beaxy

What is beaxy？

Beaxy, founded in June 2017, is a next-generation cryptocurrency and digital asset exchange based in Chicago, Illinois, United States. It aims to provide users with a comprehensive trading experience by integrating the tools and technologies commonly used in traditional markets into the cryptocurrency space.

One of the notable features of Beaxy is its advanced matching engine, developed in partnership with One Market Data (OMD). This engine can handle up to 250,000 transactions per second per pair, boasting speeds comparable to that of the NASDAQ. As a result, Beaxy ensures extremely low - latency and high-speed data transmission, allowing traders to respond quickly to market changes.

Pros and cons

Regulatory Authority:

Based on the information provided, Beaxy was associated with FinCEN and held a Regulation Number 31000149655477. The regulation status was labeled as “Exceeded,” without additional details. Beaxy operated with an MSB License under the specific name WINDY INC. Verification of the current regulatory status and licensing details was advised due to potential changes.

Security

Two-Factor Authentication (2FA):

Two-Factor Authentication (2FA) enhances security by adding a second verification step to the login process. Beaxy utilizes Time-Based One Time Password (TOTP) technology. This generates time-limited passcodes, and enabling 2FA is highly recommended to bolster account security.

Security Tips for Beaxy Users:

• Passwords: Use unique passwords for accounts and activate 2FA.
• Device and Network Security: Ensure your device and home network are secure against potential threats.
• Public Discussions: Refrain from discussing cryptocurrency assets publicly.
• Suspicious Activity: Promptly report any suspicious activity related to your account.

Preventing Phishing:

• Emails and Links: Exercise caution with suspicious emails and links, and avoid opening them.
• Public Wi-Fi: Refrain from accessing your account via public Wi-Fi connections.
• Security Software: Install trusted anti-virus and anti-malware software.
• Software Updates: Keep your operating system and browser up to date.
• 2FA: Enable 2FA to mitigate the risk of unauthorized access.
• Prompt Reporting: Report any suspicious contacts or communications.
• Dedicated Email: Use a separate email address exclusively for your Beaxy account.

Cryptocurrencies available

AION - Operated by the AION Foundation, it has roots in Nuco, which was founded in 2016. The project is backed by team members with strong connections to Ethereum and aims at achieving significant growth in the blockchain sector.

• Aleph (ALEPH) - An open-source crosschain network with a decentralized identity system. Its primary aim is to help decentralized applications achieve a fully decentralized architecture, similar to a decentralized Firebase or AWS.
• ALGO - A cryptocurrency based on the Algorand blockchain, which seeks to offer an infinitely scalable economy. It witnessed significant growth after El Salvador adopted Bitcoin, leveraging the Algorand blockchain for its infrastructure.
• Basic Attention Token (BAT) - An Ethereum-based token designed to address issues in digital advertising, providing a more decentralized, efficient, and fair advertising ecosystem.
• BEAM - A confidential cryptocurrency utilizing the MimbleWimble protocol, focusing on offering users enhanced privacy features. It incorporates various features like DEX, atomic swaps, and smart contracts.
• Bitcoin SV (BSV) - Emerging from a fork of Bitcoin Cash, BSV aims to restore the original Bitcoin protocol and is seen as a testament to Bitcoin's foundational principles.
• Bitcoin - The first and most famous digital currency, Bitcoin operates as a decentralized cashless payment system.
• DASH - Known for its high level of anonymity due to its unique two-level system. Dash's foundations are built upon other digital coins like Primecoin, Litecoin, and Quark.
• Dragonchain - Originating from The Walt Disney Company in 2014, it is a hybrid blockchain combining features of both public and private blockchains, allowing businesses to utilize blockchain technology while ensuring data privacy.
• Ether - The cryptocurrency of the Ethereum platform. It's different from other cryptocurrencies because of its ability to implement smart contracts, offering a broader range of economic applications.
• Hive - Developed as a response to the corporate takeover of Steem and Steemit, Hive is a decentralized blogging platform offering cryptocurrency rewards.
• ICON - A Decentralized Autonomous Organization (DAO) that aims to connect all blockchains globally.
• Litecoin (LTC) - An early alternative to Bitcoin, created to address some of Bitcoin's shortcomings like long transaction times and high fees.
• Neo - Often referred to as the “Ethereum of China,” Neo seeks to create a digital economy featuring smart contracts and a network of decentralized applications.
• USDT - Known as Tether, it's a stablecoin pegged 1:1 to the U.S. dollar, ensuring price stability in the volatile crypto market.
• Zcash (ZEC) - Known for its emphasis on privacy, Zcash is an open-source, blockchain-based digital currency that ensures high levels of user anonymity.
• EOS - With a place among the top cryptocurrencies by market capitalization, EOS is designed to support large-scale applications, and its creator has previously been involved in creating the Steemit blogging platform.

