Bcnex (Bcnex) Review

Bcnex: Faster & More Secure Crypto Exchange


Bcnex is intent on providing a complex solution to four overarching issues pertaining to the dominating majority of crypto and digital asset exchanges, precisely unsophisticated and incompetently developed technical architecture; lax security of traders’ assets and operations; insufficient market liquidity which often results in slippages, a real scourge of crypto exchanges that discourages traders, especially those that operate with high volumes, for using a particular platform. Unsatisfactory customer support should also be added to the mix since it is one of the decisive factors that form the reputation of a given crypto exchange.

A robust system


Bcnex was initially developed on the basis of Ethereum blockchain, but later has been redeployed on CryptoNote, a piece of technology that is known primarily for its ring signature feature, which provides for untraceable payments, and the capability of creating numerous one-time public key to ensure the non-traceability of transactions. 

The Bcnex team, the core of which can boast vast professional experience in Forex market trading and development of trading systems in the corresponding field, has been nurturing the concept of the blockchain-enabled real-time data application system since 2009 when they had first adapted it to penny auctions.

Over the course of time, this idea evolved into the Bcnex’s own order matching system (BCOMS) capable of handling as much as 2 million orders in a second, even at low latency, thus giving the platform a potential to become the swiftest of all existing exchanges.

Another important characteristic of BCNex is its scalability and stability which is achieved through the use of the unique architecture of microservices: API, trading, and managerial, where each service possesses its own database. 

Security


The functional integrity of the exchange is ensured by the use of advanced firewalls, mechanisms for withstanding the DoS attacks, and different types of user alerts. But the thing of particular interest in Bcnex’s wallet solution that is comprised of a multitude of cold wallets with hardware modules that will ensure the safekeeping of 98% of digital funds even in the event of a major security breach.  

Liquidity and customer service


The Bcnex team assures that they would be capable of providing substantial liquidity to the exchange, even at the initial stages of its launch, thanks mostly to the large pool of investors recruited from the Forex market.

They promise multilingual support, though the choice of languages will be limited at first to English, Vietnamese, Chinese, Japanese, and Korean.

BCNX token and other supported currencies


BCNX is a utility token compliant with the ERC-223, a standard that has several advantages over ERC-20, such as the energy efficiency and the capability for rejecting non-supported tokens. These tokens can be traded against other cryptocurrencies and used to pay transaction, listing, and other fees.

As for the fees, the holders of BCNX will be entitled to substantial discounts - 75% in the first year to incentivize new users, which will gradually decrease.

Speaking of other supported currencies, Bcnex will have a rather limited list at the initial stages of its operations: only BTC, ETH, and USDT. Although, it should be extended substantially over the course of time.

The team


Ngo Hoang Quyen. The founder of the project. A seasoned investor who is associated with Bytecoin Vietnam Foundation. He is an expert in the field of tech research.

Vo Tuan Anh. The project’s co-founder and CFO. A talented digital entrepreneur and financial advisor, who carried his Forex experience over to Bcnex.

Pham Van Phuong. The co-founder and CTO. A mastermind behind the creation of the Bcnex system architecture.

ICO details


The token sale of BCNX is now in full swing, due to end on June 26 or till hardcap of $30 million will have been reached. The team decided to allocate 100 million tokens for sale, which is half of the total supply. As of now, the price of 1 BCNX is $0.15 but it can go up to $0.45 in the later stages of the ICO. Citizens of the United States and Canada are prohibited participating in the token sale.

Author: Alex Paulson for Crypto-Rating.com

  • Safety and Stability. Bcnex is a highly secure and stable trading platform built on microservices architecture that meets the most stringent customer requirements
  • Customer Oriented. Users will be provided with a user-friendly, proprietary platform that gives them the best trading experiences, both in our desktop and mobile App
  • Institutional-grade Trading Engine. The fast, accurate and low latency trading engine with flexible scalability can handle up to 2,000,000 orders per second
  • High Liquidity. With a rich and abundant source of liquidity, Bcnex ensures that every transaction on the system is executed without delays and multiple intermediaries.
  • Diverse Market. In addition to supporting a wide range of mainstream cryptocurrencies, we constantly expand our offering with other quality tokens
  • 24/7 Dedicated Support. Our team works around the clock to answer any questions you may have, resolving technical and business issues promptly
Pre-Ico Start dateJanuary 1, 2019
Pre-Ico End dateFebruary 28, 2019
IndustryCryptocurrency exchange
PlatformEthereum
Founded2019
Websitehttps://www.bcnex.net/
WhitepaperYes
CountriesBelize
  • Ngo Hoang Quyen. Co-Founder & CEO
  • Vo Tuan Anh. Co-Founder & CFO
  • Pham Van Phuong. Co-Founder & CTO
  • Nguyen Hoang Lien Son. Product Designer
  • Nguyen Dinh Huan. Product Manager
  • Nghiem Truc Tung. Community Manager
  • Nguyen Quang Trung. Front-end Lead
  • Nguyen Minh Hoang. Back-end Lead
  • Ho Van Hien. Senior Developer
  • Q1 2017. Market research. Blockchain trading platform conceptualization.
  • Q2 2017. Talent and key personnel recruitment.
  • Q3-Q4 2017. Design system architecture, finalize basic functions of the platform.
  • Q1-Q2 2018. Continue to upgrade the system, develop the Bcnex trading engine.
  • Q3 2018. Conduct legal formalities and finalize whitepaper.
  • Q4 2018. Angel Funding Round.
  • Q1 2019. Legal and marketing plan for Bcnex token sale event.
  • Q2-Q3 2019. Token sale event launch. Bcnex trading platform officially goes live.
  • Q4 2019. Develop the initial idea of Bcnex startup ecosystem.
  • Q1 2020. Experiment and proceed to introduce margin trading.
  • Q2 2020. To be announced.
Bcnex
StartMay 3, 2019
EndJune 27, 2019
Expired
TokenBCNX
Soft cap$2 000 000
Hard cap$30 000 000
Minimum investment100 USD
Tokens for sale100000000
AcceptingETH, BTC, USDT, BCN

I have perused the review, as well as the whitepaper, and got to like the product and the concept that Bcnex has to offer, but there are still a few issues that concern me. First of all, the team claims that it has vast experience in Forex trading and related software development, but I have hardly seen any proof of that when reading their profiles. Secondly, I am a bit confused about their fee structure. From the user’s point of view, having a 75% discount on trading operations for the first year is awesome, but that’s not going to do any good for the project’s initial capital flow. How Bcnex plan on surviving for the first couple of years, when their user base would be small? That’s a big turn off for me with regard to investing in Bcnex.

Morgan   June 16, 2019  

The product that Bcnex has to offer is definitely worth trying, especially if they promise to eliminate the problem of slippage. I can’t begin to tell you, how many of my stop-losses have been affected by this issue. And it happened on all exchanges I dealt with over the years. Their promise of speed and scalability seems to be another perk, but I am a bit concerned about the fees. It’s good to have such a hefty discount, but they didn’t specify their trading fees, which leaves me wondering, whether it is worth trying Bcnex.

Loery   June 3, 2019  

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