bigX

Overview of BigX

bigX is a cryptocurrency exchange platform headquartered in Singapore, launched in 2018. It is under the regulatory supervision of the Estonian Majandus Tegevuse Register. The platform provides access to trade a range of digital currencies, including but not limited to Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, and EOS. Users have the option to trade using bigX's Web Trader and Mobile Trader interfaces.

In terms of managing funds, bigX facilitates both bank transfers and transactions made via debit or credit cards for deposits and withdrawals. Additionally, the exchange offers a suite of educational materials to assist users in gaining a better grasp of cryptocurrency trading. These resources include webinars, tutorials, and informative articles.

For customer service, bigX provides support through multiple channels, ensuring that assistance is available 24/7 via live chat, email, and phone. The platform also allows for a high leverage ratio of up to 1:100, which can be utilized by users to potentially amplify their trading capabilities.

Pros and Cons

Pros Revealed:

bigX is a cryptocurrency exchange that operates under the regulatory oversight of the Majandus Tegevuse Register, which is part of the Monetary Authority of Singapore (MAS). This regulatory framework is intended to ensure the platform's adherence to local regulatory standards, offering users a baseline level of security and compliance.

The exchange provides a broad selection of cryptocurrencies for trading, including well-known options such as Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, and EOS. This variety is designed to allow users to explore a range of investment opportunities and to build a diversified portfolio of digital assets.

Trading on bigX can be done through two primary platforms: the Web Trader, which is a computer-based interface, and the Mobile Trader, which allows for trading through mobile devices. This approach is intended to offer users the flexibility to trade according to their preferred method and convenience.

In addition to trading platforms, bigX also provides educational resources. It offers webinars, tutorials, and articles to help users deepen their knowledge of cryptocurrency trading. The provision of these materials is aimed at supporting users with information that can enhance their trading experience and decision-making processes.

Cons Revealed:

bigX provides a maximum leverage of 1:100 for its users. While this may be suitable for some traders, others who seek higher leverage options might find it restrictive and could explore other exchanges that offer more extensive leverage.

In terms of deposits and withdrawals, bigX supports traditional bank transfers and transactions via debit or credit cards. However, when compared to other exchanges, the range of payment methods available on bigX is narrower. Users who require a wider array of funding options might find this limitation inconvenient.

Furthermore, bigX is geared towards a user-friendly trading experience and provides educational materials for users who are new to cryptocurrency trading. However, the platform does not offer advanced trading features that some experienced traders might be looking for, such as complex order types or algorithmic trading capabilities. For those who require these sophisticated tools for their trading strategies, bigX may not be the ideal choice, and they may need to look for exchanges that cater to more advanced trading needs.

Regulatory Authority

WikiBit obtains regulatory information through various channels, including official regulatory websites, public records, and direct communication. The platform's team verifies the authenticity of regulatory licenses and certifications by cross-referencing the information from multiple reputable sources.

WikiBit aims to offer reliable and accurate regulatory information to help traders make informed decisions when choosing exchange/token/project.

As of August 2023, BigX reportedly holds a Regulated Digital Currency License from MajandusTegevuse Register (MTR, No.FVT000269).

Security

bigX exchange operates under the regulatory framework of the Majandus Tegevuse Register (MTR), which is part of the Estonian business environment, and adheres to the requirements set by the Monetary Authority of Singapore (MAS). The platform is committed to adhering to these regulatory standards, demonstrating its emphasis on security and compliance, which can be a key factor for users who are concerned about the safety of their transactions and personal data.

Cryptocurrencies Available

At bigX, users have access to a variety of cryptocurrencies for trading. Some of the cryptocurrencies available on the platform include Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, and EOS. These cryptocurrencies are known for their market value and have seen price fluctuations on various exchanges.

In addition to cryptocurrency trading, bigX offers other products or services that cater to the needs of its users. These may include features such as futures trading, margin trading, or the ability to stake or earn interest in certain cryptocurrencies.

Educational Resources

bigX provides a range of educational resources and tools to support users in enhancing their understanding of virtual currency trading. These resources include trading guides, video tutorials, and webinars. These materials aim to equip users with valuable insights and knowledge to make informed trading decisions.

Customer Support

bigX offers customer support to assist users with their inquiries and concerns. The available hours of the customer support team may vary, and users are advised to check the bigX website for the most up-to-date information.

Regarding language support, bigX may offer multilingual customer support to cater to users from different regions. The specific languages supported can be verified by visiting the bigX website or contacting customer support directly.

How to Open an Account？

The registration process of bigX can be completed in the following six steps:

1. Visit the official website of bigX and click on the “Sign Up” or “Register” button.

2. Provide your personal information, including your full name, email address, and password.

3. Verify your email address by clicking on the verification link sent to your registered email.

4. Complete the KYC (Know Your Customer) process by submitting necessary documents such as identification proof and address proof.

5. Wait for the verification process to be completed. This may take some time, depending on the volume of registrations.

6. Once your account is verified, you can login to your bigX account and start trading cryptocurrencies.

Fees

There is no specific information available about the fees that can be traded on the exchange.

Funding Methods

bigX supports bank transfers and debit/credit card transactions for both deposits and withdrawals. Users can choose the method that is most convenient for them.

The processing time for deposits and withdrawals may vary depending on the chosen payment method and the user's location. Bank transfers generally take longer to process compared to debit/credit card transactions. Users may need to allow a few business days for the funds to be reflected in their bigX account.

FAQs

Q1: What trading platforms does BigX offer？

A1: BigX offers a proprietary trading platform available on web, desktop, and mobile devices

Q2: What are the minimum deposit requirements for BigX accounts？

A2: There is no minimum deposit requirement for basic services in both novice and expert accounts.

Q3: Who would find bigX suitable for their trading needs？

A3: BigX is suitable for beginner traders, cryptocurrency enthusiasts, safety-conscious traders, research-oriented traders, and multilingual traders. However, individual preferences may vary.

Q4: Will I recognize a gain or loss when I sell my virtual currency for real currency？

A4: Yes. When you sell virtual currency, you must recognize any capital gain or loss on the sale, subject to any limitations on the deductibility of capital losses.

Q5: Are virtual currencies anonymous？

A5: Most cryptocurrencies, Bitcoin included, are not anonymous but pseudonymous, not hiding your identity as much as giving you a fake one. While a pseudonym can hide you, it's not foolproof, either. Through some smart searching of a cryptocurrency's blockchain, you could find out the real-world identities behind wallets.