Since its inception, Bitcoin has evolved into a highly unstable investment sought after by big organizations and individual investors alike. When everybody is thinking of investing in cryptocurrencies, it is critical to find a reputable exchange to work with. Consequently, they provide you with a Bkex exchange review today to assist you in making informed decisions as you embark on their cryptocurrency trading journey. In light of the current increasing demands for cryptocurrency, there is a pressing need for more reliable cryptocurrency exchanges. It has become significantly easier to buy, sell, hold, and exchange cryptocurrencies due to continuous improvement. What’s more, to invest in Bitcoin or any other cryptocurrency product, you’ll need to open a cryptocurrency exchange account first.
It is impossible to overstate the importance of signing up with a cryptocurrency exchange that is both licensed and credible. Appropriate security measures must protect a trading platform. Aside from that, it should provide customers with satisfactory services up to a certain level of acceptability. The privacy and security features of a cryptocurrency exchange are the most sought-after characteristics. Other characteristics to look for in an exchange include transaction fees, ease of use, volume, liquidity, and customer support. When considering an exchange, it’s important to keep these aspects in mind.
It is not enough to have the best strategy; the exchange on which investors or traders trade has a significant impact on their ability to make a profit. As a result, they will be going over everything you need to know about the Bkex exchange in this review. Bkex is, without a doubt, one of the most well-known cryptocurrency exchanges, and it provides a convenient way to get started in the cryptocurrency world.
|Payment Method||Bank account, AHC transfer, crypto conversion, Debit/Credit card, Wire transfer.|
|Customer Support||Email, Twitter, Phone|
What is Bkex?
Bkex was established and is headquartered in the British Virgin Islands. It is a cryptocurrency exchange. Initially, the company operated solely as a peer-to-peer margin payment network for Bitcoin only. Some of the founding members and managerial staff of iFinex inc. are also associated with the company’s founding.
Bkex strives to achieve this by providing users with cutting-edge trading tools, cutting-edge technology, and unmatched levels of customer service, among other things.
It is impossible to keep up with the rate at which the digital asset space is evolving. A forward-thinking and agile approach is required to keep up with the rapid pace of technological innovation today. Bkex provides users and global liquidity providers with cutting-edge digital asset trading services that are commendable.
They are convinced that the best crypto exchange experience should be made available to the public globally.
Bkex Trading services
Bkek’s trading platform allows for the execution of leveraged trades. Someone who is thinking about engaging in leveraged trading can benefit from some words of warning. Leveraged trading can result in large profits, but it can also result in equally massive losses, which is why it should be used with caution.
Bkex is designed for experts and offers better alternatives for more advanced crypto trading. Transactions on the platform are executed at a swift speed once funds have been deposited into the account.
The Bkex team has acquired valuable knowledge and experience in blockchain technology. The platform has solidified its position as the preferred trading platform for digital asset traders and financial institutions.
In addition to a comprehensive set of advanced trading features and a charting tool, Bkex offers access to peer-to-peer (P2P) financing, an over-the-counter (OTC) market, and margin trading for a diverse range of digital assets and derivatives trading products. Bkex’s strategy is to provide the best cryptocurrency trading experience possible for professional traders and liquidity providers worldwide by delivering cutting-edge technology to their customers.
Bkex Trading Platform
Bkex has the world’s most liquid order-book, according to the company. High volume is essential for traders because it ensures that the spread, which is the distinction between the best bid and asks prices, remains as low as possible for the trade duration.
Bkex offers an advanced, customizable graphical user interface (GUI), over 50 trading pairs (for example, BTC/ETH), and a wide variety of order types, including limit, stop limit, market, stop, fill or kill, trailing stop, and scaled orders, among others.
The interface of Bkex’s trading platform can be customized. In addition, you will have access to modern charting functionality as well as API access. These characteristics combine to make it a popular cryptocurrency exchange among more experienced cryptocurrency traders.
According to Bifinex, they have some of the most competitive rates in the industry. The company operates on a taker-maker fee structure. Takers are those who fill existing orders and receive new orders. Trading professionals who place new limit orders are referred to as makers.
