The SEC’s Beaxy Suit Looks Like a Coinbase Case Preview

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. 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. However, your funds will only be deposited to the wallet set as default, and you can then transfer freely between your internal wallets. Either of these two features can be used to transfer funds from an existing wallet.

Beaxy

The order panel and trade history are placed on the left, while the right is reserved for the order book. 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. With over 100 trading pairs, Beaxy will have a maximum capacity of 22.5M tx/s. However, like everything else, for this to really shine, you need actual trading volume. They are planning to provide penetration, cloud infrastructure, white box, black box, and many more tests to insure Beaxy’s security.

BXY tokens are the main in-site currency and their value is to be set by the open market. There are also various market orders available on Beaxy, such as Market, Limit, Post Only, Stop Loss, Stop Loss Limit, Limit IOC, Limit FOK, Take Profit, and Take Profit Limit orders, which will impress more experienced crypto traders. 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. With all that said, Beaxy does indeed follow top security practices, and offers security features that really bring the user peace of mind because they know that their assets are safe.

Beaxy Fees\r\n

Beaxy reached a settlement with the SEC that saw them agree to pay fines totaling $165,200, cease operations, and shut down their platform. In March 2023, the platform was shut down following a U.S. We’ll highlight a great alternative for the defunct exchange. “This case serves as yet another reminder to crypto intermediaries that their business models must comply and adapt to the law, not the other way around.” By offering these services, Peterson acted as an unregistered dealer.

Beaxy User Experience

Also, the funds are stored in multiple cold wallets distributed across dozens of secret geographic locations worldwide, which makes it essentially impossible for a criminal to compromise all of the exchange’s funds. The Beaxy team place security at the forefront of their priorities and the security protocols within the exchange are extremely effective and leave your account protected in many ways. It’s also worth noting that Beaxy operates a loyalty reward program that incorporates the PLUS Token (PLS), an exclusive token to the Beaxy exchange. 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. Beaxy offers several different order types in addition to regular limit and market orders, including Limit IOC, Limit FOK, Take Profit, and more. Nick Murphy was the long-time Head of Operations for the platform and had been involved in all aspects of running the exchange.

“This type of arrangement means that an unregistered crypto asset platform like the Beaxy Platform could use assets in their possession and control for its own purposes, thereby exposing investors to significant and at times undisclosed risk of loss of their assets. The U.S. Securities and Exchange Commission filed a lawsuit against crypto exchange Beaxy last week, alleging it offered an unregistered securities sale through a 2018 initial coin offering, and that it operated as an unregistered securities exchange, broker-dealer and clearing agency. 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. There is also an option to earn a portion of trading fees by locking up PLS tokens and onboarding friends onto the platform via the referral program. You can find more information on the risks involved with trading or holding crypto-assets here.

What is Beaxy?

• A user will need to hold tokens for at least a month to earn a 15% discount.
• At this exchange, they accept fiat currency deposits (both wire transfer and credit cor debit card transfers) through Simplex.
• Following the shutdown, customers were advised to withdraw all their assets within 30 days.

On the date of last updating this review the 24-hour trading volume was as low as USD 1,612 vis-a-vis  USD 19,676 on 18 September 2021, according to Coinmarketcap.com. Most traders in the crypto world today carry out their trades via desktop (around 70% or so). To find a reliable exchange where you can start an account, just use our Exchange Filters and we’ll help you find the right platform for you.

Why Kraken Crypto Exchange Is The Perfect Alternative

One more thing worth noting is that Beaxy is in the final stage of discussions with Optiv, a cybersecurity giant. The team also declares that requirements on the platform are according to PCI-DSS and ENISA safety requirements. The exchange beaxy review uses two-factor authentication (2FA) and is compatible with both Google and Authy Authenticators. Security measures are one of the most important factors you should be looking at when choosing an exchange.

Carefully consider whether investing in crypto-assets is suitable for you in light of your financial condition and risk tolerance. Exchange of crypto-assets for funds; 2. There are exchanges out there that charge low trading fees and then hit you with high withdrawal fees. Yes, prior to its shutdown, the platform had a partnership with the Gunbot trading bot, which allowed Gunbot users to connect to the exchange at no extra cost. Fortunately, alternative exchanges like Kraken provide better benefits for crypto traders.

• 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.
• This exchange, however, is on the totally opposite side of the spectrum.
• The fees on the Beaxy exchange are fixed at 0.2% of whatever you deposit, however, the BXY token allows users to reduce their fees by up to 50%.
• There are also various market orders available on Beaxy, such as Market, Limit, Post Only, Stop Loss, Stop Loss Limit, Limit IOC, Limit FOK, Take Profit, and Take Profit Limit orders, which will impress more experienced crypto traders.

BXY token itself is an ERC 20 token and gives users of the platform many other benefits, such as loyalty rewards and coin staking. 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. Beaxy is the native asset of the Beaxy exchange. The Beaxy price page is just one in Crypto.com Price Index that features price history, price ticker, market cap, and live charts for the top cryptocurrencies. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you.

Beaxy Fees

Beaxy also incorporates its native BXY token, allowing users to participate in staking to receive a 50% discount on trading fees. Trading or holding crypto-assets carries risks and may not be suitable for all. Custody and administration of crypto-assets on behalf of clients. Transfer services for crypto-assets on behalf of clients; and 6. Execution of orders for crypto-assets on behalf of clients; 5.

They only charge the network fees when you execute a transaction. This exchange, however, is on the totally opposite side of the spectrum. Because once you’re in, you can’t get out without paying withdrawal fees. Today, however, the industry average is 0.213% for takers and 0.16% for makers, so Beaxy is a bit above average when it comes to taker fees. The maker-taker model normally encourages market liquidity by rewarding the makers of that liquidity with a fee discount.

Beaxy suspended operations on March 28 “due to the uncertain regulatory environment surrounding our business,” according to the cryptocurrency exchange’s blog. President Donald Trump’s push toward friendly crypto policies produced a CFTC-led effort to encourage leveraged spot crypto trading, starting with Bitnomial. 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. 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. The platform is set out in a way that makes it easy for new users to get acquainted. A user will need to hold tokens for at least a month to earn a 15% discount.

Beaxy exchange shutters after SEC presses multiple charges against founder, execs

One of the best features is the calculator used to calculate the profits and losses of certain trades that you’re thinking about making. 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. You can find additional trading pairs at a handy drop-down menu, including a search bar for ease-of-access.

Trade with deep liquidity and low fees Foris MT Limited is a limited liability company incorporated in Malta with company registration number C and registered office at Level 7, Spinola Park, Triq Mikiel Ang Borg, SPK 1000, St. Julians, Malta, duly authorized by the Malta Financial Services Authority as a Financial Institutions licensed to issue electronic money under the 3rd Schedule to the Financial Institutions Act (Electronic Money Institutions). BXY is not tradable yet, but you can trade Bitcoin, Ethereum, and 400+ other coins on Crypto.com This means that this exchange is what we call an “entry-level exchange”.

Author: Admin1 Admin1