Bilaxy Review
Bitcoin, the first of all cryptocurrencies, in the past months has experienced a considerable increase in price reaching an all-time high of $58,300 on the 21st of February 2021. The market price reaching this all-time high saw the Bitcoin market cap also reach an all-time high of $1Trillion which is a great feat achieved in a relatively short time.
Apart from Bitcoin, the other top 19 cryptocurrencies have also recorded a considerable increase in market price seeing investors across the crypto market make considerable profits on their investments. These achievements have brought the spotlight on the cryptocurrency market allowing investors to see the vast pool of opportunities present in the cryptocurrency market.
However, not only were the opportunities present made visible but also concerns of various financial analysts and critics who have always warned investors about the risks involved in the cryptocurrency market. Many financial analysts are concerned about the volatility of the crypto market and they are right to be because with this much volatility investors can easily lose as much as they can gain.
But regardless, these risks can always be managed and that’s why we recommend that intending traders and investors who are planning to enter into the cryptocurrency market should at least have a basic understanding of the crypto market including various risk management techniques.
To begin your journey in the cryptocurrency market, the first and crucial step to take is to choose and sign up with a crypto exchange platform. Crypto exchange platforms were developed to be a digital marketplace where investors can come to buy and sell various digital coins in the crypto market. In general, crypto exchange platforms provide investors with valid and accurate information, decent and rapid support, and basic trading tools needed to achieve financial success in the crypto market.
As a new investor, you might be thinking choosing an exchange platform is a straightforward and simple process but you can’t be more wrong. The cryptocurrency market is so filled with numerous exchange platforms that it has become difficult for investors to separate mediocre and scam exchanges from decent and legitimate ones.
Most of the exchange platforms (both legitimate and scams) present in the cryptocurrency market promise to give the best trading features and services to investors. And for investors who are not discerning enough, get to fall into the traps of scam exchanges losing their investment or sensitive personal information.
To then be able to identify legitimate and decent exchange platforms, investors carry out their personal research into the basic attributes of several exchanges. By doing this, investors get to have enough information and can be able to make an informed decision as to whether or not the exchange platform suits their trending needs and style.
However, investors have always complained about how this research tends to be sometimes frustrating and daunting. As a result, we’ve charged ourselves with the responsibility of carrying out these researches for you so you can focus on learning more about the crypto market. We will be discussing in full detail the overall operations, services, benefits, and features of decent exchange platforms in the crypto market.
For this review, we’ll be giving a detailed insight into the workings of the Bilaxy exchange platform. This is the Bilaxy review. This review is aimed at giving an honest insight into the workings of the Bilaxy exchange platform putting all biases aside. Let’s begin
| Exchange Platform | Bilaxy |
| Website | https://Bilaxy.com |
| Payment method | Cryptocurrency |
| Withdrawal Fee | 0.0007 BTC |
| Trading platform | Mobile App, and Web-based platform |
| Security | Multiple Signature Cold Wallet, Distributed Architecture and Two-Factor Authentication (2FA). |
| Trading assets | Bitcoin,, Ethereum, Ripple, Litecoin and so on |
| Trading Fee | 0.15% |
The Bilaxy exchange platform was established in April 2018 with its headquarters located in the Republic of Seychelles which is also home to many other decent exchange platforms. As a crypto asset trading platform, Bilaxy offers its clients conventional services for stablecoins and cryptocurrencies.
The Bilaxy exchange platform is not quite popular among new investors, however, it has a unique reputation among experienced and more seasoned cryptocurrency investors. Bilaxy is quite known in the crypto space for listing and supporting non-listed digital coins ahead of other exchanges. To the point that they do go ahead to list digital coins even without the consent or knowledge of the crypto company behind the digital coins.
This serves as a competitive advantage to Bilaxy because investors who love to sell or buy tokens ahead of the official trading platform come running to Bilaxy to do so, ultimately driving the daily trading volume higher. The Bilaxy exchange platform aims at providing one of the best trading services to its clients and to be able to do that, it has put in place incredible features to serve investors across the globe.
Let’s have a look at these incredible features
· Trading Conditions
The Bilaxy exchange platform lists more than 150 digital coins and has about 206 trading pairs listed on its trading platform. The digital coins listed include BTC, ETH, USDT, BNB, and so on.
Presently, the exchange platform offers only spot trading on their trading platform and it doesn’t look like they have plans of integrating leverage trading such as futures trading or margin trading any time soon. Although investors looking to perform leverage trading can do that ivy trading leverage tokens.
Leverage token such as ERC20 tokens simulates the movements of the leveraged token. Currently, Bilaxy lists leverage tokens such as BEAR (BTC 3X Short), BULL (BTC 3X Long), ETHBEAR (ETH 3X Short), and ETHBULL (ETH 3X Long).
· Security Procedure
Online trading has brought so much ease into the financial market but not at a cost. Traders’ investments and sensitive personal information are constantly under threats of various cyberattacks, hacks, and scams. As a result of this, investors look to choose an exchange platform that can adequately provide the needed security to stay safe from these threats. And one of such exchange platforms is Bilaxy.
The Bilaxy exchange platform has established various security measures like distributed storage and distributed server clusters to solidify its security system. It is further integrated with stringent monitoring protocols, improved distributed architecture, and multi-level firewalls. Bilaxy intends to deliver a highly secured trading platform to all investors across the globe.
Bilaxy has also embraced multiple levels of security for its storage solution. Bilaxy makes use of hot wallets to keep and secure about 5% of its clients’ digital assets for daily withdrawals while the 95% left are stored in safe cold wallets in offline locations to guarantee the security of assets. The exchange platform still went ahead to offer additional security measures which include;
Two-Factor Authentication 2FA
The 2FA is a primary security measure used by most exchange platforms. It prevents third parties access or login into a trading account without the authorization of the account holder. It further protects sensitive trading activities such as withdrawals, change of password, and logins.
To do this an external software is usually employed to generate distinct code combinations which are only accessible to the account holder. For every sensitive activity performed, a code combination must be entered.
Know Your Customer Policy (KYC)
A lot of exchange platforms Bilaxy included are starting to put in place necessary regulations around crypto trading to protect investors and traders from scams and fraudulent activities. And one of such policy that is being followed is the Know Your Customer Policy (KYC)
The KYC policy helps to put a check to identify theft, terrorist funding, and various scams in the crypto space. The KYC policy ensures each trading account is linked with an individual to ensure that every investor is traceable in case a fraudulent activity takes place.
On the Bilaxy exchange platform, investors and traders who want to deposit and withdraw their funds must comply with the KYC policy. As a result, Bilaxy’s clients are expected to submit their ID number, name, driver’s license, or national ID to complete the KYC1 registration. The KYC1 allows for a maximum daily withdrawal of 200ETH.
For KYC3 registration, clients are expected to snap a selfie holding a handwritten note and an Identify Card. This allows for a maximum daily withdrawal of 1500ETH.
· Liquidity
Just a few months after Bilaxy was established (October 2018 to be precise), it recorded a daily trading volume of $4.3 million ranking the exchange platform among the top hundred exchanges in the crypto market in terms of the daily trading volume.
A year after its establishment, Bilaxy’s liquidity dropped, recording a daily trading volume of $3 million which saw Bilaxy drop out of the top hundred exchanges in the crypto market in terms of the daily trading volume.
However, something incredible happened on the 30th of March 2020, at the center of the COVID-19 Pandemic, Bilaxy recorded a daily trading volume of $2.6 billion taking the 3rd position on the list of top
exchanges in the crypto market in terms of the daily trading volume. Only MXC and Binance surpassed Bilaxy in terms of daily trading volume on that day.
· Commissions and Fees
Trading in the cryptocurrency market isn’t totally free. Investors and traders are expected to pay various commissions and fees on trading activities as stipulated by their chosen exchange platform. These commissions and fees charged are used by exchange platforms to finance their entire operation while also making considerable profits.
Therefore crypto exchange platforms charging various fees and commissions is not out of the ordinary. However, what will always be a turnoff to most investors and traders is when exchange platforms charge high fees and commissions on trading activities.
Talking about trading activities, crypto exchange platforms normally charge commissions on each trade executed and on every deposit or withdrawal. The fees charged can either be a fixed rate or in percentage depending on the crypto exchange platform. For the Bilaxy exchange platform, commissions and fees charged on trading activities are quite in the middle.
