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Beaxy Exchange Review 2024
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). Rewards include up to 12% apy and the potential to earn a piece of the fees the exchange makes everyday.
The site accepts multiple types of fiat via bank and wire transfers while also accepting crypto deposits. In addition, they have a partnership with Gunbot, a leading trading bot platform. While they are a relatively new exchange, they are attempting to rival giants such as Binance and KuCoin with their rewards programs.
Our Beaxy Exchange review will help you determine if it is the right exchange for your needs.
Beaxy Overview
- Easy sign up
- Mobile app
- Great loyalty program that utilizes Beaxy Coin
- Good exchange for using fiat to buy crypto
Beaxy Pros & Cons
Pros
Simple sign-up process for new users
Desktop and mobile app
Beaxy Coin and STK Loyalty Program
Accepts fiat (like USD) for purchasing crypto
Cons
Missing some top assets
Somewhat low volume at this time
How to Set Up Your Beaxy Account
Setting up a Beaxy account is a an extremely simple endeavor that takes a matter of minutes. Of course setting up an account for buying and trading cryptocurrency will take a little bit longer because Beaxy requires users provide some amount of personal identification to avoid money laundering. Regardless the whole process is relatively short.
Here’s a complete breakdown of the Beaxy sign-up process:
- Make sure you are on https://beaxy.com Beaxy recommends that users bookmark https://beaxy.com to protect against phishing websites.
- Click the “Register” button on their homepage
- Provide the necessary information in the registration form Be sure to use a unique strong password that is at least 6 characters, at least one letter and one number. For even greater security, they recommend using a 14 character or more password and a unique email address.
- Click Sign Up
- Open email verification link A verification link will be sent to the email address you submitted. It must be clicked to complete your registration. Check your spam folder if you are having trouble finding it. Done! Your account is activated, but there are just a few more steps before you can trade on Beaxy:
- (Recommended) Enable Two-Factor Authentication (2FA) Adding 2FA to your account greatly increases its security. This is why Beaxy recommends enabling it immediately. Log in, then navigate to the security page. Then click the enable button next to “2FA is disabled.” Follow the prompts and make sure to save the backup code in a safe location.
- Complete Know Your Customer/Anti-Money Laundering Because Beaxy’s efforts to remain compliant, in order to use the platform for trading you will need to complete their Know Your Customer (KYC) and Anti-Money Laundering (AML) process which involves proving your identity by uploading valid documentation such as a passport or driver’s license.
- Fund your account and start trading!
What You Can Buy on Beaxy
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. This includes their native token Beaxy Coin (BXY), which we will look at in the fees section.
Here are some of the top cryptos available on Beaxy:
Is Beaxy Safe?
Beaxy Exchange is safe, though it has had an issue in the past where their system was exploited and resulted in the loss of 44 Bitcoins and 111,000 Ripple. This has been their only security incident. Users are encouraged to enable Two Factor Authentication (2FA) and they make a point to point out phishing scams to avoid.
Overall, the security of the exchange is fairly good, though there is no indication about hot and cold storage of assets, they have a partnership with Curv, a cloud-based digital asset security platform which provides comprehensive protection on the custody of digital assets. Curv eliminates the need for private keys, replacing them with multi-party computation (MPC) protocols that enable transactions to be securely signed in a distributed way to eliminate any single point of failure. In short, the digital assets are under bulletproof protection on Beaxy thanks to Curv’s approach to security.
Beaxy Software
Beaxy is available via website browsers such as Chrome and Brave Browser. They also offer a mobile app for iOS and Android for those interested in trading on the go.
What are Beaxy’s Fees Like?
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. 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.
In addition to the fee reduction, BXY tokens can be allocated to Beaxy’s STK Loyalty Program. In the STK Loyalty Program, users can stake/lock their BXY for a period of one to twelve months, whichever length they choose is the interest amount they receive (ie one month gives you 1% apy, 12 months gives you 12%). They are also planning on launching a Diamond tier where those who stake over 1 million BXY tokens will receive a prorated distribution of 7% of the exchange’s average daily revenue.
Check out the Beaxy website for a complete fee structure breakdown.
Yes! You can buy Bitcoin SV on Beaxy along with quite a few other cryptocurrencies.
No, Beaxy is not similar to a traditional finance broker, they offer no financial services such as lending. Users must already have assets to bring to the exchange in order to make use of it.
Beaxy can be trusted, but they have been hacked before. It has not happened since, and they improved security following the incident. They follow all KYC/AML policies and use Curv as the custodian for users’ funds and wallets.
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. If you are able to afford to hold a half million BXY then you have no trading fees to worry about.
Currently, Beaxy does not compare to Binance, they offer nowhere near the same number of assets, and their volume is not even close. 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.
Yes, Beaxy is currently missing some top tier cryptocurrencies such as Polkadot (DOT), Cardano (ADA), and Stellar (XLM), all of which are top 10 assets.
Yes, Beaxy has a partnership with Gunbot trading bot where Gunbot users can connect to Beaxy Exchange at no extra cost. Read our Gunbot review here.
Beaxy is a global company with offices in Chicago (Headquarters), London, Armenia, Ukraine, and Israel.
Between full-time staff, advisors, ambassadors, and members of their community who volunteer their time to act as moderators, translators, and leaders Beaxy has representatives from more than thirty countries.
