Beaxy Exchange: Features, Instruments and Software Review

You will be sent an email with a verification link that will allow you to access your account from the new IP address. The most basic identity verification level enables users to withdraw up to 30 BTC worth of cryptocurrency per day. To pass this KYC level, users need to submit a national ID document, driving license or Passport. Beaxy is a new exchange that looks to be one of the most promising up-and-coming exchanges on the market, bringing many new features and a high-performance trading engine to market with a smooth user interface. The platform is set out in a way that makes it easy for new users to get acquainted. The exchange also features the most advanced interface, data compilation, trading tools, and security measures to date.

After an identification document is submitted, users will also have to record a short video of themselves to prove that they are in fact the owners of the document that they submitted. All KYC documents submitted to Beaxy are encrypted and stored in AWS servers in the United States. This system can even protect users that have added their username and password into a Beaxy phishing site, by blocking an attacker if his IP does not match the one of the actual owner of the account. Finally, on the contrary to Binance, Beaxy currently does not have a mobile app, unfortunately. Even though Beaxy’s website can also be used on a smartphone, it’s not as user-friendly as a dedicated app would be.

US SEC Sues Crypto Firm Beaxy Digital Over Failure to Register as Securities Exchange

Together, they create the groundwork for a successful and efficient user experience. The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Beaxy solves this and makes it very easy for traders who are looking to cash out their cryptocurrency gains on the same platform. 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. 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. BitDegree Crypto Reviews aim to research, uncover & simplify everything about the latest crypto services. Easily discover all details about cryptocurrencies, best crypto exchanges & wallets in one place.

Security – The Beaxy team place security at the forefront of their priorities and the exchange uses two factor authentication and is compatible with both Google and Authy Authenticators. The exchange also allows for withdrawal address and IP whitelisting, and the team also promise to maintain the confidentiality of user data. Standards on the platform are in line with PCI-DSS and ENISA security standards.

Beaxy offers several different order types in addition to regular limit and market orders, including Limit IOC, Limit FOK, Take Profit, and more. The wallet columns include the Wallet Name, Available Balance, Reserved Balance, Locked Balance, Pending and Total Balance and the Is Default feature. The first time you deposit into a wallet, you will have to generate the wallet first. After accepting the Terms and Conditions and clicking “Sign Up”, you will automatically receive a confirmation email with a verification link. The Beaxy team is already pretty big and has 25 full-time employees and 25+ halftime contributors all over the world. The exchange team contains CEO Artak Hamazaspyan, CTO Mittal Patel, COO John Galvagno, and Director of Engineering Federico Almaraz.

Per the SEC report, Abbot and Randolph are accused of contravening the SEC regulations, while Peterson was charged with operating as an unregistered dealer. You can save time by automating your trades, increase efficiency by employing bots to run day and night. Also remember to go https://forexarena.net/ to the Security tab and activate two-factor authentication using the Google Authenticator app – this is the most reliable way to prevent unauthorized access to your account. It tells you that there are ways to get ever more efficient at trading without sacrificing your comfort.

Please be aware of the risks involved with any trading done in any financial market. When in doubt, you should consult a qualified financial advisor before making any investment decisions. Hyipstation is not a registered broker, analyst, beaxy review investment advisor or anything of that sort. Everything that we provide on this site is purely for guidance, informational and educational purposes. All information contained herein should be independently verified and confirmed.

This means that this exchange is what we call an “entry-level exchange”. The exchange was previously registered in Saint Kitts and Nevis, but it is now owned by Windy Inc. and Beaxy’s headquarters today are in Chicago, Illinois. The SEC further alleges that Beaxy’s founder Artak Hamazaspyan misappropriated about $900K for his personal use, allegedly including gambling. In addition, the SEC says that Beaxy’s market makers for operating as unregistered dealers. The US regulatory authorities including the SEC seem to have gone full throttle in their crackdown on cryptocurrency platforms. SEC’s lawsuit against Beaxy comes just a few days after Commodity Futures Trading Commission filed a lawsuit against Binance and its CEO Changpeng ‘CZ’ Zhao.

