Bibox is this a scam? Review and Customers Reviews

Bibox – is exchange for cryptocurrency trading the company was launched in 2017. In a relatively short period of time, the company was able to gain popularity among users around the world.

In our review, we will take a closer look at the features implemented by the project and find out whether Bibox is a scam or a reliable exchange for exchanging cryptocurrencies.

 

Why Bibox?

Bibox is a fairly young project that appeared on the financial market less than two years ago. The interface of the official site bibox.com is translated into 7 languages, which indicates the orientation of the organization on the international market. Also the exchange has many operating centers, which are located in Canada, USA, Estonia, Hong Kong, China, Japan and Canada. Bibox Technology Ltd. is registered in Estonia, where the platform is regulated from.

The company is trying to provide users with favorable and comfortable conditions for trading. Thus, traders are offered 90 types of cryptocurrencies the liquidity of the exchange is high, so daily trading is also good. The liquidity of the exchange is high, so daily trading is also good. Bibox also offers margin trading with up to 10x leverage.

By analogy with the famous exchange Binance, the organization has issued its own internal token – BIX, which is based on the ERC20 standard of the Ethereum network. The purpose of the token is to attract investment, which will be used to develop the site and its functionality. The value of the token is $0.10. Tokens are also used to pay transaction fees and for a contribution when new tokens are added to the listing. For beginners, the exchange will also be useful. The site offers various tutorials and lessons. The platform also has its own blog with articles on financial topics. All information is presented in English.

Trading itself is done through a simple and intuitive platform. An experienced user can quickly understand the basic functionality of the site bibox.com. The trading platform is presented in the form of a chart, which was developed by the company itself. The chart has a wide range of settings, various indicators. It is also possible to configure key zones for your own needs. It is worth noting that the site is the first to implement artificial intelligence technology for the exchange of digital assets.

All the necessary functionality is provided for trading:

• quick currency search,
• Favorites function;
• basic indicators;
• two versions of currency trading – full-screen and standard;
• on the left you can select the pair of interest, and on the right you can see the price of the current transactions;
• At the bottom there is a history of orders and a list of open orders.

There is no fiat money on the platform, only Tether is available to users. Several types of orders are also available. Not so long ago, margin trading became available on the platform. Thus, users were able to trade with leverage and act as a borrower. To use this functionality is possible only after verification. For users to have constant access to the trading floor, a mobile application was created. Thus, clients can log in to their profile from anywhere and at any time. Both iOS and Android versions are available. It is also possible to download the software on Mac or Windows.

Among the main advantages of the platform bibox.com can be singled out:

• Russian version of the site;
• has its own token;
• low trade commissions;
• stable platform operation;
• large volume of trades;
• mobile app;
• simple and straightforward interface;
• ongoing technical support.

 

How to exchange cryptocurrency on the platform bibox.com?

To make a cryptocurrency exchange, you need to go to the trading platform bibox.com and perform a few simple actions:

• choose a trading pair;
• fill in the field for placing an order by filling in the amount of cryptocurrency to buy;
• click on the Buy button.

If the current rate does not suit the user, an order can be placed for a suitable price. Thus, when the rate reaches the set value, the exchange will take place automatically, even if the user is not online at that moment.

 

Verification on the Bibox platform

Verification is not a mandatory process, but there is a withdrawal limit for unverified accounts, which equates to 2 bitcoins per day. After passing the verification process, it is possible to increase the limit to 20 bitcoins in 24 hours. To start the verification process, you need to go to your personal cabinet and click on the “Identity Authentication” tab. Next, you need to select the region you live in and fill out the following information:

• country or region of residence;
• first and last name;
• ID document (passport, ID-card or driver’s license).

After filling out the information, the cover of the document should be uploaded, as well as the first page, which will show the user’s photo.

 

You must also upload a photo of yourself holding the front of the document you are uploading and a sheet with Bibox and the current date on it. All information will be sent for verification. Usually, the verification process takes anywhere from a few days to a few weeks.

 

Deposit and withdrawal

To top up your balance, you need to perform a few simple steps:

• go to the “Assets” tab and go to the “Main Account”;
• find the token that will be used for input;
• click in front of the “Deposit” token;
• copy the address generated by the system and paste it into the wallet.

Deposits are credited immediately after receiving three network confirmations. You can track transfers and deposits in the “Deposit History” tab.

