Beaxy is a brand new cryptocurrency exchange aiming to solve some of the issues left unaddressed by other major exchanges like Binance. The exchange has generated a lot of excitement due to its highly desired features, including functionalities like combining stop loss and take profit orders, fiat markets for multiple altcoins, 24/7 live chat support, and more. In order to help you find out if this is the right exchange for you, we have written an article with an in-depth Beaxy Review contrasting its main pros and cons.
It’s important to note that at the time of writing, Beaxy has not launched yet. This review is purely based on the information available about the exchange. Beaxy aims to launch in mid-January, which is also when we will be updating this review to highlight some of our new findings.
Beaxy Review (Outline)
Beaxy is a brand new cryptocurrency exchange with excellent security standards, many superior functionalities to other exchanges, and highly competitive fees. It is an excellent choice for people that have interacted with an exchange before and that are looking for a large variety of cryptocurrencies to trade.
Beaxy Review (In-depth)
Before diving into our Beaxy Review, let’s first briefly outline what exactly we will cover in this analysis. This report will be mainly focused on the 7 core components that we believe to be the most crucial for a cryptocurrency exchange like Beaxy. This includes:
- Beginner friendliness
- Customer support
- Available cryptocurrencies
- Funds security
- Performance and speed
Now that we have outlined what this Beaxy review includes, let’s dive right into it!
The most important factor in this Beaxy Review is definitely the topic of user experience and beginner friendliness. Although Beaxy is clearly putting a lot of effort into making its exchange easy to use, there is a major difference to very basic exchanges like Coinbase. The large selection of cryptocurrencies, different order types and charts may be a bit confusing for a newcomer to the cryptocurrency space. A rich feature set doesn’t come without tradeoffs on the ease of use, hence why Beaxy is an ideal exchange for people that have already interacted with a cryptocurrency exchange at least once.
That being said, as we will explore in the next section, Beaxy offers an excellent Help Center that will even help beginners to quickly learn how to use the exchange.
Beaxy Customer support
Beaxy has superb customer support. The exchange offers 24/7 support out of their 3 offices around the world. Furthermore, Beaxy is also among the very few exchanges in the space to offer live chat support, this is especially valuable when a critical issue arises.
Beaxy’s customer support also includes a massive Help Center with tens of valuable articles explaining how exactly to use the exchange, and also a section with frequently asked questions and recent announcements from the exchange. Beaxy always encourages users to first check their Help Center if a question arises, however, if you can’t find an answer then just head straight over to their support ticket form or live chat and you will get an answer almost instantly.
Beaxy has a vast selection of coins with Bitcoin, Ethereum, and even Fiat pairings. At launch, Beaxy will support multiple cryptocurrencies, including BTC, ETH, XRP, NEO, TRX, and tens of ERC-20 and NEP-5 tokens. The exchange also aims to list coins that are not listed on other exchanges.
This section will be elaborated on further after Beaxy launches in January 2019.
Beaxy incorporates many features that make it a highly sophisticated cryptocurrency exchange. Its partnership with OneMarketData, for example, which services clients like Bloomberg, enables Beaxy to incorporate unique order types otherwise not seen in the cryptocurrency space like trailing orders or OSO. This is especially useful for people that trade on a day-to-day basis and that are not satisfied with the limited order types of exchanges like Binance.
The exchange also offers several features designed specifically for making it easier to manage a cryptocurrency portfolio. This includes allowing users to set custom price alerts, and to create multiple portfolios based on their risk profile. Furthermore, Beaxy also has a mobile application that brings all of these functionalities directly into your pocket.
Beaxy takes security very seriously. Aside from all the standard security best practices like two factor authentication, multiple servers, and powerful encryption, the exchange is also pioneering a security practice known as “IP whitelisting”. This system can even protect users that have added their username and password into a Beaxy phishing site, by blocking an attacker if his IP does not match the one of the actual owner of the account.
Additionally, the exchange stores funds in multiple cold wallets distributed across dozens of secret geographic locations. This makes it essentially impossible for a criminal to compromise all of the exchange’s funds.
That being said, while Beaxy does indeed follow top security practices, it will still remain to be seen how the exchange reacts in an emergency situation. CZ, for example, the CEO of Binance, has proven on multiple occasions his ability to keep his users updated via twitter and email when an emergency occurs. As soon as the exchange shows that it can efficiently handle an emergency situation or security threat, we will be able to assign 5 stars to this section of the Beaxy review.
Performance and speed
One of the most important aspects of a cryptocurrency exchange is that it needs to be fast and perform well in times of high demand, a frozen orderbook or rejected order can at times cost the investor a lot of money. In order to prevent the issues that have plagued exchanges like BitMex and Binance in times of exploding demand, Beaxy has developed an architecture that can support up to 225,000 tx/s for every trading pair. With a total of 100 trading pairs, that would equate to a maximum capacity of 22.5M tx/s.
Furthermore, Beaxy also offers instant fiat deposits for users with a certain portfolio value on the exchange. This is a notable improvement to other exchanges with a fiat gateway where deposits can take up to 3 days in some instances and is an especially useful feature during times of high volatility in cryptocurrency markets.
The reason why we only gave 2.5/5 stars for this section at the moment is because the exchange is not live yet and we could not test its performance. This section will be updated accordingly after the launch.
One of the strongest value propositions of Beaxy is its extremely attractive fee structure. Beaxy is one of the few cryptocurrency exchanges that have their own cryptocurrency, the BXY token. Beaxy’s users can stake the native utility token of the exchange, in order to reduce their fees by up to 50%. Additionally, if users combine staking BXY together with staking their earned loyalty points, the can bring them down even further to just 0.075%. This is mostly similar to Binance’s fee structure as well, which only offers lower fees than Beaxy for users trading more than 100 BTC worth of cryptocurrency a month.
In contrast, Coinbase charges a fee of up to 1.5% percent!
Beaxy is a brand new company registered in the country of Nevis in the Caribbean Islands. Although the team has been very transparent and has attended multiple conferences and meet-ups, it will hence have to earn the trust of its users by ensuring an excellent experience, outstanding security, and no questionable actions.
Artak Hamazaspyan, CEO and founder of Beaxy, is an engineer with years of experience and is based out of the US. The fact that Beaxy is very transparent about its founding team is a very positive sign and also a great improvement in contrast to exchanges like HitBTC or Liqui where the team is fully anonymous.
CoinDiligent Staff Writer