Bilaxy Review – Should You Use This Crypto Exchange?

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By Austin DeNoce

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Bilaxy Review

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Bilaxy Review

  • Exchange
  • Crypto Wallet
  • Self-Service Listings
  • Security
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Summary

Bilaxy is a centralized cryptocurrency exchange that launched in 2018. This exchange offers cryptocurrency trading and supports nearly 1,000 trading pairs, including around 300 USDT pairs, 4 BTC pairs, 300 ETH pairs, and 150 BNB pairs. Additionally, Bilaxy includes a basic crypto wallet, a referral program, self-service token listings, and more. Learn everything you need to know about this crypto exchange by reading our full Bilaxy review now.

Pros

  • Hundreds of supported assets
  • Advanced trading interface
  • Low trading fees

Cons

  • No services other than its exchange and token listing
  • Only supports limit orders
  • Limitations on which supported assets can be deposited

About Bilaxy

Bilaxy is a centralized cryptocurrency exchange registered in the Republic of Seychelles. The platform was launched in early 2018 to serve global traders and operates in 80+ countries.

Unlike many cryptocurrency exchange platforms that offer a suite of crypto services and products, the Bilaxy exchange currently only supports cryptocurrency trading, basic crypto wallet functionality, and self-service token listings.

If you want to learn all about Bilaxy’s services and whether or not they’re right for you, stick around for this in-depth Bilaxy review.

Bilaxy Home

Bilaxy Exchange

The Bilaxy exchange supports nearly 1,000 trading pairs with about 300 USDT pairs, 300 ETH pairs, 4 BTC pairs, and 150 BNB pairs. Bilaxy also has a wide range of stablecoins for fiat currency trading.

That said, the Bilaxy exchange and its impressive number of supported assets should be taken with a grain of salt, as some of the crypto assets listed on the Bilaxy exchange are not technically available to trade. 

Nevertheless, the Bilaxy trading platform is relatively advanced with charts powered by TradingView, live order books, a trade history panel, and buy and sell order panels, but it only supports limit orders at the moment.

Bilaxy Exchange

It should also be noted that the volume (liquidity) for many trading pairs is extremely low, which could pose problems for certain traders or make trading various altcoins more difficult.

Given the liquidity concerns and limit-order-only option, Bilaxy may not be the best crypto exchange for active traders. 

Still, the trading platform is straightforward to use and includes most other essential features traders generally want to see in a trading platform.

Bilaxy Trading Fees 

While the Bilaxy exchange claims its trading fees are 0.20% in its support section, the crypto exchange itself says they are 0.25%, which is still relatively low compared to the average crypto exchange.

You can also enjoy 50% off trading fees if you pay in BIA tokens (Bilaxy’s utility token). The BIA token can be purchased on the Bilaxy exchange like any other digital currency.

As for withdrawal fees, Bilaxy charges users a variable network fee to transact on the blockchain much like other exchanges; however, the withdrawal fee can get out of hand for Ethereum-based assets. 

Any withdrawal fee on Bilaxy can easily stretch into the double digits, but Ethereum-based assets can have withdrawal fees upwards of $100, which is hardly something you want to see on your exchange platform.

Bilaxy Referral Program

Bilaxy’s trading referral program is an easy way for users to earn rewards on the trading of others.

After your friend successfully registers an account with Bilaxy and starts trading, all you need to do to reap the benefits of the referral program is wait for them to start trading and own BIA.

The referral program issues rewards based on three levels related to the amount of BIA token you hold. 

If you hold ≥ 100,000 BIA tokens, you’ll earn a 40% commission on Friend A’s trading fee, and if your friend A invites Friend B to register and start trading on Bilaxy, you will receive a 20% commission on Friend B’s trading fee.

If friend B invites friend C to register and trade on Bilaxy, you will also receive a 10% commission on Friend C’s trading fee.

If you hold < 100,000 BIA tokens, your referral rate equals your holding of BIA tokens ÷ 100,000 and then multiplied by the above commission rates.

And if you hold 0 BIA tokens, you won’t be eligible for any commissions.

The Bilaxy referral program is a little complicated compared to the average exchange platform, but it ultimately boils down to one thing: do you own BIA token. 

It would be nice to earn rewards without having to own the BIA token, but that is not the case, so make sure you have some if you want to capitalize on the referral trading commissions.

