What is Bilaxy Exchange? Should you trade on Bilaxy? Check out the review and Bilaxy registration guide here!
What is Bilaxy Exchange?
Bilaxy is a centralized cryptocurrency exchange (CEX) that launched in April 2018 and is registered in the Republic of Seychelles. Bilaxy’s most notable feature is its fast token listing speed, even if it’s not on the roadmap of the project that created the token. For example, during the PERLIN token launch, Bilaxy listed it even before Binance.
Bilaxy currently offers users over 100 trading pairs, including major coins like Bitcoin and Ethereum, with the majority being small-cap coins (often referred to as “low-cap gems”) that are popular among traders. Bilaxy once claimed to have hundreds of thousands of traders from over 80 countries around the world.
Bilaxy Exchange Review
Pros
- Supports many tokens and coins: Bilaxy currently supports over 100 trading pairs, including all popular coins and even “micro-cap coins” that other exchanges don’t list.
- Listing speed: Bilaxy has a fast coin listing speed compared to some other exchanges.
- Has its own exchange coin: Bilaxy has issued its own BIA token.
- Free deposit: Users do not have to pay a fee when depositing any coins into Bilaxy.
- Good security: Bilaxy supports three security features for users: 2FA, phone number verification, and a trading password.
- Mobile app development: Has a mobile app on both Android and iOS.
- Fast deposit and withdrawal speed: Takes only about 10 minutes to deposit or withdraw.
- Simple and easy to use: Bilaxy is quite easy to use for new users; it doesn’t have many complicated features.
- 24/7 customer support: You can get support from Bilaxy via Telegram, email, and online chat.
Cons
- The company and team behind it are anonymous.
- No margin trading.
- Does not support Vietnamese (only English and Chinese).
- Bilaxy only supports crypto-to-crypto trading and does not support fiat trading (like VND or USD).
- Liquidity is still low.
- No stop-loss orders.
Types of Fees on Bilaxy
Trading Fees (Trade Fee)
Bilaxy uses a maker-taker fee structure with the formula (amount * buy price * 0.0015).
The fee is the same for both makers and takers at 0.15%. Where:
- Maker: When you place a buy or sell order that is not immediately filled, meaning the price is higher than the market price when selling and lower than the market price when buying, your order will be displayed in the “Order Book” and you will be a maker.
- Taker: Conversely, when you place a buy/sell order that is immediately filled, meaning the price you set is equal to or higher than the market price when buying, and lower than the market price when selling, you are a taker.
As mentioned above, if you use BIA (Bilaxy’s exchange token) for a trading fee discount, you will get a 50% discount (for the first year and no discount until the fifth year). This means the trading fee will be 0.075%, cheaper than the average but still higher than Huobi, which has a trading fee of only 0.07% when using HT.
Deposit and Withdrawal Fees
Currently, when depositing (Deposit Fee) on Bilaxy, users are completely free of charge.
Withdrawal fees (Withdrawal Fee) will be deducted from your withdrawal amount, depending on the type of coin you withdraw and adjusted according to blockchain conditions. Therefore, Bilaxy is allowed to modify withdrawal fees according to the current token price and blockchain situation, which can increase or decrease and is not fixed.
About the Bilaxy Exchange Interface
The main interface of Bilaxy includes:
[1] Home: Bilaxy’s homepage.
[2] Exchange: Where you can trade
[3] App: Information about the Bilaxy mobile app.
[4] Funds: Where you can check your balance, deposit, and withdraw funds.
[5] Order: Where you can view your order history and open orders.
[6] Referral Bonus: Bilaxy’s referral program.
[7] Self-Service Listing: Simplifies the token listing process for projects.
[8] Support: Bilaxy’s customer support.
[9] Log in
[10] Sign up
How to Register a Bilaxy Account
Before Registering on Bilaxy
- Email account.
- Some personal documents such as National ID card, Citizen ID, Driver’s License, Passport…
- Phone with Google Authenticator (or Authy) app installed.
Step 1: Register a Trading Account on Bilaxy
To register on Bilaxy, go to: https://bilaxy.com/
Click the “Sign Up” button in the top right corner of the screen to register.
Here, I will register using email:
- Enter your email address.
- Enter your password and confirm it. To avoid mistyping your password, the system requires you to enter it again accurately and match the password created above.
- Enter the verification code sent to your email.
- Referrer (optional): Referral ID (not required).
You can skip the “Referral ID (Optional)” section if you don’t have a referral code. Then, check the box “I agree to the…” Finally, select “Create account” to continue.
Step 2: Identity Verification – KYC
First, you need to know what KYC is. KYC (Know Your Customer) is the process of collecting identifying information related to the customer of a service. The basic information usually collected is portrait photos, ID card number, passport, address, etc.
The purpose of the KYC process is to eliminate unqualified individuals from using a service. These standards may vary for each entity.
