What is Beaxy?

Beaxy is an all-in-one cryptocurrency exchange that is developed by a team of traders and coders. This platform is set to offer us crypto trading services that is on par with the quality of service offered by stock exchanges.

Despite the passion to achieve this feat, Beaxy has not rushed its release date. Instead, the team behind the trading platform has made sure that they have everything set in the right place in order to have the best possible release.

Let us now have a look at some of the aspects that makes Beaxy the best ever cryptocurrency exchange.

Special features of the Beaxy trading platform:

Cryptocurrency exchanges have been around since 2010. Due to the overwhelming demand for these platforms, the initial exchanges never bothered to improve the quality of their service nor did they add any new services on the platform.

The new exchanges have already set these veteran exchanges as a benchmark and are trying to match the quality of the service offered by these crypto exchanges. However, no one is actually comparing the crypto exchange service to the quality of service offered by the traditional stock trading platform.

Beaxy is the first exchange platform to do this and from the initial looks, might take all the spotlight away from even the newer exchanges like Binance and Kucoin. Here are some of the aspects that makes Beaxy a better cryptocurrency trading platform.

1- An Exclusive partnership with OneTick

Cryptocurrency trading has been trying to compete with the stock market trading for nearly a decade now. However, we can see a clear winner in the stock market trading as it is more popular and more widely used.

Even though there is more money to be made in the crypto market, people still prefer the stocks market. This is due to the poor quality of the service offered by the cryptocurrency exchanges.

The only way around this problem is to understand the quality of service provided by stock exchanges and replicate the same on a crypto exchange. However, all the crypto exchanges consider a particular crypto exchange as the benchmark and try to surpass the quality of service offered by that exchange.

Beaxy, on the other hand, has turned towards the stock market exchanges and is trying to bring the same quality of service to the crypto space. This is made possible by partnering with OneTick, a stock market data analytics master. Beaxy will be using the OneTicks trading engine on the exchange platform.

This trading engine has already proven to support 225,000 transactions every second per trading pair. Beaxy is going to start off with 50 trading pairs. Therefore, providing a total of over 11 million TPS on the exchange platform. This is well above the TPS offered by Binance or Bittrex.

OneTick’s trading engine offers two different services which are the wallet manager and the matching engine. The wallet manager calculates the fee based on the number of funds being traded and then reserves these funds for the particular order.

The matching engine is really very fast at finding buy orders that can satisfy the sell orders. It is also designed to not self-execute your own order. At the same time, it is extremely fast. Thus, making the whole trading experience more likable.

2- Fiat deposits

In the current crypto trading ecosystem, converting fiat currency into cryptocurrency is a major hold up. Currently, in order to convert fiat into cryptocurrency, users firstly need to transfer their money into an exchange like Coinbase, convert fiat to Bitcoin. Then they must transfer the converted Bitcoin into a more widely used crypto exchange like Binance or Bittrex in order to gain access to a wide range of crypto trading pairs.

In order to withdraw cryptocurrency to your bank, you need to convert the alt coin into Bitcoin. Then transfer it into an exchange platform like Coinbase that supports fiat withdrawal and finally transfer it into your bank account. This whole process is very tiring and many people would not prefer to do this.

With exchanges not ready to implement fiat trading pairs on their platform, the current situation is not looking very good. However, Beaxy will have a dedicated fiat-crypto trading pain. This means that you will be able to deposit your fiat money on the Beaxy platform, convert it into cryptocurrency and start trading at the same place.

Additionally, verified account holders will be able to achieve instant deposits on the platform as well. Thus, making it the ultimate cryptocurrency exchange.

3- Security

This is a major concern for any crypto trader. The level of security provided to traders on a crypto platform is nowhere close to the level of security offered by the stock exchanges.

The most common kind of attack is the phishing attack where the victim is redirected to a page that looks exactly like the trading website that s/he wishes to visit. However, these are fake websites that are used to steal your funds.

Beaxy has integrated a multi-layer security in this aspect. On the Beaxy trading platform, a user needs to whitelist his IP address before he can start using it to log into his account.

Whenever you use a new IP address to log in, your IP address will be logged and an email regarding a login attempt from a new IP address will be sent to your email address. You then need to whitelist that IP by clicking on the link sent to your email address. When you click on the link, your IP will get logged again.

