Bibox is a new cryptocurrency exchange that aims to offer its members an alternative to platforms such as Binance and Huobi that are currently at the forefront of the cryptocurrency exchange market. The site has been in operation since 2017 and provides access to a wide range of coins, in addition, the site makes use of smart AI algorithms that have been designed to aid in the execution of optimal trades and transactions, and helps maximize any potential returns. However, due to its relative youth, Bibox is still something of a mystery to a significant number of cryptocurrency traders.
About Bibox
Bibox is a crypto to crypto exchange based in China that was established in 2017. There are various online sources stating that the exchange was founded by the former employees of companies such as Binance, OKCoin and Huobi. The team is said to include the co-founder of OKCoin and founding members of Huobi, however, the company does not provide any real information regarding the make-up of its team, and as a result, this information has yet to be confirmed.
In addition to providing access to a wide range of altcoins, Bibox also utilizes AI enhanced and encrypted algorithms that assist traders in performing trades and transactions. Despite only starting in 2017, Bibox has proved to be very popular, and is already generating a significant amount of trading volume. There are currently over 60 coins listed on the exchange, with 145 market pairs linked to the 5 base currencies of BTC, ETH, USDT, DAI and BIX being available. Bibox is currently a top 10 exchange in terms of both BTC and overall daily trading volumes and is currently generating approximately 33,000 worth of BTC trades a day. The exchange is also generating approximately $250m worth of trading a day and this number is currently being dominated by the BIX/ETH pairing which currently accounts for over $66m worth of daily trades. The ETH/BTC and BIX/BTC pairings also generate over $30m worth of daily trading each.
The Bibox team have developed an easy to use platform, with an intuitive user interface that allows users to conduct their trading activity in a manner that is similar to platforms such as Binance, which is the world’s leading exchange. In order to attract traders to its platform, Bibox also makes use of a number of significant key features.
Key Features
- Functionality – Bibox utilises a web-based trading platform, and features an easy to use and intuitive user interface that has a wide range of functions. Features such as order book, trading history, and responsive charts are included, and the platform also allows traders to choose from a basic or full screen more advanced interface. The platform also includes a number of more advanced technical analysis indicators.
- Technology – The Bibox team strive to be technologically advanced and use AI based modules and other smart tools to allow for swift and reliable automated trading. The team also allow for API integration with other trading services and provide a PC and Mac desktop client, as well as a mobile app for both Android and iOS users.
- Trading Options – The exchange provides a good range of trading options and users have access to a large number of coins, limit and market orders, and a simple fee structure; with a 0.1% trading fee for all users. Traders can also receive a 50% discount on transaction fees if they pay with BIX when trading any token on the Bibox platform.
- Customer Support – The site is available in English, Chinese, Russian, Korean, and Vietnamese. In addition, a support team is available to deal with any issues 24/7, and users can contact the team by opening a ticket in the Support Section. The Bibox team can also be contacted via their Twitter account, Telegram group, and Facebook page. There is also an FAQ page in the Support Section that addresses the most common issues, as well as a number of clearly written Guides that help users to navigate the platform.
How to Trade on Bibox
Log in and click on the “Funds” button, look for the coin you wish to deposit and click on “Deposit”. After this, copy the required deposit address and paste it in your coin’s wallet. Be sure to check all the details carefully. Once you successfully made a deposit, a confirmation email will be sent to your email address.
You can trade your desired coins via one of the base currencies on the Bibox platform. These include BTC, ETH, USDT, DAI and BIX. Bibox also gives traders the choice to use a basic platform mode or a full-screen mode, and the second option is more advanced and includes more sophisticated technical analysis tools. However, in order to trade quickly, just click the “Token Trading” button and choose the preferred base currency, e.g. BTC, and then search for the currency you would like to purchase.
Supported Currencies
Bibox currently operates as a crypto-to-crypto exchange and does not support fiat currencies; however the team have announced that they plan to incorporate fiat pairings in the future. Until then, traders can make use of digitized currencies such as USDT or DAI that are available to trade on the platform and act as more stable options when compared to the majority of other digital assets.
There are currently over 60 coins available on the platform with 145 market pairs linked to the 5 base currencies of BTC, ETH, USDT, DAI and BIX. The selection includes popular currencies such as Bitcoin, Bitcoin Cash, Dash, EOS, Ethereum, Litecoin and NEO. Bibox also provides access to a number of NEP-5 tokens and other more obscure coins such as CPChain, ELF, HPB, IoT Chain, KEY, Pundi X, and Trinity. Bibox often attracts traders looking to deal in some of the markets more obscure coins and also allows its users to vote for potential coin listings.
Like Binance with their BNB Coin, the platform also incorporates its native Bibox token (BIX) which allows users to receive a 50% discount on transaction fees when paying using BIX to trade any token on the Bibox platform.
BiBox Fees
Using the platform’s native Bibox Token (BIX) in order to make trades will result in discounted fees on the exchange. This acts as an incentive for users to buy, use, and hold BIX. Traders who do not use BIX are subject to a 0.1% trading fee on all trades. There are no fees for depositing cryptocurrencies, however, withdrawals are charged a network transaction fee, and the withdrawal fee will adjust by block situation.
Withdrawal fees vary depending on the currency selected and fees include 0.0004 BTC for Bitcoin, 0.005 ETH, for Ethereum, and 0.005 LTC for Litecoin. Other coins are more expensive to withdraw such as ELF which incurs a fee of 3 ELF.
Is BiBo Safe?
Bibox implements a number of security protocols to protect client accounts and supports Google Two-Factor Authentication, SMS Authentication, and a Funds Password. The team also provide a complete login record to help users keep track of their account activity. The team do not give out a large amount of detail regarding their storage practices but do claim to store the majority of user funds offline in cold storage wallets. So far, Bibox has been resilient to any hacks.
The exchange incorporates a number of features designed to assist trading such as a micro service splitting which breaks down large volume transactions into smaller bits, which can be carried out more securely and efficiently. The platform is also controlled and governed by an AI system that addresses any faults that might be incurred during day to day activities. Bibox also uses API interfaces such as RESTful, Websocket and Fix, in order to help minimize any sudden monetary swings and losses.
Bottom Line
Bibox is yet another new kid on the block that first set out to cater to the Chinese market; however the exchange has grown quickly in popularity and gained traction with international traders. Bibox provides a decent trading platform that aims to allow its users gain a similar user experience to using sites such as Binance and Huobi.
Due to the lack of information regarding the founding team, and the fact that Bibox is not a fully transparent and openly compliant exchange, it may not be for everyone. However, the exchange will suit traders looking to trade in harder to find coins and who are also interested in some of the advanced data features and possible margin lending feature. The efficient nature of the platform and choice of trading screens means that Bibox is a viable option for both newer and more experienced traders, however, due to its relative youth it may be better suited to the more experienced members of the cryptocurrency community.
