A crypto exchange guide must provide reviews of all of the exchanges out there, so that you can find the right one for you. This review of Beaxy consists of four parts: general info, fees, deposit methods and security.
Beaxy is a crypto exchange that launched in June 2019. According to info we have received, it is registered in Saint Kitts and Nevis. We have also learned that it has its head offices in Chicago, USA.
Below are a few of the advantages the exchange itself promotes on its website. Among these, security, performance, low trading fees and 24/7 support are the ones we deem most important. Naturally, referral programs and options to customize the trading experience are also positive.
On 20 November 2019, the exchange announced that it had secured new financing for its operations. They then also announced that Nick Murphy and Bay Abbott had been appointed as Directors and co-Presidents for the firm. Nick was the long-time Head of Operations for the platform and had been involved in all aspects of running the exchange. Bay has apparently led listings and partnerships for the exchange, as well as driving process improvement.
The exchange does not explicitly state that US-investors are prohibited from trading. Accordingly, we do believe that US-investors can trade here. Any US-investors interested in trading here should in any event form their own opinion on any issues arising from their citizenship or residency.
This platform is not only available from your desktop, you can also access it via your mobile. Most traders in the crypto world today carry out there trades via desktop (around 70% or so). However, there are naturally people out there that want to do it from their smart phone as well. If you’re one of those people, then this platform can still be for you. You can download the Beaxy app for both iPhones and Androids.
As one advantage that Beaxy promotes, they mean that the KYC-procedure on their platform is much easier to follow and comply with than the KYC-procedures at other major American crypto exchanges. The information in the below picture comes from 18 September 2019:
The liquidity at this exchange has today dropped to almost nothing. At the date of first writing this review (18 September 2019), the 24 hour trading volume at Beaxy was only USD 62,963. This placed it on place no. 208 on the list of exchanges in the world sorted after reported 24 hour trading volume on coinmarketcap.com. On the date of last updating this review (16 March 2020, right in the middle of the crisis with COVID-19), the 24 hour trading volume had dropped to USD 0.009849. We hope for Beaxy’s sake that this trading volume figure is flawed and due to problems with Coinmarketcap’s APIs or something like that.
Beaxy Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at Beaxy:
Beaxy Trading fees
Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade. The maker thus “makes” the order being executed. The other party is the taker, who places the order that matches (or “takes”) the maker’s order. The maker-taker model normally encourages market liquidity by rewarding the makers of that liquidity with a fee discount.
Beaxy’s trading fees for takers are 0.20%. This fee is in line with the global industry average, which is arguably around 0.25%. But it doesn’t stop there. Beaxy’s fees for makers are -0.02%. This means that you get paid to trade as a maker. This is a great deal for the makers and we are really impressed by it. There are only a dozen other exchanges in the world that have negative maker fees.
Beaxy Withdrawal fees
There are exchanges out there that charge low trading fees and then hit you with high withdrawal fees. Because once you’re in, you can’t get out without paying withdrawal fees. This exchange, however, is on the totally opposite side of the spectrum. They only charge the network fees when you execute a transaction. The global industry BTC-withdrawal fee is 0.000812 BTC per withdrawal. The network fees vary from day to day but are roughly 15-20% of the global industry average BTC-withdrawal fee.
Accordingly, also the withdrawal fee model at this exchange is competitive.
At this exchange, they do not accept any deposits of fiat currency. This means that new cryptocurrency investors (i.e., investors without any previous holdings of cryptocurrencies) can’t trade here. In order to purchase your first cryptocurrencies, you need a so called entry-level exchange, which is an exchange accepting deposits of fiat currency. Find one by using our Exchange Finder!
We run all the exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/). The score in such test is one of many indicators of the exchange’s security. Beaxy received an F- score in this test. This should however be viewed in light of the fact that F is the Mozilla Observatory-score received by the majority of all exchanges in our Cryptocurrency Exchange List.
We hope you have enjoyed reading the above review. We also recommend checking out the below exchanges. They are well established in the industry and have also gotten great ratings from the visitors on our site: