Bibox Cryptocurrency Exchange Review (2020)

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Bibox Advantages

Experienced team – according to multiple sources, Bibox was founded by people who were previously involved with other exchanges, like OKCoin and Binance. This is a positive sign, despite the fact the company does not provide a presentation of their team (and the information is not confirmed).

2FA supported
 – this exchange supports the popular security, which allows you to verify logins with a mobile app. This way, even if someone knows your e-mail and password, they will need access to your smartphone in order to hack your account.

Solid platform – the trading interface provided by Bibox has two layouts. The simple one has a bit too much information put together in a small portion of “screen space”, but is still rather intuitive. In contrast, the full screen one places a lot of focus on the charts.

Very low fees – one of the biggest advantages of trading at Bibox is the fact it’s very cheap, when compared to other exchanges. With a market taker fee of 0.15% and no fees for makers, active traders should enjoy this venue. As a comparison, most established trading venues charge around 0.20-0.25%.

BIX Token – Bibox was created with an ICO, which gave investors a new token. It can be used at the exchange, to reduce the costs of trading even further. There are speculations for further benefits for BIX holders, but the information is a bit conflicting. In case you want to pay your fees with tokens, the discount will be as follows 

Wide range of altcoins – the number of digital assets traded at Bibox is impressive – there are over 80 coins, with new ones being added constantly. They are traded against BTC, ETH, USDT and DAI. Some of the popular coins at this exchange include Litecoin, EOS, NEO and TRON, while one of the more interesting alternative ones is the High Performance Blockchain (HPB).

Bibox Disadvantages

Chinese exchange – while Bibox seems to be very open towards foreigners, unlike some other locally oriented exchanges, the risk of further regulation is still present. Rumors of China banning cryptocurrencies in one way or another reappear every few weeks. They may have lost credibility at this point, but there should be at least some basis behind them.

No direct fiat currency deposit methods – Bibox is definitely not an entry-level exchange, but has partnered with LinkCoin, which is. Still, those of you who are new to the space, may like to look at the companies which accept credit cards.

Two “Tether” coins supported – one can trade coins against USD Tether and DIA at Bibox. As some of you may know these are tokens which represent one dollar. There are serious reasons to believe the former doesn’t have enough cash to cover all the “minted” coins, which can lead to a serious problem in the future.

Not the expected priority of altcoins – while there are a lot of coins at this trading venue, they may not be the ones you would expect. This is even more obvious when you look at the volumes – Bibox seems to be a heaven for some rather unpopular altcoins.

No leveraged (yet) – this exchange is currently developing a margin trading system. The aggressive traders among you may be better suited with a forex broker.