Bibox – Cryptocurrency Exchange Volume and Information

Bibox is a centralized cryptocurrency exchange that was established in 2017, presumably in China, though according to the information available on the official website, the exchange is currently domiciled in the Republic of Estonia and operates under the auspices of Bibox Technology Ltd, a company registered in the same jurisdiction. Unfortunately, the platform management chose to conceal any further information about the parent firm, such as the legal address or the registration number.

Nevertheless, this minor informational gap doesn’t stop traders from flocking to the platform, as confirmed by Bibox’s impressive trading volumes which stands toe-to-toe with that of the universally recognized exchanges, such as Binance and Poloniex. For instance, the average daily trading volume on Bibox amounts to $900,000, or even $1 million on good days, while the monthly trading capacity often exceeds $20 million. This signifies the fact that the exchange possesses enough liquidity to execute orders in a swift and timely fashion, as well as to carry out the withdrawal transactions.

Speaking of withdrawals, Bibox imposes a separate fee for each coin featured in the trading pairs. For instance, when withdrawing Bitcoin, a fee of 0.0005 BTC will be deducted from the transferred sum; the transfer of Ethereum will cost 0.006 ETH, while the owners of Litecoin must pay 0.005, and so on. No need to mention that there is no fee on deposits. The trading fee constitutes a flat 0.1% for market makers and takers, which can be reduced in half if the trader chooses the corresponding option in the account settings. The users who plan to trade on Bibox for a prolonged period of time should be aware of the fact that the discount rate will get smaller by the year. The 50% fee cut will be viable only for the duration of traders’ first year on the platform. It will be decreased by half with every passing year until it reaches 0% in the fifth year. Keep in mind that these fees would be applicable only when paying them in BIX, the Bibox’s proprietary cryptocurrency which is included in numerous trading pairs.

Apart from the spot trading fees, Bibox also has the perpetual contract fee which applies for the contract, also known as futures contract, trading, and depends on such factors as the overnight funding, but usually amount to 0.01% for makers and 0.006% for takers. It would be interesting to know that contract trading affords the opportunity to buy/sell cryptocurrencies using Chinese Yuan.   

When it comes to trading options, Bibox offers four primary markets: BTC, ETH, USDT, and BIX with 201 trading pair dispersed amongst them. Just like in many other exchanges, USDT is the most traded against cryptocurrency, with the volume of trades that features this stablecoin regularly reaching around 40%. 

Aside from spot trading and mentioned contract option, Bibox also provides a means for margin trading with 3:1 leverage and also provides an opportunity to earn money by lending idle funds with up to 100% annualized returns through Treasury Box. 

Advantages of Bibox

• The trading volumes are quite large for an exchange that barely makes it to the top 20;
• Very reasonable trading fees, especially if paid in the native currency;
• Margin and contract trading broaden the profit-making options;
• No reports of major hacks or security breaches to date.         

 Author: Alex Paulson for Crypto-Rating.com