Beaxy is a new cryptocurrency exchange that aims to get ahead of its competition by making improvements across the board, and equipping crypto traders with a completely modernized approach to buying and selling digital assets.
The team at Beaxy aim to provide crypto/fiat functionality, high performance capabilities, cutting edge security, and extensive customer support, alongside reasonable fees.
Overall, they aim to provide traders with a comprehensive service that appeals to both newer traders and more experienced participants, and Beaxy also incorporates its native BXY token, which allows users to participate in staking and receive fee reductions of up to 50%.
Beaxy Exchange Overview
Beaxy is operated by Beaxy Digital, Ltd, which is a company registered in St. Kitts & Nevis in the Caribbean Islands. The team behind the exchange is transparent in nature and contains CEO Artak Hamazaspyan, CTO Mittal Patel, COO John Galvagno, and Director of Engineering Federico Almaraz.
The project held an Initial Coin Offering (ICO) which ran until September 2018, and raised approximately $3 million in funding, and the exchange has just recently launched.
The Beaxy team aim to provide a fully featured exchange that facilitates a comprehensive trading experience and incorporates many of the best features found amongst the current industry leaders.
These include high trade processing speeds, advanced order types, high grade security protocols, loyalty and referral programs and 24/7 customer support.
The exchange also incorporates the ERC20 BXY Token which allows users to participate in staking in order to receive a 50% discount on trading fees. Other important platform features are as follows.
Key Features
- Functionality – Beaxy operates as a web-based trading platform, and utilises a simple to use, and intuitive UI. The interface is also customizable and includes scrolling ticker settings for speed, visibility, and favourite pairs. It also incorporates Night and Day modes for around-the-clock trading, TradingView charts with a full range of technical indicators, and a variety of charting colour options.
- Technology – The exchange makes use of high throughput and low latency database performance capabilities, and Beaxy is able to handle hundreds of thousands of transactions per second (225,000 tps) with less than 1ms of latency. The platform is also built for long term scaling, and includes functions to mitigate demand spikes, as well as automated scaling and resource balancing features. Beaxy was also built in collaboration with OneMarketData and incorporates its trading analysis, data research, surveillance and back-testing services.
- Security – The Beaxy team place security at the forefront of their priorities and the exchange uses two factor authentication (2FA) and is compatible with both Google and Authy Authenticators. The exchange also allows for withdrawal address and IP whitelisting, and the team also promise to maintain the confidentiality of user data. Standards on the platform are in line with PCI-DSS and ENISA security standards.
- Customer Support –Beaxy provides 24/7 customer support with live chat functionality. The team also provide multi-language support and users can submit request tickets in the support A variety of resources are also available such an FAQ section and Knowledge Base, and the team remain active on social media and can be contacted via their Telegram group, Discord server, and Twitter account.
How to Get Started on Beaxy
1) Create an Account
Head to the official site https://www.beaxy.com/ and click on the “Register” tab. From here you’ll be required to enter your full name, email address, password, and date of birth.
After clicking on the link provided in the verification email, you will be asked to log into your account.
2) Submit your Identification
The exchange maintains the following five user levels:
- Standard (30 BTC)
- Silver (60 BTC)
- Gold (100 BTC)
- Platinum (200 BTC)
- Diamond (500 BTC)
Upon signing up you are given a standard level, and each tier is associated with staking commitments, different trading discounts and other benefits such as increased withdrawal limits. The majority of the exchange’s core functions are unlocked by going through the KYC verification process and users can not initiate withdrawals without passing KYC. After being verified, anyone can withdraw up to 30 BTC worth of cryptos per day from any combination of their wallets, and the daily withdrawal limits for the various levels are shown above.
To start the KYC verification process, click on your name and select KYC in the drop down menu.
From here you can click the Mati “Verify me” button, and choose your preferred language. You can also complete the verification process via smartphone, and you can click the link at the bottom of the panel and then enter your email address. Mati will send a link to this email that can be used to continue the verification process by phone.
The KYC process is the same for desktop or mobile users from this point, and Mati will attempt to use your camera in order to take your photo for KYC, and you may need to grant your browser permission to use the camera function.
