beaxy

What is beaxy？

Established in June 2019, Beaxy is a cryptocurrency exchange registered with FinCEN and owned by Windy Inc. It offers 17 cryptocurrencies including BTC, ETH, BXY, and XRP. The official website highlights a 24-hour trading volume of around $1,667,627,536.20. Beaxy implements trading fees, with takers facing a 0.25% fee and makers a 0.15% fee. The platform provides customer support through live chat, AI bot, Telegram, Discord, and social media channels, catering to various user preferences.

Pros and cons

Pros:

• Regulatory Awareness: Beaxy was registered with FinCEN under the name WINDY INC, showcasing its awareness and adherence to regulatory requirements, even though its current status is “exceeded”.

• Wide Range of Cryptocurrencies: The platform offers a diverse range of 17 cryptocurrencies, including major coins like BTC, ETH, and lesser-known ones.

• Enhanced Security: Beaxy places a strong emphasis on user security with features like Two-Factor Authentication (2FA) using TOTP and other security protocols to safeguard user accounts.

• Extensive Educational Resources: Beaxy offers comprehensive educational materials, including a glossary for users to understand various trading terms and concepts.

• Multiple Customer Support Channels: Users have various avenues for support, including live chat, AI bot, Telegram, Discord, and more.

Cons:

• Regulatory Uncertainty: The current regulatory status labeled as “exceeded” suggests that there might be some form of non-compliance or issues with the regulatory authorities.

• Trading Volume Concerns: One review mentions a lack of tradable books across most listed assets, indicating liquidity concerns which could affect trading experiences.

• Market Maker Issues: The same review points out that market makers sometimes pull their orders, which can result in unfavorable trading situations, especially for those using stop orders.

• Reliability: The negative review highlights an unfavorable trading experience when compared to other platforms, suggesting potential reliability issues.

• Risk of Price Slippage: Due to the lack of depth in order books, there's a risk of significant price slippage when placing trades.

It's crucial for potential users to conduct their research and due diligence before committing to any platform.

Regulatory Authority:

Based on the information provided, Beaxy was associated with FinCEN and held a Regulation Number 31000149655477. The regulation status was labeled as “Exceeded,” without additional details. Beaxy operated with an MSB License under the specific name WINDY INC. Verification of the current regulatory status and licensing details was advised due to potential changes.

Security

Two-Factor Authentication (2FA):

Two-Factor Authentication (2FA) enhances security by adding a second verification step to the login process. Beaxy utilizes Time-Based One Time Password (TOTP) technology. This generates time-limited passcodes, and enabling 2FA is highly recommended to bolster account security.

Security Tips for Beaxy Users:

• Passwords: Use unique passwords for accounts and activate 2FA.

• Device and Network Security: Ensure your device and home network are secure against potential threats.

• Public Discussions: Refrain from discussing cryptocurrency assets publicly.

• Suspicious Activity: Promptly report any suspicious activity related to your account.

Preventing Phishing:

• Emails and Links: Exercise caution with suspicious emails and links, and avoid opening them.

• Public Wi-Fi: Refrain from accessing your account via public Wi-Fi connections.

• Security Software: Install trusted anti-virus and anti-malware software.

• Software Updates: Keep your operating system and browser up to date.

• 2FA: Enable 2FA to mitigate the risk of unauthorized access.

• Prompt Reporting: Report any suspicious contacts or communications.

• Dedicated Email: Use a separate email address exclusively for your Beaxy account.

Trading Markets

Beaxy offers a variety of cryptocurrencies for trading, providing users with options to explore and invest. Some of the featured cryptocurrencies include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Algorand (ALGO), Dash (DASH), AION, ICON (ICX), Basic Attention Token (BAT), HIVE, and Dragonchain (DRGN). These assets cater to different preferences, offering users a diverse range of investment opportunities within the Beaxy platform.

Cryptocurrencies available

AION - Operated by the AION Foundation, it has roots in Nuco, which was founded in 2016. The project is backed by team members with strong connections to Ethereum and aims at achieving significant growth in the blockchain sector.

• Aleph (ALEPH) - An open-source crosschain network with a decentralized identity system. Its primary aim is to help decentralized applications achieve a fully decentralized architecture, similar to a decentralized Firebase or AWS.

• ALGO - A cryptocurrency based on the Algorand blockchain, which seeks to offer an infinitely scalable economy. It witnessed significant growth after El Salvador adopted Bitcoin, leveraging the Algorand blockchain for its infrastructure.

• Basic Attention Token (BAT) - An Ethereum-based token designed to address issues in digital advertising, providing a more decentralized, efficient, and fair advertising ecosystem.

• BEAM - A confidential cryptocurrency utilizing the MimbleWimble protocol, focusing on offering users enhanced privacy features. It incorporates various features like DEX, atomic swaps, and smart contracts.

• Bitcoin SV (BSV) - Emerging from a fork of Bitcoin Cash, BSV aims to restore the original Bitcoin protocol and is seen as a testament to Bitcoin's foundational principles.

• Bitcoin - The first and most famous digital currency, Bitcoin operates as a decentralized cashless payment system.

• DASH - Known for its high level of anonymity due to its unique two-level system. Dash's foundations are built upon other digital coins like Primecoin, Litecoin, and Quark.

• Dragonchain - Originating from The Walt Disney Company in 2014, it is a hybrid blockchain combining features of both public and private blockchains, allowing businesses to utilize blockchain technology while ensuring data privacy.

• Ether - The cryptocurrency of the Ethereum platform. It's different from other cryptocurrencies because of its ability to implement smart contracts, offering a broader range of economic applications.

• Hive - Developed as a response to the corporate takeover of Steem and Steemit, Hive is a decentralized blogging platform offering cryptocurrency rewards.

• ICON - A Decentralized Autonomous Organization (DAO) that aims to connect all blockchains globally.

• Litecoin (LTC) - An early alternative to Bitcoin, created to address some of Bitcoin's shortcomings like long transaction times and high fees.

• Neo - Often referred to as the “Ethereum of China,” Neo seeks to create a digital economy featuring smart contracts and a network of decentralized applications.

• USDT - Known as Tether, it's a stablecoin pegged 1:1 to the U.S. dollar, ensuring price stability in the volatile crypto market.

• Zcash (ZEC) - Known for its emphasis on privacy, Zcash is an open-source, blockchain-based digital currency that ensures high levels of user anonymity.

• EOS - With a place among the top cryptocurrencies by market capitalization, EOS is designed to support large-scale applications, and its creator has previously been involved in creating the Steemit blogging platform.

Other Services

Beaxy provides additional services to enhance the trading experience, including prebuilt technical analysis, timeframes, and targets designed to assist users in making informed decisions. The platform also offers free signals, contributing to an improved win rate when trading cryptocurrencies. These supplementary services aim to provide users with valuable insights and tools, supporting them in navigating the dynamic cryptocurrency market more effectively.

How to open an account？

1. Go to Beaxy's website and click “Sign Up”.

2. Enter your email and set a strong password.

3. Fill in your name, birth date, and country.

4. Upload a government-issued ID or passport.

5. Wait for verification.

6. Once approved, log in and start trading.

How to Buy Cryptos？

To engage in crypto trading on Beaxy and unlock financial freedom, follow these simple steps:

1. Currency Selection: Begin by choosing the currency you want to use for the transaction and specify the amount you wish to spend.

2. Digital Asset Selection: Next, select the digital asset you intend to purchase from Beaxy's diverse range of options.

3. Purchase Confirmation: Click the “Buy” button to finalize your purchase. Beaxy ensures a seamless process for users to execute transactions efficiently.

Beaxy offers flexibility in payment methods:

- Credit or Debit Card: Swiftly purchase crypto with a credit or debit card, receiving the assets in your account within minutes.

- Bank Account: Connect your bank account to facilitate deposits and withdrawals through wire transfers.

- Wire Transfer Funds: Conveniently wire funds from anywhere in the world, enjoying access to a wide range of major fiat pairs on the exchange.

Fees

The trading fees provided describe the costs associated with trading on the Beaxy platform . There are two types of traders on most exchanges: “makers” and “takers.”

• Takers:

• Fee: 0.25%

• Takers are traders who take liquidity from the market. This means they're placing orders that match immediately with an existing order on the order book. In simple terms, if you place an order to buy or sell at the current market price and it fills immediately, you are a taker. Takers pay a slightly higher fee because they're taking liquidity away from the order book.

• Makers:

• Fee: 0.15%

• Makers are traders who provide liquidity to the market. When you place an order that doesn't match immediately with an existing one (like a limit order set at a specific price), your order is added to the order book. If another trader later matches with your order, then you are a maker. Makers pay a lower fee because they're adding liquidity to the order book, making the market more robust.

