Beaxy Exchange Review: Complete Beginners Guide

These include high trade processing speeds, advanced order types, high grade security protocols, loyalty and referral programs and 24/7 customer support. The team at Beaxy aim to provide crypto/fiat functionality, high performance capabilities, cutting edge security, and extensive customer support, alongside reasonable fees. Beaxy is a new cryptocurrency exchange that aims to get ahead of its competition by making improvements across the board, and equipping crypto traders with a completely modernized approach to buying and selling digital assets. The exchange, of course, has a very user-friendly interface and there are both day and night modes available.

However, if you’re looking to be an active trader on Beaxy then you can stake your BXY tokens to upgrade your account. Turn your account into a Silver Account and withdraw up to 60 BTC per day as well as a 10% discount on trading fees by staking 50,000 BXY. The Beaxy Exchange is an up and coming cryptocurrency exchange that aims to be an all-in-one exchange with a variety of tools catered towards the user to give them a better experience. Benefit from obtaining the ERC20 Beaxy token, you can use these to pay off fees and you can trade them for other tokens. Have a blast with its fast processing speeds, 24/7 customer support, and great trading tools.

Naturally, referral programs and options to customize the trading experience are also positive. The PLS token is an exclusive token to the Beaxy exchange, you can only trade your BXY tokens for this token and when you receive it you can lock them up for a certain time. The purpose of locking these tokens up is so you can receive a percentage of your trading fees back.

Crypto Exchange Beaxy Founder Charged with Gambling Investor Funds

Beaxy also incorporates its native BXY token, allowing users to participate in staking to receive a 50% discount on trading fees. BXY token itself is an ERC 20 token and gives users of the platform many other benefits, such as loyalty rewards and coin staking. In order to trade on Beaxy you need to verify all of your details via a KYC check. Once you have been approved by the team, you become a standard user and have a withdrawal limit of up to 30 BTC a day!

• Either of these two features can be used to transfer funds from an existing wallet.
• Charts Explore more data on the digital asset markets with comprehensive graphs.
• There are both day and night modes available, making the trading panel easy on the eyes and presenting information and execution panels in a clean and easy-to-read manner.
• However, your funds will only be deposited to the wallet set as default, and you can then transfer freely between your internal wallets.
• Join millions, easily discover and understand cryptocurrencies, price charts, top crypto exchanges & wallets in one place.

Cryptocurrencies are simply the next step in the digitization of our world, so you can think of a cryptocurrency exchange as a place to move your money from analog to digital, from paper to bits. Performing such a conversion has the benefit of solving difficult problems surrounding the movement of money in traditional finance. Veteran investors and traders are all too familiar with these problems which is why a new kind of platform was needed – one that speaks the language of both finance and crypto. They have since become one of the most widely used exchanges with 35,000,000 total users.

Beaxy Trading fees

The Securities and Exchange Commission (SEC) has charged Beaxy.com, a cryptocurrency trading platform, and its executives for not registering as a national securities exchange, broker, and clearing agency. The US Securities and Exchange Commission (SEC) on Wednesday registered charges against crypto trading firm Beaxy and executives at the company. In an official statement, the regulator said the founder of the organisation Artak Hamazaspyan raised $8 million through an unregistered crypto token offering, reported Bitcoin. It said the company and its founder indulged in the misappropriation of around $900,000 for their personal reasons, which included gambling. SEC Chairman Gary Gensler said, “We allege that Beaxy and its affiliates performed the functions of an exchange, broker, clearing agency, and dealer without registering with the Commission and complying with clear, time-tested rules governing those activities.” Beaxy was also built in collaboration with OneMarketData and incorporates its trading analysis, data research, surveillance and back-testing services.

As Beaxy is still building its reputation and developing its user base, it offers an attractive fee structure and various incentives, which should prove successful in attracting users to the platform and improving the validity of the BXY token. The platform provides 24/7 support to their users with live chat and an AI bot, which is especially valuable when a critical issue arises. There are also further resources aimed at newer traders such as the FAQ section and Knowledge Base, and the team is active on social media. It can be contacted across their different channels, including their Telegram group, Discord server, and Twitter account. Launched on 10 June 2019, Beaxy Exchange is a centralized exchange headquartered at The Board of Trade in Chicago, Illinois. The exchange supports 6 fiat pairs, a two-way fiat ramp, credit and debit card purchases, and spot cryptocurrency trading.

