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Bololex Exchange Review
What is Bololex Exchange?
Bololex Exchange is a centralized cryptocurrency exchange that was launched in 2020. It has its head offices in Russia. This platform supports trading in cryptocurrencies from several different blockchain types (both large and small crypto projects). The list of supported cryptocurrencies is also continuously expanding.
As advantages with the platform, Bololex highlights, inter alia, its customer support and its easy navigation and user interface.
Bolo Gaming Pool
At the Bololex Exchange, you also have the opportunity to "invest in games". You do so in a way which according to platform resembles liquidity pools. You deposit a certain amount of BOLO-tokens (being the platform's native token), and you decide a certain time period. This gives you an estimated return, i.e., an interest. Here's the game investment interface:
Bololex Exchange Trading Interface
Every trading platform has a trading view. The trading view is the part of the exchange’s website where you can see the price chart of a certain cryptocurrency and what its current price is. There are normally also buy and sell boxes, where you can place orders with respect to the relevant crypto, and, at most platforms, you will also be able to see the order history (i.e., previous transactions involving the relevant crypto). Everything in the same view on your desktop. There are of course also variations to what we have now described. This is the trading view at Bololex Exchange:
It is up to you – and only you – to decide if the above trading view is suitable to you. Finally, there are usually many different ways in which you can change the settings to tailor the trading view after your very own preferences.
Bololex Exchange Fees
Bololex Exchange Trading fees
Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. Many exchanges divide between takers and makers. Takers are the one who “take” an existing order from the order book. Makers are the ones who add orders to the order book, thereby making liquidity at the platform.
The fees are normally a certain percentage of fees. Bololex charges takers a trading fee of 0.20%. Makers, on the other hand, trade with a substantial trading fee discount and only have to pay 0.02% per executed order.
These fees are substantially below the industry average, being 0.221% for takers and 0.177% for makers according to this report. Good work, Bololex!
Bololex Exchange Withdrawal fees
When withdrawing BTC from Bololex’s trading platform, you will have to pay 0.0008 BTC. According to the most recent empirical withdrawal fee study that has been made, the industry average BTC-withdrawal fee in Q2 2021 was 0.00057 BTC per BTC-withdrawal. This means that Bololex's withdrawal fees are slightly above the industry average. On the date of first writing this review (23 August 2021), 0.0008 BTC corresponded to approx. 40 US dollars.
US-investors and Deposit Methods
Why do so many exchanges not allow US citizens to open accounts with them? The answer has only three letters. S, E and C (the Securities Exchange Commission). The reason the SEC is so scary is that the US does not allow foreign companies to solicit US investors unless those foreign companies are also registered in the US (with the SEC). If foreign companies solicit US investors anyway, the SEC can sue them. There are many examples of when the SEC has sued crypto exchanges, one of which being when they sued EtherDelta for operating an unregistered exchange. Another example was when they sued Bitfinex and claimed that the stablecoin Tether (USDT) was misleading investors. It is very likely that more cases will follow.
According to information we have received from the platform, they do in fact support US-investors. But if you’re from the United States, you surely already know that you can never be too sure. Form your own opinion! (this review is not a legal opinion)
In order to trade here, you must have cryptocurrency to begin with. The only asset class you can deposit to Bololex Exchange is cryptocurrency. However, if you really like Bololex Exchange but you don’t have any crypto yet, you can easily start an account with an exchange that has “fiat on-ramps” (an exchange where you can deposit regular cash), buy crypto there, and then transfer it from such exchange to this exchange. Use our Exchange Filters to easily see which platforms that allow wire transfer or credit card deposits.