Beaxy Review – Is This Crypto Exchange A Top Pick?

About Beaxy

Beaxy is a Chicago-based cryptocurrency exchange platform where users can easily buy, sell, store, and trade a wide range of crypto assets and fiat currencies.

The Beaxy platform also includes services such as a trading bot API integration, a tinder-style swiping trading app, and free trading signals.

Beaxy also has FDIC insurance up to $250,000 on all USD deposits, is a FinCEN Registered Money Services Business, and offers 24/7 customer support.

If you want to learn all its services and whether or not you should create a Beaxy account, stick around for this in-depth Beaxy review.

Beaxy Crypto Exchange

The Beaxy cryptocurrency exchange supports over 40 trading pairs but only about half as many individual assets.

Beaxy surprisingly only supports a handful of USDT and USDC pairs as most of its trading pairs are with BTC. However, it has several fiat currency-based pairs as well.

You can purchase crypto through the Beaxy exchange via credit or debit card, bank account, or wire transfer. The Beaxy exchange also supports four fiat currencies: USD, EUR, GBP, and JPY.

The Beaxy exchange interface is fairly advanced, with charts powered by TradingView, eight different order types, and state-of-the-art order books. 

Traders can also toggle between three different chart types and even build their own custom layouts.

Beaxy’s order panels are a little unusual, but they are still straightforward to use, and Beaxy displays the trade total, fee amount, and available buying power right from the panel.

Beaxy Trading Fees

The trading fees for Beaxy are also relatively low, with a maker fee of 0.1425% and a taker fee of 0.2375%.

While this isn’t quite as appealing as many of the other crypto exchanges offering 0.1% maker and taker fees, it is certainly well above average and a very competitive rate.

Trading fees can also be dramatically reduced through Beaxy Black, which we will touch on later.

Beaxy Trading Bot (Hummingbot)

Although the Beaxy exchange itself doesn’t technically have a trading bot, it has linked up with Hummingbot, which allows users to incorporate its open-source trading bot into the platform via an API.

Once you download Hummingbot and create an account, you’ll have to connect your Beaxy exchange account through the API and then set the strategies and parameters you want to use to begin your automated trading.

The algorithmic trading strategies available through Hummingbot include pure market making, advanced market making, cross-exchange market making, and arbitrage.

Truthfully, integrating the Hummingbot will probably be too inconvenient or complicated for most to endure, but it’s a great option for serious algo traders nonetheless.

Beaxy Black

Beaxy Balck is a VIP program for Beaxy users that offers various financial rewards.

Some of the rewards include up to 30% back in trading fees (in BTC), offers personal customer support, and awards BXY token (Beaxy’s utility token) according to your trading volume.

With Beaxy Black, you’ll also get rewards for referring friends. For each person you refer to the program, you’ll receive extra percentage points for any transaction fees collected throughout their trading.

To apply, you must fill out an application, have a fully registered and funded account (deposit funds), and trade a minimum of $2,000 worth of crypto each week.

As you move up the Beaxy Black leaderboards through increased trading volume, you will earn more prizes, so the idea is to encourage high-volume trading.

That said, Beaxy Black’s extremely attractive fee structure can reduce trading fees significantly, and the additional customer support could be very useful.

Beaxy Trender Signals

The last feature of Beaxy’s platform worth mentioning is its signal service that uses pre-built technical analysis to offer actionable trading signals with an acclaimed 63% win rate.

Once you deposit funds and complete the identity verification process, you can check Beaxy’s listed trading pairs and in its mobile app to find a live signal with professional-grade technical analysis pre-built onto its chart.

Beaxy even organizes its trading signals in a tinder-like left swipe, right swipe fashion. Traders can quickly sift through any signals and decide or not decide to act on them with a simple swipe of the finger.

Although Beaxy generates the signals, the Trender has an option to filter by timeframe, favorite assets only, and signal strength.

Conclusion: Beaxy Review 

After diving into all its services for this Beaxy review, we believe the Beaxy exchange is an above-average trading platform but far from a top competitor in the cryptocurrency exchange space.

The Beaxy trading interface is more than satisfactory, with low trading fees and considerably more order types than most other crypto exchanges, but it is severely lacking in markets.

We also found the UI and overall aesthetic of the Beaxy platform to be slightly off-putting, but everyone has different tastes.

While the look and feel of Beaxy may not be the absolute best, that’s ultimately up to each user when deciding on a crypto exchange, so it’s hard to fixate on that as a reason to pursue Beaxy alternatives.

As for the Hummingbot and Beaxy Black, the friction of actually implementing the bot or applying for Beaxy Black will make both largely unappealing to most traders.

The Hummingbot is a nice feature, but it’s very frustrating to get going or learn how to integrate despite Beaxy’s customer support resources. And the application for Beaxy Black hardly seems worth it unless you are a die-hard, high-volume Beaxy trader.

This is not to say either service is terrible, but they certainly aren’t good compared to other bot trading platforms or cryptocurrency exchange VIP/reward systems.

When it comes to the Trender trading signal services, it’s difficult to say how well it works without an extended period of time using it. It also probably isn’t suited for anyone with a lot of trading experience, but the assumption is that Beaxy aims to target those more unfamiliar with digital assets or legacy finance.

That said, blindly following trading signals and mindlessly swiping left and right on trades would be unwise, regardless of the proclaimed win rate. However, the service could be a valuable learning resource for anyone new to trading.

It might be dangerous to gamify trading, but it could be worth looking into if you’re a novice trader looking for some ideas and direction. Just proceed with caution.

In summary, we think the Beaxy exchange and trading platform would serve most crypto traders well, but it is far from the best. Its unique Trender service, however, could make it a good stepping stone for new traders, so it’s a platform still worth considering if you’re just getting started in your trading journey.