If there are also 10 million BXY tokens locked up in various accounts on Beaxy, there will be 10 million PLS tokens in circulation. Beaxy is a new exchange that looks to be one of the most promising up-and-coming exchanges on the market, bringing many new features and a high-performance trading engine to market with a smooth user interface. The platform is set out in a way that makes it easy for new users to get acquainted.

She also has over 10 years of experience with technologies like Core Java, J2EE, AngularJS, JavaScript, Hibernet, and RESTful Web Services. As of Wednesday, blockchain data tracker Nansen said this caused investors to withdraw $1.6 billion in crypto from Binance. While it has reached a settlement with Windy Inc, the SEC is still pursuing charges of securities laws violations against Hamazaspyan. Lastly, the SEC charges touched on “market makers operating on the Beaxy Platform as unregistered dealers.” The KYC process is the same for desktop or mobile users from this point, and Mati will attempt to use your camera in order to take your photo for KYC, and you may need to grant your browser permission to use the camera function.

Beaxy Fees

Token sales listed from persons that ICOholder has no relationship with are shown only to help customers keep track of the activity taking place within the overall token sector. This information is not intended to amount to advice on which you should rely. If you are looking to get in on the bull market that has arrived in Crypto Trading, Beaxy Exchange is the place to be. Beaxy is a U.S.-based cryptocurrency exchange that allows you to buy, sell, and trade popular cryptocurrencies like bitcoin and ethereum, in addition to 35 other cryptocurrencies. We can help you to create a springboard for building your crypto portfolio and guide you to a comprehensive understanding of the processes connected with trading on a cryptocurrency exchange.

• The purpose of locking these tokens up is so you can receive a percentage of your trading fees back.
• TradingView provides the price charts that are located in the center of the interface and provides a full range of technical indicators and various charting color options.
• Thus, they are also liable for operating an unregistered exchange, broker, and clearing agency.
• This acts as an additional layer of protection and can block an attacker who manages to gain access to a user’s log in details but cannot match the IP address of the actual account owner.

To deposit funds on Beaxy, click on the “My wallets” tab at the top right of the screen, and select your preferred currency. After that, click on the + icon next to it, which will expand the list of wallets you have for this currency. The team members have assisted multiple conferences and are actively engaging with their users on social media.

As Beaxy is still building its reputation and developing its user base, it offers an attractive fee structure, and the BXY token allows users to reduce their fees by up to 50%. Users can also earn a portion of trading fees by locking up PLS tokens and onboarding friends onto the platform via the referral program. The exchange also incorporates beaxy review the ERC20 BXY Token which allows users to participate in staking in order to receive a 50% discount on trading fees. The exchange started operating in 2019 and has gained the trust of traders from 200 countries in a short period of time. In addition, our operations are compliant with all applicable U.S. and international finance regulations.

Binance is the best choice when it comes to trading Aion with fiat currencies. The SEC said is litigating its charges against Hamazaspyan for securities fraud and against Hamazaspyan and Beaxy Digital for the unregistered BXY offering. According to his LinkedIn profile, Hamazaspyan left Beaxy in September 2019 and is located in Yerevan, Armenia. When you successfully complete the tasks, the process is finished; however, the Beaxy team recommend taking pictures with PhotoScan by Google Photos or Office Lens by Microsoft as they are more reliable with regards to producing clear images and capturing documents. Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies.

Our securities laws for decades have served to protect investors, make capital formation easier and cheaper, and improve our markets,” Gensler said about the Beaxy charges. He allegedly raised $8 million in an unregistered offering of the token BXY and misappropriated at least $900,000 of the funds. He used this money for gambling and other personal expenses, according to the SEC filing. Since the collapse of the crypto exchange FTX, US regulators and lawmakers have intensified their scrutiny of crypto-related firms.

Beaxy also uses email alerts and two factor authentication which is compatible with both Google and Authy Authenticators. In order to further secure user accounts, the exchange also provides the ability to whitelist withdrawal address, which restricts the places funds can be sent to. IP whitelisting is also featured and once set up, when you try to log in to your account for the first time from a new location, access will be denied and a red “IP Whitelist” message will appear. You will be sent an email with a verification link that will allow you to access your account from the new IP address. The wallet columns include the Wallet Name, Available Balance, Reserved Balance, and Locked Balance, which is the balance locked away in any staking or loyalty programs.