Trading Fee
Every trade executed by an investor in the crypto market attracts a commission and that commission is referred to as a trading fee. The trading fee is usually divided into the makers fee and takers fee and depending on the exchange platform a flat rate or specific percentages can be charged on both the makers and takers fees.
The Bilaxy exchange platform charges a flat rate of 0.15% for both taker and maker and fees. This is quite a competitive rate in the crypto market and in fact, serves as a competitive advantage over other exchange platforms and it is considerably lower than the industry’s average of 0.20% – 0.25%. Also, as stated earlier a discount of 50% is further applied on the reading fee provided investors make use of BIA to pay their fees.
Deposits/Withdrawals Free
The Bilaxy exchange platform does not charge any fee on deposit, however, that’s not the case on withdrawals. Considering the industry’s average of 0.0006 BTC for each withdrawal, the Bilaxy withdrawal fee of 0.0007 BTC on each withdrawal is slightly high. This also applies to ETC and USDT withdrawals of 0.01 and 5 respectively; it is slightly higher than other exchanges.
· Bilaxy Token
Bilaxy just like many exchange platforms has its own utility coin known as BIA. The Bilaxy exchange platform listed its utility coin in August 2019 raising about $660,000 during its ICO.
The Bilaxy exchange platform uses several sources to drive the value of its utility coin. BIA is used by Bilaxy as a discount on trading fees. Investors on the Bilaxy exchange platform receive a discount when they make use of BIA instead of other digital coins. Investors get a discount of 50% in the first year and the discount is continuously halved up till the 4th year which then roughly at about 6.75%. In the 5th year, investors stop getting discounts.
BIA currently has a market price of $0.001587 and it is being traded on 3 active markets having a total daily trading volume of $227,110.698. BIA has a market cap of $2,561,983 and is designed to have a maximum supply of 2 billion coins.
· Trading Platform
As mentioned earlier in this review, the Bilaxy exchange platform makes use of an incredible trading platform both on its website and mobile app. The trading platform offered by Bilaxy is customizable, user-friendly, easy to navigate by both newbie and experienced traders, and integrated with basic trading tools needed for simple analysis of the crypto market. Bilaxy’s trading view is what you would expect of a crypto exchange platform. It consists of price charts of various cryptocurrency, sell and buy-boxes, order history, an order book, and a lot more.
The mobile app offered by Bilaxy is supported by both Android OS and iOS. However, the iOS version is presently running on a beta working via a beta testing app known as TestFlight. So to make use of the iOS version, clients have to download both the Mobile and the TestFlight app. Even though it is still in beta, the mobile app works perfectly. The mobile app has a similar trading view just like the Web-based platform.
· Withdrawal and Deposits
Participating in any investment opportunities requires investors to put forward some initial investment capital to accumulate profit and this also applies to crypto investments. Investors are required to deposit initial capital into their trading account to have access to the crypto space and to grow their capital. The idea of making and accumulating profits in the crypto market will also be defeated if investors can’t withdraw them out. Hence, deposits and withdrawals are important trading activities in the crypto space.
To this effect, exchange platforms offer various payment method options so investors can easily deposit and withdraw their funds in and out of the crypto market. Many exchange platforms offer two or more methods of payments to their clients however that’s not the case with Bilaxy.
The Bilaxy exchange platform being a crypto-to-crypto exchange only provides deposits and withdrawals in crypto. This doesn’t offer the needed flexibility most especially for new investors. However, new investors can always make use of entry-level exchanges to buy various digital coins with fiat currency and then deposit the crypto into their Bilaxy trading account.
· Customer Support
The Bilaxy exchange platform offers incredible customer support. Its customer services are available 24 hours a day and 7 days a week and can be reached via multiple support channels such as emails, Telegram, and phone calls. An FAQ section is also made available, answering common questions most newbie traders would likely want to ask.
Final Thought
At a glance, Bilaxy looks to be one of the random exchange platforms in the crypto market. However, with the competitive advantages they have over other exchange platforms, they attract quite a number of investors to trade on their platform.
Looking further at the user interface provided, it uses a very simple design and yet capable of offering the best of services. Whether you’re a new investor or not the Bilaxy exchange platform is one of the top choices you can go for out there.
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