A thorough search for online assessment literature regarding Beaxy, rendered only its main live website. What this means is that, this review is highly likely one of the first, if not the first of a possible string of reviews about the online cryptocurrency exchange entity.
As this is the case, the review team had performed an exhaustive review of all services and functions offered by the platform. It is the goal of the team to provide a pointed and informed assessment of Beaxy.com so as to 1. introduce the platform to a mainstream crypto trading-audience and 2. help these potential customers decide whether they would either want to sign up with the crypto exchange or disregard the prospect altogether.
Beaxy Review: A Methodology
As already mentioned, this review was conducted through a look into the facets of Beaxy.com’s service. This had included extensive usage of all the official website’s functions, the accounts made available to users, and the actual buy, sell, and store of purchased cryptocurrencies done through months of testing the exchange’s services.
A Brief History of the Cryptocurrency Exchange Platform
Established in the early chapters of the 2000s, Beaxy is a cryptocurrency exchange platform that allows the buy and sell of the most popular and not-so popular digital coins in the industry. It aims at providing the industry with an expansive venue for doing trades with whatever digital asset that would prove to have the highest value, reputation, and stability.
Beaxy is operated by the firm, Beaxy Digital Ltd. which is registered in the Caribbean Islands. What makes it standout among the other crypto exchange companies is its claim at bridging cryptocurrency trade and legacy finance. Beaxy claims to offer top tier technology in facilitating its trades. On the onset, what the review team could confirm is the exchange’s dedication in upgrading its the technology that it uses to execute its transactions. Other users whom the members of the review team had contacted have noted that apart from the aforementioned, what had really hooked them are the miscellaneous offers that the firm makes available, namely, Beaxy.com’s education segment, rewards and its standout verification feature, the KYC protocol.
While still young in the cryptocurrency trading industry, Beaxy had managed to set-up shop in 185 countries, with 43 of them being in the United States. Beaxy.com had declared in its website that the operations of such had effectively complied with all regulations and licensing agreements required by the aforementioned territories.
Registering with a cryptocurrency exchange is step one in establishing a walk in the cryptocurrency trade. With Beaxy, the process is highly intuitive, made possible through its easy-to-navigate interface. On the get go, the review has had no difficulty in going through the functions of the platform.
The first thing that the user has to do is sign up for an account with Beaxy. This can be done through the company’s official site. Through the register tab, one can easily provide his or her particulars to get started.
The user would then undergo a verification process through agreement with the company’s Terms and Conditions and hitting the “Sign Up” button. Once the site accepts the user’s registration, he or she would be getting an email confirmation which he or she will be required to click to be redirected back to the site. The redirection is needed so that the user would be led back to login to the newly-created account to undergo yet another process called the Know Your Customer (KYC) protocol.
The KYC Protocol
The user, once redirected to the website post registration need to look for the KYC button through the User tab. Particulars such as the user’s country of origin and a picture from his or her ID are required to accomplish the step. A video is then asked to be recorded from the user’s end to affirm that the user who submitted is the user who is actually signing up for the account. The confirmation for successful verification will be sent through email hours after the protocol’s accomplishment.
The review team lauds this process in particular as this shows that Beaxy is highly conscientious and cautious in handling client data. The KYC protocol is simply one of the most unique yet simple ways a private company had devised to effectively verify the legitimacy of its clients. But while this safeguards the integrity of the users, it is not clear on this process alone how they can be protected as well.
Funding the Account
Right after everything had been set up, the user can already start funding his or her account through the “My Wallets” segment. The user is at liberty to choose which currency this electronic wallet would be filled with.
The initial deposit will demand an address. Once this is generated, the digital coins should be deposited on that address. Confirmation will be sent from the network.
For users trading Bitcoin, it must be noted that this digital asset takes longer to process compared to the likes of Ethereum. This is probably owed to the high demand and volatility that BTC receives, being the forerunner of cryptocurrency technology.
Buying cryptocurrencies through Beaxy is conducted through the user’s bank account of choice. The user will have to connect his or her bank to his or her trading account. Clients are allowed to use debit or credit card or wire transfer to fund and withdraw from their accounts. Payments through Beaxy are also made convenient as the system readily converts the client’s fiat currency into Bitcoin for payments done through the platform. This is something that the review team finds fundamentally beneficial for its users as they no longer have to undergo multi-layered processes. All that the users have to think of is what cryptocuurrencies they would like to purchase and when they could purchase them. The matter of conversion is already left to the system’s comprehensive function.
Another thing that the review team had found noteworthy is Beaxy’s custody wallet that allows for the storage of all its clients’ coins.
Cryptocurrencies Accepted by Beaxy
The number and selection of digital coins available through Beaxy is expansive.
Apart from BTC and ETH, Beaxy.com also allows for the purchase and selling of coins such as Litecoin, Monero, Zcash, Ripple, Waves, DASH, USD Coin, and Pundi X to mention a few. For more information regarding the coins that Beaxy supports, interested parties may easily go to Beaxy’s official website.
Commissions and Rewards
One thing that really attracted the review team to Beaxy’s services is it low commission fees alongside a number of its perks and bonuses. A commission fee of 0.20% is available to all users of the service. Clients are also given low commission rates of 0.75% provided they stake their loyalty points and their Beaxy coins together.
In addition, clients are also rewarded with a 100% bonus upon deposit with Beaxy of $500 equivalent in USDC.
Trade with Beaxy
The review team had found the trading conditions in Beaxy to be decent as it offers clients with plenty of room to make lucrative trades. The commissions are highly-competent and the fees and promotions are really attractive. But of course, basing one’s assessment solely on one review is far from being wise. What is recommended is that the reader further his or her research in the hopes of finding more material that would help in making a decision.