Other Services

Beaxy provides additional services to enhance the trading experience, including prebuilt technical analysis, timeframes, and targets designed to assist users in making informed decisions. The platform also offers free signals, contributing to an improved win rate when trading cryptocurrencies. These supplementary services aim to provide users with valuable insights and tools, supporting them in navigating the dynamic cryptocurrency market more effectively.

How to open an account？

1. Go to Beaxy's website and click “Sign Up”.

2. Enter your email and set a strong password.

3. Fill in your name, birth date, and country.

4. Upload a government-issued ID or passport.

5. Wait for verification.

6. Once approved, log in and start trading.

How to Buy Cryptos？

To engage in crypto trading on Beaxy and unlock financial freedom, follow these simple steps:

1. Currency Selection: Begin by choosing the currency you want to use for the transaction and specify the amount you wish to spend.

2. Digital Asset Selection: Next, select the digital asset you intend to purchase from Beaxy's diverse range of options.

3. Purchase Confirmation: Click the “Buy” button to finalize your purchase. Beaxy ensures a seamless process for users to execute transactions efficiently.

Beaxy offers flexibility in payment methods:

- Credit or Debit Card: Swiftly purchase crypto with a credit or debit card, receiving the assets in your account within minutes.

- Bank Account: Connect your bank account to facilitate deposits and withdrawals through wire transfers.

- Wire Transfer Funds: Conveniently wire funds from anywhere in the world, enjoying access to a wide range of major fiat pairs on the exchange.

Fees

The trading fees provided describe the costs associated with trading on the Beaxy platform . There are two types of traders on most exchanges: “makers” and “takers.”

• Takers:
• Fee: 0.25%
• Takers are traders who take liquidity from the market. This means they're placing orders that match immediately with an existing order on the order book. In simple terms, if you place an order to buy or sell at the current market price and it fills immediately, you are a taker. Takers pay a slightly higher fee because they're taking liquidity away from the order book.
• Makers:
• Fee: 0.15%
• Makers are traders who provide liquidity to the market. When you place an order that doesn't match immediately with an existing one (like a limit order set at a specific price), your order is added to the order book. If another trader later matches with your order, then you are a maker. Makers pay a lower fee because they're adding liquidity to the order book, making the market more robust.

In this scenario, Beaxy charges takers 0.25% and makers 0.15% of the trade value. So, if you're a maker and you execute a $100 trade, you would pay $0.15 in fees. Conversely, if you're a taker executing the same $100 trade, you would pay $0.25 in fees. These fees are used by exchanges to cover operational costs and earn revenue.

Deposit & Withdrawal

How to Deposit Funds on Beaxy:

• Initiating the Deposit:

  From any trading screen, you can open a deposit window. This can be done by clicking on the blue “Deposit” button.

  Specific currencies can be chosen for deposit by clicking on their respective buttons in the rows below.

  Alternatively, you can also initiate a deposit through the “Balances” window, which can be accessed by clicking “All Balances” on the Trading Screen or “My Balances” in the client area.