Taker fees range between 0.2 percent and 0.055 percent, whereas Maker fees range between 0.1 percent and 0.0 percent, depending on the transaction. For large orders placed through the OTC desk, there are no trading fees to be paid. Bank wires incur a 0.1 percent deposit and withdrawal fee on both the deposit and withdrawal sides. When making international withdrawals, this percentage can rise to 1 percent.
Withdrawal and Deposit Fees
Bkex accepts fiat in the following currencies: EUR, GBP, JPY, and USD. Deposits in fiat currency can only be processed through wire transfer. Bkex also supports tether. Deposits in Bitcoin, Litecoin, Ethereum, Moner, Zcash, Ripple, Dash, Iota, and EOS are completely free of charge, as are withdrawals.
Please keep in mind that in order to expedite cryptocurrency and Tether deposits, additional verification may be required. The minimum deposit and withdrawal amount are $10,000, with no upper limit. The Fees page on the Bkex site contains a detailed explanation of the fee structure. Prices are quoted in a variety of currencies to make things more convenient.
The Bkex API is intended to provide access to all of the features of the Bkex platform under the condition that it is used following Their API Terms of Service, which can be found here. Using the API, users can create highly customized and advanced trading strategies that can be used on their platform. The API also allows users to build their own trading platforms on top of their existing infrastructure to access through their site. There are several methods for retrieving or streaming market data, retrieving or streaming account-specific information (such as balances, order history, and so on), as theyll as methods for placing trading or funding orders, detailed in the API documentation. According to the scope of Their API, it should be possible to rebuild almost the entire Bkex platform on top of it in accordance with customized specifications. When it comes to interacting with their platform, the Bkex API provides a comprehensive set of functions that allow users to create a completely customized experience in their interaction with their platform. Their API has been built with speed in mind. Providing their traders with the quickest possible access to the market is Their primary goal. In order to accomplish this, they only send the information that is required, which is typically in the form of lists. Users of the webSocket API will receive a data snapshot whenever a connection is established in order to avoid network latency. They will be required to update this initial data locally using the notification updates sent through the open channel.
Their API is updated on a regular basis to reflect the most recent platform features.
Official libraries for each of the supported languages are available on their site. Python, NodeJS, Ruby, and Golang officially support their API. These can be found on their page dedicated to Open source Libraries.
As previously stated, one distinguishing characteristic of any financial service provider is the accessibility to a wide range of trading options to customers. This will provide traders with a wealth of experience and knowledge, allowing them to make more informed trading decisions in the future. The presence of such adaptable alternatives has a significant impact on the trading experience of the user to a significant extent.
Bkex, like the other top exchanges, is not lagging behind when it comes to portfolio size and diversity. Users have the option to diversify their funds across a variety of portfolios on the exchange, if they wish. Depending on their strategy, funds invested, risk management objectives, and profit targets, you can divide their funds into a variety of different portfolios.
This feature is intended to be a complement for advanced traders, as it is unlikely to be of use to newcomers or investors with only moderate experience. Users have complete control over their funds when using tools like this, and they can invest their money in whatever way they see fit. Aside from enhancing the trading experience, one of the most significant advantages of portfolios is that they can aid in risk management.
Authentication and Verification
You can begin trading on Bkex without going through the verification process; however, to trade fiat money for Bitcoin or exchange with stablecoins, you will need to provide proof of their identity. Additionally, depending on the account type (individual or corporate), additional documentation may be required for the exchange.
In addition to personal information, identification verification, and proof of residency, the Bkex verification process necessitates submitting financial statements and a signed assertion confirming the validity of the documents and information submitted. The verification process can take up to 1-2 weeks, primarily depending on the time of interest received. When it comes to trading, there are no restrictions. Bkex only accepts US dollars as fiat currency, but it also offers trading and withdrawal options in the following currencies: USD, EUR, GBP, JPY, and CNH.
To give users the best experience while trading, the interface of any exchange platform must be as user-friendly as possible. It is the one particular feature that could put traders off when not properly implemented. A proper user interface must be intuitive, easy to use and provide the appropriate trading tools.
The Bkex platform is easy to use and straightforward, more so for expert traders. The platform interface offers profound simplicity, which allows you to navigate it without difficulty. Furthermore it is also intuitive platform and makes available a wide range of trading tools to pro traders.
The user interface includes features such as the balance, open orders, order book, trade history, candlestick price structure, and the ability to view charts in a variety of different time frames. It provides a plethora of additional features that can make their trading experience more convenient. The platform’s interface also includes customization options, allowing users to tailor the platform to suit their specific trading needs.
Despite the fact that the interface contains a variety of advanced tools for professional traders, the interface’s simplicity makes it simple to navigate. You can place trades without stress and select from the order types that are available, which include Market, Limit, and Stop. Making deposits and withdrawals on the platform is as simple as clicking a button, after which you can choose a transfer method that suits your needs.
How secure is Bkex?
According to the exchange, 99.5 percent of customer money is kept in cold storage, with the remaining.5 percent remaining in hot wallets to ensure that liquidity is maintained. A multi-signature feature is included, and their cold storage framework is geographically dispersed in a number of secure locations. Both for logins and withdrawals, they provide two-factor authentication on the client-side of the transaction. Using two-factor authentication with Google Authenticator, Twilio, or another third-party physical security key provided by FIDO U2F, you can add an extra layer of security to their website or application. To determine whether an account has been compromised, the exchange claims to have “sophisticated verification tools” in place. Tracking login activity for suspicious logins and IP addresses is one example of such software. Withdrawals are only permitted from the same IP addresses as before, and additional confirmations are required. SMS and email notifications are available through the exchange, and email communication is protected with PGP encryption.
Despite the “strong” security measures in place, the exchange has been hacked on several occasions. In May of 2015, the first major hack occurred when a scammer was able to retrieve 1500 Bitcoins from a victim’s hot wallet. The exchange was easily able to compensate the users who had been harmed. However, after another attack on the trading platform in August 2016, the reimbursement issue became much more complicated, as 120,000 bitcoins (worth approximately 72 million dollars) were stolen.
Following the incident, the company’s management issued BFX tokens, which aim to make up for the 36 percent losses suffered by customers as a result of the incident. Bkex has already purchased a significant portion of all of its tokens back from the market.
The majority of security tools have been gradually integrated into Bkex. The presence of these features, particularly in comparison to other hacked exchanges, has significantly increased the trustworthiness of Bkex.
Support is available 24 hours a day, seven days a week through various platforms such as live chat, support tickets, and social media. Emails are typically responded to within 12 hours, but it may take longer in some cases. Additionally, there is a help center where users can obtain the information they require. Bkex’s administration team responds to general questions about the trading interface, trading in general, and compliance-related questions on their Telegram channel. On the other hand, any account-specific information must be submitted through the official ticket system within the platform to avoid security issues. It is important to note that Bkex never reaches out to its users through private messages. You should not share your password with anyone who asks for it under any circumstanceprov, as this is a common scam that has been surfacing on the market recently.
A reputation for being extremely unprofessional and rude used to exist among Bkex users – but some users believe this was primarily due to the actions of a single individual who initiated the operations. Since its inception, the Bkex support team has grown significantly, and it is working hard to regain the trust of its customers’ Emails.
To submit requests through Email, you have to use the address linked to their Bkex account. Also, you would need to choose the most appropriate category and subcategory. You must be elaborate on the issue you wish to report. Customers from all countries are welcome, with the exception of the United States, Cuba, the Democratic People’s Republic of Korea (North Korea), Pakistan, the Government of Venezuela, Iran, Syria, and Crimea.
If you’re a non-US extensive trader or if you want to trade large amounts of cryptocurrency, Bkex is a great option. However, if you are new to cryptocurrency and are looking to obtain their first coins, this is not the best option. The lack of simple deposit methods, combined with the complicated interface, will almost certainly require additional time to master, increasing the likelihood of costly mistakes. It is recommended that newcomers stick with a simpler exchange that offers a range of familiar payment options to get their feet wet. If, on the other hand, you are a seasoned cryptocurrency trader, Bkex is likely to meet all of their needs and provide even greater value. High cryptocurrency liquidity, combined with advanced features such as leverage, margin funding, and multiple order types, makes it an excellent trading platform for cryptocurrency traders.
For those who are concerned about the security of their funds as a result of previous hacks, there isn’t much more to say than that it appears that Bkex has made it a priority to pay back their customers in such situations up until now.
Aside from this, some may argue that the numerous hacks have made the system significantly more immune to future attacks.