Binex.Trade is a cryptocurrency exchange platform that is still in development. What distinguishes Binex.Trade from similar crypto trading platforms is that it intends to share the revenue generated by the platform with its users. Thus, stakeholders in Binex.Trade will be in a position to profit from all the business the company generates.
Binex.Trade was co-founded in January 2018 by Vishal Gupta and Rashmit Gupta. Vishal is based in India, where he graduated with a degree in economics from the Sydenham College of Commerce & Economics in Mumbai. After college, he worked for seven years as a managing partner for a jewelry business before starting three businesses prior to Binex.Trade. His most recent business prior to Binex.Trade is Bitcoin Alliance India, which was founded in October 2013 and promotes the use of Bitcoin in India.
Rashmit has an undergraduate degree in foreign trade & economics from Osmania University in India, as well as an MBA from The Wharton School of the University of Pennsylvania. He also has a background in the jewelry industry and has partnered with Vishal in two of his three startups prior to the pair co-founding Binex.Trade together.
How Binex.Trade Works
Binex.Trade figures to work in a similar manner to other cryptocurrency trade platforms with the exception that it will redistribute 70% of the revenue generated back to its users. Anyone who owns Binex.Trade’s own cryptocurrency, the BEX token, will have revenue from the site distributed to him or her on a daily basis.
Essentially, 70% of the trade commissions from transactions conducted on Binex.Trade will go into a pool. Every 24 hours, a snapshot will be taken of the number of BEX tokens in each user’s account. Based on the number of BEX tokens in a person’s account, every Binex.Trade will receive a credit in their reward wallet. Thus, the more BEX tokens you have, the more you will earn when the 70% commission pool is redistributed.
Of course, while all of this is going on, BEX tokens can also be used for exchanges, transactions, and access to products and services just like any other cryptocurrency. The Binex.Trade platform can also be used to buy and sell other types of cryptocurrencies, much like other trading platforms.
As mentioned, Binex.Trade is still in the development process. The startup launched crowd sales on March 9. However, the mobile app design isn’t set to be released until May 15, with the alpha launch set for July 8 and the beta launch scheduled for August 8.
In the meantime, users can pre-register for an account with Binex.Trade. The company is making 560,000 accounts available, and taking part in pre-registration will give you a bonus of five BEX tokens. In total, 21 million BEX tokens have been created, with 19 million of them currently available. During the live sale, you must purchase a minimum of 100 BEX tokens, with the maximum set at 1,000 BEX tokens. A single BEX token is being valued at $1. Binex.Trade is currently accepting BTC, BCH, LTC, and XRP cryptocurrencies.
Is Binex.Trade Right for You?
If you have a substantial amount of money invested in cryptocurrencies or buy and sell cryptocurrencies frequently, Binex.Trade may be right for you. Whether Binex.Trade will ever reach the same level as the more established crypto trading platforms remains to be seen. However, the ability to earn part of the revenue generated from cryptocurrency transactions is a unique wrinkle that could make Binex.Trade worthwhile.
Binex.Trade Benefits & Side Effects
The biggest potential benefit of Binex.Trade is the ability to generate income on a regular basis. Having funds distributed every 24 hours means that the additions to your reward wallet will be small. But over time they have a chance to add up to a significant amount.
If nothing else, Binex.Trade could be a good way to diversify your cryptocurrency portfolio, especially since the more BEX tokens you have, the higher percentage of each day’s revenue you’ll earn.
Of course, Binex.Trade is at such an early stage that it’s too soon to tell if it’ll have a chance to really take off. To be successful and achieve long-term growth, Binex.Trade will have to establish itself among the other crypto trading platforms. Finally, while the idea of sharing in the commissions generated by Binex.Trade sounds good, it could take years for that investment to lead to anything significant.