With hundreds of cryptocurrency exchange platforms all across the globe, why is there a need for another one? After all, only a handful of these crypto exchanges are popular and have a huge user base.
The average cryptocurrency trader already has a one or more favorite exchanges where they frequently carry out their trades or just buy cryptos from. Of course, all the various exchanges have their issues. So, even if they aren’t the best, they still get the job done for you.
This is probably why you’ll hear traders say there’s no way they would join any other exchange because they are satisfied with the ones they use for their trades.
Interestingly, this unwillingness to switch from their cryptocurrency exchange of choice hasn’t deterred new exchanges from popping up all over the place. It’s as if exchanges are where the money is at now.
The good news is that the abundance of these exchanges has created a fiercely competitive environment where only the best rise to the top very quickly, and those without any unique edge, get edged out real fast.
This is probably why some exchanges have experienced incredible success in a very short time, and others haven’t. In fact, one of the most phenomenal successes in the crypto exchange market is Binance.
The exchange came from nowhere to being the dominant exchange platform in the world, thanks to their wide array of features, and opening their platform to traders from across the globe.
Beaxy which is a new crypto exchange platform intends to achieve this by doing something similar and then some. They hope to compete with the dominant players by bringing a bunch of features that the industry currently doesn’t have.
These impressive features will be a delight to use for seasoned crypto traders, while the easy to use user interface will be a joy for newbie traders.
For starters, they have signed an exclusive deal with OneTick –a company that services Bloomberg and NYSE- to bring a unique set of market order types to traders that were previously unavailable to cryptocurrency traders.
An example of this is Trailing Orders. The technology powering the platform will also be used to help Beaxy achieve low latency database performance and high throughput.
According to Beaxy’s CEO, Artak Hamazaspyan,
“Team members have a one year vesting period — with plus monthly payouts after that year. They are VERY confident in our platform and value the token highly. We didn’t reinvent the wheel, we just made it better in collaboration with our stock market leader partner (OneTick). Fully compliant with stock market financial regulations (no front running, spoofing, wash trading)”
Traders using the exchange will enjoy a more robust market order type, compared to the very limited offers that other cryptocurrency exchanges offer. Other features include:
- Instant deposit of fiat currencies – this will be available upon fiat integration.
- Transactions scale infinitely off of trading pairs.
- Trading View charting integrated directly into exchange. Whatever you can do with Trading View, you can do on Beaxy.
- Beaxy allows for easy reporting with tax-ready document export features.
As with all exchanges, security is incredibly paramount. This is why the exchange has implemented security measures such as the random generation of a number of keys for every user.
These keys are then scattered and placed on different servers in multiple countries. An added security measure is the administrators’ lack of insight into how many keys are generated.
Even better, the platform has both hot and cold wallets, which will provide traders with the means to keep some of tokens in cold storage without necessarily moving off the platform –this alone might be a game changer.
This, combined with the ability to create multiple wallets for every token, makes it incredibly easy for traders to secure their capital, whilst still able to trade as they want.
As for support, the exchange will have a 24/7 live chat customer service, readily available to answer all inquiries and solve any issues you might be facing on the platform.
Their app will be available on both Android and iOS platforms as well as offer users real-time notifications. The exchange will also have an insurance policy in place to secure all crypto assets.
The company is currently looking to hire Optiv, one of the world’s largest cybersecurity firms, to periodically carry out an audit of the exchange in a bid to prevent vulnerabilities and/or fix them before they are exploited.
Also, the addition of NEP5 and ERC20 tokens will be a very easy process. Institutional traders interested in using the platform will be provided with over the counter solution. The platform hopes to become the world’s biggest and go-to crypto exchange platform by offering all-in-one solutions that other platforms don’t.