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

Visit Bibox

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:

Token Token Name Withdrawal Fee
BTC Bitcoin 0.0004 BTC
BIX BIX Token 3 BIX
ETH Ethereum 0.005 ETH
ETC Ethereum Classic 0.005 ETC
BCH Bitcoin Cash 0.005 BCH
LTC Litecoin 0.005 LTC
USDT Tether 35 USDT
EOS EOS 0.3 EOS
TNB Time New Bank 40 TNB
BTM Bytom 6 BTM
CMT CyberMiles 15 CMT
PRA ProChain 5 PRA
LEND EthLend 25 LEND
RDN Raiden Network Token 1 RDN
MANA Decentraland 20 MAN
HPB HPB 0.8 HPB
MKR Maker 0.008 MKR
DAI DAI 2 DAI
ELF ELF 3 ELF
ITC IoT Chain 1 ITC
MOT Olympus 4 MOT
BTO BOTTOS 20 BTO
GNX Genaro Network 5 GNX
CAT BitClave 50 CAT
GTC Game.com Token 20 GTC
AWR AWARE 70 AWR
CAG Change 6 CAG
SHOW SHOW 600 SHOW
AIDOC Aldoctor 30 AIDOC
AMM MicroMoney 5 AMM
WAX WAX 8 WAX
C20 CRYPTO20 1 C20
SNOV Snovio 30 SNOV
BLT Bloom 3 BLT
DTA DATA 150 DTA
GTO Gifto 8 GTO
JNT Jibrel Network 5 JNT
SXUT SXUT 6 SXUT
CZR CanonChain 35 CZR
TNC Trinity 0.5 TNC
CPC CPChain 10 CPC
TRX Tron 60 TRX
FSN Fusion 1 FSN
UUU UNetworkToken 600 UUU
ABT ArcBlock 2 ABT
KICK KickCoin 20 KICK
KEY KEY 400 KEY
PXS Pundi X 2 PXS
BBN BBN Token 20 BBN
LEDU Education 40 LEDU
MED MediBloc 60 MED
QTUM QTUM 0.02 QTUM
NEO NEO 0.01 NEO
DXT Datawallet 20 DXT
LGO Legolas 15 LGO
DASH Dash 0.001 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.

Visit Bibox

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.


All content on Blockonomi.com is provided solely for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, product, service or investment. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate.

Leave a reply

Your email address will not be published. Required fields are marked *