There is an apparent scarcity in reviews regarding the cryptocurrency exchange company, Beaxy. And understandably so, given its young tenure in the cryptocurrency trading industry. And as this is the case, our review team had taken it upon itself to produce a comprehensive look at the capabilities of the firm in its aim to render a pointed and informed assessment for crypto traders looking for reliable exchange platforms.
This review is a result of weeks spent trading with Beaxy.com. The review team had exhausted all the functions of the site and all the capabilities that the firm’s exchange platform offers in assessing the soundness of Beaxy’s service. It is to the hope of the review team that this literature would start a string of other reviews from individuals across the net to help the cause of objectively seeking out outstanding cryptocurrency firms.
In this review, the following would be evaluated:
- Registration with the platform
- The capability given to clients to buy and sell bitcoin and others crypto through Beaxy
- The fees and commissions made available to its clients
- The cryptocurrencies offered through the platform
- The KYC protocol
Beaxy: A Brief History
Still young in the cryptocurrency trade, Beaxy had already made a mark in the industry through its provision of a wide range of coins, from the most popular to the not-so popular ones. The firm is an expansive venue for trading digital assets with the highest value, demand, reputation, and stability.
Beaxy Digital Ltd. is the firm that Beaxy.com is governed by. The firm is registered in the Caribbean Islands with mission-vision centred on bridging cryptocurrency trade and legacy finance. To this cause, Beaxy claims to have enlisted the services of only the best of software developers in the industry to deliver state-of-the-art technology to conduct trades and other financial transactions through its own platform. Preliminary findings strongly suggest that the claims are not mere lip service, with affirmations coming from other users contacted by members of our review team.
But what really caught the team’s attention is Beaxy’s KYC protocol, a stringent verification system that makes fraudulent transactions almost impossible.
Despite its young tenure in the industry, Beaxy had managed to establish itself in 185 countries, with 43 of them set up in the United States. Beaxy had made it clear through its website that it diligently complies with all regulations and licensing agreements required by the financial regulatory bodies found in the aforementioned countries.
Signing up for Beaxy is convenient and highly-intuitive, all that a user has to do is go to https://beaxy.com/ go to the register and provide the needed particulars.
After all pertinent information are dealt with, the user would go to the verification process which will commence through his or her agreement to the company’s Terms and Conditions. After these have been agreed upon, the user will then have to hit the “Sign Up” button.
An email confirmation will be sent to the user after registration had been processed and accepted by the system. The user is required to click the link so that he or she will be redirected to the site. This is needed so that the user could undergo the Know Your Customer (KYC) protocol.
The KYC Protocol
Once the user is navigated back to the site, he or she has to press the KYC button through the User tab. The user’s country of origin and a picture from his or her ID will be asked from the user in order for him or her to finish the initial step.
After these are provided, a video recording would be asked from the user’s end. This video will be used to prove that the ones who had submitted the requirements are indeed the ones who input all the information to open an account. An email that details the success of verification will be sent within hours after the process had been completed.
The review team finds this process to be efficient and indicative of the firm’s regard for the safety of the system. However, the review team also noted that while highly conscientious and cautious, the KYC protocol does not necessarily translate to the client’s funds safety. Nevertheless, the KYC protocol is unique, yet simple, and a testament to the efficiency of the firm’s verification system. What the review team only desires is that Beaxy assures clients further that their data would be fortified through a similar system.
Funding the Account
Once everything is set up, the user may already start funding the account. This could be done through the site’s “My Wallets” segment. The user is given the freedom to fund the account with whatever cryptocurrency he or she prefers.
The user’s initial deposit will require an address. Once this is produced, the coins would immediately be credited to that address. Afterward, confirmation will be sent to the client from Beaxy’s system.
Bitcoin users will find the transaction process challenging as it is comparatively slower than transactions done with Ethereum. This is probably owed to the fact that BTC is in greater demand given its greater volatility and thus, its value. The review team had found this not to be necessarily hampering, given that transacting through the platform, when using fiat currencies are used, could be done speedily as it does not require a long and tedious process.
Buying Cryptocurrencies Through Beaxy
Before a user can purchase cryptocurrencies through Beaxy, connecting the user’s account with the bank account of his or her choice takes precedence. To execute transactions such as deposits and withdrawals, clients are allowed to use debit or credit card or wire transfer. As already mentioned, payments through Beaxy are also made convenient with the platform’s capability of instantly converting fiat currency into Bitcoin. Fundamentally beneficial to clients, this only leaves its clients with having to think of what cryptos they would like to purchase, when their time affords. Clients would no longer be bothered with complicated processes upon conversion of fiat currencies to BTC as it is already done for them by Beaxy’s comprehensive function.
The review team had also found out that Beaxy’s custody wallet is also efficient in storing all its clients’ coins.
Cryptocurrencies Accepted by Beaxy
The selection of digital coins available through Beaxy is expansive and ultimately leaves a lot of options.
Apart from the already mentioned BTC and ETH, Beaxy.com also allows for the purchase and selling of coins such as Litecoin, Monero, Zcash, Ripple, Waves, DASH, USD Coin, and Pundi X alongside others. Interested parties would find further information regarding the coins that Beaxy supports through Beaxy’s official website.
Another facet of Beaxy’s service that really attracted the review team was its low commission fees and perks and bonuses. All users of the firm’s services get a commission fee of 0.20%. Low commission rates of up to 0.75% are also made available to clients once they 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!
After a month of using Beaxy’s services, the review team had found that the trading conditions provided by Beaxy are promising in that it provides a venue for lucrative cryptocurrency trades. The commissions offered by the firm are competitive while the fee structures and promotions are enticing as they provide more chances to earn and a louder bang for their buck. The review team clearly sees Beaxy as a cryptocurrency exchange platform worthy of checking out.