Those people who are submitting a National ID or driving license, will have to take a picture of both sides of the document. Before uploading the document, you will need to select the country your document was issued in. Currently, Beaxy does not compare to Binance, they offer nowhere near the same number of assets, and their volume is not even close. They are attempting to become as popular as Binance with their Beaxy Token trying to capture some of the same attention as Binance Coin (BNB) has. It doesn’t look like Beaxy or its executives settled the charges with the SEC, but the fact the exchange is shutting down suggests this will be the kind of case the SEC may look to for a potentially easy win ahead of the Coinbase lawsuit.
What are Beaxy’s Fees Like?
- After accepting the Terms and Conditions and clicking “Sign Up”, you will automatically receive a confirmation email with a verification link.
- Security measures are one of the most important factors you should be looking at when choosing an exchange.
- This means that no other crypto exchange will have access to this technology.
- The project held an Initial Coin Offering (ICO) which ran until September 2018 with an excellent amount raised equaling $3 million.
Windy Inc. took over the platform in 2019 after the founder misappropriated money, according to the SEC, and managers Nicholas Murphy and Randolph Bay Abbott maintained Beaxy for trading crypto assets “that were offered and sold as securities,” the SEC said. 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. The next step is to log into your Beaxy account and pass the identity verification process.
Securities and Exchange Commission (SEC) charged the online crypto asset trading platform, Beaxy Exchange, and its executives, with failing to register as a national securities exchange, broker, and clearing agency1. The SEC also charged several market-makers that operated on the Beaxy platform as unregistered dealers. The founder of Beaxy Exchange was charged with raising $8 million in an unregistered offering of the Beaxy token (BXY) and misappropriation of those funds. As I already said, the Beaxy platform is powered by a token called BXY, which provides access to premium add-on tools such as custom SMS alerts, premium TradingView charting, access to the coin staking and loyalty reward programs and to purchases on the coming Beaxy App Store. 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 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. Overall, the security of the exchange is fairly good, though there is no indication about hot and cold storage of assets, they have a partnership with Curv, a cloud-based digital asset security platform which provides comprehensive protection on the custody of digital assets. Curv eliminates the need for private keys, replacing them with multi-party computation (MPC) protocols that enable transactions to be securely signed in a distributed way to eliminate any single point of failure.
Beaxy Alternatives
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. The Beaxy team is already pretty big and has 25 full-time employees and 25+ halftime contributors all over the world.
Beaxy Customer Support
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. Security measures are one of the most important factors you should be looking at when choosing an exchange. 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. The exchange uses two-factor authentication (2FA) and is compatible with both Google and Authy Authenticators.
Beaxy Exchange is safe, though it has had an issue in the past where their system was exploited and resulted in the loss of 44 Bitcoins and 111,000 Ripple. Users are encouraged to enable Two Factor Authentication (2FA) and they make a point to point out phishing scams to avoid. While this complaint seems pretty clear, as ConsenSys’ Matt Corva pointed out, part of the issue with registration is figuring out the asset aspect of it all. Beaxy, for its part, claimed an “uncertain regulatory environment” as the reason for its shutdown ahead of the lawsuit’s publication.
In short, the digital assets are under bulletproof protection on Beaxy thanks to Curv’s approach to security. Setting up a Beaxy account is a an extremely simple endeavor that takes a matter of minutes. Of course setting up an account for buying and trading cryptocurrency will take a little bit longer because Beaxy requires users provide some amount of personal identification to avoid money laundering. The next few paragraphs then contrasted Beaxy with the traditional securities world, noting that a national securities exchange would not “take possession or control” of an asset being traded, while clearing agencies handle settlement and broker-dealers.
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. 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. As Beaxy is still building its reputation and developing its user base, it offers an attractive fee structure and various incentives, which should prove successful in attracting users to the platform and improving the validity of the BXY token. 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 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. There is also another way to get discounted trading because with the staking program, you will have the option to lock up some of your BXY tokens to receive a discounted trading fee.
Beaxy Exchange Review: Complete Beginners Guide
After generating an address, you’ll see the standard QR code and alphanumeric string. Either of these two features can be used to transfer funds from an existing wallet. However, your funds will only be deposited to the wallet set as default, and you can then transfer freely between your internal wallets. She specializes in developing low latency enterprise applications with extensive experience in Agile methodologies.
She is also the co-host of CoinDesk’s Markets Daily show on Spotify and Youtube. Helene is a recent graduate of New https://traderoom.info/beaxy-cryptocurrency-exchange-review/ York University’s business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. The project held an Initial Coin Offering (ICO) which ran until September 2018 with an excellent amount raised equaling $3 million. This exchange is available in 185 countries and 43 United States states and offers a referral program, which allows you to refer friends to the exchange and receive 10% of their trading fees for their account’s lifetime. Current regulatory guidance requires crypto providers to register as money service businesses (MSBs) with FinCEN and meet individual state registration requirements.
Beaxy also incorporates its native BXY token, allowing users to participate in staking to receive a 50% discount on trading fees. BXY token itself is an ERC 20 token and gives users of the platform many other benefits, such as loyalty rewards and coin staking. Helene is a New York-based news reporter at CoinDesk, covering news about Wall Street, the rise of the spot bitcoin exchange-traded funds (ETFs) and updates on crypto exchanges.
She also has over 10 years of experience with technologies like Core Java, J2EE, AngularJS, JavaScript, Hibernet, and RESTful Web Services. It has not happened since, and they improved security following the incident. They follow all KYC/AML policies and use Curv as the custodian for users’ funds and wallets. “The Beaxy Platform also had the ability to trade crypto asset securities against its own customers, which gives it the means and the motive to put itself on the winning side of each trade, without regard to obligations that apply to registered broker-dealers,” the filing said. Guidehouse is a global consultancy providing advisory, digital, and managed services to the commercial and public sectors. Purpose-built to serve the national security, financial services, healthcare, energy, and infrastructure industries, the firm collaborates with leaders to outwit complexity and achieve transformational changes that meaningfully shape the future.
- With over 100 trading pairs, Beaxy will have a maximum capacity of 22.5M tx/s.
- There are various explanations and tips on how to navigate the platform placed in easy to find locations.
- The exchange uses two-factor authentication (2FA) and is compatible with both Google and Authy Authenticators.
- 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%.
However, like everything else, for this to really shine, you need actual trading volume. With over 100 trading pairs, Beaxy will have a maximum capacity of 22.5M tx/s. After your transfers have been confirmed by the network and Beaxy displays your wallet’s funds, you are free to trade on the exchange.
