About Bilaxy
History and General Information
Established in 2018, Bilaxy has made impressive strides despite its relatively late start compared to other platforms that capitalized on the cryptocurrency boom in 2017. Since its inception and official registration in Seychelles, the exchange has experienced significant growth, accumulating hundreds of thousands of clients worldwide. Despite its global presence, residents of the United States cannot trade on Bilaxy due to the absence of a license to operate in the country.
Unique Features and Services
Bilaxy stands out among other exchanges due to the vast number of cryptocurrency pairs it offers for trading. It supports the majority of popular coins globally, including Bitcoin, Ethereum, Tether, and Binance Coin, as well as many newly released and smaller coins in the market. These coins hold substantial growth potential, likely contributing to an increased trading volume on the platform. It's worth noting that the exchange does not facilitate deposits in fiat currency, so new investors can’t start trading on the platform if they don’t have crypto assets.
Trading Fees
Bilaxy offers one of the lowest fee rates in the industry, setting fixed fees at 0.10% for both makers and takers. This rate is significantly below the industry average, making trading on this platform cost-effective and attractive.
Security and Customer Support
Bilaxy prioritizes security, implementing the standard KYC process for user verification and providing various options to improve account security. However, it's important to note that in August 2021, the exchange faced a serious hacking incident resulting in a substantial loss of funds from hot wallets. Despite the measures taken to reinforce security, this remains a crucial aspect to consider when choosing a platform for fund storage. Users should stay informed about the exchange's ongoing security improvements and weigh the risks associated with the past security incident.
Geographical Reach
Bilaxy has gained popularity in various countries, including India, Russia, Vietnam, the USA, Peru, Turkey, Hong Kong, Nigeria, and Iran. However, residents of the United States do not have the opportunity to trade on Bilaxy, limiting the platform's accessibility to a significant portion of potential users.
Referral Program
Bilaxy offers a referral program to its clients, allowing them to receive various benefits for bringing in new users to the platform. This program serves as an additional incentive for active platform users.
Conclusion
Bilaxy is an attractive exchange for active traders, thanks to its low trading fees, a wide selection of cryptocurrencies, and user-friendly interface. However, limitations on accessibility for residents of certain countries and past security issues may raise concerns. Nevertheless, Bilaxy continues to be one of the key platforms in the cryptocurrency market, driven by its innovation and commitment to providing quality services to its clients.
CEO at Bilaxy