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 Bilaxy consists of four parts: general information, fees, deposit methods and security.
Bilaxy’s domicile country is unclear. This is not a red flag per se, but we recommend all visitors to be careful and form their own opinion on whether Bilaxy is a legitimate exchange or not. The exchange is available in English and Chinese, so a reasonable assumption is that Bilaxy’s domicile country is either China or Hong Kong. While the country of origin of an exchange is never a guarantee of its quality, we note that also the world leading exchanges Binance and KuCoin have their headquarters in Hong Kong.
The exchange launched in April 2018.
At this exchange, you can trade a number of different altcoins (many very unknown), against the ETH. There is no fiat currency trading, and there is no trading against the BTC. The fact that there are so many different unknown altcoins listed actually seems to be this exchange’s unique selling point and part of the purpose of existence.
If you’re looking to trade BTC, you’ll have to use another exchange. Use our Exchange Finder to find one.
On the date of first writing this review (10 October 2018), the 24 hour trading volume was USD 4.3 million, placing it among the top 100 exchanges in the world in terms of 24 hour trading volume. On 9 June 2019, the 24 hour trading volume had dropped a bit to USD 3.0 million, placing Bilaxy just outside the top 100.
But wait until you hear this. On the date of last updating this review (30 March 2020, right in the middle of the crisis with COVID-19), the 24 hour trading volume of this exchange was USD 2.6 billion, placing Bilaxy at place no. 3 on the list of the exchanges in the world with the highest 24 hour trading volumes. Wow. Just Binance and MXC managed to surpass Bilaxy on this date. Incredibly impressive indeed.
Bilaxy used to have a referral program for its users. It was easy to participate, the only thing you had to do was to create an account, get your link, invite your friends and then get your bonus (just as any other referral program really). This program seems to have been discontinued without notice, however, which is unfortunate for the users.
US-investors may not trade here. The reason for excluding US-investors are primarily regulatory reasons. The US-legal regime imposes obligations on many companies accepting funds from US-investors. Such obligations include, inter alia, preparing marketing material in accordance with SEC-standards and registering them with the SEC (which is a very burdensome process). Don’t be too sad though, there are many other venues that offer the type of trading this exchange does. Use our Exchange Finder to find out which alternatives you have.
Bilaxy 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 Bilaxy:
Bilaxy Trading fees
This exchange charges flat fees (i.e., the same fees for takers and makers). They have set their flat fees at 0.20%. This is slightly below the historic global industry average of 0.25%. However, we are seeing more and more exchange moving to lower trading fees, such as 0.10% and 0.15%. In any event, the trading fees charged by Bilaxy are not "off market", but acceptable.
Bilaxy Withdrawal fees
Bilaxy charges a withdrawal fee amounting to 0.01 ETH when you withdraw ETH. This is line with the industry average.
Bilaxy does not accept any deposits of fiat currency. This means that the 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. Bilaxy 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.
The exchange reviewed above has a large number of supported cryptocurrencies. If a large number of supported cryptocurrencies is an important factor for you in your choice of cryptocurrency exchange, you could also check out the following exchanges: