Bibox exchange – review
Buy and sell dozens of cryptocurrencies with 0.1% trading fees.
Bibox is a Chinese cryptocurrency and digital asset exchange that allows its users to buy and sell more than 110 currencies. It offers competitive 0.1% trading fees as well as fee discounts for holders of its native BIX token and desktop and mobile trading apps.
To help you decide whether Bibox is the right crypto exchange for your trading needs, we’ve compiled a wide range of relevant facts and figures in this review.
|Product Name||Bibox Cryptocurrency Exchange|
|Fiat Currencies||EUR, GBP|
|Cryptocurrencies||BTC, ETH, XRP, BTC, ETC, EOS, OMG, BAT, BTO, DASH & 95+ more|
|Withdrawal Fees||Fees vary|
What is Bibox?
Founded in 2017, Bibox is an online crypto exchange where users can trade a wide range of digital currencies against BTC, ETH, USDT, DAI and BIX. BIX is Bibox’s native token, which allows holders to access discounted trading fees.
Bibox users can place trades through a web-based interface or through a desktop app as well as through an Android and iOS mobile app. The platform also offers its CunBi Bao financial product, which allows users to lock up specific digital assets (such as bitcoin or BIX tokens) for a fixed period to earn interest.
Which cryptocurrencies can I buy/sell?
Bibox users can buy and sell more than 110 coins and tokens, including the following:
- Bitcoin (BTC)
- Ether (ETH)
- BIX token (BIX)
- Tether (USDT)
- Dai (DAI)
- Litecoin (LTC)
- Dash (DASH)
- Ethereum Classic (ETC)
- Bitcoin Cash (BCH)
- EOS (EOS)
- Bytom (BTM)
- Aelf (ELF)
- Maker (MKR)
- TRON (TRX)
- Fusion (FSN)
- Qtum (QTUM)
- NEO (NEO)
Visit the Bibox website for a full list of the currencies you’re able to trade.
Bibox offers its platform to users in a long list of countries around the world, including Australia. If you’re unsure whether you’ll be able to access the exchange from your country of residence, contact Bibox for clarification.
Which payment methods are accepted?
You can only deposit funds into your account via a cryptocurrency transfer. Fiat currency deposits are not accepted.
How much will it cost me to use Bibox?
It’s free to deposit funds into your Bibox account.
When you place a trade, a 0.1% trading fee applies as standard. However, if you pay with BIX when trading any token, you’ll receive a 50% discount on this fee.
You’ll also need to be aware of the withdrawal fee that applies when transferring funds out of your account. This varies depending on the currency used, but the withdrawal fees for some popular coins and tokens are shown in the table below:
|Bitcoin (BTC)||0.0006 BTC|
|Bitcoin Cash (BCH)||0.008 BCH|
|Ether (ETH)||0.008 ETH|
|Ethereum Classic (ETC)||0.008 ETC|
|Litecoin (LTC)||0.006 LTC|
How fast will my funds be available?
The time it will take for your funds to become available varies depending on the amount of network confirmations required to complete a transaction for the currency you’re using as well as the level of network congestion at the time.
Are there any transfer limits?
The amount you can withdraw from your account is based on the level of verification you have achieved. Once you’ve signed up for an account by providing and verifying your email address, you can access a daily withdrawal limit of 2 BTC.
To increase this limit to 20 BTC, you’ll need to provide your name, country of residence, copies of the cover page and biographical page of your passport, and a headshot of you holding your passport and a reference to Bibox and today’s date.
If you want an even higher withdrawal limit, you’ll need to contact Bibox customer support.
Is it safe to use Bibox?
You can sign up for a Bibox account and start trading without needing to provide any personal information, which is an important feature for those who value their privacy. However, if you want to access a higher daily withdrawal limit than 2 BTC, you’ll need to provide additional personal details.
In terms of platform security, Bibox supports 2-factor authentication, allowing you to add an extra layer of protection through Google Authenticator or SMS authentication. You can also set up a funds password which you must enter whenever you want to make a withdrawal request.
If you need assistance with a transaction or help with your account, you can submit a support request via Zendesk. English- and Chinese-language support is also available via Telegram, or you can get in touch with the team through WeChat.
Pros and cons
- Access to a decent selection of digital currencies
- Competitive trading fees
- Desktop and mobile trading available
- Margin trading also available
- Supports 2-factor authentication
- The fact that Bibox is a Chinese exchange means there’s always a risk of government regulatory changes
- No fiat deposits