Beaxy Overview: Function and Efficiency
This Beaxy review was written in light of the review team’s observation of the scarcity of testimonies and assessment regarding the cryptocurrency exchange firm. Given the preliminary findings gathered by the team, it had deemed that the production of an online literature regarding all the company’s function and capabilities to be in order. As such, it is highly likely that this review would be a progenitor of a string of online reviews regarding the firm—and that this would ultimately help interested parties wanting to enlist with it to make a decision for or against signing up.
The methodology taken by the review team is exhaustive, which entailed the close observation and the examination of specific functions and all services rendered by Beaxy. The methodology had also entailed the use of the firm’s website, specifically for registration and purchase of digital tokens sanctioned by Beaxy. As this is the case, the review team believes that this assessment is a pointed and well-informed look into the firm’s services.
Background and Preliminary Findings
Founded in the early 2000s, the brains behind cryptocurrency exchange, Beaxy stood by its aim of building a cryptocurrency exchange platform that would bridge cryptocurrency trading and legacy finance.
Since its founding, Beaxy had provided an expansive venue for the buy and sell of both popular and almost elusive coins in the market. This, in effect, had created a wider venue for crypto traders, thus giving them the chance to look for coins that might fit their speed or orientation as a trader.
Beaxy operates under the legal entity, Beaxy Digital Ltd. which is headquartered in the Caribbean Islands. Beaxy’s website https://beaxy.com/ claims two things: 1. that it conducts all transactions through top tier technology and 2. that it operates under the stringent guidelines of the regulatory bodies within the territories that it conducts its businesses in. Regarding the first claim, the review team can say that the platform Beaxy provides and the functions created for the website are indicative of the firm’s dedication to continually account for purposeful technology. The latter claim would be discussed in a later segment.
Another thing that the review had found to be engaging about Beaxy is its education segment, its offered rewards, and the verification feature, the KYC protocol.
Beaxy had already established bases in 185 countries, with 43 of these in the United States. The operations conducted through these countries are declared to be sanctioned by the financial authorities present within them. However, the team had noted that the firm had not made these specific financial bodies known through the site, leaving users with the mere claim that the firm is actually regulated. On the onset, this does not figure out well for the firm, as this does not verify the legality of Beaxy’s operations. It would have been much appreciated and wholly beneficial to the clients if the regulatory bodies had been made known early on.
Registration Through Beaxy
Registration with a legal cryptocurrency exchange is the first and the most important step in building a career as a cryptocurrency trader. Beaxy, in its goal of fostering an environment of ease and efficiency, had made the registration process highly-intuitive through its easy-to-navigate website interface. A user may follow these steps to register with Beaxy:
- Visit the company’s official site.
- Go to the “Register Tab”. This is where all the user’s particulars will be provided.
- A verification process would then be administered after the user hits the “Sign Up” button.
- Once the site approves the user’s registration, an email confirmation would be sent to the user’s email.
- After clicking the verification link, the user will be redirected to Beaxy’s website.
- Afterward, the user will go through the Know Your Customer (KYC) Protocol.
The KYC Protocol
This process requires the user to look for the KYC button through the “User” tab. The user then provides his or her particulars, namely his or her country of origin and a picture for identification. A video will then be required of the user to affirm that the one passing the requirements is indeed the party who opts to open an account. A confirmation email would then be sent upon successful verification.
The review team finds this facet of the registration process to be highly-commendable and altogether efficient for the cause of protecting the integrity of the client’s data and information. It must be noted however, that the KYC Protocol is not exclusive to Beaxy. Other firms employ the same procedure. As such, the review team sees Beaxy’s adoption of such to be wise and indicative of the firm’s penchant to detail and security. The only critique that the review team can place against the protocol is that it is not clear how it helps protect the clients themselves from fraudulent activities.
Depositing Funds to a Beaxy Account
Depositing funds to a Beaxy account is performed through the user’s “My Wallet” segment. Through this, the user is allowed to choose which cryptocurrency he or she would be filling his account with.
Initial deposits made through Beaxy need an address. Once the address is created, the crypto tokens could readily be deposited there. Due confirmation regarding the success of the transaction will then be sent to the user through the network.
Traders of the Bitcoin token will find out that BTC transactions are transacted a pace slower compared to the likes of Ethereum. The review team supposes that this is owed to the fact that BTC is the forerunner of all digital coins, hence possessing greater volatility.
Purchasing tokens through Beaxy is done through the user’s bank account. Transactions of such—which may also include deposits and withdrawals—may be performed through debit or credit cards and even wire transfers. Another thing that the review team had found to be inviting is the system’s immediate conversion of Fiat currency payments through Beaxy into Bitcoin.
This, to the review team’s supposition, is highly beneficial to Beaxy users as it rids of multi-layered processes usually seen in other cryptocurrency exchanges for fiat currency. The only concern that users would be left with is which crypto tokens they would buying or selling. Alongside this benefit is the review team’s observed efficiency of Beaxy’s custody wallet as it allows for the storage of all the clients’ coins.
Cryptocurrencies Traded Through Beaxy
The selection of cryptocurrencies that Beaxy allows to be traded is expansive.
Beaxy allows for the buy and sell bitcoin, ether or altcoins such as Litecoin, Monero, Zcash, Ripple, Waves, DASH, USD Coin, and Pundi X to mention some.
Beaxy’s Commissions and Rewards
Beaxy’s low commission fees and its offered number of bonuses appear attractive to both novice and experienced crypto traders. All Beaxy users are eligible to a commission fee of 0.20%. Clients are also privy to low commission rates of 0.75% when they stake their loyalty points and their Beaxy coins together.
On top of this, to the pleasure of the review team, clients may be rewarded with a 100% bonus upon deposit of the $500 equivalent in USDC.
Is Trading with Beaxy Safe?
Examination of Beaxy’s services and offers rendered positive impressions with the review team. The commissions and fee structures are noteworthy in that these are highly-competent. The only thing that the review team sees as a blow to its campaign is its lack of transparency regarding the financial authorities that it operates under. As such, while the team sees that the services provided by the firm to be enticing, due diligence is still recommended in assessing the soundness of Beaxy’s services.