By Shelly Melancon (Switzerland)
Bgogo Review
Trading on the internet has grown in popularity significantly over the years. Why shouldn’t it be preferred by everyone? It enables traders to conduct business from the comfort of their own homes through the use of mobile devices. The introduction of the Internet marked the beginning of everything. The internet, which was created with the goal of making people’s lives easier, has achieved its primary goal and has provided benefits to individuals. People from all over the world can now communicate with one another thanks to the Internet, which has aided in the expansion of trade. The Internet has brought far-flung traders closer together and made it easier to communicate with them. Prior to the establishment of the online trading market, traders had to deal with a variety of other issues. A number of restrictions were imposed by the government in order to prevent cross-border trade from occurring.
Online trading does not impose any restrictions or limitations. A large number of traders place their bets on this market in the hope of making money. A number of traders are already reaping substantial profits from this market, and you could do the same if you are interested. The process of entering this market is straightforward. The first step would be to identify a suitable exchange platform that meets your requirements as regards functionality. This is a review of Bgogo exchange, and it contains everything you need to know.
Regardless of whether you are trading in cryptocurrencies, forex, or stocks, the reality is that there is no trading platform that is 100 % perfectly secure and that offers sufficient assurance of a scam-free market esupernvironment at any point in time.
When it comes to scams and fraud, the most important question is whether it is possible to avoid becoming a victim of one to some extent. As a result, it is strongly recommended that you use the most appropriate trading platform in order to reduce the level of risk associated with your investment.
This article will provide you with a summary of a cryptocurrency exchange platform known as Bgogo, as well as details on how they are fairing in the market and crucial information on how their platform operates, to help you make the best option for your specific scenario.In the event that you are a bitcoin lover who is inclined to make an investment in bitcoin, there are a number of platforms available, such as bitcoin billionaire, that can help you to understand of the bitcoin market.
| Exchange platform | Bgogo Exchange |
| Website | https://bgogo.com/ |
| Variety Crypto | 38 |
| Account Needed | Yes |
| Verification | Mandatory, KYC |
| Verification Steps | 1 |
| Trading Platform | Web-based, and mobile app |
| Payment method | Wire transfer, Credit card |
| Customer Support | Email, phone,SMS |
What Is Bgogo Exchange
Bgogo is a cryptocurrency exchange that is Cayman Islands based. QBTC, OceanEx, and BitMart are among the other cryptocurrency exchanges that have registered on this site. In addition to members who work for well-known corporations like Google and Facebook, the exchange was founded by members from IBM, and Twitter.
One other noteworthy feature is the existence of a “Ecosystem of VIP services” on the Bgogo platform. To be considered a VIP, a minimum amount of 3 million tokens-BBG (the exchange’s proprietary tokens) must be in your possession. According to reports, as a VIP member, you are entitled to additional advantages such as enhanced customer service and gifts.
Bgogo, like a number of other exchanges, does not allow investors from the United States to trade on their platform. If you are a resident of the United States and are looking for a platform which is tailored to your needs, don’t be concerned. Bgogo is the world’s first self-governing digital asset platform based on supernodes. Users will receive trading fees in the form of BGG tokens equal to 50 percent of the platform’s total BGG token supply, which will be used to reward users.
Bgogo Trading Services
This crypto-asset platform serves the crypto industry with no less than 35 markets that are active and various cryptocurrency pairs. It also appears to have its own token, BGG, which appears to be used as proof of stack (PoS) in terms of the trading system, according to the documentation. One of the key functions of this utility token is to act as a trade reward for users who are engaged in the community. This is accomplished through a process known as transaction or trade mining, which is a process in which users mine native tokens by executing deals. This type of activity is fraught with controversy since it encourages wash trading, which is a sort of financial market manipulation.
Bgogo appears to have been registered in the Cayman Islands as a crypto-asset platform with the goal of being a community-driven platform that is run for and by its users.
A limited quantity of BGG tokens, ten billion, have been issued and are being used to fund operations. The first billion dollars were sold in a private transaction, with the remaining 40 percent being unlocked immediately and the remaining half being released in equal installments over a five-month period.