• Selecting Currency to Deposit:

  In the “Balances” window, each currency has its own “Deposit” and “Withdrawal” button. By clicking on a currency's “Deposit” button, it will take you to the deposit window for that specific currency.

• Getting the Deposit Address:

  Once in the deposit window, you'll see the asset you are about to deposit and information about your current balance.

  Your public wallet address (blurred out in the provided example) can be found on the right side of the window. Beaxy provides a button to copy this address, allowing you to easily paste it into the destination wallet field of the platform from which you are transferring funds.

• Important Note:

  Always ensure you're sending the correct currency to the appropriate wallet address. For instance, do not send ETH to a BTC wallet as this will result in loss of funds which cannot be recovered.

• Guidance for Depositing from Other Platforms:

  Beaxy provides links to guides on how to deposit digital assets from other exchanges like Coinbase, Coinbase Pro, Binance, Bitfinex, Huobi, Gemini, and Kraken.

  There are also guides for depositing digital assets from popular cold wallets like Enjin Wallet, Edge Wallet, and My Ether Wallet (MEW).

How to Withdraw Funds from Beaxy:

• Initiating the Withdrawal:

  Withdrawal buttons can be accessed from either the Trading Page or the Balances page.

  Clicking on any of these withdrawal buttons will open a withdrawal window for the selected currency.

• Entering Withdrawal Details:

  In the withdrawal window, you'll see the details of the currency you intend to withdraw, such as its icon, name, ticker symbol, and balance information.

  You will be required to enter the address you wish to send the funds to and the amount you want to withdraw.

  The withdrawal fee, which is different for each blockchain and continuously updated by Beaxy, will also be displayed in this window.

• Understanding Fees and Limits:

  Your daily withdrawal limit is determined by your user level. All withdrawn funds, irrespective of their original currency, are converted to their BTC value based on Beaxy's current price, which is then deducted from your maximum.

  The fee required for withdrawal is used to process the transaction on the blockchain and is not taken by Beaxy. For example, if you are withdrawing an ERC-20 token, the fee will be calculated in ETH and then converted to the token in question before charging.

• Important Note:

  Similar to deposits, always ensure you're sending funds to the correct address and using the appropriate currency type. Sending funds to the wrong type of wallet, such as sending ETH to a BTC wallet, will result in lost funds that cannot be recovered.

  Always make sure to double-check all information and addresses when depositing or withdrawing to prevent any loss of funds.

Compare with other exchanges

Features
Trading Fees	Takers: 0.25%, Makers: 0.15%	Maker: 0.04%, Taker: 0.075%	Maker: 0.05% - 0.1%, Taker: 0.1% - 0.5%	Up to 0.40% maker fee and up to 0.60% for taker fee
Cryptocurrencies	17	500+	11	200+
Regulation	Regulated by FinCEN (Exceeded)	Regulated by NMLS, MAS/FinCEN (Exceeded)	Regulated by FSA ( Japan), NMLS, CSSF, DFI, NYSDFS	Regulated by NMLS , FCA, NYSDFS, SEC (Exceeded), FINTRAC (Exceeded)

FAQs:

Q: What is Beaxy？

A: Beaxy is a cryptocurrency exchange established in 2019, offering various cryptocurrencies for trading.

Q: What are Beaxy's trading fees？

A: Beaxy charges a 0.25% fee for takers and a 0.15% fee for makers.

Q: What security measures does Beaxy have？

A: Beaxy emphasizes security with features like Two-Factor Authentication (2FA) to protect user accounts.

Q: What are “Signals” and “Trender” on Beaxy？

A: “Signals” offers trading insights, and “Trender” simplifies trade execution based on these signals.

Q: Are there any concerns about Beaxy？

A: Some users have raised concerns about regulatory uncertainty, trading volume, market maker issues, and platform reliability.