What is Bibox Exchange? How reliable and effective is it? Does it have anything unique about it? This is exactly what we shall be covering in today’s review, so sit in tight as we unearth these and more elements about this platform. Here is the outline that the review will take:
- What is Bibox Exchange?
- What can you expect from the exchange platform?
- The exchange markets on Bibox
- The fees you can expect to be charged on this platform
- Is this platform secure and fair?
- Is Bibox genuine or is it a scam?
- Pros and Cons
Name of the platform: Bibox Exchange
Official Website URL: https://www.bibox.com/
Overall Rating: (3 / 5)
Recommended: Not Recommended
What is Bibox Exchange?
Bibox Is a unique digital assets exchange platform that makes use of advanced artificial intelligence algorithms to assist its users to make optimal trades and efficient transactions. the platform was founded back in 2017, by a team of Chinese crypto experts who are also well-versed with blockchain technology. The Bibox team includes:
- The co-founder of OKCoin
- Founding members of Huobi
If you know much about crypto exchange platforms, then you understand that OKCoin and Huobi are some of the widely known crypto exchange platforms in China as well as the rest of the world.
Bibox has a team that is highly competent to run the platform that serves a global clientele. It is however unregulated, but it is still safe for use. let us dig deeper into what the platform has to offer.
What to expect on the exchange platform?
Bibox presents its customers with a reliable web-based trading platform that can be accessed right from the official website. This platform is beautifully designed to ensure that customers can use it easily and understand all the features without requiring any technical training. As a trader you can review the basic platform or you can choose to move to the full screen mode. with the full screen mode, you can access the analysis tools. I therefore think that this mode is best suited for the experienced Traders.
That said however, both the versions have the same features, only that the layout is different. Traders with different levels of expertise can access the sophisticated charts on which there are technical indicators as well as charting tools that come in handy during the analysis of the prices of the cryptocurrencies. Traders also have the liberty to place multiple orders including:
- Market orders
- Limit orders
The one thing that sets apart this platform from its competitors, is that it has Incorporated artificial intelligence modules along with other smart tools that make it possible for trade deals to be executed without there being any need for human interaction. There is however, not enough information on how their enhanced artificial intelligence modules work.
Another exceptional thing about Bibox is that they have implemented distributed cluster architecture that enhances the stability of the entire exchange platform. Not forgetting that this exchange platform is fully compatible with a wide range of mobile devices, through which the downloadable application can be accessed.
The exchange markets on Bibox
Bibox exists as a crypto exchange platform, that only allows for crypto tokens to be traded. as of now the platform does not support Fiat currencies. This means that traders have to purchase cryptocurrencies from other platforms before using them on this platform. That said, customers can trade in the following markets:
The DAI cryptocurrency is decentralized just like USDT. Its value is pegged to USD, and they’re cryptos that can be exchanged under this market our only bitcoin and Ethereum.
The Tether Market allows you to exchange the following coins:
- Bibox Token
Bitcoin and Ethereum markets happen to be quite large, in the way they allow for customers to trade in a much larger number of tokens. Bibox has a collection of more than 50 tokens that you can trade against BTC and ETH.
The fees you can expect to be charged on this platform
Bibox Has its own token known as the Bibox Token. Those who use this token usually gets discounts during various transactions. I think this is Bibox’s way of trying to incentivize Traders to hold the Bibox Token.
The traders who have not purchased this token usually pay are 0.1% trading fee on all the trades they partake in. This platform does not charge any type of fees for depositing in cryptocurrencies, but one will get charged when they will draw cryptos from the exchange platform. The withdraw charges are 1% of the amount withdrawn, with the minimum amount being $15. The platform’s owners have not stated clearly how much discount you are bound to receive when you pay the face using the Bibox token.
Is this platform secure and fair?
Bibox Has Sophie tried to implement some of the latest in the most advanced security protocols in a bid to protect their customers’ information and money. Some of the outstanding security protocols used by Bibox include:
- SSL encryption technology
- Two-factor authentication through email
- Two-factor authentication through SMS
- The Google two-factor Authenticator
This platform also claims to store a majority of its customers’ funds in cold storage wallets. This means that even if the exchange is hacked, then the customers’ funds are safe.
How is support offered on this platform?
Bibox offers support through email in what is known as a support ticket system. the owners of the platform claim that the support is exceptionally good and that’s the other representatives waiting on the other end to respond to your issues in a very professional manner. If you do not want to reach out to the support staff, you can visit the FAQ section to view the answers to some of the questions that you may have, though this section is somehow Limited. Not forgetting that the platform has social media accounts that have a healthy presence.
Is Bibox genuine or is it a Scam?
In my own opinion this platform is genuine. It is one that exists in the one that is serving customers by providing the services advertised on the official website.
I however took the time to dig into what the customers are saying about the nature of its services. Only 19% of its customers think that these platforms services are excellent. The largest percentage actually thinks that the services are bad. with a rating of (3/ 5 stars) on Trustpilot, the platform has more of an average platform. The other reviews on consumer Trust sites also paint the picture of an average crypto exchange. It is good to not however that Bibox has not been hacked so far, and is therefore one that is doing great in terms of security. If you are however looking for a platform that is performing well on an all-around basis, then you can try out my number one recommended alternative to Bibox.
Pros and Cons
- The platform is easy to navigate
- Very low trading fees
- AI modules
- Large collection of crypto assets
- This platform is not regulated
- Does not support Fiat currencies
Final Words and Verdict
Verdict: Legit (But Not Recommended)
Overall Rating: (3 / 5)
Bibox Exchange is an average platform that has been around for a couple of years now. Its founders have played a crucial role in the crypto industry by creating other well-known exchanges. Bibox is quite secure, and were it not for the low customer ratings, i’d have recommended it right away. You can, however, look at what my recommended alternative has to offer, then you can be the judge of the platform that will help you meet your needs the best.
That will be all for today’s review on what Bibox Exchange is about. If you have any questions, you can drop them in the comments’ section. I will get back to you with a reply as soon as I can.
Eric, Investor and Blogger at Start Make Stop Waste!