Biconomy Overview
Biconomy is a Canadian cryptocurrency exchange that has been operational since October 1, 2019. Known for its simplicity, security, and reliability, Biconomy aims to provide a user-friendly experience for crypto traders.
Advantages of Biconomy
Biconomy emphasizes three key advantages: simplicity, security, and reliability. The platform highlights its commitment to security by storing 98% of users' assets in cold storage, ensuring a secure environment for trading.
US-Investors and Regulatory Compliance
Unlike many exchanges that restrict US citizens due to regulatory concerns, Biconomy appears to accept US investors. The challenge for foreign exchanges lies in compliance with the Securities Exchange Commission (SEC), and Biconomy seems to navigate this regulatory landscape to accommodate US investors.
Mobile Support for On-the-Go Trading
Recognizing the diversity of crypto traders, Biconomy offers mobile applications for both Android and iPhone users. This allows traders to engage in cryptocurrency trading conveniently on their mobile devices.
OTC-Services for Large Crypto Portfolios
Biconomy provides Over The Counter (OTC) services, catering to users with significant cryptocurrency portfolios. OTC trading allows for the execution of large trades outside the regular order book, addressing issues related to market impact and thin order books.
Trading Fees at Biconomy
Biconomy charges a standard trading fee of 0.20% for both takers and makers. This fee structure is competitive, falling slightly below the global industry averages for centralized exchanges. The industry has historically seen averages around 0.20-0.25%, with emerging trends indicating averages of 0.10%-0.15%.
Withdrawal Fees
Unfortunately, information on Biconomy's withdrawal fees is not available at the moment. Investors should be cautious, as the absence of withdrawal fee details may pose a potential risk. Monitoring for updates on withdrawal fees is advised for those considering the platform.
Deposit Methods
Biconomy offers multiple deposit methods, including wire transfer, debit card, and cryptocurrency deposits. The inclusion of fiat currency deposits positions Biconomy as an entry-level exchange, welcoming new crypto investors to embark on their journey into the dynamic world of cryptocurrencies.