Role of BXY coin

Beaxy’s customer support also includes a massive Help Center where you can find tens of valuable articles explaining how exactly to use the exchange. Users are encouraged to first check their Help Center if a question arises. 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.

It is important for individuals to carefully consider the Pros and Cons of the exchange before making a decision to trade on Beaxy. It’s also worth noting that Beaxy operates a loyalty reward program that incorporates the PLUS Token , an exclusive token to the Beaxy exchange. 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. The next step is to log into your Beaxy account and pass the identity verification process.

As such, you’ll be able to multiple your efficiency by stitching multiple trading methods together and work in any destination. For instance, you can use the Hummingbot on the Public API, the Trading System and the same Trading System on the mobile app, all the while keeping one eye on the Trender. However, it is worth noting that Armenia does not have an extradition treaty with the US. Despite these features, Beaxy has a number of challenges to overcome, for example the Loyalty Reward Program is not available to residents of the US, while fiat transfers still haven’t been enabled. You can use the “Take pictures with Smartphone” feature, and both a Driving License and National ID must have both sides uploaded. Smartphone users can click the link at the bottom of the panel to get further instructions via email on how to proceed.

Beaxy Trading System

Beaxy’s API provides you with comprehensive data that allows you to expand your trading system’s potential. Whether you’re new to algorithmic trading or an experienced pro, they’ll give you everything you need to widen your capabilities. For help setting up your API connection, visit your discord here and tag a team member.

The two worked closely with Brian Peterson, Beaxy chairperson, in providing the investor with crypto-related services and products. According to the United States Securities and Exchange Commission , the Beaxy team, led by the top executive, operated without acquiring legal documentation from the regulators. The Beaxy team failed to comply with SEC requirements to operate as a brokerage firm. We may use other companies to serve third-party advertisements when you visit and use the Site.

The company is registered in St. Kitts & Nevis in the Caribbean Island, but also has offices in Chicago and Illinois. However, the company is actively researching the opportunities to be registered in Malta or Gibraltrar.

Below are a few of the advantages the exchange itself promotes on its website. Among these, security, performance, low trading fees and 24/7 support are the ones we deem most important. Naturally, referral programs and options to customize the trading experience are also positive. Additionally, Artak Hamazaspyan, the founder of Beaxy, and Beaxy Digital Ltd, a company he controlled, were charged by the SEC for raising $8 million through an unregistered offering of the Beaxy token. The SEC alleged Hamazaspyan used $900,000 of the raised funds for personal use, including gambling. CFX is a web app custom-built for one purpose To recover the margin FX brokers have been losing to PSPs.

Top 5 Wallets

The team at CaptainAltcoin.com only recommends products and services that we would use ourselves and that we believe will provide value to our readers. Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy. Beaxy has officially shuttered its doors after the Securities and Exchange Commission accused the firm and its founder of running an unregistered exchange and brokerage.

• Once you are on the trading interface, you can now put up your first buy or sell order.
• At Trading Browser we aim to protect the end-user by delivering content that is fully transparent and aimed at user experience, trust, and security above all else.
• When trading with a casback system you earn real cash when your trades are executed in the market.
• Beaxy aims to become a leader in the crypto trading space and is best suited to people with a good understanding of trading digital assets and using exchanges.

In the following example, if a user locks up 100K BXY tokens for 6 months, they will receive 100K PLS tokens. If there are also 10 million BXY tokens locked up in various accounts on Beaxy, there will be 10 million PLS tokens in circulation. The wallet columns include the Wallet Name, Available Balance, Reserved Balance, and Locked Balance, which is the balance locked away in any staking or loyalty programs. You also have Pending and Total Balance columns and the Is Default feature allows you to set the default wallet for each currency. The first time you deposit into a wallet, you will be asked to generate an address for it.

It’s also important to note that Beaxy will have an exclusive partnership with OneTick, its flagship software, a comprehensive suite for time-series data management, real-time event processing, and analytics. This means that no other crypto exchange will have access to this technology. The SEC is still pursuing securities fraud charges against Hamazaspyan and unregistered offering charges against Beaxy Digital. Beaxy founder Artak Hamazaspyan and Beaxy Digital Ltd. were also charged for raising $8 million through an unregistered offering of the Beaxy token.