Fees

Taker fee

0.10%

Maker fee

0.10%

Withdrawal fee

Bitcoin Logo 0.000154

Funding methods

Wire Transfer

Cross

Credit Card

Cross

Crypto

Yes

US Investors Permitted

Yes

You might also be interested in

Changelly logo

Changelly

Taker Fee 0.50%
Maker fee 0.50%
Show
Crex24 logo

Crex24

Taker Fee 0.10%
Maker fee -0.01%
Show
Bithoven logo

Bithoven

Taker Fee 0.20%
Maker fee 0.20%
Show

Bibox Review

A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of Bibox consists of four parts: general information, fees, deposit methods and security.

General Information

Bibox is a so called “decentralized exchange”. Decentralized exchanges are becoming increasingly more popular. They are definitely gaining market shares against their centralized counterparts.

Decentralized exchanges do not require a third party to store your funds. Rather, you are always directly in control of your coins. Furthermore, you conduct transactions directly with whoever wants to buy or sell your coins.

Decentralized exchanges normally does not require you to give out personal information either, which makes it possible to create an account and right away be able to start trading. The servers of decentralized exchanges are normally spread out which leads to a lower risk of server downtime. However, decentralized exchanges as opposed to regular top crypto exchanges normally have an order book with lower liquidity than the regular top crypto exchanges.

Bibox 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 Bibox:

Bibox Trading View

Bibox Fees

Bibox Trading fees

The fees at any exchange are – as always – very important to consider. This exchange last updated their trading fees on 6 March 2019. Bibox’s trading fees for both takers and makers are now 0.10%. Accordingly, they charge “flat trading fees”. These fees are far below the industry average which is around 0.25%. This exchange’s low fee levels are accordingly a strong competitive advantage.

Furthermore, if you trade with the exchange’s own token (the BIX token), you get a 50% discount on the trading fees. This means that the trading fees for such trades will only be 0.05% for both takers and makers.

Bibox Withdrawal fees

This trading platform charges a withdrawal fee amounting to the network fee. At the date of this review, the network fee for BTC is around 0.000266 BTC. This fee is below the industry average and thus constitutes a strong competitive advantage against the majority of other top crypto exchanges in the market.

Deposit Methods

The exchange does not accept any other deposit method than cryptocurrencies, so new crypto investors are actually restricted from trading at Bibox. If you are a new crypto investor and you wish to start trading at Bibox, you will have to purchase cryptos from another exchange first and then deposit them at Bibox.

Bibox Security

The servers of decentralized exchanges are normally spread out. This is different from centralized exchanges that normally have their servers more concentrated. This spread-out of servers leads to a lower risk of server downtime and also means that decentralized exchanges are virtually immune to attacks. This is because if you take out one of the servers, it makes little to no difference for the network of servers in its entirety. However, if you manage to get into a server at a centralized exchange, you can do a lot more harm.

Also, if you make a trade at a decentralized exchange, the exchange itself never touches your assets. Accordingly, even if a hacker would somehow be able to hack the exchange (in spite of the above), the hacker can not access your assets. If you make a trade at a centralized exchange, however, you normally hold assets at that exchange until you withdraw them to your private wallet. A centralized exchange can therefore be hacked and your funds held at such exchange can be stolen.

As this exchange is a decentralized exchange, we feel that it is appropriate to award it a security score of A+ (regardless of its score in the Mozilla Observatory-test).

***

Finally, as mentioned above, this is a decentralized exchange. Decentralized exchanges are still a minority on the cryptocurrency exchange market, with the centralized exchanges still dominating the field (mostly due to better liquidity). In any event, if you’re looking for a decentralized exchange, you could also check out the following quite popular ones:

  1. DDEX
  2. Ethermium
  3. Cryptobridge
  4. Counterparty DEX
  5. EtherDelta
  6. AirSwap.io
  7. Fcoin Exchange
  8. Switcheo Network

Bibox compared with other cryptocurrency exchanges