CBX is a centralized cryptocurrency exchange based in the United Arab Emirates that started its work in November 2018. The company behind the platform is Connect Blockchain DMCC, which is licensed for crypto trading. The main mission of the company is to deliver safe and professional digital trading services. The software system of the platform is developed by the in-house team.
Though the company is headquartered in the UAE, its independent team members work in different regions and countries such as Taiwan, Hong Kong, the UK, Canada, and some others. At the time of writing, it is considered to be the largest cryptocurrency exchange in the Middle East.
The company has been working with the Government of Uzbekistan on a number of projects related to the implementation of blockchain technologies at a national level thus making blockchain a part of the mainstream economy. The first memorandum of cooperation with blockchain implementation and development for the Republic of Uzbekistan was signed in November 2019.
Using proof-of-reserves technology, the team of developers focuses on the development of reliable infrastructure. The technical strengths and platform’s facilities enable instant trading and round-the-clock global support. There are local service centers scattered throughout the world that improve the efficiency of all processes considerably speeding them up.
The platform has enabled the FIX API feature for its traders and an OTC desk for customers dealing with large volumes. CBX is proud to be the first crypto asset platform that launched its OTC on AED (UAE Dirhams).
In the effort to expand the business, the platform started cooperation with BTCMEX to promote Perpetual Contracts to professional traders. In summer 2020, the members of the exchange received the opportunity to take positions during the bull and bear market conditions up to 100x leverage. The goal of the collaboration is to strengthen the CBX position in the market and to diversify services offered to users.
The founders of the platform have introduced the Analytics section showing the most popular indicators on a dashboard. Thus, the customers have IntoTheBlock’s analytics at their disposal without leaving the resource. Those who want to get a more detailed analysis can use the buttons “Dive Deeper” or “See More Signals” redirecting customers to the IntoTheBlock platform displaying more than 60 intelligent signals about cryptocurrency assets.
There is a mobile app developed by the team for traders that includes all necessary functionality for seamless trading without using the desktop version. There are two versions available for users of Android and iOS-based devices.
The platform provides a secure wallet system. The members of the team help to find the most valuable cryptocurrency assets in the world and add them to the platform delivering a superb trading experience. The technical team employs the most advanced technologies to provide an unparalleled experience to its users. Much attention is also paid to control procedures so that customers could avoid problems with the management of digital assets in their possession.
The trading fees for takers are equal to 0.20%. Makers have a discounted fee of 0.10% which stimulates them to provide liquidity to the trading platform. Withdrawal fees vary depending upon the type of cryptocurrency. Thus, the fee for withdrawing bitcoins is 0.001 BTC and 0.01 ETH for ethers.
It’s possible to deposit and withdraw fiat money and cryptocurrencies to the account of the exchange. Crypto can be purchased with fiat right on the platform. This has become possible when the company started its partnership with ToshiMart that provides fiat to crypto purchases.
CBX security and customer support
Using a combination of notifications and two-step verification, the platform keeps hot and cold wallets separately. The exchange also employs such security measures as multiple signatures and the possibility of monitoring the work status of cryptocurrencies and wallets in your possession. Users may not worry about the safety of their assets, which are stored offline in air-gapped cold storage. There is a sufficient amount left online for the alleviation of active trading and fast operations to reduce risk to a minimum.
Relying on solid technology and strictness of the operation procedure, the team of the company tries its best to become the most trustworthy exchange. The platform is compliant with all international rules and regulations. The bank-level KYC process is performed within the frames of anti-money laundering laws. A user-friendly procedure is completed within a day after users submit all required documents.
The platform has a user-friendly approach as the support team is always ready to help customers who face any problems. There is a ticket system on the website. It’s enough to submit a request to get the support of professional employees.
CBX team and partners
The platform has two co-founders with extensive experience in the financial and commodities markets. The first one, Meng Chan Shu, has 20 years of experience in finances being a financial executive with broad experience in all aspects of business development, financial management, project management, and analysis. He calls himself an investor of AI, fintech, big data, IoT, and mobile technologies. Apart from being CBX CEO, Meng Chan Shu also takes the positions of CEO at Connect Blockchain DMCC, advisor at China International Derivatives Analysts Association Limited, Technical Director at E11 Trading, and Director of International Development at Synergistix Global. Previously, he worked as Director of Business Development at Dubai Gold and Commodities Exchange.
Steve Shi is another co-founder of CBX.one with 10 years of experience. He is also Executive Chairman in Alpha Academic, a leading London-based market-making provider. Other members of the core team have expertise in such financial spheres as clearing and settlement, asset management, custody services, investments, and blockchain.
The platform has concluded a partnership with Fox ONE that was officially named Strategic Alliance Cooperation Partnership. The agreement was signed in Beijing, China in September 2018. Thus, CBX has become one of the major exchanges to feed their prices while the clients of Fox ONE received the opportunity to route orders via the advanced aggregated trading system to CBX.
The project also cooperates with MIXIN Network, which is a peer-to-peer transactional network for digital assets. After durable negotiations and evaluations, it was decided to use the MIXIN Network chain to launch the decentralized exchange.