Although all tokens have been released for the time being, the innovative way in which Bgogo Exchanges operates is that daily buy-back and burn operations are undertaken utilizing 100 percent of the fees generated by customer trading. The most significant ramification of this decision is that there is always a high demand for the cryptocurrency token.
Trading Fees
Fees charged for trading are, of course, extremely essential. Every time an order is made on the exchange, you will be charged a fee by the exchange. In most cases, the trading charge is calculated as a fraction or % of the total amount of the trading order. When it comes to this exchange, there is no distinction between makers and takers. In a transaction, each party is charged the same cost, which is 0.10% of the cumulative order value. The rate of 0.10 percent is less than the average for the industry. Historically, the average for the industry is 0.25 percent, but the market presently witnessing a push towards reduced fees in the industry. Several exchangers now charge a flat rate of 0.10 percent or 0.16 percent instead, for example.
Withdrawal and Deposit Fees
Because Bgogo exchange refuses to acknowledge any other form of payment other than cryptocurrencies as a deposit method, new cryptocurrency investors are somewhat constrained from trading on this platform. If you consider yourself a new cryptocurrency investor and wish to begin trading on this platform, you will first need to purchase cryptocurrency on another exchange and then deposit it on this exchange as a further step.
When bitcoin withdrawal is made from Bgogo, you will be charged 0.0005 bitcoins as withdrawal fee. This is significantly less than the 0.000812pBTC per withdrawal, which is industry average.
Overall, the fees charged by Bgogo are extremely reasonable.
Verification/ Authentication
Verification of accounts on this platform is accomplished through the KYC (Know Your Customer) procedure. Identity fraud is one of the most severe problems that KYC is attempting to address through its compliance program. The provision of valid identification documentation in order to establish your legal identity is the foundation of KYC. Previously, it was possible to open bank accounts using forged documents or misappropriated identity proofs, but this is no longer the case.
In order for the system to function properly, it must keep track of each account holder and ensure that only the right people are requesting services.
Bgogo API
The platform currently has one of the best APIs available in the industry. Because of the API’s design, evaluating real-time data is straightforward. You can also create dependable automated trading bots with the help of the trading API. Bgogo has a whole section dedicated to its REST API, which is perfect for those with a little bit of technical expertise. All three of these features are included in the documents you’ve downloaded. In the API, there are two types of groups: trading and feed.
While the Feed APIs are open to the public, the Trading APIs are only available to persons who have registered for an account and have been provided with a Trading API key by the trading platform.
Security
They care about your privacy and take precautions to protect it. They use encryption technology to safeguard your personal data and have put measures in place to prevent illegal entry to and storage of it. You should keep in mind that there is no way to guarantee that data transmitted over the Internet or stored electronically will be completely secure.
In general, the Personal Data you provide them is used to either respond to your requests or improve your experience. These are the ways they use your Personal Data:
A service provider will recognize you and do verification process on your behalf, improve the management of website and services, and enhance the effectiveness of your interaction with the site and services. send you administrative e-mail notices, such as those regarding account interaction, payment services, protection, or maintenance and support alerts. Respond to questions about job openings or other demands by identifying, preventing, and reporting suspicious, fraudulent, or illegal activity.
The automatic data collection is used to manage and improve their services. They use your IP address to improve their website and services and to verify your identity when using their services. Their servers use log files to track users’ movements through the site, demographic data, and better tailor their services to their needs. Unless otherwise stated in this Privacy Policy, they do not link automatically collected data to Personal Data. They may use both cookies per session (which expire when your browser is closed) and permanent cookies to make your visit more personalized and engaging (which remain on your computer till they are deleted). This data is collected to improve the Site’s usability for you and tailor your experience with us to your specific interests and needs. This is done by removing information (like your name) that makes the data personally identifiable to you. They use anonymous data to analyze request and usage trends to improve our services and website navigation. They reserve the right to use anonymous data, aggregated data, and de-identified data for any purpose, including marketing.