Bilaxy Crypto Wallet

Like every other centralized exchange, Bilaxy acts as a wallet for sending, receiving, and storing any of its supported crypto assets, which is well into the hundreds.

Though nominally referred to as the “Funds” section of its platform, it will take you to a window where you can view your balances, deposits, and withdrawals just like a wallet.

Bilaxy Wallet

The UI for the wallet section is very basic, albeit relatively simple to use, and includes easy click-to-copy functionality and a QR code pop-up.

Similar to the Bilaxy exchange, however, there are limitations to what you can do with specific assets. Some assets support deposits, withdrawals, and trading, and many others only support two or even one of those options, such as withdrawals only.

Perhaps the most surprising asset included on that list is BTC, which is currently only available to withdraw or trade. WBTC includes all three options if you are looking for a workaround, but be aware that even top-tier assets are not immune from limitations within the wallet.

Bilaxy Wallet WBTC

If you decide to use Bilaxy as a wallet, just be sure to double-check if you can actually deposit or withdraw funds to and from your account. 

Bilaxy Self-Service Listings

To simplify the token/coin listing process, the Bilaxy exchange has an advanced self-service listing service for new or up-and-coming crypto projects.

All you have to do is submit a listing application, including basic token information, and Bilaxy will review and reply to your application within an hour.

Bilaxy Self-Service Listing

If you’re looking to list an ERC-20 (Ethereum) token, Bilaxy can have the listing completed within an hour. If you’re listing a token on other blockchains, it will be completed within a week.

Bilaxy offers free and automatic intelligent quantification tools to improve any listed token’s trading depth and liquidity. It also has potential plans to promote listings in trading competitions and airdrops.

The token listing service is assuredly niche, but it can be important to keep in mind if you are one of the few to whom it’s relevant.

Bilaxy Security

As is standard practice among centralized exchanges these days, Bilaxy has a KYC verification process to better ensure security and meet regulatory standards.

In addition to user verification, Bilaxy includes a login password, an option for a separate security password for trading and withdrawals, and the ability to add 2-factor authentication via Google Authenticator or mobile phone verification.

Bilaxy Security

All that being said, Bilaxy has an unfortunate history with hacks that led to a considerable amount of funds (over $21M) being stolen from some of its hot wallets back in August of 2021.

Bilaxy has undoubtedly taken steps to avoid such instances in the future, but it remains a relevant piece of information when considering storing funds on its platform.

It’s unlikely such a devastating hack will happen again, but security is becoming more and more of a concern in the world of crypto, so it still raises some red flags.

It also isn’t necessarily ideal to hold your assets in a centralized exchange registered on a random island off the coast of Africa. This is not to say holding funds with Bilaxy is dangerous, but the regulatory infrastructure there is less developed than in most other locations.

Conclusion: Bilaxy Review 

After carefully walking through its platform and all of its services for this Bilaxy review, we believe Bilaxy is simply not on par with the many competitive crypto exchanges out there.

Although its trading interface is a little above average and supports hundreds of crypto assets, the fact that you can’t execute market orders (or anything other than limit orders) is very damaging.

Many traders only use limit orders, so Bilaxy could still prove to be a perfectly satisfactory exchange platform, but given those minor limitations and its liquidity concerns, it makes little sense to choose Bilaxy over more reputable and developed exchanges like Binance or FTX, both of which have lower trading fees.

Bilaxy also only has one other service, token listing. Although that service seems timely and valuable to a very small handful of people, it’s hardly a reason to choose Bilaxy over a competitor.

And as if having what is essentially one average service (its exchange) wasn’t reason enough to choose a competitor, Bilaxy’s security concerns and history of hacks make it an even harder sell.

Bilaxy may have its security under control at this point and could easily add additional features or services in the future. Still, in a world of seemingly endless options for crypto exchanges, there’s no reason to settle for average or hold out for something Bilaxy aims to do in the future.

It’s always best to check out any platform firsthand to see for yourself if it’s a good fit, but we can assure you the many other exchange platforms out there will offer a better trading experience.

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Austin DeNoce

Austin DeNoce is a writer, personal investor, and entrepreneur who is focused on trading and investing education for macro, crypto, equities, derivatives, and foreign exchange traders. He graduated from the University of California, Santa Barbara with a bachelor’s in philosophy and carries a deep passion for a first-principles approach to investing and education therein. Austin specializes in topics related to cryptocurrencies and blockchain technology.

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