Beaxy: What to Expect From This Review
Recognizing that there is a scarcity of reviews about the cryptocurrency exchange provider, Beaxy, our review team had taken it upon itself to produce one to help interested parties assess its services. Being young in the industry means not having an expansive reputation, let alone, a distinguishable industry identity. And while this review does not aim to lift the firm up a pedestal, it does help in recognizing the pros and cons of signing up with Beaxy.
This review is a result of weeks of observation and testing of Beaxy’s offers and website function. It is to the hope of this review team that the readers of this literature would be assisted effectively in assessing whether or not enlisting the services of this firm would be sound or not. Through this review’s methodology, it believes that what had been rendered is a pointed and informed look at all the firm’s capabilities as a cryptocurrency exchange service provider.
This review would be focusing on 5 important areas:
- Registration with the cryptocurrency exchange platform
- How to buy and sell cryptocurrency through the exchange
- Fee structure and commissions available
- The cryptocurrencies the exchange offers
- The KYC Protocol
Beaxy: About the Company
Despite being young in the cryptocurrency trading industry, Beaxy had already proven its worth through its wide range of coins. It is not discriminative as it does not only choose to trade the more popular coins even though the company would benefit from the major ones’ reputation. All in all, the review team had found the firm to be highly-inclusive of all industries from whence even the most exotic coins come from. Nevertheless, Beaxy recognizes coins with the highest value, demand, reputation, and stability.
The firm, Beaxy Digital Ltd. governs Beaxy.com. It is registered in the Caribbean Islands with the main goal of bridging cryptocurrency trade and legacy finance. To help realize this cause, Beaxy had enlisted the aid of software developers to render the most reliable cryptocurrency exchange technology. True enough, the company offers only the most advanced platform to conduct trades with alongside other financially-related transactions.
But what the review team actually found to be Beaxy’s piece de resistance is its KYC protocol. To be discussed in full later, the KYC Protocol is a strict verification system that safeguards the company’s data from possible fraudulent entities.
Its age in the cryptocurrency trading industry is not a deterrent to its global reach. Beaxy was able to establish itself in 185 countries, with 43 of these in the United States. With all these territories, Beaxy complies diligently all regulations and licensing agreements required by the financial authorities in the aforementioned countries.
Registration with Beaxy
Registering for Beaxy’s services is fast and easy. The first that the interested party has to do is go to the official website so as to provide the necessary particulars.
Once all the necessary requirements are submitted, the user will then undergo a verification process that will begin through the user’s agreement to Beaxy’s Terms and Conditions. Afterwards, the client should hit the “Sign Up” button.
Once registration is done, the client would be sent an email confirmation. The user should then click on the link contained in the email so that he or she would be redirected to the site. The user would then be prompted to undergo Beaxy’s Know Your Customer (KYC) protocol.
The KYC Protocol
The Beaxy client would be required to go through the KYC Protocol which can be accessed through the account’s User Tab. The client would be asked to provide his or her country of origin and a picture from his or her ID to accomplish the initial step.
A video recording would be required from the user’s end. This video allows for a quicker and more efficient way of verifying the identity of the one applying for a Beaxy account. This ascertains that the ones who had passed the initial requirements are in fact the ones who are applying. Once this process is done, the user would be sent an email that declares the verification process to be successful. This will be sent within hours after the process had been completed.
While the review team had found to be a good feature, the matters stands that the KYC Protocol only protects the Beaxy platform, not the client’s data. It would be commendable for the firm to mirror this kind of protective measure to its clientele’s data and digital assets as it had done quite impressively with its internal system.
How to Fund a Beaxy Account
Funding a Beaxy account can be easily done through the site’s “My Wallets” segment. The user is at liberty to fund his or her account with whatever coin he or she prefers.
An address is required prior to the reflection of coins in the user’s account. Once the address is set up, the account would automatically be filled with the cryptocurrency the choose uses.
One thing that the review team had noticed is the system’s processing of Bitcoin transaction compared with other coins. It was noticed that BTCs are processed faster compared to the likes of Ethereum. The review team supposes that that this is owed to the fact that BTC has greater volatility, greater demand, and, of course, a more notable reputation. As this is the case, the slowness in BTC transactions is an observation that could easily be chalked up to the coin’s nature, not necessarily the exchange’s capability.
Buying Cryptocurrencies Through Beaxy
The user’s Beaxy account should be linked to his or her existent bank account. This is needed to execute deposits and withdrawals through either debit or credit card or wire transfer. Payments through Beaxy are also made convenient through the automatic conversion of fiat currency into Bitcoin. Given that there are no complex processes needed to grant conversion of the fiat currency, the user would only have to mind which cryptocurrencies he or she might want to purchase.
Beaxy’s custody wallet is also something that the review team had found to be one of the service’s strong features.
Cryptocurrencies That Could be Purchased Through Beaxy
Beaxy prides in its expansive selection of digital coins, giving their clients plenty of trading options.
Apart from BTC and ETH, Beaxy.com also allows the buy and sell of coins such as Litecoin, Monero, Zcash, Ripple, Waves, DASH, USD Coin, and Pundi X alongside others. Crypto traders would find further information regarding the other coins in the system’s circulation through Beaxy’s official website.
Another notable feature of Beaxy’s overall service is its offering of low commission fees alongside perks and other bonuses. All clients automatically get a commission fee of 0.20%. Low commission rates of up to 0.75% are also available to clients if they are to stake their loyalty points and their Beaxy coins together.
In addition, clients are also rewarded with a 100% bonus upon deposit with Beaxy of $500 equivalent in USDC.
Trade With Beaxy Today!
Using Beaxy’s services for a month had rendered positive findings specifically the KYC Protocol, the number of cryptocurrencies traded through the exchange, and the commissions and bonuses that it has in store for its clients.
And while there are still areas that can be improved like client data security, trading with Beaxy would prove to be fruitful and highly-advantageous to both novice and seasoned crypto trader alike.