Bgogo TRADING VIEW
Different exchanges have different perspectives on trading. The one thing that is unavoidable is that it is impossible to determine whether or not this overview is the “best.” It is entirely up to you to determine which trading perspective is most appropriate for you. On nearly every view, you can see both the current and historical order book, along with cryptocurrency prices and order history. The presence of buy and sell boxes is not uncommon among these establishments. Make an effort to take a look at the trading view before you make your selection.
Bgogo Interface
The Bgogo platform was designed to be user-friendly for both experienced and novice traders. Generally, a web browser is used to access the Bgogo trading engine. Everything is done online, which is convenient. Trading via this platform is as simple as going to the Markets page and clicking on the appropriate button. There is a left-side bar that allows users to quickly reach other windows, such as the trade history window, without leaving the website.
Clients can easily use the chart to set order limits or cancel orders at specified price levels. The web interface allows users to interact with an interactive chart for asset analysis, comment on crypto-related topics such as open deals, trading choices, and market news, and send private messages to other users. An other box says Buy or Sell. Trades in this section can be made using market or limit orders.
The Order Book contains active buy and sell positions in the market, as well as an announcement box.
The book, positioned just below the chart, allows users to compare prices and bids. Sliders that display the liquidation price can also be used to control the trade volume. The Bgogo platform gives clients control over their assets by providing many ways to enter and exit transactions. Moreover, the user can select from a range of order kinds based on their intended application. This program’s user interface is basic enough for both professionals and beginners to utilize. Despite the fact that the interface incorporates many technical elements for professional traders, it is simple to navigate. You can trade without stress and choose from accessible order types such as Market, Limit, and Stop orders. Making deposits and withdrawals on the site is as simple as clicking a button and selecting the appropriate transfer type.
Limits and Liguidity
The platform has gained a huge amount of traction among cryptocurrency traders since its inception. Its 24-hour trading volume was USD 565 million on the date of this review’s initial publication, which was March 27th of this year. As a result, Bgogo was ranked in the top 20 of the list of the cryptocurrency exchanges with the highest 24-hour trading volumes. The volume of trade on the market during the 24-hour period had climbed to USD 634 million. on September 23, 2019, moving it up to position 27 on the list of exchanges with one of the highest 24-hour trading volumes, according to CoinMarketCap. In contrast, as of the date of the most recent update to this review (20 March 2020), which occurred right in the midst of the COVID-19 crisis, the 24 hour trading volume was only USD 2.4 million. Needless to say, this represents a noticable decrease in trading volume, and we do not know what has caused it.
Customer Support
An even more significant element that many traders consider when selecting a trading platform is the quality of customer service and support provided by the exchange. As a starting point, it should be noted that trading in the cryptocurrency market is a challenging task in and of itself. Therefore, when investing or trading, investors and traders require every bit of assistance they can get their hands on. In particular, when trading becomes more difficult as a result of unforeseeable circumstances, this assistance is critical. Trading and investing professionals seek assistance from their exchange platform in these types of situations, and failing to receive such assistance can have a negative impact on traders’ trading outcomes and experiences. Because of its failure to provide traders with the necessary support and assistance, a trading exchange platform’s relevance is called into question.
The Bgogo has developed a cryptocurrency platform that is intended to enhance the user’s experience while also providing assistance. New users who are visiting the site for the first time will find it to be very easy to navigate around. A section titled “Frequently Asked Questions” addresses the concerns of first-time investors. Customers and partners can benefit from the availability of a help desk as an additional perk. Live chats, Telegram chats, and social media giveaways, to name a few examples, are all viable options. The customer support team is comprised of experts who are available 24 hours a day, seven days a week to assist customers.
CONCLUSION
Because of the hype surrounding the exchange, it is likely that it will attract a large number of new users when it launches. Although the long-term outlook is uncertain, it could be affected by concerns about governance, and the exchange will have no way of competing with similar platforms in the future.
Investors should be aware that the business model of BGG tokens will be vulnerable to competition in the short to medium term, and that trading opportunities will be available in the short to medium term.
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