What is Beaxy?
Beaxy is a crypto exchange that launched in June 2019. The exchange was previously registered in Saint Kitts and Nevis, but it is now owned by Windy Inc. (a Delaware corporation) and Beaxy's headquarters today are in Chicago, Illinois.
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.
The exchange is owned by a company called Windy Inc, with offices in Chicago, USA. Windy Inc is registered with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) as a Money Servicing Business with MSB Registration Number: 31000149655477.
Many Different Order Types
Beaxy's trading platform also have a number of different order types, including: Market Order, Post Only, Limit Order, Limit IOC, Limit FOK, Stop-limit Order, Stop-Market Order and OUO (Order Updates Order).
According to information from Beaxy to us here at Cryptowisser, they do indeed accept US-investors. The only states from which US-investors are not permitted are Washington, Vermont, New York, Alabama, North Carolina, Florida, Georgia and North Carolina.
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 their 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:
Beaxy themselves say that KYC can be completed in "less than 5 minutes".
On the date of last updating this review the 24-hour trading volume was as low as USD 1,612 vis-a-vis USD 19,676 on 18 September 2021, according to Coinmarketcap.com. It had dropped down from USD 44,245 on 30 October 2020. We hope for Beaxy’s sake that this trading volume improves substantially. Otherwise, it will be difficult for Beaxy to attract new trading users to its platform.
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 0.25%. This fee is line with the historical global industry average, which was arguably around 0.25%. Today, however, the industry average is 0.213% for takers and 0.16% for makers, so Beaxy is a bit above average when it comes to taker fees. Makers pay 0.15%, which is 0.01% below industry average.
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 0.00053 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 accept fiat currency deposits (both wire transfer and credit cor debit card transfers) through Simplex. This means that this exchange is what we call an "entry-level exchange".