Bibox is a cryptoasset exchange located in China. Their volume over the last 24 hours is $387.62M. The exchange is rated “C” which means “Fair.” They are a crypto-only exchange.
|1st 1D Candle||Nov '17|
|1st Orderbook||Jun '19|
Bibox is a centralized digital asset exchange platform launched in November 2017 via crowdfunding. Although this is a Chinese project, it is registered and operates under the laws of the Republic of Estonia. In July 2019, Bibox launched a subsidiary Bibox Europe in Switzerland to cater to the demands of its European customers. It has its operating centers in some other countries and regions, including the US, Canada, Singapore, South Korea, Japan, Switzerland, Estonia, Russia, and Turkey. But despite the presence of its centers in the US and Japan, the use of the platform’s services by citizens of the United States of America and Japan, or users located in these countries is prohibited. As a part of the expansion plan, the company successfully held several meetups with regional communities in Hanoi (Vietnam), Istanbul (Turkey), and Moscow (Russia).
The interface and functionality of the exchange look very similar to another popular Chinese exchange, Binance. Sometimes the project is blamed for being the Binance’s clon. The website is available in seven languages: Chinese, English, Korean, Russian, Vietnamese, Turkish, and Japanese. The trading terminal is provided via IOS, Android, and PC.
Bibox supports over 150 tokens and more than 250 pairs. The currencies are divided into markets linked to the basic cryptocurrencies: USDT, USDC, BTC, ETH, and BIX. The accepted payment method is crypto, no fiat can be deposited. The platform offers a wide range of trading opportunities including margin trading, grid trading, auto-trading bots, etc.
There is no deposit fee on the platform. The trading fees are different for takers and makers. Makers’ trading fee starts at 0.10% while takers’ trading fee starts at 0.20%. The PRO users fee starts from 0.07% for makers and 0.09% for takers. The traders can enjoy 25% discounts when trading with BIX, the native token of the platform. The amount of a discount also depends on the amount of the BIX locked. The locked cycle is 30 days. The locked BIX has to be an integer of 5,000.
The withdrawal fee depends on a definite token. When you select “Use BIX for fees”, your trading fees will be discounted. If you don’t select that option, then the system will charge the full trading fee automatically.
BIX Token (BIX) is an ERC20-based utility token. It was launched in 2017 via ICO. It is allocated in the following way: 55% is dedicated to ICO, 35% is intended for the Initial Team, and 10% is intended for Angel Investment.
This token gives some advantages to its holders. It provides transaction fee discounts when paying with BIX. BIX holders get early access to testing Bibox’s innovative products and can vote for the projects they support with BIX. A certain amount of BIX can be locked to level up to VIP. Bibox promises to buy back and destroy BIX tokens it earns from service fees (up to 200 million in total). On April 20th, 2018, BIX tokens were destructed for the first time. BIX can be bought on Bibox, Kyber Network, Huobi, Dex.top, and CoinPlace.
Each token is evaluated before listing. The main factors that are taken into consideration are team strength, community support, technical strength, and project development. The project team reserves the right to remove any token if it can no longer meet the platform’s requirements. The reasons for removal can include continual low trading volume, fraudulent application and marketing information, significant negative news on the project, requests by the token project team to remove their token, etc.
Additional profit opportunities
Trading is not the only opportunity to make profits on Bibox. Current financing is another option available to its users which means that they can receive interest on BTC, ETH, and USDT. Current financing can be received by all platform users.
Financial cards are financial benefits created for specific user groups, such as exclusive financial cards for old users. Also, Bibox provides online DeFi mining pools to those who want to make money by contributing their computing power. The Treasury Box is a chance to invest in certain cryptos for a certain period of time after which the participants receive the dividends. The platform also holds time-limited events from time to time, e.g., Christmas Deposit Privilege, Super VIP, etc.
Bibox security and support
At the time of writing, there is no information that the project has ever been hacked or involved in frauds or scandals. The only serious complaint against it was about the non-payment of the rewards to their partners who attracted new users.
Bibox has implemented a number of security measures to protect their client accounts: SSL encryption technology, two-factor authentication via email, SMS, and Google Two-Factor-Authenticator, etc. The time of the authorization and the IP address from which the user logged in is recorded in a personal account. AML and KYC procedures and widely used cold wallets provide more safety. AI-enhanced risk management system protects users’ assets and minimizes investment risks.
There are four active support channels available in English: Telegram, Wechat, Contact tickets system, and email. It is also possible to contact Bibox support via their Twitter account, Telegram group, or Facebook page.
The team members are not discovered on the official website. The only information available about the Bibox founding team is that it is formed by top tier Chinese blockchain giants. But they do not totally hide their personalities: the team structure can be reconstructed via some articles, interviews, or references on external platforms.
Aries Wang and Kevin Ma are co-founders of the project. Aries Wang is a crypto entrepreneur and he is also a partner at BlockWater Capital. Kevin Ma is the Business Vice President at Bibox Exchange. He is an expert in Big Data, AI, and blockchain technologies. Prior to Bibox, he worked at Huawei and was a co-founder of Jixianyuan. Jefferey Lei is the Managing Director. In some sources, he also is mentioned as a co-founder of Bibox. He is a former employee of Huawei and a co-founder of OKCoin and Jixianyuan.Read More