If you wish to trade cryptocurrencies, including Bitcoin, this Bibox review should be of help. On our quest to search for the best Bitcoin trading exchanges, we came across Bibox.
Because we’ve been with quite a few trading exchanges in the past, all that experience comes to use. We can discuss this Bibox review comparatively, as in not just talk of the features but compare them with its other competitors.
Let me just say for now that if it’s anonymity you seek for your trades, the platform doesn’t disappoint!
Anyway, here’s everything we will discuss in detail throughout this review:
We’ll surely get you a deeper insight into this Bibox review, but let’s make things simpler for you first?
Bibox Crypto Exchange Quick Overview
This section would paint you a decent picture of the exchange, and helps understand the piece and this review better:
- Primary URL: https://www.bibox.com.
- KYC: No mandatory, KYC is required.
- Supported Trading Pairs: 200+
- Deposits/Payments: Cryptocurrencies only.
- Fee: Trade-volume based/ 0.08%- 0.02%.
- Security: Fund-password/ 2-FA/ Anti-phishing code.
- Margin/Leverage Trades: Yes (10x).
Let’s take a closer look at this Bibox review then?
Does Bibox Need KYC Verifications?
I love my anonymity, period. That’s one of the primary reasons why I love Cryptocurrencies to begin with.
Fortunately, Bibox has an optional KYC policy. So users are free to deposit, trade, and even withdraw funds without any KYC verification whatsoever.
Verifying the profile does increase the withdrawal limits. However, I’m no millionaire and I’m content with the low withdrawal limits it offers me without verification.
But that’s not all. Bibox offers 100% anonymity during registrations as well. Here’s what the registration form looks like:
So the only required field is an E-mail ID. Which can be anything random, and maybe even from an anonymous e-mail provider such as privatemail mailfence skiff.com countermail.com Protonmail. Moreover, I’ve personally verified that this E-mail doesn’t have to be personally identifiable. It does however need to be verified.
The optional KYC verification is separate for Chinese nationals and differs for the rest of the world. The verification (for the rest of the world) requires the front page of the Identity document, as well as the personal information on the document.
Chinese nationals can also use the Bibox app to complete verification. So in a nutshell, unless you manually verify your profile, Bibox is 100% anonymous. This KYC-policy is much alike the one we mentioned in our Binance review.
What are the Deposit/Withdrawal Modes on Bibox?
Bibox is a Crypto-only platform. This further is one of the reasons why I said it’s anonymous.
Fiat transactions aren’t anonymous, not in the least. Any exchange offering fiat deposits can’t be anonymous. Not just by its technical requirements, but also legal.
However, Bibox doesn’t allow fiat deposits. It’s limited to Crypto-only transactions and that makes it anonymous.
*Note: Bibox has a different version, Bibox.cc and it’s called Bibox Europe. All the factors on that platform differ from Bibox.com, but that version does allow depositing funds directly using fiat currencies.
What are The Limits and Fee on Bibox?
There are two types of limits. One of them is imposed based on a user’s verification status. The second is just the standard limit based on deposit modes/coins.
KYC-verified accounts can withdraw upto 20 BTC/day. Unverified accounts are limited at 2 BTC withdrawal/day. The 20 BTC limit can further be extended by contacting the team manually.
There is no minimum deposit requirement on any Cryptocurrency deposits. The minimum withdrawal requirement for each Cryptocurrency varies. The minimum BTC which can be withdrawn is 0.005 BTC, for ETH it’s 0.05ETH.
As for the fee, all Cryptocurrency deposits are free. The fee is based on a maker-taker model, and decreases based on a user’s 30-day trade volume. If you’ve gone through our Poloniex review, Kucoin Review, or any other best trading exchange reviews you’d notice this is the fee-model used on most exchanges.
On new accounts, makers on Bibox pay 0.08% on a transaction, while the takers pay a much lower 0.1% for each trade. The lowest possible fee is 0.00% for makers and 0.02% for takers. It comes down to this level via its 8 trading-volume tiers.
