The review literature on the cryptocurrency exchange Beaxy is scarce. Little is said about the firm; only its live site would be encountered upon organic search. With this, it can be assumed that this review could be the first of a string of reviews to come out regarding the crypto firm. With this in mind, the review team had gone to lengths to produce a pointed and informed assessment of the company’s capabilities and services.
To achieve this goal, the methodology employed in this review had been exhaustive. It had segmented its goal in two: 1. introduce the exchange to the mainstream crypto traders and 2. aid them into deciding whether they would want to trade through the exchange or not.
Exhaustive in nature, this Beaxy review had been conducted through close examination of all the exchange’s offers and website functions. What this had entailed is the extensive usage of all the official website’s functions, the accounts that Beaxy offers, and the buy, sell, and storage of cryptocurrencies through the firm. All these had been done within months spent with the firm.
A Brief History of the Cryptocurrency Exchange Platform
Beaxy was established within the early chapters of the 2000s. It had poised itself as solely as a cryptocurrency exchange platform with the capability of conducting the buy and sell digital coins, may they be the more popular ones or the lesser-known ones. The firm aims into providing a wide venue for crypto traders through their provision of coins with greater stability, value, and variety.
Beaxy is operated by the firm, Beaxy Digital Ltd. a legal entity registered in the Caribbean Islands. Beaxy is a standout exchange platform in that it bridges cryptocurrency trading and legacy finance. In its website, the firm had claimed to conduct all its transactions through top tier technology. What the review team can say confidently is that the exchange does dedicate its efforts to constantly upgrade its technology so that it can keep itself abreast with the ever-changing landscape and demands of the cryptocurrency trading industry. But what had really gotten the attention of the team are Beaxy’s offers such as the firm’s education segment, its offered rewards, and the standout verification feature, the KYC protocol.
Audience and Clients Reached
As of writing, Beaxy had already established bases in 185 countries, with 43 of them being in the United States. Within these territories, Beaxy, through its website, had declared that its operations are made legitimate through the regulatory bodies found through their countries of operation. This is a claim yet to be backed-up by disclosure of the specific financial authorities. The review team would have appreciated it if the firm had already provided such information readily through the landing page.
Registering with a cryptocurrency exchange is the first step in establishing a career in cryptocurrency trading. With Beaxy, the registration process is highly-intuitive. Registration is made possible through its easy-to-use interface. The review team had noted the ease of registering for the firm’s services through the site. The registration steps are as follows:
- Go to the company’s official site https://beaxy.com/.
- Look for the “Register Tab”. Through this, one can provide his or her particulars with ease.
- The user would then undergo a verification process hitting the “Sign Up” button.
- Once the site accepts the user’s registration, he or she will receive an email confirmation.
- After the user had clicked the verification link, he or she will be redirected back to Beaxy’s website.
- Afterward, the user will undergo a process called the Know Your Customer (KYC) protocol.
The KYC Protocol
After being redirected back to the site, the user should look for the KYC button through the User tab. To accomplish the first step of the protocol, the user should provide his or her particulars such as country of origin and a picture for identification. A video will then be required form the user’s end to affirm that the one passing the set of requirements is indeed the one applying for an account. An email would then be sent for confirmation of successful verification.
The review team had noted the firm’s effort in conscientiously checking for the validity of their user’s identities. While not exclusive to Beaxy, the members of the review team see this move from Beaxy to not only be wise, but altogether practical. The KYC protocol is unique and wholly reliable. The only question that can be posed against the process is how it can further the protection in that it will also benefit the users themselves.
Funding a Beaxy Account
Funding a Beaxy account is done through the “My Wallet” segment in the user’s newly-created account. Through this, the user has the freedom to choose which cryptocurrency he or she wants the wallet to be filled with.
Initial deposits require an address. Once generated, the crypto tokens could already be deposited there with confirmation sent through the network.
Users of Bitcoin will find out that this asset is transacted slower compared to other major coins such as Ethereum. The review team notes that the probable cause for this is BTC’s high volatility being the forerunner of cryptocurrency technology.
Buying cryptocurrencies through Beaxy is conducted through the user’s personal bank account. Clients may use either a debit or credit card or even wire transfer to make deposits and withdrawals. Fiat currency payments through Beaxy are readily converted into Bitcoin.
Such payment scheme is seen by the review team as something really beneficial to Beaxy users as it does away with multi-layered processes usually administered in cryptocurrency exchanges made through fiat currency. All that the users are left to do is think of which cryptocurrencies they would like to avail and when to avail them. Conversion of the currencies is already left to the system’s comprehensive function.
Another thing that the review team had noted is the efficiency of Beaxy’s custody wallet as it allows for the storage of all the clients’ coins.
Cryptocurrencies Traded Through Beaxy
The number and selection of cryptocurrencies that Beaxy makes available is expansive.
Apart from BTC and ETH, the exchange also allows for the purchase and the selling of coins such as Litecoin, Monero, Zcash, Ripple, Waves, DASH, USD Coin, and Pundi X to mention a few.
Beaxy’s Commissions and Rewards
Beaxy’s low commission fees alongside a number of bonuses are inviting to both novice and seasoned crypto traders. A commission fee of 0.20% is available to all Beaxy users. Clients are also availed of low commission rates of 0.75% upon staking of their loyalty points and their Beaxy coins together.
In addition, clients are also rewarded with a 100% bonus after deposit of the $500 equivalent in USDC.
Should I Trade with Beaxy?
Upon scrutiny of Beaxy’s services and offers, it can be noted that trading conditions with the firm provides for lucrative transactions. The commissions are attractive and the fee structures are competent. The only thing that Beaxy needs to work on is the declaration of the regulatory and financial authorities that it operates under and the implementation of more stringent measures to protect the funds the clients deposit.