Exchanges & BrokersNewsReviews

BW Review – Is BW Scam or Legit?

BW Exchange Rating
Account Types9
Trading Speed8.6
Customer Service9.3
Safety9.1
9
Conclusion
Read our BW review and learn why we recommend this exchange for online trading and why it is not a scam, learn all you need to know in this BW review before you sign up with the exchange.

BW Review

BW logo

The idea behind the development of cryptocurrencies was to set up a sort of peer-to-peer circulatory system for finance. Bitcoin and other cryptocurrencies are decentralized in nature, meaning that they are not issued by entities like the government through central banks. However, despite this brilliant innovation, the problem of acceptance became a hitch.

Not everyone understood the fundamental idea behind the creation of Bitcoin, therefore they found it difficult to accept it. Cryptocurrencies are considered as “currencies” by those that accept them, but some people don’t; and if a currency cannot be exchanged for the purchase of goods and services, it becomes valueless in that situation. This is what led to the development of exchanges.

Cryptocurrency exchanges, also doubling as trading platforms, became an essential requirement for liquidity in the real sense. Exchanges manage a huge flow of supply and demand between individuals, retail investors, and institutions. They are different from cryptocurrency wallets. Wallets are simply used to store digital assets and in some situations, they function as intermediaries between a buyer and a seller while exchanges can offer instant liquidity for an asset without having to search for a buyer, you can also earn in exchanges by trading cryptocurrency.

There are hundreds of exchanges in existence. A couple of them fulfill the primary function of exchanges by offering liquidity pools and trading desks, while others go-ahead to incorporate the primary functions plus added features. The most popular exchanges you might have heard about are Binance, Huobi, Bybit, and Coinbase.

BW website

Not all exchanges are similar, although offering the basic requirements, some exchanges still offer more awesome features that make trading easier. Since it would be quite a task to test all exchanges and see if they are worth the use, we have documented this professional review that would cover all you need to know about the BW Exchange. BW Exchange is one of the most reputable out there, however, a detailed insight about its functions and peculiarities would help you decide whether to use it or not.

Exchange PlatformBW.COM
Websitehttps://www.bw.com/
Variety CryptoYes
Account NeededYes
VerificationOptional
Verification Levels2-Factor Authentication
Trading PlatformWeb, iOS, and Android Applications
Payment MethodMajorly in cryptocurrency
Customer SupportEmail, Twitter, Medium

What is BW Exchange?

This exchange is one of a kind, doubling as a cryptocurrency exchange and a mining pool. The “B” in its name stands for “Bit” which is the smallest unit of information or “Bitcoin”, the top digital asset. The “W” is interpreted in two ways “wealth and world”.  This interprets BW as a “cryptocurrency network” as it covers a lot of digital assets in mining and its exchange. This exchange was launched in January 2017 with a remarkable liquidity rate.

BW has its headquarters in Hong Kong and is registered in Australia. This exchange is regarded as the largest mining exchange in the globe. Its mining operations exist in over 45 countries in the world including Singapore, South Korea, the Philippines, Malaysia, Thailand, Taiwan, and many other countries. BW also boasts of millions of users across over 169 countries. In its mining sector, the exchange claims to have generated over 300,000 Bitcoins, 1.5 million Litecoins, and over 2 million Ethereums; all amounting to more than 3 billion USD.

BW is in a strategic partnership with ZB.com, a prominent trading platform that supports it with technical support via shared user traffic, core technological advancement, and the wealth of their operational knowledge. It would also interest you to know that BW has a native token that can be obtained through mining and trading.

BW Trading Services

This exchange as mentioned earlier satisfies two essential purposes, one as a cryptocurrency exchange and the other as a mining operator. It is a POS crypto mining operator and a digital asset contract exchange. This exchange offers users access to several cryptocurrencies with effective liquidity and a well-developed trading interface that would satisfy professional users.

The native token of the exchange is called BWB and it is based on the Ethereum blockchain. It is a governance token, meaning that holders have the right to vote in decisions that directly affect the platform. BW uses the token to pay incentives to trading miners.

BW Fees

Exchanges charge transaction fees once an order placed by a trader is fulfilled. These trading fees keep the ecosystem of the platform running and enable the liquidity of a trader’s digital asset. While trading fees are important, the way they are fixed must appear reasonable and per other exchanges or even better.

