Bibox is a new cryptocurrency exchange that aims to offer its members an alternative to platforms such as Binance and Huobi that are currently at the forefront of the cryptocurrency exchange market. The site has been in operation since 2017 and provides access to a wide range of coins, in addition, the site makes use of smart AI algorithms that have been designed to aid in the execution of optimal trades and transactions, and helps maximize any potential returns. However, due to its relative youth, Bibox is still something of a mystery to a significant number of cryptocurrency traders.

Bibox Review

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About Bibox

Bibox is a crypto to crypto exchange based in China that was established in 2017. There are various online sources stating that the exchange was founded by the former employees of companies such as Binance, OKCoin and Huobi. The team is said to include the co-founder of OKCoin and founding members of Huobi, however, the company does not provide any real information regarding the make-up of its team, and as a result, this information has yet to be confirmed.

About Bibox

In addition to providing access to a wide range of altcoins, Bibox also utilizes AI enhanced and encrypted algorithms that assist traders in performing trades and transactions. Despite only starting in 2017, Bibox has proved to be very popular, and is already generating a significant amount of trading volume. There are currently over 60 coins listed on the exchange, with 145 market pairs linked to the 5 base currencies of BTC, ETH, USDT, DAI and BIX being available. Bibox is currently a top 10 exchange in terms of both BTC and overall daily trading volumes and is currently generating approximately 33,000 worth of BTC trades a day. The exchange is also generating approximately $250m worth of trading a day and this number is currently being dominated by the BIX/ETH pairing which currently accounts for over $66m worth of daily trades. The ETH/BTC and BIX/BTC pairings also generate over $30m worth of daily trading each.

The Bibox team have developed an easy to use platform, with an intuitive user interface that allows users to conduct their trading activity in a manner that is similar to platforms such as Binance, which is the world’s leading exchange. In order to attract traders to its platform, Bibox also makes use of a number of significant key features.

Key Features

  • Functionality – Bibox utilises a web-based trading platform, and features an easy to use and intuitive user interface that has a wide range of functions. Features such as order book, trading history, and responsive charts are included, and the platform also allows traders to choose from a basic or full screen more advanced interface. The platform also includes a number of more advanced technical analysis indicators.
  • Technology – The Bibox team strive to be technologically advanced and use AI based modules and other smart tools to allow for swift and reliable automated trading. The team also allow for API integration with other trading services and provide a PC and Mac desktop client, as well as a mobile app for both Android and iOS users.
  • Trading Options – The exchange provides a good range of trading options and users have access to a large number of coins, limit and market orders, and a simple fee structure; with a 0.1% trading fee for all users. Traders can also receive a 50% discount on transaction fees if they pay with BIX when trading any token on the Bibox platform.
  • Customer Support – The site is available in English, Chinese, Russian, Korean, and Vietnamese. In addition, a support team is available to deal with any issues 24/7, and users can contact the team by opening a ticket in the Support Section. The Bibox team can also be contacted via their Twitter account, Telegram group, and Facebook page. There is also an FAQ page in the Support Section that addresses the most common issues, as well as a number of clearly written Guides that help users to navigate the platform.

 

Bibox Account Signup

Creating an account is a straight forward process, and the main page has a blue “Signup” tab at the top right of the page.

1) Create an Account

Visit the Bibox website and click on the “Signup” button. You’ll be faced with the following options.

Enter your email, and a password of between 8-20 characters in the registration form provided, you can then agree to the Terms of Use and click on “Sign up”, an email with a verification link will be sent to the email address provided.

You can click on the link to log into your account, or you can copy the link and paste it into the requested field, and also enter your email and password and click on “Log In.”

How to Trade on Bibox

Log in and click on the “Funds” button, look for the coin you wish to deposit and click on “Deposit”. After this, copy the required deposit address and paste it in your coin’s wallet. Be sure to check all the details carefully.  Once you successfully made a deposit, a confirmation email will be sent to your email address.

