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It would be commendable for the firm to mirror this kind of protective measure to its clientele’s data and digital assets as it had done quite impressively with its internal system. It is registered in the Caribbean Islands with the main goal of bridging cryptocurrency trade and legacy finance. To help realize this cause, Beaxy had enlisted the aid of software developers to render the most reliable cryptocurrency exchange technology.

1. Considering that these hacks are still common in the industry, it is crucial that an exchange’s exchange-level security is up to standard before anyone can feel safe about depositing any funds to it.
2. The project held an Initial Coin Offering (ICO) which ran until September 2018, and raised approximately $3 million in funding, and the exchange has just recently launched.
3. Get global access to major fiat currencies with deposits, withdrawals, and trading support enabled for the six national currencies that are offered to each client to gain access to trading opportunities unlike any other.
4. This was the goal in mind when designing the initial utility of the token, as well as the inspiration for the additional features that will become available as we build the exchange out.

The Beaxy client would be required to go through the KYC Protocol which can be accessed through the account’s User Tab. The client would be asked to provide his or her country of origin and a picture from his or her ID to accomplish the initial step. Despite these features, Beaxy has a number of challenges to overcome, for example the Loyalty Reward Program is not available to residents of the US, while fiat transfers still haven’t been enabled. After accepting the Terms and Conditions and clicking “Sign Up”, you will automatically receive a confirmation email with a verification link. After clicking on the link, you will be asked to log into your account. The Beaxy team is already pretty big and has 25 full-time employees and 25+ halftime contributors all over the world.

Better Crypto Trading

In the past few months, a number of crypto firms have been hit with civil lawsuits, as U.S. regulators crack down on the budding industry. Most notably, cryptocurrency giant FTX beaxy review collapsed last year and its founder Sam Bankman-Fried was charged with fraud. Download the Beaxy crypto trading app and trade your BTC and access markets anytime and anywhere.

To transfer funds, you’ll need to click on the “My wallets” tab at the top right of the screen, and select your preferred currency and click on the + icon next to it. From here, you can select which document you wish to use to verify your identity, and acceptable forms include a Driving License, a National ID, or a Passport. It’s worth noting that users based in the USA cannot use a passport for verification due to state-specific laws, and must use a valid driver’s license or state ID.

Beaxy Performance and Speed

Because of this, it is in the best interest of both the exchange and the traders that the most impenetrable security measures be put in place. There are many crypto exchanges on the market, such as Binance or HitBTC. Beaxy is a new exchange that looks to be one of the most promising up-and-coming exchanges on the market, bringing many new features and a high-performance trading engine to market with a smooth user interface. The platform is set out in a way that makes it easy for new users to get acquainted. The exchange also features the most advanced interface, data compilation, trading tools, and security measures to date.

Assets Listed on Beaxy

Second to 2FA, wallet address whitelisting is the most effective security solution for your cryptocurrency exchange account. This requires you to add a withdrawal address and confirm it with the exchange before any funds can be sent out of your account. It is important that this is used with 2FA, as having only withdrawal whitelisting enabled would just allow the hacker to whitelist themselves.

Customer Support

Similar to wallet address whitelisting, this is a mediocre solution when used on its own. Exchange-Level security granted, account-level security is still of the Utmost importance. Let’s consider some of the most common account level security measures and discuss what they achieve and what is required to protect your account. We go through an extensive verification process to ensure that your account is only accessed by those that rightly have access to it. This next-generation digital asset exchange is employing at least 50 persons which makes this a very real operation in terms of the company size and the focus right now is to be able to serve traders in all of the US states. It is registered in the US as a Money Services Business by Financial Crimes Enforcement Network (FinCEN).

The exchange uses two-factor authentication (2FA) and is compatible with both Google and Authy Authenticators. Rewards will be paid out in every kind of crypto and fiat that we charge commission on. You will be able to see exactly what you earned in the loyalty rewards report that you can download from the same page for each month.

Once you completed the above steps, you will have to wait until you receive a notification that your documents have been approved, which might take up to a couple of hours. On the first of each month, the Pending Balance will be credited to your account. We then need to know the total amount of commission collected for that day as well. Let’s say Beaxy collected $1 million in commission that day, to make this simple. Users must complete KYC verification in order to be eligible for loyalty bonuses and permission will be dependent upon the regulations governing their jurisdiction. Examples of this are Custom SMS alerts, Premium TradingView charting, and in the future, access to Beaxy App Store purchases.

Beaxy suspended services on its exchange and ceased operations “due to the uncertain regulatory environment surrounding our business,” the company said on its website—the SEC said in a statement Beaxy agreed to shut down the platform. Funding a Beaxy account can be easily done through the site’s “My Wallets” segment. The user is at liberty to fund his or her account with whatever coin he or she prefers.

In the following example, if a user locks up 100K BXY tokens for 6 months, they will receive 100K PLS tokens. If there are also 10 million BXY tokens locked up in various accounts on Beaxy, there will be 10 million PLS tokens in circulation. The wallet columns include the Wallet Name, Available Balance, Reserved Balance, and Locked Balance, which is the balance locked away in any staking or loyalty programs. You also have Pending and Total Balance columns and the Is Default feature allows you to set the default wallet for each currency.

Orders are matched by the exchange matching engine to produce completed traders. We specialize in crypto trading, powering traders in 185 countries and 43 U.S. states. Select the currency you wish to pay with and the amount you’d like to spend. Then select your digital asset and click buy to complete your purchase.

The user’s Beaxy account should be linked to his or her existent bank account. This is needed to execute deposits and withdrawals through either debit or credit card or wire transfer. Payments through Beaxy are also made convenient through the automatic conversion of fiat currency into Bitcoin. Given that there are no complex processes needed to grant conversion of the fiat currency, the user would only have to mind which cryptocurrencies he or she might want to purchase.

It upgraded the interface to make it more user-friendly and easy to navigate. It also worked on customer centric creativity, better technology, and engagement with crypto smarter. The system also worked on providing additional features, including a multi-stage but seamless process of transactions and the opportunity to buy not only Bitcoin, but other cryptocurrencies, too. It is highly recommended that you never hold funds on a cryptocurrency exchange without protecting the account with a two-factor authentication solution. This alone should provide your account with an adequate level of security. Using 2FA in tandem with wallet address and IP whitelisting when it’s available will only make your account more secure.

Beaxy

Beaxy is a U.S.-based cryptocurrency exchange that allows you to buy, sell, and trade popular cryptocurrencies like bitcoin and ethereum, in addition to 35 other cryptocurrencies. Online crypto trading is taking the financial world by storm, which is why Beaxy has incorporated trading bots like Gunbot and Hummingbot into its spot-priced cryptocurrency ecosystem. These integrations allow traders to view and manage all their assets in an automated fashion from one online cryptocurrency trading platform.