However, this does not imply that there is a fixed value that should be charged as trading fees. This is because most exchanges are centralized, having their management and therefore their own rules. Most exchanges offer different features that their users explore and are charged in the process.

For BW, the trading fees are fixed and equivalent between the maker and the taker. Both parties are requested to pay the industry average of 0.2% as trading fees once an order is fulfilled. To make it clearer, makers and takers perform different functions during a trade. The maker is a trader that establishes an order in the order book of exchange while a taker fulfills the demands of the trade set by the maker.

Nevertheless, since BW offers margin trading, the maker and taker fees differ in this aspect. During a perpetual trade, makers are charged 0.025% while takers are charged higher at 0.075%. The fees for makers still vary depending on the asset used during a perpetual swap trade as they can be charged negatively at -0.025 in select assets.

Withdrawal and Deposit fees

BW is primarily a crypto-to-crypto exchange and does not support deposits in fiat using cards, banks, or peer-to-peer. Deposits involving cryptocurrencies are free however, this does not mean that withdrawals would be the same. Most exchanges have a reputation of making deposits easy but withdrawals become a mountainous task.

This exchange charges varying fees depending on the asset that you are withdrawing, with separate minimum and maximum withdrawal limits. It offers withdrawals in stablecoins too, like USDC and USDT charged at 12 and 10 respectively. For BTC, the industry average was surpassed with one Bitcoin subject to withdrawal at a fee of 0.001 BTC.

BW Trading API

It is an expected norm for exchanges to provide insights into the structure of their platform’s Application Programming Interface (API). BW has a dedicated page that offers detailed insights into the arrangement of its API which is based on the WebSocket and the REST API.

The basic code languages are Java, Python, and Nodejs. The API page also indicates that users who are dedicated to long-term trading would enjoy lower trading fees in two tiers, the first tier would be a discount at 0.10% for both makers and takers and the second tier at 0%, however, this privilege depends on trading volume.

BW Limits and Liquidity

BW does not support fiat deposits or withdrawals, the only inlet and outlet must be cryptocurrencies. This implies that intending users have to send in digital assets from their crypto wallets or other exchanges. There are no obvious deposits limits but there are withdrawal limits on a daily and monthly scale.

For instance, Bitcoin has a one-time limit withdrawal at 5,000 bitcoins and 10,000 for a daily limit. This figure is generous enough and might appear attractive to retail investors. The only hitch, however, would be the withdrawal fee for Bitcoin.

BW also offers an over-the-counter (OTC) alternative, this is an option for traders that desire to buy cryptocurrency with another trader using fiat. The fee is set by the users and only a limited range of fiat currencies are available like CNY. BW does not support US traders just like other exchanges, US investors have to look elsewhere for trading support.

BW Portfolio

Traders appreciate exchanges more when they offer diversified portfolios. These multi-purpose portfolios offer them the leverage to trade across a wide array of markets in very flexible terms. For instance, the OTC availability makes it easier for traders to settle large amounts of crypto after automated deliberations with the other party.

In BW, traders can spot-trade, margin trade, access perpetual contracts, and even stake their digital currencies to earn interests. With the above features, users can switch to other portfolios flexibly and earn better depending on their expertise. In addition, BW.com provides several pairs and cryptocurrencies to support trades in these portfolios.

Cryptocurrencies Available at BW

Just like access to multi-functional portfolios is a great feature in exchange, the availability of a wide range of cryptocurrencies is also needed. In exchanges that provide several cryptocurrencies for trade like Binance, Gate.io, and Coinbase, the user is less limited and can trade any pair of choices against any asset.

BW performs satisfactorily at this level, offering access to over 100 cryptocurrencies and over 140 tradable pairs. The majority of the tokens available are popular in the cryptocurrency community, thereby concreting the exchange as a promoter of legitimate digital assets.

Some of the available digital coins and tokens include the primary cryptocurrencies like Bitcoin (BTC), Ethereum (LTC), Litecoin (LTC), Dogecoin (DOGE), and other altcoins like Polkadot (DOT), Uniswap (UNI), Sushiswap (SUSHI), BCH, NEO, EOS. BW offers a basket of stablecoins as well like USDT, USDC, EUSD, QC  (a Chinese stablecoin), BUSD, and others.

