The Hummingbot feature is all about accessing algorithmic trading without having to actually learn it. Hummingbot is one of Beaxy’s partnership features and it performs automated trading through bots, which is its main trading strategy. The bots work day and night, which is beneficial for both beginning and professional traders.
Crypto Exchange Beaxy Shuts Down Amid SEC Charges
- By virtue of this, the regulator noted that Peterson and his companies acted as unregistered dealers.
- Beaxy Exchange is an up-and-coming fiat-to-crypto exchange that offers a great loyalty program for those who hold their proprietary token Beaxy Coin (BXY).
- The Beaxy team place security at the forefront of their priorities and the security protocols within the exchange are extremely effective and leave your account protected in many ways.
- After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies.
You can only trade your BXY tokens for this token and when you receive it you can lock them up for a certain time, which will get you a percentage of your trading fees back. Beaxy aims to become a leader in the crypto trading space and is best suited to people with a good understanding of trading digital assets and using exchanges. As Beaxy is still building its reputation and developing its user base, it offers an attractive fee structure and various incentives, which should prove successful in attracting users to the platform and improving the validity of the BXY token. The fees on the Beaxy exchange are fixed at 0.2% of whatever you deposit, however, the BXY token allows users to reduce their fees by up to 50%. There is also an option to earn a portion of trading fees by locking up PLS tokens and onboarding friends onto the platform via the referral program. There is also another way to get discounted trading because with the staking program, you will have the option to lock up some of your BXY tokens to receive a discounted trading fee.
Binance
The agency served Coinbase with a Wells Notice and sued Justin Sun for offering BTT and TRX as unregistered securities. According to an official press release, the SEC alleges that Beaxy operated without registering as a national securities exchange, broker, or clearing agency. In the future, the team behind the platform aims to add some very interesting features, such as OTC trading capabilities, margin trading, and portfolio management. They will also be adding advanced order types as options, including choosing between trailing stops, “fill or kill” orders, orders that expire at a certain time and many others which traders with complex strategies will find extremely interesting. In beaxy exchange review addition to the fee reduction, BXY tokens can be allocated to Beaxy’s STK Loyalty Program.
These rates are in line with most industry standards, especially as starting rates. These rates may be reduced by increasing your user level, which is accomplished by a combination of maintaining an average daily trading volume and/or (based on the table below) holding a certain quantity of Beaxy Coin (BXY) tokens on the exchange. While Beaxy may not offer quite as many digital assets as Binance, and are missing some top 10 assets, they still offer a good number of cryptocurrencies for buying and trading on their exchange and are still adding more.
Beaxy is still a young and rising cryptocurrency exchange but it already offers high-class services beyond its years. It employs beneficial services through partnership with different providers to continually provide and revolutionize their client services. Another advantage of trading with Beaxy is its high-grade security measures that guarantee the protection of their clients’ personal data and funds. The only disadvantage of Beaxy is that as of the moment, it still supports a limited number of cryptocurrencies. What’s worth noting is that Beaxy already provides great features despite its newness to the market. Tech and tools provide a glimpse into Beaxy’s high-grade cryptocurrency trading technology.
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To check the full range of indicators offered by Beaxy, visit its official website. Launched in June 2019, Beaxy is a new cryptocurrency exchange that aims to get ahead of its competition by offering unmatched security, performance, and superior tech. Referral programs, low trading fees, 24/7 support and options to customize the trading experience are also positive. Beaxy offers a competitive fee structure that is in line with most of the crypto market. As with other exchanges the fees get lower the more volume you trade and the more of their proprietary token you hold.
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Once the team has approved you, you become a standard user and can withdraw up to 30 BTC worth of cryptos per day from any combination of their wallets. The KYC process is very straightforward and much easier to follow and comply with than the KYC-procedures at other major crypto exchanges. To start the KYC verification process, click on your “user” tab on the top right of the page and look for the “KYC” button.