Bibox Deposits

You can trade your desired coins via one of the base currencies on the Bibox platform. These include BTC, ETH, USDT, DAI and BIX. Bibox also gives traders the choice to use a basic platform mode or a full-screen mode, and the second option is more advanced and includes more sophisticated technical analysis tools. However, in order to trade quickly, just click the “Token Trading” button and choose the preferred base currency, e.g. BTC, and then search for the currency you would like to purchase.

Bibox Trading Screen

On the left you will see the market prices people are offering

Market prices

The center of the screen contains the charts, you can choose between a chart which shows the candlesticks and a market depth chart. There are tools at the top to change the time period, show Moving Averages, Bollinger Bands and so on.

Bibox Charts

And under the charts are your Buy and Sell boxes for placing Limit Orders.

Buy Sell Boxes

Making Withdrawals

The “Funds” section contains all the functions regarding depositing and withdrawing and in order to make a withdrawal, click on the “Funds” button, then look for the coin you want and click on “Withdraw”. The screen will then display the relevant details regarding amounts and addresses. Enter all the necessary details and click the “Withdraw” button. A confirmation link will then be sent to your email. Check all the details carefully and then click on the link to confirm the withdrawal.

Bibox operates a number of verification tiers; however, unverified accounts are able to trade freely and make withdrawals of up to 2 BTC per day. Verification does not limit your daily trading activity, and to complete your profile verification, it’s necessary to provide your region, full name, passport number, and a scanned copy of your passport. Also, anyone looking to have their account fully verified will be required to submit a picture of themselves holding their passport with a piece of paper saying Bibox along with the date the picture was taken. After completing this process, the daily withdrawal limit will be increased to 20 BTC per day.

Anyone in need of a higher limit should send an email to support@bibox.zendesk.com and make a specific request.

Supported Currencies

Bibox currently operates as a crypto-to-crypto exchange and does not support fiat currencies; however the team have announced that they plan to incorporate fiat pairings in the future. Until then, traders can make use of digitized currencies such as USDT or DAI that are available to trade on the platform and act as more stable options when compared to the majority of other digital assets.

There are currently over 60 coins available on the platform with 145 market pairs linked to the 5 base currencies of BTC, ETH, USDT, DAI and BIX. The selection includes popular currencies such as Bitcoin, Bitcoin Cash, Dash, EOS, Ethereum, Litecoin and NEO. Bibox also provides access to a number of NEP-5 tokens and other more obscure coins such as CPChain, ELF, HPB, IoT Chain, KEY, Pundi X, and Trinity. Bibox often attracts traders looking to deal in some of the markets more obscure coins and also allows its users to vote for potential coin listings.

Supported Currencies

Like Binance with their BNB Coin, the platform also incorporates its native Bibox token (BIX) which allows users to receive a 50% discount on transaction fees when paying using BIX to trade any token on the Bibox platform.

BiBox Fees

Using the platform’s native Bibox Token (BIX) in order to make trades will result in discounted fees on the exchange. This acts as an incentive for users to buy, use, and hold BIX. Traders who do not use BIX are subject to a 0.1% trading fee on all trades. There are no fees for depositing cryptocurrencies, however, withdrawals are charged a network transaction fee, and the withdrawal fee will adjust by block situation.

Withdrawal fees vary depending on the currency selected and fees include 0.0004 BTC for Bitcoin, 0.005 ETH, for Ethereum, and 0.005 LTC for Litecoin. Other coins are more expensive to withdraw such as ELF which incurs a fee of 3 ELF. A full list of fees can be seen here:

TokenToken NameWithdrawal Fee
BTCBitcoin0.0004 BTC
BIXBIX Token3 BIX
ETHEthereum0.005 ETH
ETCEthereum Classic0.005 ETC
BCHBitcoin Cash0.005 BCH
LTCLitecoin0.005 LTC
USDTTether35 USDT
EOSEOS0.3 EOS
TNBTime New Bank40 TNB
BTMBytom6 BTM
CMTCyberMiles15 CMT
PRAProChain5 PRA
LENDEthLend25 LEND
RDNRaiden Network Token1 RDN
MANADecentraland20 MAN
HPBHPB0.8 HPB
MKRMaker0.008 MKR
DAIDAI2 DAI
ELFELF3 ELF
ITCIoT Chain1 ITC
MOTOlympus4 MOT
BTOBOTTOS20 BTO
GNXGenaro Network5 GNX
CATBitClave50 CAT
GTCGame.com Token20 GTC
AWRAWARE70 AWR
CAGChange6 CAG
SHOWSHOW600 SHOW
AIDOCAldoctor30 AIDOC
AMMMicroMoney5 AMM
WAXWAX8 WAX
C20CRYPTO201 C20
SNOVSnovio30 SNOV
BLTBloom3 BLT
DTADATA150 DTA
GTOGifto8 GTO
JNTJibrel Network5 JNT
SXUTSXUT6 SXUT
CZRCanonChain35 CZR
TNCTrinity0.5 TNC
CPCCPChain10 CPC
TRXTron60 TRX
FSNFusion1 FSN
UUUUNetworkToken600 UUU
ABTArcBlock2 ABT
KICKKickCoin20 KICK
KEYKEY400 KEY
PXSPundi X2 PXS
BBNBBN Token20 BBN
LEDUEducation40 LEDU
MEDMediBloc60 MED
QTUMQTUM0.02 QTUM
NEONEO0.01 NEO
DXTDatawallet20 DXT
LGOLegolas15 LGO
DASHDash0.001 DASH

Is BiBo Safe?

Bibox implements a number of security protocols to protect client accounts and supports Google Two-Factor Authentication, SMS Authentication, and a Funds Password. The team also provide a complete login record to help users keep track of their account activity. The team do not give out a large amount of detail regarding their storage practices but do claim to store the majority of user funds offline in cold storage wallets. So far, Bibox has been resilient to any hacks.

The exchange incorporates a number of features designed to assist trading such as a micro service splitting which breaks down large volume transactions into smaller bits, which can be carried out more securely and efficiently. The platform is also controlled and governed by an AI system that addresses any faults that might be incurred during day to day activities. Bibox also uses API interfaces such as RESTful, Websocket and Fix, in order to help minimize any sudden monetary swings and losses.

Conclusion

Bibox is yet another new kid on the block that first set out to cater to the Chinese market; however the exchange has grown quickly in popularity and gained traction with international traders. Bibox provides a decent trading platform that aims to allow its users gain a similar user experience to using sites such as Binance and Huobi.

The team look set to try and grow their market share by incorporating features such as margin trading, open spot transactions, and various AI based data algorithms. The site currently makes use of a memory matching system that helps deliver speeds in the region of megabits per second, and provides users with unified market entry/exit data, as the platform filters out a large amount of alt currency data, and provides users the most efficient deals available at any given moment.

Due to the lack of information regarding the founding team, and the fact that Bibox is not a fully transparent and openly compliant exchange, it may not be for everyone. However, the exchange will suit traders looking to trade in harder to find coins and who are also interested in some of the advanced data features and possible margin lending feature. The efficient nature of the platform and choice of trading screens means that Bibox is a viable option for both newer and more experienced traders, however, due to its relative youth it may be better suited to the more experienced members of the cryptocurrency community.

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Pros

  • Easy to use
  • Low trading fees
  • Sophisticated trading platform with AI features
  • Large selection of altcoins
  • BIX token usage

Cons

  • Not a regulated exchange
  • Non transparent founders
  • No fiat currencies supported

Bibox

Bibox
7.6

Ease of Use

9.0 /10

Reputation

6.0 /10

Fees

8.0 /10

Customer Support

8.0 /10

Payment Methods

7.0 /10

Pros

  • Easy to use
  • Low trading fees
  • Sophisticated trading platform with AI features
  • Large selection of altcoins
  • BIX token usage

Cons

  • Not a regulated exchange
  • Non transparent founders
  • No fiat currencies supported

Posted by Eugene Kem

Holder of a degree in Economics and passionate about the transformative potential of digital currencies.


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