Bilaxy Crypto Liquidity Provider Review
Overview and General Information
Bilaxy is a cryptocurrency exchange founded in 2018 and based in the Republic of Seychelles. It launched in early 2018 and has positioned itself as a platform focused on providing liquidity for new tokens, catering to a global user base. The exchange is registered in the Seychelles, a jurisdiction known for its relatively favorable regulatory environment for cryptocurrency businesses. It’s important to note, however, that this does not equate to rigorous oversight found in other jurisdictions.
Bilaxy employs Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures, aiming to ensure the legitimacy of its users and prevent illicit activities. This is a standard practice for reputable exchanges, albeit the stringency of enforcement can vary considerably.
Products and Services Offered by Bilaxy Crypto Liquidity Provider
Bilaxy offers a substantial range of cryptocurrency trading pairs. At the time of this review, the exchange boasts nearly 1,000 trading pairs, including a significant number of pairs involving Tether (USDT), Ether (ETH), Bitcoin (BTC), and Binance Coin (BNB). This variety aims to provide traders with diverse opportunities. In addition to numerous cryptocurrency pairings, Bilaxy also supports a broad selection of stablecoins, facilitating transactions that aim for greater price stability compared to more volatile cryptocurrencies.
One notable feature is Bilaxy's own utility token, BIA. Holding and using BIA offers users a 50% discount on trading fees, incentivizing token holders to actively participate on the platform. Furthermore, Bilaxy operates a referral program, rewarding users for attracting new traders to the exchange. This is a common marketing strategy employed by many exchanges to expand their user base.
Product Features and Conditions
Bilaxy emphasizes security as a key feature. The exchange claims to utilize advanced technologies like distributed server clusters and distributed storage to enhance system resilience and security. Multi-level firewalls and stringent monitoring procedures are also mentioned as part of their overall security strategy. It's crucial to understand that while these measures are important, no system is entirely impervious to security breaches.
Regarding wallet security, Bilaxy states that more than 95% of user assets are held in cold storage, considered a more secure approach compared to hot wallets. Cold storage involves offline storage, making it less vulnerable to hacking. However, the specifics of their cold storage implementation aren't publicly available for independent verification.
The standard maker and taker trading fees on Bilaxy are 0.25%. As previously mentioned, this fee can be reduced by 50% for users who pay with the BIA token. This fee structure is competitive with other exchanges, but it is essential to compare it against other platforms before making decisions.
Contact Channels and Customer Support
Bilaxy offers customer support through various channels, including its webpage, email, and Telegram. This multi-channel approach intends to provide users with multiple avenues to contact support, catering to different preferences. The exchange also claims to offer 24/7 customer support, a crucial aspect for a cryptocurrency exchange given the often fast-paced and time-sensitive nature of trading.
While 24/7 support is advertised, the actual quality and responsiveness of the support should be independently assessed by users. Reviews and user feedback on platforms can provide valuable insights into the effectiveness of customer service.
Pros and Cons of Bilaxy Crypto Liquidity Provider
Pros
- Global Reach: Bilaxy services traders in over 80 countries, demonstrating a broad international reach.
- Liquidity Focus: The exchange's focus on providing liquidity for new tokens can attract traders interested in early-stage investments.
- Security Measures: Bilaxy employs several security measures, although independent verification of their effectiveness is needed.
- Utility Token Benefits: The BIA token provides a fee discount, incentivizing token use and platform participation.
Cons
- Security Breach History: A significant security breach in 2021 resulted in the theft of millions of dollars. This raises concerns about the platform's long-term security, despite claims of improved measures.
- Limited Trading Options: Bilaxy currently lacks support for margin or futures trading, limiting options for experienced traders accustomed to these features.
Summary of Bilaxy Crypto Liquidity Provider Review
Who is it Best Suited For and Why:
Bilaxy is best suited for traders who prioritize access to a wide range of cryptocurrencies, particularly those interested in newly launched tokens. Its global reach makes it suitable for international traders. However, the risk tolerance of users must be considered given its past security breach.
Final Thoughts on Value and Choosing the Company:
Bilaxy offers a diverse selection of trading pairs and aims for a secure platform. However, its past security incident is a significant drawback that potential users must carefully weigh. The 24/7 customer support is a positive aspect, but its effectiveness needs independent confirmation. Overall, a comprehensive evaluation of its security track record and comparison with other exchanges is crucial before deciding if Bilaxy aligns with an individual's risk profile and trading needs.
Frequently Asked Questions about Bilaxy Crypto Liquidity Provider
Q: What is Bilaxy?
A: Bilaxy is a cryptocurrency exchange focusing on providing liquidity for a broad array of cryptocurrencies, including newly listed tokens. It serves a global user base but has a history of security vulnerabilities.
Q: How secure is Bilaxy?
A: Bilaxy implements various security measures, but its 2021 security breach highlights the inherent risks in cryptocurrency exchanges. Independent verification of the effectiveness of its security is needed to accurately assess its security posture. Users should carefully consider the risks involved before using the platform.
Q: What happened in the security breach of 2021?
A: In 2021, Bilaxy suffered a significant security breach resulting in the theft of approximately $21 million. This incident led to a temporary shutdown of the platform to enhance security measures and transfer assets to cold storage. This incident remains a serious concern for potential users.
References
[1] https://www.allcryptowhitepapers.com/bilaxy-whitepaper/
[4] https://www.bitdegree.org/top-crypto-exchanges/bilaxy