They are attempting to become as popular as Binance with their Beaxy Token trying to capture some of the same attention as Binance Coin (BNB) has. You can buy Bitcoin SV on Beaxy along with quite a few other cryptocurrencies. By virtue of this, the regulator noted that Peterson and his companies acted as unregistered dealers. Customers of the exchange will be able to withdraw their assets within 24 hours after all user orders are canceled and balances are verified and are encouraged to do so within 30 days, the SEC said. Beaxy’s customer support also includes a massive Help Center where you can find tens of valuable articles explaining how exactly to use the exchange.
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated. Your order form will be matched up by the engine to complete the transaction. Once your crypto has been sold, the payment will be deposited into your account.
- After your transfers have been confirmed by the network and Beaxy displays your wallet’s funds, you are free to trade on the exchange.
- They follow all KYC/AML policies and use Curv as the custodian for users’ funds and wallets.
- Once your registration completes the verification process, you now have an account and can trade with Beaxy.
- They also offer a mobile app for iOS and Android for those interested in trading on the go.
Beaxy Exchange Review: How Its Benefits Stack Up Today
Once your crypto has been exchanged, you will receive the new ones in your crypto wallet. To buy bitcoin or any crypto, simply select any of the ones supported by Beaxy. The exchange will issue you an order form, which is then transferred to an order book. This order book is where all cryptocurrency transactions on Beaxy are listed, including purchasing, selling, and even exchanging crypto. The matching engine will fix your order up with another to complete the transaction. Once the trade has been executed, your cryptocurrency will be sent to your account.
The Beaxy team place security at the forefront of their priorities and the security protocols within the exchange are extremely effective and leave your account protected in many ways. The exchange uses two-factor authentication (2FA) and is compatible with both Google and Authy Authenticators. The team at CryptoVantage.com only recommends products and services that we would use ourselves and that we believe will provide value to our readers.
Beaxy exchange shuts down after SEC lawsuit
It can be contacted across their different channels, including their Telegram group, Discord server, and Twitter account. The project held an Initial Coin Offering (ICO) which ran until September 2018 with an excellent amount raised equaling $3 million. This exchange is available in 185 countries and 43 United States states and offers a referral program, which allows you to refer friends to the exchange and receive 10% of their trading fees for their account’s lifetime. Beaxy suspended services on its exchange and ceased operations “due to the uncertain regulatory environment surrounding our business,” the company said on its website—the SEC said in a statement Beaxy agreed to shut down the platform. It further charged founder Artak Hamazaspyan with conducting an unregistered offering in which he raised $8 million from selling Beaxy tokens (BXY).
However, if you can’t find an answer then just head straight over to their support ticket form or live chat and they will give you an instant answer. Once you completed the above steps, you will have to wait until you receive a notification that your documents have been approved, which might take up to a couple of hours. After accepting the Terms and Conditions and clicking “Sign Up”, you will automatically receive a confirmation email with a verification link. They also offer a mobile app for iOS and Android for those interested in trading on the go.
Beaxy is a new exchange that looks to be one of the most promising up-and-coming exchanges on the market, bringing many new features and a high-performance trading engine to market with a smooth user interface. The platform is set out in a way that makes it easy for new users to get acquainted. The exchange also features the most advanced interface, data compilation, trading tools, and security measures to date. The platform provides 24/7 support to their users with live chat and an AI bot, which is especially valuable when a critical issue arises. There are also further resources aimed at newer traders such as the FAQ section and Knowledge Base, and the team is active on social media.
The team behind the platform, lead by CEO Artak Hamazaspyan and CTO Mittal Patel, has proven very transparent. Beaxy also incorporates its native BXY token, allowing users to participate in staking to receive a 50% discount on trading fees. BXY token itself is an ERC 20 token and gives users of the platform many other benefits, such as loyalty rewards and coin staking. Beaxy has a tiered fee structure that starts at a 0.25% fixed fee per trade on market takers, meaning you take an already existing order off the book, and a 0.15% maker fee, meaning you put on order on the book.
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