Although the exchange has its own coin, called BIX. If and when the fee is paid using BIX, users get a discount. The discount starts at 50% for the first year, and then decreases exactly by half every consecutive year.
There’s a withdrawal fee associated with each coin as well. Although again, it varies for each coin. For Bitcoin it’s 0.0006BTC, for Ethereum it’s 0.008ETH and so on.
Is Bibox Secure?
When it comes to trading exchanges, quite a few have been hacked in the past. There are two aspects we consider when gauging an exchange’s security. The exchange’s back-end security of user-funds, and the technical features provided for each account which can be enabled/disabled by the users themselves.
Fortunately, Bibox does use a cold-wallet to store user-funds. Cold-wallets are wallets completely isolated from the internet. This extensively reduces the probabilities of it being hacked.
The exchange also uses a Microservice splitting design which further secures it from external attacks.
As for account security features, quite a few of those are offered including:
- 2-FA (Google Authenticator and SMS).
- Fund password
- And anti-phishing code.
The 2-FA is mandatory in the majority of the uses. For e.g. you can’t deposit funds before enabling 2-FA. Privacy freaks (like me) can use Google Authenticator instead of phone numbers for 2-FA. The fund-password too can only be set after enabling 2-FA.
The fund password is used for withdrawing funds. It protects our funds even when the password is compromised.
The anti-phishing code is for e-mails. It can be set by each user individually. A kind of secret phrase. Every e-mail from Bibox will contain this phrase. If it doesn’t, the e-mail isn’t from Bibox and is a scam.
The exchange also displays the “Login record”. Date, IP address and Location of all the recent logins make sure you can detect any unusual logins and change your password.
Can I use Bibox on Windows/Mac/Android and iOS devices?
Yes. Bibox is one of the most cross-compatible trading exchanges we’ve ever seen. It’s has standalone applications for the following platforms:
- Android, iOS, MacOS, As well as Windows
How Many Coins and Trading Pairs Does Bibox Support?
A major factor we consider total, the exchange offers around 90 coins. This clearly means the total trading pairs would be around 180 in the least.
However the official statement put the number at 200+. Comparatively, it’s as good as any other best trading exchange out there.
Sure, it’s less if compared to some companies such as the one we included in our Bitfinex review. But on the other hand, we sure have seen companies with a much lesser number of supported coins, for e.g. in our Kraken Review.
Does Bibox Support Leverage Trading or Lending/Borrowing funds?
Yes. Bibox does offer both leverage trading, as well as lending/borrowing funds. The current maximum leverage offered is 10x.
As for lending/borrowing funds, that’s possible as well. The lending/borrowing parties get to set a preferred hourly interest rate for their loan as well. The longest loan-period is 7 days, after which it’s renewed. The lowest interest rate which can be offered by lenders is 0.01%, the highest being 0.20%.
The lenders are charged a 15% fee on the interest that they earn from the loan. No fee is charged by the exchange from the borrower.
How Good is Bibox Support?
I wouldn’t put my money where I don’t get prompt support. Fortunately, BitBox offers just that.
It offers a live chat. The chat is available (nearly 24×7) and they can communicate in English. I say nearly because for a couple minutes during our test the chat option does turn into a “help” button and becomes an E-mail form, but just for a couple of minutes at best.
They can also be contacted via Telegram, WeChat and E-mail.
If you ask for our personal final verdict on this Bibox review goes, we’d ask you- why not? Why shouldn’t someone use Bibox?
It’s anonymous, doesn’t ask for identification, offers decent non-KYC limits, accepts most Cryptocurrencies, has no geographical restrictions, is compatible on almost all major devices and OS. So where are the red flags?
Even the security features are commendable. There honestly aren’t many points stopping it from being one of the best Bitcoin trading exchanges in the industry.
But sure, don’t take our word for it. If the features intrigued you, give it a try, come back to this Bibox review and share with us your well-informed and experienced opinion?