In this scenario, Beaxy charges takers 0.25% and makers 0.15% of the trade value. So, if you're a maker and you execute a $100 trade, you would pay $0.15 in fees. Conversely, if you're a taker executing the same $100 trade, you would pay $0.25 in fees. These fees are used by exchanges to cover operational costs and earn revenue.

Deposit & Withdrawal

How to Deposit Funds on Beaxy:

• Initiating the Deposit:

  From any trading screen, you can open a deposit window. This can be done by clicking on the blue “Deposit” button.

  Specific currencies can be chosen for deposit by clicking on their respective buttons in the rows below.

  Alternatively, you can also initiate a deposit through the “Balances” window, which can be accessed by clicking “All Balances” on the Trading Screen or “My Balances” in the client area.

• Selecting Currency to Deposit:

  In the “Balances” window, each currency has its own “Deposit” and “Withdrawal” button. By clicking on a currency's “Deposit” button, it will take you to the deposit window for that specific currency.

• Getting the Deposit Address:

  Once in the deposit window, you'll see the asset you are about to deposit and information about your current balance.

  Your public wallet address (blurred out in the provided example) can be found on the right side of the window. Beaxy provides a button to copy this address, allowing you to easily paste it into the destination wallet field of the platform from which you are transferring funds.

• Important Note:

  Always ensure you're sending the correct currency to the appropriate wallet address. For instance, do not send ETH to a BTC wallet as this will result in loss of funds which cannot be recovered.

• Guidance for Depositing from Other Platforms:

  Beaxy provides links to guides on how to deposit digital assets from other exchanges like Coinbase, Coinbase Pro, Binance, Bitfinex, Huobi, Gemini, and Kraken.

  There are also guides for depositing digital assets from popular cold wallets like Enjin Wallet, Edge Wallet, and My Ether Wallet (MEW).

How to Withdraw Funds from Beaxy:

• Initiating the Withdrawal:

  Withdrawal buttons can be accessed from either the Trading Page or the Balances page.

  Clicking on any of these withdrawal buttons will open a withdrawal window for the selected currency.

• Entering Withdrawal Details:

  In the withdrawal window, you'll see the details of the currency you intend to withdraw, such as its icon, name, ticker symbol, and balance information.

  You will be required to enter the address you wish to send the funds to and the amount you want to withdraw.

  The withdrawal fee, which is different for each blockchain and continuously updated by Beaxy, will also be displayed in this window.

• Understanding Fees and Limits:

  Your daily withdrawal limit is determined by your user level. All withdrawn funds, irrespective of their original currency, are converted to their BTC value based on Beaxy's current price, which is then deducted from your maximum.

  The fee required for withdrawal is used to process the transaction on the blockchain and is not taken by Beaxy. For example, if you are withdrawing an ERC-20 token, the fee will be calculated in ETH and then converted to the token in question before charging.

• Important Note:

  Similar to deposits, always ensure you're sending funds to the correct address and using the appropriate currency type. Sending funds to the wrong type of wallet, such as sending ETH to a BTC wallet, will result in lost funds that cannot be recovered.

  Always make sure to double-check all information and addresses when depositing or withdrawing to prevent any loss of funds.

Educational Resources

Beaxy offers an invaluable resource for both beginners and seasoned traders. Explore Beaxy's comprehensive glossary at https://www.beaxy.com/glossary/. This guide is replete with detailed explanations of trading terms, concepts, and intricacies specific to the cryptocurrency world. Whether you're trying to understand the basics or delve into advanced topics, this resource has you covered. Don't miss out on this opportunity to enhance your trading knowledge and skills.

Customer Support

eaxy prioritizes customer assistance and offers a multi-faceted support system to cater to its users' needs. Their support framework includes:

• Support Section: A dedicated segment where users can find direct assistance for their concerns.

• FAQ: This is a section where commonly asked questions are addressed, helping users find quick solutions to frequent queries.

• Knowledge Base: A more in-depth resource providing detailed articles, guides, and information on various topics related to Beaxy and its services.

• Glossary: An informative section that defines and explains specific terms and concepts related to cryptocurrency and trading.

• Email Support: For personalized assistance or for issues that need in-depth attention, users can directly reach out to Beaxy's support team via the email address: support@beaxy.com.

  Together, these components ensure that Beaxy users receive timely, accurate, and comprehensive support.

