A crypto exchange guide should review all the exchanges out there, so that you can find the right one for you. This review of BKEX consists of four parts: general info, fees, deposit methods and security.
BKEX is an exchange from the British Virgin Islands. Out of all exchanges in our Exchange List, there are a few others registered there (TOKOK, Infinity Coin Exchange, YunEx and Bybit). But, as you know, when it comes to cryptocurrency trading, the world is your playing field and the locality of the exchange doesn’t really matter that much.
For the trader who is interested in reviewing registration certificates and such, here it is:
The platform is available in two languages: Simplified Chinese and English.
Furthermore, BKEX has a large number of supported cryptocurrencies. This is of course an advantage for its users.
BKEX offers leveraged trading on its trading platform. A word of caution might be useful for someone contemplating leveraged trading. Leveraged trading can lead to massive returns but – on the contrary – also to equally massive losses.
For instance, let’s say that you have 10,000 USD on your trading account and bet 100 USD on BTC going long (i.e., increasing in value). You do so with 100x leverage. If BTC then increases in value with 10%, if you had only bet 100 USD, you would have earned 10 USD. As you bet 100 USD with 100x leverage, you have instead earned an additional 1,000 USD (990 USD more than if you had not leveraged your deal). In essence, using leverage when you trade is like borrowing money from someone in order to bet that money on the relevant cryptocurrency going up or down.
On the other hand, if BTC decreases in value with 10%, you have lost 1,000 USD (990 USD more than if you had not leveraged your deal).
So, as you might imagine, there is potential for huge upside but also for huge downside…
US-investors may not trade here. The primary reason for excluding US-investors from trading is legal. 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 (a burdensome process). If you’re a US-investor looking for a platform where you can trade fiat-to-crypto, use our Exchange Finder to find out which alternatives you have.
BKEX 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 BKEX:
BKEX Trading fees
Many exchanges charge what we call taker fees, from the takers, and what we call maker fees, from the makers. The takers are the people who “take” orders from the order book. This means that they remove order options from the order book and thereby remove liquidity. Makers are the ones who put the orders on the order book in the first place.
The main alternative to this is to simply charge “flat” fees. Flat fees mean that the exchange charges the taker and the maker the same fee.
This exchange charges a flat fee of 0.10% per trade. This is below the global industry average (arguably 0.25%). So with respect to the trading fees, BKEX has a competitive offering.
BKEX Withdrawal fees
Another fee to consider before choosing which exchange to trade at is the withdrawal fee. The withdrawal fee is usually fixed (regardless of the amount of cryptocurrency units withdrawn), and varies from cryptocurrency to cryptocurrency. For BTC-withdrawals, this exchange charges 0.0008 BTC. This is quite exactly in line with the industry average. Global industry average BTC-withdrawal fee according to a study performed by us here at Cryptowisser.com is 0.000812 BTC per BTC-withdrawal.
BKEX does not accept any deposits of fiat currency. This means that the new cryptocurrency investors (i.e., the 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. BKEX received an F-score in this test. Don’t be overly alarmed though, as F is actually the Mozilla Observatory-score received by the majority of all exchanges in our Exchange List.
Finally, the exchange reviewed above has a large number of cryptos you can buy and sell. If that is an important factor for you in your choice of exchange, you could also check out the following exchanges: