Trade volumes over the past 24 hours reported by CoinMarketCap show that Bilaxy Exchange ranks 15th after transacting over $1.7 billion. Considering the tough competition in the industry and the number of exchanges, this clearly shows that Bilaxy is a force to be reckoned with. That being said, there is a lot that goes into picking a crypto exchange beyond the numbers, and this is what we shall be looking at today.
What you need to know about Bilaxy
Unlike most crypto platforms that took advantage of the crypto boom of 2017, Bilaxy entered the stage in 2018. Nevertheless, the exchange has grown significantly to reach its current ranks and now boasts of having hundreds of thousands of clients from all over the world. Unfortunately, US residents cannot trade on this platform because the exchange is not licensed to operate there.
What we do know is that the company is registered in the Republic of Seychelles. Beyond that, it is unclear where the company is located, and this is a bit of an eyebrow-raiser. But we can assume that the company is located either in Hong Kong or China since the website offers both English and Chinese languages.
The fact that the exchange’s location remains uncertain could be a sticking point for some, but it doesn’t necessarily mean that the company isn’t legit.
One of the main drivers of Bilaxy’s growth is that it offers a huge number of crypto pairs for trade. There are at least 150 currency pairs on the exchange supporting most of the popular coins in the world like Bitcoin, Ethereum, Tether, and Binance coin. Indeed, Bilaxy prides itself on listing many minor coins that have been recently released. These coins have a lot of growth potential, which probably drives trading volume on the platform.
To start trading on this exchange, though, you must have some coins as it does not accept deposits in fiat. Many other exchanges allow deposits by bank transfer or even credit card, but here you must first have coins in your wallet.
The more you trade, the more the trading fees rack up and become a huge expense. This is why you should always look for exchanges with the lowest trading fees possible without compromising on the quality of service. To make matters easier for traders, fees have been made flat at 0.10% for both maker and taker transactions. Most exchanges have higher taker fees to encourage investment, but by keeping the charges flat it allows every trader to make transactions freely. Even without keeping the fees flat, the percentage is already well below industry average meaning that it is very affordable.
Every exchange tries to offer something unique. With Bilaxy, that is the referral program. Every client on this platform gets a referral link that they can send to their friends to join. Once someone joins the platform using your referral link, you get to receive various benefits that would make your trading more efficient.