Withdrawal of earnings

To withdraw funds from the project, you should also go to the tab “Assets” and select “Main Account”. Then there are a few simple steps left:

• click on the “Withdrawal” button next to the selected currency;
• specify the address of the withdrawal of earnings, a note, as well as the amount.

In addition to the daily limit, which is set for users, there are also restrictions on the minimum amount for certain types of cryptocurrency:

• Bitcoin – 0.005 BTC;
• Ethereum – 0.05 ETH;
• Litecoin – 0.05 LTC;
• Tether – 100 USDT;
• Dash – 0.005 DASH;
• Bitcoin Cash – 0.05 BCH;
• Ethereum Classic – 0.05 ETC.

Bibox Crypto Exchange Commission

One of the main advantages of the site is a small commission fee for trading. Thus, up to 0.075% for the maker and 0.150% for the taker of the transaction amount is charged for the trading operation. Also users have the opportunity to reduce the commission in half if they work with the internal digital currency of the exchange site. To do this, it is necessary to set payment in BIX tokens in the settings.

Withdrawal fees

The site also has a table with withdrawal fees for each type of cryptocurrency. Let’s consider the most popular ones:

• Bitcoin – 0.0006 BTC;
• BIX Token – 3 BIX;
• Ethereum – 0.008 ETH;
• Ethereum Classic – 0.008 ETC;
• BitcoinCash – 0.008 BCH;
• Litecoin – 0.006 LTC;
• USDT(ERC20) – 3.5 USDT;
• USDT(Omni) – 4 USDT;
• EOS – 0.3 EOS;
• TimeNewBank – 200 TNB;
• Bytom – 1 BTM;
• CyberMiles – 10 CMT.

 

BeeBox Bonuses

There is only one deposit promotion for users at the moment. Under the promotion, customers who made deposits in BTC, ETH or USDT receive 20% of income for the month, and 30% of rewards are paid every day. Thus, the bonus income is 8%.

Referral program

An affiliate program has been developed for active traders who want to earn extra income. There are two types of the program – the Ambassador and the City Partner. To become an Ambassador, you need to have a minimum of 5000 BIX, which will be frozen for 1 year. Then the user will be able to become a representative of the company and will be invited to the annual conference to discuss the company’s community development plan.

Advantages of the affiliate program

• Locked BIX will receive 10% of annual income + 2 levels of locked-in dividends;
• 72% referral commission;
• discount on transaction fees up to 76%;
• The client will be able to recommend projects for listing on Bibox and receive rewards according to their level if the project is listed;
• the client will be the first to have access to the company’s new products;
• exclusive gifts;
• VIP status;
• commission benefits.

A total of 4 levels, according to which the user receives different benefits.

City Partner – To promote Bibox’s autonomous organizational structure, the company invites users to become partners. Each partner will not only receive a promotion through the Bibox Ambassador program, but also 1,000,000 BIX as a reward. Partner requirements:

• There can only be one City Partner per city for a period of 5 years;
• Tier 1 partners in each country must keep and lock at least 1,000,000 BIX, and Tier 1 city partners must keep and lock at least 500,000 BIX;
• city partners must meet the goal of community stewardship every year.

Program benefits:

• 10% annual income;
• media advertising;
• 1-1 exclusive service;
• shareholder of a subsidiary platform;
• study at world-renowned colleges;
• early access to Bibox products.

Also provides for 4 levels of affiliate program.

 

Complaints about Bibox

Although the project appeared not so long ago, you can already find a considerable number of reviews on the Internet. In general, the company has a positive reputation. Among the advantages customers note the possibility of margin trading, relatively low commissions, a simple and clear trading platform. However, there are also negative comments pointing out the limited set of trading functions, the lack of fiat currency, low-quality translation into Russian.

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Crypto exchange regulation

The financial sphere is one of the most popular among fraudsters. To avoid falling for an unscrupulous project, you should carefully check the license, as well as the necessary documentation on the site. Let’s consider in more detail how the project is regulated. At the moment, the company does not have any licenses. All documentation and contact information of the project is publicly available for all users.

Documents from bibox.com:

• Read the “Privacy Policy” on the Exchange website (See);
• Read the “User Agreement” on Bibox’s website (See).

Bibox User Agreement

The “User Agreement” is the main document of the project, which every user should read before registering. The agreement contains the basic rules of cooperation, as well as the obligations of both parties. The disadvantage is that the document is presented only in English, which may create problems for citizens of CIS countries. Let’s consider some points in more detail.