However, there are naturally people out there that want to do it from their smart phone as well. The exchange has a variety of different tools that can help the user execute their trades. One of the best features is the calculator that you can locate at the top of the trading graph. You can use this to calculate the profits and losses of certain trades that you’re thinking about making. Explore both the ‘Buy’ and ‘Sell’ tabs, if you manage to calculate a trade that you’d like to place then you can click the Autofill button on the calculator to do so. Beaxy and several executives were also charged with serving as an exchange, broker, and clearing agency without registering with the SEC.

Their API feature REST and WebSocket as well as FIX, view the documentation here. Those who join through a referral code will be granted a Platinum level account (20% discount on trading fees) for a limited time period . As mentioned earlier you can receive a discount of 50% in trading fees when you use $BXY tokens.

Beaxy was constructed by a team comprising primarily finance experts using finely tuned algorithms and other assets to analyze current dynamics in the crypto world. BitDegree Crypto Learning Hub aims to uncover, simplify & share cryptocurrency education with the masses. Based on the Learn and Earn principles, crypto newcomers, students & researchers are enabled to gather core crypto knowledge by collecting incentives while they learn. Join millions, easily discover and understand cryptocurrencies, price charts, top crypto exchanges & wallets in one place. Coinmarketfees.com that compares transaction fees, withdrawal fees, interest rates on crypto deposits and loans.

There’s a difference though, as Beaxy has more security protocols and a better KYC checking system so you can legally deposit any cryptocurrency. This exchange is available in 185 countries, whereas other exchanges are not allowed in some major countries. He accused them of blending several financial services that he believes should be handled by separate companies, as was the case with Beaxy and is common in the industry. Crypto exchange Beaxy suspended its operations Wednesday, citing “an uncertain regulatory environment.” That’s after the US Securities and Exchange Commission (SEC) filed civil charges against founder Artak Hamazaspyan for securities fraud.

There are both day and night modes available, making the trading panel easy on the eyes and presenting information and execution panels in a clean and easy-to-read manner. TradingView provides the price charts that are located in the center of the interface and provides a full range of technical indicators and various charting color options. After your transfers have been confirmed by the network and Beaxy displays your wallet’s funds, you are free to trade on the exchange. After generating an address, you’ll see the standard QR code and alphanumeric string. Either of these two features can be used to transfer funds from an existing wallet.

On March 29th, SEC charged crypto exchange Beaxy with failure to register as “a national securities exchange, broker, and clearing agency.” The SEC’s complaint states that Windy Inc., through Nicholas Murphy and Randolph Bay Abbott, provided the Beaxy platform as a web-based trading platform since October 2019, which facilitated buying and selling of crypto assets that were offered https://traderoom.info/ and sold as securities. The reward calculations for payouts are performed everyday at midnight UTC, however the actual payouts for loyalty rewards are made on a monthly basis, on the first day of each month with PLS holders receiving rewards for the previous month. In the following example, if a user locks up 100K BXY tokens for 6 months, they will receive 100K PLS tokens.

The lawsuit also accused Beaxy’s founder Artak Hamazaspyan and Beaxy Digital of “raising $8 million in an unregistered offering of the Beaxy token (BXY)” and using at least $900,000 for personal use, such as gambling. Additionally, Windy entered into an agreement with Brian Peterson and his companies to provide market making services for BXY, and the complaint alleges that Peterson and the Braverock Entities acted as unregistered dealers. Windy, Abbott, and Murphy agreed to pay a total of $79,200 in civil penalties; Peterson agreed to pay a civil penalty of $6,600; and the Braverock Entities agreed to jointly and severally pay a penalty of $80,000. The penalty amounts reflect the cooperation the staff received from the settling parties during the investigation. More and more celebrities are promoting cryptos and NFTs to millions of followers on social media. This means that the government can’t cause inflation – devaluation of the currency – by firing up the printing presses.

However, like everything else, for this to really shine, you need actual trading volume. With over 100 trading pairs, Beaxy will have a maximum capacity of 22.5M tx/s. With all that said, Beaxy does indeed follow top security practices, and offers security features that really bring the user peace of mind because they know that their assets are safe. Now, select your country of residence and also submit a picture of your National ID, driving license or passport.

It appears that SEC has no plans to stop its crypto crackdown, with yet another crypto firm receiving charges from the regulator. It further said it was forced to make the difficult decision to stop the operations because of the uncertain regulatory climate surrounding its business. You can use the “Take pictures with Smartphone” feature, and both a Driving License and National ID must have both sides uploaded.