If the two IP addresses are the same, only then you will gain access to your account. Else a warning message will be sent to your email address urging you to change your credentials and the IP address that tried to log in will be permanently blacklisted.

Another threat to the cryptocurrency exchanges comes in the form of hackers who try to steal funds from the wallets. In order to counter this, Beaxy will be making use of both hot and cold wallets. Only a small amount of the funds will be stored in the hot wallets and the majority of the funds will be stored in cold wallets that are spread across several geographic locations.

All the wallets that are used are multisig wallets which means that in order to withdraw any funds, the attacker must have access to more than one private key. Thus, making it exponentially harder for someone to steal funds.

4- Advanced order types

All crypto exchanges let you place market orders and some even let you set limit orders. However, most exchanges don’t provide you any more order types. One thing to remember is that the crypto market never sleeps.

When you put your hard earned money into something that you can never touch, you expect to receive a service that helps to reduce your losses. Beaxy provides you the ultimate feature in this aspect. They provide users with the ability to set stop loss as well.

Now, traders can easily go to sleep without worrying about their open positions. If the market does take a hit, their stop loss will be executed and the overall loss to the trader will be averted.

The platform also provides OTC trading support wherein two traders can trade cryptocurrencies without the supervision of the exchange. This feature will help to bring in more institutional investors to the platform. This is yet another order type that is not available on many exchanges.

All-in-all, the Beaxy exchange platform provides users with 26 different order types to attract more traders to this platform and make it feel more familiar to the stock exchange platforms.

5- Multiple wallets

Traders will have access to both hot as well as cold wallets. So you will be able to transfer all the funds that you would not require immediately to a more secure cold wallet.

Additionally, users are also given the option to create multiple wallets for the same crypto asset. This feature is not available on any other trading platform. Thus, you have been given more freedom and security by storing your funds on multiple wallets.

6- Advanced tax reports

One major development that happened after 2017 was the decision to tax all cryptocurrency gains. However, this process is easier said than done. When it comes to crypto trading, you usually execute hundreds of trades on a monthly basis. Not all the trades that you execute gives you a profit either.

Thus documenting all your gains and losses is going be a lot of pain. This is provided you are using one of the existing exchanges such as Binance or Bittrex.

However, you can save yourself a lot of trouble by jumping onto the Beaxy trading platform. On the Beaxy exchange platform, you will be given a detailed report of all your gains and losses which you can directly use to calculate your taxes.

This is as convenient as using a traditional stocks exchange. Thus, helping to attract more users to the platform.

7- Staking perks

Beaxy is probably the only platform that cares deeply about its customers and the service that it offers them. This is why they reward their customers for using the platform. Just like the common exchanges such as Binance and Kucoin, Beaxy also has its own in-house token called the BXY token.

Users can cut their trading fee in half by making use of the BXY tokens to pay the trading fee. To make things even better, Beaxy also allows its users to increase the discount rate further by staking the BXY tokens. The discount rates are going to be calculated based on the number of BXY tokens that you stake. Therefore, you end up paying an even lesser trading fee.

8- Loyalty program

The Beaxy trading platform also has another in-house token called the PLS token. This token is a non-tradable token. Users can convert their BXY token into the PLS token and vice-versa whenever they want.

Users who possess the PLS token are entitled to receive up to 25% of the trading fee that was collected on the Beaxy exchange. Users can then convert the PLS tokens that they received back into BXY token and use it for trading purposes. Thus, the users always benefit while using the platform.

9- Secure store

This is a feature that is unheard of in the crypto world. Just like the Apple Store and the Google play store, Beaxy has its own store which contains a verified list of third-party apps that use the Beaxy API keys.

Developers can develop apps and then submit it on the Beaxy store for verification. Once verified, these apps will be available for everyone to use and benefit from. This not only provides a one-stop place to use all the apps developed on top of the Beaxy platform but also ensures that the users are never scammed into using fake apps.

10- Support and referral program

The Beaxy platform also provides all its users 24X7 chat support. This means that users who face any issues on the platform can easily find the solution to their issues quickly.

The platform is also offering a referral program wherein users receive a 10% additional discount on their trading fee for a lifetime and a 20% discount for a period of 2 months. Thus, users enjoy the top-notch service by using this new trading platform.