The platform also makes available an inlet where confident developers can apply for their assets to be listed. This is to let their users benefit from the availability of more digital assets, even novel ones.

BW Interface

One good measure of a crypto exchange is the attention to the overall appearance. For an exchange to be suitable for the average trader, it should possess a well-structured appearance and a befitting setup that would enable users to easily make decisions without so much fuss. Trading is a process that occurs in real-time, to make the best out of the process, time shouldn’t be wasted in a bid to figure out the workings of an exchange before proceeding.

Aside from the tools necessary for carrying out trading operations, an exchange should ensure that the outlook of its trading platform exudes comfort with the proper integration of colors. While some exchanges offer a predominantly dark mode interface, others might decide to integrate the two and let users switch between the ones they desire.

BW is characterized by a dark mode layout. The view tends to be taken as simple as it doesn’t come with a lot of bells and whistles, however, the ease associated with the view is even encouraging to new users. The user interface features a prim and proper trading view, reflecting the actions of the live market of an asset via carefully placed candles. A user on BW can view the historical chart pattern of an asset within several time frames.

An interesting feature of the BW interface is that while monitoring the trending values of one digital asset, you are offered a live view of the price action of other cryptocurrencies as well. Trading comes with a take profit and stop limit order as well as a swapping feature for digital assets. BW has space for margin trading as well, the interface for margin trading appears more sophisticated and one can access crypto loans through them.

How Secure is BW Exchange?

Judging from the threats to user security in the crypto industry. Exchanges that desire to be rated as the best ought to integrate proper security features.

The security feature on BW.Com is quite efficient and the platform is dedicated to protecting users from potential breaches by installing modest security setups. Similar to most exchanges, BW encourages its users to make use of the 2-factor authentication setting to ensure that they are safe to an extent. Users can also modify their phones alongside their google accounts to bind them to their BW accounts.

Specifically, the trading platform does not tolerate money laundering and other financial crimes as stated in its agreements. The security classification of BW might not be one of the best in comparison to other exchanges but it is quite responsive enough. BW is an exchange platform that boasts of an expert team from resourceful backgrounds, this conglomerate of professionals functions as the bedrock of a secure platform.

BW Customer Support

While we are analyzing the BW trading platform, the rating of its customer service is very essential. This is where most exchanges get it wrong. They flaunt a well-developed platform, distribute trading fees at the best rates, integrate extraordinary features but fail woefully at customer services.

The adverse effects of poor customer service cannot be overemphasized. Aside from the possibility of losing funds due to delayed response, poor customer service can also make it difficult for an exchange to gain public confidence. Users would not endure for long in the platforms before searching for suitable alternatives.

The rating of BW Exchange does not supersede major exchanges but it is quite acceptable. This is because the platform has quite a several platforms where they can be reached. Email response is quite swift and is often the easiest means of having your problems sold in real-time.

BW has a guide section where almost all frequently asked questions are answered. The page is accessible to anyone on the platform, whether registered or not. The platform also has an announcement section for important updates. There are links to the social media handles of the company too.

  • ·       Email

The email address on BW is employed to handle issues above the competence of the user. Users can access the email address and go straight to report their problems. The support team would take up the case from there and see that it is handled. Using the email address is often guaranteed to receive a swift reply.

  • ·       Social Media

BW maintains an active social media presence across a host of platforms and communities. Users can reach the team on Twitter, Medium, and Reddit. One can also join their Telegram group to stay up to date and interact with other users.

Conclusion

BW.com always strives to keep accelerating its growth and staying ahead of the pack. The exchange is renowned and has held enviable positions in exchange rankings. Unlike other brokers and exchanges that hire employees right off the market, BW concentrated on engaging the veterans of the financial market in the development of its platform.

The platform enjoys massive support from solid partners and investors. The mining section of the platform is obtainable in many countries and contributes heavily to the revenue of the exchange.

Impressively, BW is one of a few exchanges that emphasizes security and encourages the education of their potential users through several tutorials  embedded on the platform. So far, one of the major setbacks of the trading platform is that users can deposit fiat straight into the platform. However, investors can still employ the OTC desk made available.

Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close