The site accepts multiple types of fiat via bank and wire transfers while also accepting crypto deposits. In addition, they have a partnership with Gunbot, a leading trading bot platform. While they are a relatively new exchange, they are attempting to rival giants such as Binance and KuCoin with their rewards programs. The SEC alleges Beaxy founder Artak Hamazaspyan illegally raised $8 million in an unregistered offering of its Beaxy token. Beaxy suspended services on its exchange and ceased operations “due to the uncertain regulatory environment surrounding our business,” the company said on its website—the SEC said in a statement Beaxy agreed to shut down the platform. He’s won several national honors in his reporting career, including from his time as a war correspondent in Iraq and as a police reporter for newspapers.

Beaxy Exchange Review 2024

These rates are in line with most industry standards, especially as starting rates. These rates may be reduced by increasing your user level, which is accomplished by a combination of maintaining an average daily trading volume and/or (based on the table below) holding a certain quantity of Beaxy Coin (BXY) tokens on the exchange. While Beaxy may not offer quite as many digital assets as Binance, and are missing some top 10 assets, they still offer a good number of cryptocurrencies for buying and trading on their exchange and are still adding more. This includes their native token Beaxy Coin (BXY), which we will look at in the fees section. Beaxy Exchange is an up-and-coming fiat-to-crypto exchange that offers a great loyalty program for those who hold their proprietary token Beaxy Coin (BXY). Rewards include up to 12% apy and the potential to earn a piece of the fees the exchange makes everyday.

In addition to the fee reduction, BXY tokens can be allocated to Beaxy’s STK Loyalty Program. In the STK Loyalty Program, users can stake/lock their BXY for a period of one to twelve months, whichever length they choose is the interest amount they receive (ie one month gives you 1% apy, 12 months gives you 12%). They are also planning on launching a Diamond tier where those who stake over 1 million BXY tokens will receive a prorated distribution of 7% of the exchange’s average daily revenue.

Beaxy Team

Once you completed the above steps, you will have to wait until you receive a notification that your documents have been approved, which might take up to a couple of hours. Finally, after you upload your document you will have to take a short video of yourself to show that you are indeed the person on the identity document you submitted. In the video you will be asked to make two circles with your head, with each rotation lasting about three seconds long. After accepting the Terms and Conditions and clicking “Sign Up”, you will automatically receive a confirmation email with a verification link. You can buy Bitcoin SV on Beaxy along with quite a few other cryptocurrencies. They also offer a mobile app for iOS and Android for those interested in trading on the go.

He has a keen and vested interest in cryptos involving decentralized backend exchanges, payment processing, and power-sharing. In the future, the team behind the platform aims to add some very interesting features, such as OTC trading capabilities, margin trading, and portfolio management. They will also be adding advanced order types as options, including choosing between trailing stops, “fill or kill” orders, orders that expire at a certain time and many others which traders with complex strategies will find extremely interesting. The team members have assisted multiple conferences and are actively engaging with their users on social media.

NFTs (Non-Fungible Tokens)

Guidehouse can assist crypto providers in the pre-registration phase to obtain an MSB license from FinCEN and/or individual state licenses, including the New https://traderoom.info/beaxy-cryptocurrency-exchange-review/ York State Department of Financial Services BitLicense. If there are changes to U.S. regulations requiring crypto exchanges to register with the SEC, Guidehouse is positioned to assist crypto providers to meet these new requirements. The platform provides 24/7 support to their users with live chat and an AI bot, which is especially valuable when a critical issue arises.

Securities and Exchange Commission charged the company and its founder, Artak Hamazaspyan. With operating an unregistered exchange and brokerage, the agency said Wednesday in a statement. Evan Jones was introduced to cryptocurrency by fellow CryptoVantage contributor Keegan Francis in 2017 and was immediately intrigued by the use cases of many Ethereum-based cryptos.

1. So the agency is also accusing them of violating securities law by operating an unregistered exchange, broker and clearing agency, though the platform was described as defunct in another SEC case last year.
2. However, if you can’t find an answer then just head straight over to their support ticket form or live chat and they will give you an instant answer.
3. Beaxy suspended services on its exchange and ceased operations “due to the uncertain regulatory environment surrounding our business,” the company said on its website—the SEC said in a statement Beaxy agreed to shut down the platform.
4. Guidehouse is a global consultancy providing advisory, digital, and managed services to the commercial and public sectors.
5. TradingView provides the price charts that are located in the center of the interface and provides a full range of technical indicators and various charting color options.
6. In addition to the fee reduction, BXY tokens can be allocated to Beaxy’s STK Loyalty Program.

News & Events

According to the complaint, Beaxy carried out the functions one might expect a national securities exchange, a broker and a clearing agency all would carry out despite not registering as any of these with the regulator. Among its allegations, the SEC said Beaxy operated as an unregistered exchange, a broker and a clearing agency. I strongly suspect – and I’m guessing I’m not the only one – that this may be a preview of how the SEC’s case against other crypto exchanges (cough) may go.

There are also further resources aimed at newer traders such as the FAQ section and Knowledge Base, and the team is active on social media. It can be contacted across their different channels, including their Telegram group, Discord server, and Twitter account. Beaxy has a tiered fee structure that starts at a 0.25% fixed fee per trade on market takers, meaning you take an already existing order off the book, and a 0.15% maker fee, meaning you put on order on the book.

1. No, Beaxy is not similar to a traditional finance broker, they offer no financial services such as lending.
2. There are both day and night modes available, making the trading panel easy on the eyes and presenting information and execution panels in a clean and easy-to-read manner.
3. So far all Coinbase has said is that the notice lists “an undefined” number of its listed cryptocurrencies, and that its Earn, Prime and Wallet products potentially violate securities law.
4. You can only trade your BXY tokens for this token and when you receive it you can lock them up for a certain time, which will get you a percentage of your trading fees back.
5. Users are encouraged to enable Two Factor Authentication (2FA) and they make a point to point out phishing scams to avoid.
6. They also offer a mobile app for iOS and Android for those interested in trading on the go.

Launched in June 2019, Beaxy is a new cryptocurrency exchange that aims to get ahead of its competition by offering unmatched security, performance, and superior tech. Referral programs, low trading fees, 24/7 support and options to customize the trading experience are also positive. Beaxy offers a competitive fee structure that is in line with most of the crypto market. As with other exchanges the fees get lower the more volume you trade and the more of their proprietary token you hold. If you are able to afford to hold a half million BXY then you have no trading fees to worry about. The team behind the platform, lead by CEO Artak Hamazaspyan and CTO Mittal Patel, has proven very transparent.

Jesse is a graduate of Western Washington University, where he studied journalism and history. At the top of the interface are various important factors that can help you with your ongoing trades, including statistics like the volume, bid/ask spread and percentage changes. One of the best features is the calculator used to calculate the profits and losses of certain trades that you’re thinking about making. This technology can support hundreds of thousands of trades per second with less than a millisecond of latency, which is very fast when compared to other exchanges.