging strategies. Remember that you have to repay borrowed money together with an additional fee, so along with big wins there may be big losses as well.
As of now, Bitcoin remains the only Bibox currency that is available for trading with leverage. Considering the fact that Bibox is a relatively small exchange, it is understandable why they offer a rather low leverage ratio (1:3). For example, if there is 1 BTC in your margin account, you are able to borrow additional 2 BTC to increase your potential gains.
Bibox is perfectly suitable both for advanced users and for beginners. This platform utilizes the cutting-edge AI tech which helps to predict the upcoming price fluctuations. Of course, these algorithms aren’t able to guess the exact price, but they are extremely useful for making a comprehensive investment analysis. It is still not clear how exactly the company uses artificial intelligence, since they haven’t shared any information with the general public.
The exchange is lauded in every Bibox review because of its very cheap fees. The fee for makers is fixed at 0.10% while takers aren’t charged with anything. As mentioned above, Bibox fees can be reduced if you pay with the aforementioned Bibox coin. However, the 50% discount is only available for a year. Here’s a table from Bibox’s official web site which shows how the discount is gradually decreasing over years.