The document indicates that the company may suspend or terminate a user’s account, use of the services, or processing of any transaction of digital assets at any time if the organizer determines, in its sole discretion, that the user has violated this agreement or that their position, use of the service in their jurisdiction is illegal.

It is also worth bearing in mind that trading digital assets is very risky and therefore not suitable for the vast majority of people. The Client acknowledges and understands the fact that investments in digital assets can lead to partial or complete loss of investment and therefore it is recommended to choose the size of investment based on the carrying capacity of the user. The Client recognizes that digital assets may create derivative risks. Therefore, if he/she has any doubts, it is recommended that he/she first seek help from a financial advisor.

The use of Internet trading systems also involves risks, including, but not limited to, software, hardware or Internet channel failures, etc. Due to the fact that the company has no control over the reliability and availability of the Internet, the organizer is not responsible for any distortion, delay or failure.

The organizer reserves the right to amend this agreement from time to time and to disclose such amendment by announcement on the website without sending the customer a separate notice of their rights. The date of the amendment will be indicated on the first page of the amended agreement. The amended agreement will be effective immediately upon announcement on the site. The user should review the site from time to time on their own and keep track of the time and content of the amendments, if any, made to this agreement. If the client does not agree with the amendments, he or she must immediately stop using the services offered on this site.

The company may at any time and at its own discretion refuse any transaction submitted through the services, impose restrictions on the amount of the transaction allowed through the services or impose any other conditions or restrictions on the use of the services by the client without prior notice. For example, the organizer may limit the number of open orders that a user can set through the services or may restrict transactions from certain locations.

In all circumstances, the organization’s liability for direct damages to the client will not exceed the total cost incurred during the three (3) months of use of the services offered on the site.

If the customer violates this agreement or any applicable law or administrative regulation, the customer must pay the company at least $2,000,000 in compensation and bear all costs in connection with such violation (including, but not limited to, attorneys’ fees). If such compensation cannot cover the actual loss, the user must make up the difference.

Client understands and agrees that the company is not responsible for:

• loss of income;
• loss of profits on the transaction or contractual losses;
• the loss of business disruption;
• the loss of expected currency losses;
• loss of information;
• loss of opportunity, damage to goodwill or reputation;
• damage or loss of data;
• the cost of purchasing alternative products or services;
• any indirect, special or incidental loss or damage resulting from any breach (including negligence), breach of contract or any other cause, regardless of whether such loss or damage could have been reasonably foreseen by the company and regardless of whether the customer was advised of the possibility of such loss or damage.

Support at bibox.com

You can contact the support team using:

• online chat;
• email: [email protected];
• social media;
• feedback forms.

There is also a section with answers to the most popular questions and various tutorials for users.

 

Is Bibox a scam?

Bibox – is a fairly young platform for trading digital assets. The company appeared on the financial market less than two years ago and managed to gain popularity among users, as well as a good reputation. The multilingual interface indicates the orientation of the exchange to the international market. There are also representative offices in different countries. The main office is located in Estonia, where the regulation of the project is done. The platform provides its clients with comfortable and favorable conditions for collaboration. Traders have more than 90 types of cryptocurrencies and 200 currency pairs at their disposal (How to Make Money on Cryptocurrency?). Exchanges have good liquidity and, consequently, good daily trading. Clients are also offered the option of margin trading. The exchange has its own token for transaction fees and a fee for adding new tokens to the listing.

For active traders, the possibility of additional earnings on an affiliate program is provided. There are two types of the program in total, depending on which one provides different benefits. Also, for the convenience of clients there was created a mobile application that allows access to the project at any time and at any place. Both Android and iOS versions are available. Although the company appeared on the market less than two years ago, you can already find a fairly large number of reviews from customers on the Internet. In general, the organization has a positive reputation among users. Having analyzed in detail the opportunities that the project has implemented, can we conclude that Bibox is a scam and swindlers? No, because the company is a successful and conscientious exchange for trading cryptocurrency.

 

Conclusion

Bibox – an exchange that appeared on the market in 2017. During this period of time, the company has become popular among users around the world. The organization focuses on the international market, as evidenced by the multilingual interface. Comfortable and profitable trading conditions are provided for traders. However, inexperienced users underestimate the possible risks of trading. That’s why you should read the appropriate documentation before registering in the project. Now the project looks good among competitors, although it has some shortcomings. If you have cooperated with the company – leave your impressions about the service on our website to form an independent rating of cryptocurrency exchanges.