From here, you can select which document you wish to use to verify your identity, and acceptable forms include a Driving License, a National ID, or a Passport. It’s worth noting that users based in the USA cannot use a passport for verification due to state-specific laws, and must use a valid driver’s license or state ID.
You must then select the country your document was issued in, before uploading the document.
You can use the “Take pictures with Smartphone” feature, and both a Driving License and National ID must have both sides uploaded. Smartphone users can click the link at the bottom of the panel to get further instructions via email on how to proceed.
After uploading your ID, you need to make a short video, and then confirm that you have followed all the directions properly. The video requires you to make two circles with your head, with each rotation lasting about three seconds long. If Mati detects any issues, you will be prompted to repeat the video tasks.
When you successfully complete the tasks, the process is finished; however, the Beaxy team recommend taking pictures with PhotoScan by Google Photos or Office Lens by Microsoft as they are more reliable with regards to producing clear images and capturing documents. After finishing the KYC application process, you will see the icon next to your name change to “Under Review”, and you’ll receive notification of your results once the review has been completed.
3) Deposit Funds
To transfer funds, you’ll need to click on the “My wallets” tab at the top right of the screen, and select your preferred currency and click on the + icon next to it. This will expand the list of wallets you have for this currency.
The wallet columns include the Wallet Name, Available Balance, Reserved Balance, and Locked Balance, which is the balance locked away in any staking or loyalty programs. You also have Pending and Total Balance columns and the Is Default feature allows you to set the default wallet for each currency. You can also make transfers within your wallets and create new ones. The first time you deposit into a wallet, you will be asked to generate an address for it.
After generating an address, you’ll see the standard QR code and alphanumeric string and either can be used to transfer funds from an existing wallet. Beaxy allows you to have multiple wallets for each currency; however, your funds will only be deposited to the wallet set as default, and you can then transfer freely between your internal wallets. After your transfers have been confirmed you are free to trade on the exchange.
Beaxy Supported Currencies and Fees
Beaxy currently supports the following BTC and USDC markets:
| Name | Ticker | BTC | USDC |
| Bitcoin | BTC | — | ✓ |
| Ethereum | ETH | ✓ | ✓ |
| Beaxy | BXY | ✓ | ✓ |
| Litecoin | LTC | ✓ | |
| Ethereum Classic | ETC | ✓ | |
| Monero | XMR | ✓ | |
| Zcash | ZEC | ✓ | |
| NEO | NEO | ✓ | |
| Ripple | XRP | ✓ | |
| EOS | EOS | ✓ | |
| WAVES | WAVES | ✓ | |
| DASH | DASH | ✓ | |
| USD Coin | USDC | ✓ | |
| Pundi X | NPXS | ✓ | |
| ICON | ICX | ✓ | |
| OmiseGO | OMG | ✓ | |
| Polymath | POLY | ✓ | |
| DragonChain | DRGN | ✓ | |
| 0x | ZRX | ✓ | |
| Basic Attention Token | BAT | ✓ | |
| AION | AION | ✓ | |
| Metal | MTL | ✓ | |
| Blockparty | BOXX | ✓ | |
| Bitcoin Cash ABC | BCH ABC | ✓ |
Beaxy charges a fixed 0.2% fee per trade on market takers. However, users who choose to pay their trading fees in BXY tokens receive a 50% reduction and pay a fee of 0.1%, and anyone participating in the exchange’s Staking Program can reduce their fees by an additional 25%. Market makers are being encouraged to use the exchange and are exempt from trading fee commissions. In order to pay your fees with BXY, click on your profile, and select “Fees”, then move the “Pay with BXY” slider button to the “On” position.
In addition to enabling reduced fees, the Beaxy token also provides access to premium add-on tools such as custom SMS alerts, premium TradingView charting, and to purchases on the coming Beaxy App Store. It also provides access to the coin staking and loyalty reward programs, and Beaxy operates a loyalty reward program that incorporates the PLUS Token (PLS) and BXY and PLS can be swapped at a 1:1 ratio, with the loyalty program and coin staking working in conjunction.
How to Exchange BXY/PLS and Earn Loyalty Rewards
The PLS token will only be available via the Beaxy platform, and its supply will be equal to that of the BXY Token. BXY can be exchanged for PLS at a 1:1 rate, and will remain locked in as PLS tokens for a period of time set by the user.
Anyone holding PLS on the Beaxy Exchange will receive a percentage of transaction fees collected based on the duration the PLS Tokens are locked, and the percentage of each user’s share among all locked PLS tokens. For example, tokens locked for:
- Up to 1 month: receive 15% of fees collected
- 1 to 6 months: receive 20% of fees collected
- Beyond 6 months: receive 25% of fees collected
It’s possible to receive a proportionate share of up to 25% of the monthly transaction fees collected according to the number of PLS tokens held, and your payments will be affected by the number of PLS tokens you have locked relative to how many PLS tokens other users have locked.
This option is only for qualified account holders and users must pass KYC verification in order to be eligible for loyalty bonuses, in addition, the program is only available for the inhabitants of approved jurisdictions, and exchange users living in jurisdictions that are considered to be wrapped up in any regulatory uncertainty will not be allowed to participate.
The reward calculations for payouts are performed everyday at midnight UTC, however the actual payouts for loyalty rewards are made on a monthly basis, on the first day of each month with PLS holders receiving rewards for the previous month. In the following example, if a user locks up 100K BXY tokens for 6 months, they will receive 100K PLS tokens. If there are also 10 million BXY tokens locked up in various accounts on Beaxy, there will be 10 million PLS tokens in circulation. Here, the user has 1% of all PLS tokens for that day.
If for example Beaxy collected $1 million in commissions that day, the total commission is then divided by the user’s portion of PLS tokens. Therefore, $1,000,000 * 1% = $10,000, and the user will receive a portion of that $10,000, depending on the duration of their lockup. Due to the 6 month lockup period in our example scenario, the user will receive 25% of the $10,000, and $10,000 * 25% = $2,500.
The loyalty rewards payout for this day will be $2,500, and this balance is displayed on the Loyalty Rewards page as a “Pending Balance”, and changes everyday once the calculations are performed at midnight. The Pending Balance gets credited to user accounts on the first of each month, and Beaxy provides downloadable, monthly loyalty rewards reports and rewards are paid out in each kind of currency that the exchange charges a commission on.
It’s worth noting that users from the USA are currently not eligible to access the Loyalty Rewards program or obtain the PLS token in any way.
How Does Staking on Beaxy Work?
Staking on the platform falls in line with Beaxy’s user levels although there are no staking discounts available at the default standard account level. Eligible tiers include Silver, Gold, Platinum, and Diamond, and a user’s level is determined by the number of coins that they wish to stake. The specifications are as follows:
- Standard User– Default registration tier, no staking, and a 30 BTC daily withdrawal limit.
- Silver Account– Requires the staking of 50,000 BXY, and yields a 10% discount on trading fees with a 60 BTC daily withdrawal limit.
- Gold Account– Requires the staking of 150,000 BXY, and yields a 15% discount on trading fees with a 100 BTC daily withdrawal limit.
- Platinum Account– Requires the staking of 500,000 BXY, and yields a 20% discount on trading fees with a 200 BTC daily withdrawal limit.
- Diamond Account– Requires the staking of 1,000,000 BXY, and yields a 25% discount on trading fees with a 500 BTC daily withdrawal limit.
Locking periods last for one month, and tokens get locked up at 0:00 UTC daily, and unlock at exactly the same time one month later. Stakers receive trading fee discounts for the entire duration of the lockup, and are able to lock tokens again immediately after one period expires. Users can also lock more tokens to upgrade their level at any point during a locking period, and if for example, you are already at the Silver level you can commit an additional 100,000 tokens to reach the Gold level for the duration of your locking period. Any users also eligible for the loyalty rewards program will have the option to combine these two features when staking tokens. Beaxy also operates a referral program and when someone uses your referral code to register and pass KYC, they receive Platinum Level benefits for the first two months that the account is active, at the same time you will receive 10% of all the trading fees from their account, which continues for the life of the referred account.
How Safe is Beaxy?
It’s still early days for Beaxy in terms of gauging how resistant the exchange is to hacks and serious security breaches, however, the team have already fended off two hacking attempts and employ a number of security best practices like cold storage, multiple servers, and encryption.
Beaxy also uses email alerts and two factor authentication which is compatible with both Google and Authy Authenticators. In order to further secure user accounts, the exchange also provides the ability to whitelist withdrawal address, which restricts the places funds can be sent to. IP whitelisting is also featured and once set up, when you try to log in to your account for the first time from a new location, access will be denied and a red “IP Whitelist” message will appear. You will be sent an email with a verification link that will allow you to access your account from the new IP address.
This acts as an additional layer of protection and can block an attacker who manages to gain access to a user’s log in details but cannot match the IP address of the actual account owner. The team also declare that standards on the platform are in line with PCI-DSS and ENISA security standards. In addition, they promise to maintain the confidentiality of user data, and state that Beaxy does not and will not sell user data to third parties.
Personal information is collected in order to provide services, and due to it being mandated by law, such as in the case of Anti Money Laundering (AML) and Know Your Customer legislations. The KYC verification process is conducted via Mati who store encrypted user data in AWS servers in the USA.
Is Beaxy Suitable for Beginners?
The team behind the exchange are aiming to provide a comprehensive service that appeals to users of all experience levels. The user interface is intuitive and the dashboard is well laid out and there are various explanations and tips on how to navigate the platform placed in easy to find locations.
Some of the features take some getting used to such as managing multiply wallets, and taking part in the staking program, however, they are also well explained, and there are further resources aimed at newer traders such as the FAQ section and Knowledge Base, and the team are active on social media and can be contacted across their different channels.
More experienced crypto traders will be impressed by the variety of market orders available on Beaxy, and they include Market, Limit, Post Only, Limit IOC, Limit FOK, Stop Loss, Stop Loss Limit, Take Profit, and Take Profit Limit orders.
The exchange also incorporates TradingView charts with a full range of technical indicators, and trading analysis, data research, and back-testing services from OneMarketData.
This allows Beaxy to provide solutions for high frequency traders and the platform is designed to scale and is already able to handle 225,000 transactions per second. In the future, the team aim to add OTC trading capabilities, margin trading, and portfolio management features that will appeal to a variety of traders.
Pros:
- Highly Scalable Platform
- Full Featured Exchange
- Staking/Loyalty Programs
- Trading Fee Discounts
- Lifetime Referral Program
Cons:
- New Exchange Still Building its Reputation
- Limited Choice of Digital Currencies
- Users Must Pass KYC
- Loyalty Program Not Accessible to US Residents
Conclusion
Beaxy is a new exchange that is aiming to become a leader in the crypto trading space. It incorporates a range of attractive features with more expected to be added over the coming months and years.
Due to its relative youth, Beaxy may be best suited to people with a good understanding of trading digital assets and using exchanges, although the platform is set out in a way that makes it easy for new users to get acquainted.
As Beaxy is still building its reputation and developing its user base, it offers an attractive fee structure, and the BXY token allows users to reduce their fees by up to 50%. Users can also earn a portion of trading fees by locking up PLS tokens and onboarding friends onto the platform via the referral program.
The fee structure and various incentives should prove successful in helping to attract users to the platform and improve the validity of the BXY token.
Despite these features, Beaxy has a number of challenges to overcome, for example the Loyalty Reward Program is not available to residents of the US, while fiat transfers still haven’t been enabled.
In addition, Beaxy has a smaller number of supported cryptocurrencies than leading exchanges such as Binance and Huobi. However, the team are planning to roll out a number of additional features that will help to establish the exchange as a viable alternative to current industry leaders.
As a result, Beaxy could be well worth getting to know early on and users can take advantage of the various incentive programs to make their trading activities more cost effective.
Beaxy
Pros
- Highly Scalable Platform
- Full Featured Exchange
- Staking/Loyalty Programs
- Trading Fee Discounts
- Lifetime Referral Program
Cons
- New Exchange Still Building its Reputation
- Limited Choice of Digital Currencies
- Users Must Pass KYC
- Loyalty Program Not Accessible to US Residents
