Biconomy

What is Biconomy？

Biconomy, a decentralized exchange (DEX) established in 2021 and based in Singapore, offers 100+ cryptocurrencies. With a $100 million daily trading volume, the exchange charges takers 0.3% and makers 0.2% in trading fees.

Pros and cons

Biconomy excels in these areas:

• Decentralized exchange: Biconomy is a decentralized exchange, which means that it is not subject to the control of any central authority. This makes it more secure and resistant to hacking attacks.

• Low trading fees: Biconomy's trading fees are relatively low, making it a cost-effective way to trade cryptocurrencies.

• Mobile App offered: offering a standalone mobile app for trading on-the-go.

• Supports multiple blockchains: Biconomy supports multiple blockchains, including Ethereum, Binance Smart Chain, Polygon, Avalanche, and Fantom. This makes it a versatile exchange that can be used to trade a wide variety of cryptocurrencies.

• Available in multiple languages: Biconomy is available in multiple languages, making it accessible to a wider range of users.

Biconomy lacks these areas:

• Not as well-known as some other exchanges: Biconomy is a relatively new exchange, so it is not as well-known as some other exchanges. This could make it more difficult to get support if you encounter any problems.

• Customer support can be slow: Some users have reported that customer support can be slow at times. This could be a problem if you need help with a problem quickly.

• Some users have reported withdrawal delays: Some users have reported that withdrawals have been delayed on Biconomy. This is a potential problem, but it is important to note that it is not a common occurrence.

• Still under development: Biconomy is still under development, so there may be some bugs or other issues.

• Not regulated: Biconomy is not regulated by any financial authority. This means that there is no guarantee that your funds are safe if something goes wrong.

Regulatory Authority

Biconomy operates without being monitored by any regulatory authority. This lack of oversight can lead to risks like fraud and market manipulation. Traders considering BitForex should be cautious about the potential dangers of using an unregulated exchange.

Security

• Cold storage: The majority of BitForex's cryptocurrency holdings are stored in cold storage, which means they are offline and not connected to the internet. This makes them much less vulnerable to hacking attacks.

• Multi-factor authentication (MFA): All users are required to enable MFA, which requires them to enter a code from their phone in addition to their password when logging in. This adds an extra layer of security to prevent unauthorized access to accounts.

Cryptocurrencies Available

Biconomy currently lists over 100 cryptocurrencies. The exchange has a relatively fast coin listing speed, with new coins being added on a regular basis. The exchange has a team of experts who are constantly reviewing new projects and assessing their potential for listing. If a project meets Biconomy's listing criteria, it can be listed on the exchange within a few weeks.

Here is the list of the top 7 popular coins listed on the Biconomy exchange:

How to open an account？

• Go to the Biconomy website and click on the “Sign Up” button.



• Enter your email address and create a password.



• Click on the “Create Account” button.

• You will receive an email from Biconomy with a verification link. Click on the verification link to verify your email address.

• Once your email address has been verified, you can log in to your Biconomy account.

Trading Fees

Biconomy charges lower fees for futures trading with maker fees at 0.04% and taker fees at 0.06%. For spot trading, both makers and takers pay 0.2% fees.

Maker Fees	Taker Fees
Futures	0.04%	0.06%
Spot	0.20%	0.20%

Deposit and Withdrawal

Biconomy offers multiple ways to deposit funds: wire transfer, debit card, or existing cryptocurrency assets. Deposits incur no fees. Biconomy charges varying withdrawal fees for different cryptocurrencies. For instance, BTC withdrawals cost 0.0005 BTC, while USDT and USDC withdrawals cost 1 USDT and 30 USDC respectively. ETH withdrawals require 0.018 ETH, and BIT withdrawals have a fee of 40,000 BIT plus 6%. Additionally, ADA withdrawals cost 3 ADA, TRX withdrawals cost 15 TRX, and XRP withdrawals cost 5 XRP.



You can check the detailed withdrawal info here: https://biconomy.zendesk.com/hc/en-us/articles/14841047292697.

Customer Support

Biconomy provides customer support via email, live chat, and a community support platform.



Is Biconomy a Good Exchange for You？

Biconomy may be a good exchange for traders in the following types:

Traders who pursue low trading fees.

Traders are used to mobile trading.

Traders who don't care about establishment but want more coins for trading.

Compare with other exchanegs

Features
Trading Fees	0.2% for maker and taker	Maker: 0.04%, Taker: 0.075%	Maker: 0.05% - 0.1%, Taker: 0.1% - 0.5%	Up to 0.40% maker fee and up to 0.60% for taker fee
Cryptocurrencies	100+	500+	11	200+
Regulation	Not regulated	Regulated by NMLS, MAS/FinCEN (Exceeded)	Regulated by FSA ( Japan), NMLS, CSSF, DFI, NYSDFS	Regulated by NMLS , FCA, NYSDFS, SEC (Exceeded), FINTRAC (Exceeded)

Conclusion

To sum up, Biconomy, a decentralized exchange, offers low fees but lacks fame and regulation. It supports multiple blockchains but faces customer support and development challenges. Now, it is your turn to decide whether to use this echange or not.

FAQs

Q: What cryptocurrencies are available for trading on Biconomy？

A: Biconomy offers traders a wide range of over 100 cryptocurrencies for trading.

Q: Are there any fees for trading on Biconomy？

A: Biconomy's specific trading fees, including maker fees and taker fees, are not provided in the available information. Traders are advised to refer to the platform's fee structure for accurate and up-to-date information.

Q: What payment methods are supported by Biconomy？

A: Biconomy supports payment methods such as bank transfers and credit/debit cards.

Q: How can I contact Biconomy's customer support？

A: Biconomy provides customer support through email and live chat channels.

Q: Is Biconomy suitable for beginner traders？

A: Biconomy's user-friendly interface and simple trading process make it potentially suitable for novice traders.

Q: Can experienced traders benefit from using Biconomy？

A: Yes, experienced traders may find Biconomy appealing due to its wide selection of trading options, order types, and diverse range of cryptocurrencies.

Q: What are the advantages of using Biconomy？

A: Biconomy offers advantages such as a wide selection of cryptocurrencies, low transaction fees, a user-friendly trading process, and various trading options and order types.

Q: Are there any disadvantages to using Biconomy？

A: Some disadvantages of using Biconomy include the lack of regulatory oversight, limited wallet options, unspecified privacy protection measures, and relatively low recognition compared to other exchanges.

User Review

User 1: I've been using Biconomy for a few months now and I have to say, I'm quite impressed with the security measures they have in place. The two-factor authentication and the option to set up a withdrawal whitelist add an extra layer of protection to my account. The interface is also very intuitive and easy to navigate, making it a breeze to execute trades. However, I did have some issues with the liquidity of certain cryptocurrencies I wanted to trade. It would be great if they could improve on that aspect. Overall, a solid crypto exchange with great customer support.

User 2: Biconomy is a decent crypto exchange with a good selection of cryptocurrencies to choose from. I appreciate the low transaction fees, especially for frequent traders like myself. The customer support team is responsive and helpful, which is a huge plus. However, I do have concerns about the lack of regulatory oversight and the limited options for wallets. It would be great if they could address these issues to provide users with more peace of mind. The deposit and withdrawal speed could also be improved as it can take a bit longer than expected. Nonetheless, a reliable platform for trading cryptocurrencies.

Risk Warning

Cryptocurrency trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.