On Bilaxy, as soon as you log in, enter your full name in the “Name” section and the ID number you want to use in the “ID No” section, for example: National Identity Card, Driver’s License, Passport.
To be able to withdraw your cryptocurrency, you need to select “KYC2 Authentication.”
Follow the instructions:
- Upload your certificate: ID Card, Passport (front and back).
- Provide a photo of yourself holding the registered document along with a piece of paper that says “Bilaxy” and the registration date.
- After providing the information, select Submit.
Step 3: Activate 2-Step Verification (2FA)
Activating Two-Factor Authentication (2FA) will help increase the security of your account. This code will be used every time you log in to your account, withdraw money, create an API, etc., and can be freely switched to SMS verification mode (and vice versa).
Select “Account” in the top right corner of the page, then select “Google Authentication.”
To activate 2FA for your Bilaxy account, follow these steps:
- Step 1: Download the “Google Authenticator” app from Google Play for Android or the App Store for iOS.
- Step 2: Scan the QR code with the scanner in the downloaded app, or manually enter the key.
- Step 3: A code will appear for backup in case you lose your authenticator. You should carefully save this code on paper, in case you lose your phone or have problems later, you can still recover and log in to your Bilaxy account.
- Step 4: Enter the following information:
- Login Password: Enter your login password.Email verify code: Click “Send,” then go to your email to get the code and enter it in the field next to it.Google Authentication: Enter the 2FA code.
Step 4: Set a Security Password
The security password is used to activate trading and withdrawals on your account.
Select “Account” in the top right corner of the page, then select “Security Password.“
Enter your password, confirm your password, and enter the verification code (sent to your email).
Guide to Depositing and Withdrawing Funds on Bilaxy
Depositing Funds
Currently, Bilaxy supports three main trading markets: Bitcoin (BTC), Ethereum (ETH), and USDT (Tether).
Step 1: Select “Funds” on the menu bar and choose “Deposit.”
Step 2: Under “Select Deposit Coin,” click and select the coin you want to deposit. Here, I choose USDT.
Then get the wallet address to deposit funds. You can deposit funds by buying USDT, BTC, or ETH with VND on Binance or Remitano, and then transferring from those exchanges to Bilaxy.
Note: Pay attention to selecting the correct network for your transfer. Bilaxy currently supports ERC-20 (Ethereum) and TRC-20 (Tron) networks.
Withdrawing Funds
Similar to depositing funds, to withdraw, click “Withdraw,” then enter the wallet address to withdraw funds.
However, the withdrawal step requires three security factors:
- Your security password.
- Confirmation code sent to your email.
- Confirmation code sent to your phone.
Guide to Trading on Bilaxy
Step 1: Trading on Bilaxy is quite simple. On the horizontal menu bar, select “Exchange.”
- [1]: Includes basic information (24-hour price change, highest/lowest price, etc.).
- [2]: Buy and sell orders placed by others.
- [3]: Price fluctuation chart.
- [4]: Where to select the market and coin to trade.
- [5]: Where you place buy and sell orders.
- [6]: All matched buy and sell orders on the exchange.
Step 2: In section [4], select the “USDT” market, then enter the symbol of the coin you want to trade in the search bar.
Step 3: Move down to section [5] to start entering orders. Choose “BUY” to buy coins or “SELL” to sell coins.
For example, here I buy BTC.
- USDT Balance: Your USDT balance.
- Price: Enter the BTC price you want to buy at.
- Amount: The amount of BTC you want to buy, or click on 25%, 50%, 75%, and 100% below to buy by percentage of your total USDT balance.
- Cost: The total amount of USDT you have to pay to buy the above BTC.
Finally, select “Buy BTC.”
Step 4: Enter your trading password and select “Confirm.”
Do the same if you want to sell BTC.
Frequently Asked Questions When Trading Coins on Bilaxy
Do I have to verify my identity on Bilaxy?
If you do not complete identity verification, you can only trade 1 BTC per day. However, if you complete level 2 verification, you can trade up to 300 BTC per day.
Has Bilaxy been hacked or experienced frequent maintenance issues?
Bilaxy has been quite safe so far. However, cryptocurrency exchanges are always prime targets for hackers. Therefore, it is impossible to predict whether Bilaxy will be attacked in the future.
Regarding issues like the exchange not being able to execute trades, experiencing errors, being unable to withdraw money, or encountering problems with logging in or registering, these are possible. However, the exchange will handle them quickly within 24 hours, so you don’t need to worry too much.
What is the Bilaxy exchange coin?
BIA token is Bilaxy’s own token developed on the ERC-20 ecosystem of Ethereum. The BIA token was issued to maintain and develop the Bilaxy platform. There is currently a total supply of 2,000,000,000 BIA.
The basic features of BIA are similar to other exchange coins such as Binance’s BNB, Huobi’s HT, or Bibox’s BIX. For example, when trading with BIA, you will get a fee discount