Is Beaxy a Good Exchange for You？

Beaxy is best suited for Security-Conscious Traders. The platform places a strong emphasis on user security, implementing features like Two-Factor Authentication (2FA) using TOTP and other security protocols to safeguard user accounts. This makes it an ideal choice for traders who prioritize a secure trading environment and value robust security measures.

1. Regulation-Conscious Traders: Ideal for those who prioritize trading on a platform registered with FinCEN, showcasing regulatory awareness.

2. Diverse Cryptocurrency Traders: Suited for individuals looking to trade a broad range of cryptocurrencies, including major ones like BTC and ETH.

3. Security-Conscious Users: Appeals to those who value enhanced security measures, including Two-Factor Authentication (2FA) and other protocols.

4. Educational Resource Seekers: Good for users interested in comprehensive educational materials and resources provided by the platform.

5. Innovation Enthusiasts: Attractive for traders who appreciate innovative features such as “Signals” and “Trender” for a unique trading experience.

6. Staking Enthusiasts: Suitable for individuals interested in token staking, offering potential returns of up to 12% annual interest.

Potential users should consider the platform's regulatory status, trading volume concerns, and reliability issues mentioned in user reviews before deciding.

Compare with other exchanges

Features
Trading Fees	Takers: 0.25%, Makers: 0.15%	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	17	500+	11	200+
Regulation	Regulated by FinCEN (Exceeded)	Regulated by NMLS, MAS/FinCEN (Exceeded)	Regulated by FSA ( Japan), NMLS, CSSF, DFI, NYSDFS	Regulated by NMLS , FCA, NYSDFS, SEC (Exceeded), FINTRAC (Exceeded)

User Reviews

Review by Rick Torres

• Country: US

• Rating: ★☆☆☆☆ (1 out of 5 stars)

• Date of Experience: April 29, 2021

  Title: Avoid if you dont want to lose $

  Review:

  “By far the worst experience I‘ve had in crypto. Launch was a disaster, and in the years since, they have failed to provide tradable books across most of their listed assets. Their market makers routinely pull their orders from the already thin books, making the use of stop orders a risk, as it could lead to your position being sold off far below the market price. Compared to other platforms, this is the least favorable trading experience I’ve encountered.”

Review by Da Juggy

• Country: US

• Rating: ★★★★★ (5 out of 5 stars)

• Date of Experience: October 02, 2020

  Title: Beaxy, The Up And Coming Contender

  Review:

  “Beaxy is shaping up to be a standout in the crypto landscape, with capabilities rivaling top-tier exchanges. Not only does it have the standard features you'd anticipate from a prominent exchange, but it's also leading the way with innovative tools like its ”Signals“ trading TA. This has demonstrated a 63% success rate in predicting trades. The mobile app further elevates the user experience with ”Trender,“ which integrates with ”Signals“ to simplify trade executions based on Signal's recommendations. By merely swiping right on a Signal trade suggestion, your trade is executed! Moreover, token staking on Beaxy offers up to 12% annual interest. Keep an eye on this exchange; it's one to watch!”

Conclusion:

Beaxy is a cryptocurrency exchange launched in 2019, owned by Windy Inc, and registered with FinCEN. It offers various cryptocurrencies, with a daily trading volume of about $1.67 billion. Fees are 0.25% for takers and 0.15% for makers. Security features include Two-Factor Authentication (2FA), and educational resources are provided. Unique features are “Signals” and “Trender,” and token staking with up to 12% annual interest is available.

However, there are concerns about regulatory status and trading volume. Users mentioned issues with market makers, reliability, and the exchange's launch. Thorough research is advised before using Beaxy or any cryptocurrency exchange.

FAQs:

Q: What is Beaxy？

A: Beaxy is a cryptocurrency exchange established in 2019, offering various cryptocurrencies for trading.

Q: What are Beaxy's trading fees？

A: Beaxy charges a 0.25% fee for takers and a 0.15% fee for makers.

Q: What security measures does Beaxy have？

A: Beaxy emphasizes security with features like Two-Factor Authentication (2FA) to protect user accounts.

Q: What are “Signals” and “Trender” on Beaxy？

A: “Signals” offers trading insights, and “Trender” simplifies trade execution based on these signals.

Q: Are there any concerns about Beaxy？

A: Some users have raised concerns about regulatory uncertainty, trading volume, market maker issues, and platform reliability.

Risk Warning:

Online 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.