What is Bilaxy?
Bilaxy, established in April 2018, is a centralized cryptocurrency exchange with an unclear domicile country. While not inherently alarming, visitors are advised to exercise caution and form their own opinions regarding the exchange's legitimacy. Bilaxy operates in both English and Chinese, suggesting a possible affiliation with China or Hong Kong.
Supported Cryptos
Bilaxy specializes in the trading of various altcoins, including many lesser-known ones, against ETH. Notably, the absence of fiat currency trading sets Bilaxy apart, making the exchange distinct in its purpose and offerings.
Liquidity Concerns
As of the last review update in September 2021, Bilaxy was untracked on Coinmarketcap.com, with no available information on trading volumes on CoinGecko. The lack of data on liquidity and trading volumes raises concerns, urging potential users to approach the platform with caution.
Referral Program Changes
While Bilaxy previously had a referral program, allowing users to earn bonuses by inviting friends, it appears to have been discontinued without notice. This development is unfortunate for users who enjoyed participating in the referral program.
US-Investor Restrictions
Bilaxy does not permit trading for US investors, citing regulatory reasons. The US legal regime imposes obligations on companies accepting funds from US investors, and Bilaxy has opted to exclude them from its platform. However, alternative platforms offering similar trading opportunities are available for US investors.
Trading Fees on Bilaxy
Bilaxy charges flat fees for both takers and makers at 0.20%, slightly below the historic global industry average of 0.25%. While not considered "off market," the trading fees are deemed acceptable. It's worth noting the industry trend of exchanges moving towards lower fees, such as 0.10% and 0.15%.
Withdrawal Fees
The withdrawal fee on Bilaxy for ETH is currently 0.02 ETH, up from the previous 0.01 ETH. This fee is slightly higher than the global industry average for ETH withdrawals, and users should take this into consideration when planning their transactions.
Deposit Methods
Bilaxy does not accept fiat currency deposits, limiting its accessibility to cryptocurrency investors with existing holdings. New investors, without prior cryptocurrency holdings, will need to use entry-level exchanges that accept fiat currency deposits for their initial cryptocurrency purchases.
What are the trading fees on Bilaxy?
Bilaxy charges flat fees for both takers and makers at 0.20%, slightly below the historic global industry average of 0.25%. While not considered "off market," the trading fees are deemed acceptable. It's worth noting the industry trend of exchanges moving towards lower fees, such as 0.10% and 0.15%.
Does Bilaxy offer leverage trading?
Bilaxy does not currently offer margin trading or leverage options.
Is Bilaxy safe?
While many major CEXes boast stronger firewalls than most governments, history has witnessed numerous instances where exchanges have fallen victim to hacks, resulting in the loss of customer funds. DEXes are generally safer option as you have control over your funds at all times as long as blockchain is up and running. Its all based off contract code so you can clearly look whats behind the scenes, and how their contracts work.
Does have customer support?
Almost all exchanges provide customer support, but the quality, speed and continuity of this service varies from time to time depending on the budget conditions of the companies. We recommend that you experience the support service provided by the stock exchange by asking a question to the support section on its website.
