Of course setting up an account for buying and trading cryptocurrency will take a little bit longer because Beaxy requires users provide some amount of personal identification to avoid money laundering. Please make sure to do your own research, make educated financial decisions and consult your Financial Advisor. The team members have assisted multiple conferences and are actively engaging with their users on social media. Mittal is a full stack developer that has worked for IBM software labs as a Rational Product Developer for 4 years. The SEC alleges that when Windy Inc. took over the platform from Hamazaspyan in 2019, the new managers continued using Beaxy for trading crypto assets “that were offered and sold as securities” and in turn violated securities law.
Beaxy has a tiered fee structure that starts at a 0.25% fixed fee per trade on market takers, meaning you take an already existing order off the book, and a 0.15% maker fee, meaning you put on order on the book. These rates are in line with most industry standards, especially as starting rates. These rates may be reduced by increasing your user level, which is accomplished by a combination of maintaining an average daily trading volume and/or (based on the table below) holding a certain quantity of Beaxy Coin (BXY) tokens on the exchange.
Crypto Exchange Shuts Down Amid SEC Charges
- BXY token itself is an ERC 20 token and gives users of the platform many other benefits, such as loyalty rewards and coin staking.
- Beaxy offers several different order types in addition to regular limit and market orders, including Limit IOC, Limit FOK, Take Profit, and more.
- This would be a significant change from the current regulatory environment, where most digital asset businesses are licensed and regulated as money transmitters.
- This includes their native token Beaxy Coin (BXY), which we will look at in the fees section.
- The SEC also charged several market-makers that operated on the Beaxy platform as unregistered dealers.
The Beaxy team is already pretty big and has 25 full-time employees and 25+ halftime contributors all over the world. The exchange team contains CEO Artak Hamazaspyan, CTO Mittal Patel, COO John Galvagno, and Director of Engineering Federico Almaraz. “Trading on the platform hasbeen halted effective immediately to simplify the withdrawal and reconciliationprocess. We strongly advise you to withdraw any remaining assets within 30 daysto avoid unnecessary complications and delays,” Beaxy announced.
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No, Beaxy is not similar to a traditional finance broker, they offer no financial services such as lending. Users must already have assets to bring to the exchange in order to make use of it. In the future, the team behind the platform aims to add some very interesting features, such as OTC trading capabilities, margin trading, and portfolio management. They will also be adding advanced order types as options, including choosing between trailing stops, “fill or kill” orders, orders that expire at a certain time and many others which traders with complex strategies will find extremely interesting.
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The fees on the Beaxy exchange are fixed at 0.2% of whatever you deposit, however, the BXY token allows users to reduce their fees by up to 50%. There is also an option to earn a portion of trading fees by locking up PLS tokens and onboarding friends onto the platform via the referral program. There is also another way to get discounted trading because with the staking program, you will have the option to lock up some of your BXY tokens to receive a discounted trading fee. Beaxy offers a competitive fee structure that is in line with most of the crypto market. As with other exchanges the fees get lower the more volume you trade and the more of their proprietary token you hold.
One more thing worth noting is that Beaxy is in the final stage of discussions with Optiv, a cybersecurity giant. They are planning to provide penetration, cloud infrastructure, white box, black box, and many more tests to insure Beaxy’s security. Beaxy’s customer support also includes a massive Help Center where you can find tens of valuable articles explaining how exactly to use the exchange. However, if you can’t find an answer then just head straight over to their support ticket form or live chat and they will give you an instant answer. The wallet columns include the Wallet Name, Available Balance, Reserved Balance, Locked Balance, Pending and Total Balance and the Is Default feature. The first time you deposit into a wallet, you will have to generate the wallet first.
- With operating an unregistered exchange and brokerage, the agency said Wednesday in a statement.
- We advocate for you to do your own research and make educated financial decisions.
- The team behind the platform, lead by CEO Artak Hamazaspyan and CTO Mittal Patel, has proven very transparent.
- They are attempting to become as popular as Binance with their Beaxy Token trying to capture some of the same attention as Binance Coin (BNB) has.
- This includes $79,200 in civil penalties to be paid by Windy, Abbot andMurphy.
How to Set Up Your Beaxy Account
Securities and Exchange Commission (SEC) charged the beaxy exchange review online crypto asset trading platform, Beaxy Exchange, and its executives, with failing to register as a national securities exchange, broker, and clearing agency1. The SEC also charged several market-makers that operated on the Beaxy platform as unregistered dealers. The founder of Beaxy Exchange was charged with raising $8 million in an unregistered offering of the Beaxy token (BXY) and misappropriation of those funds. Beaxy aims to become a leader in the crypto trading space and is best suited to people with a good understanding of trading digital assets and using exchanges.
The team behind the platform, lead by CEO Artak Hamazaspyan and CTO Mittal Patel, has proven very transparent. Beaxy also incorporates its native BXY token, allowing users to participate in staking to receive a 50% discount on trading fees. BXY token itself is an ERC 20 token and gives users of the platform many other benefits, such as loyalty rewards and coin staking. Launched in June 2019, Beaxy is a new cryptocurrency exchange that aims to get ahead of its competition by offering unmatched security, performance, and superior tech. Referral programs, low trading fees, 24/7 support and options to customize the trading experience are also positive. While Beaxy may not offer quite as many digital assets as Binance, and are missing some top 10 assets, they still offer a good number of cryptocurrencies for buying and trading on their exchange and are still adding more.
As Beaxy is still building its reputation and developing its user base, it offers an attractive fee structure and various incentives, which should prove successful in attracting users to the platform and improving the validity of the BXY token. It’s also worth noting that Beaxy operates a loyalty reward program that incorporates the PLUS Token (PLS), an exclusive token to the Beaxy exchange. You can only trade your BXY tokens for this token and when you receive it you can lock them up for a certain time, which will get you a percentage of your trading fees back.
Crypto Exchange Beaxy Shuts Down in Wake of SEC Lawsuit
With all that said, Beaxy does indeed follow top security practices, and offers security features that really bring the user peace of mind because they know that their assets are safe. Security measures are one of the most important factors you should be looking at when choosing an exchange. The Beaxy team place security at the forefront of their priorities and the security protocols within the exchange are extremely effective and leave your account protected in many ways. The exchange uses two-factor authentication (2FA) and is compatible with both Google and Authy Authenticators. It’s also important to note that Beaxy will have an exclusive partnership with OneTick, its flagship software, a comprehensive suite for time-series data management, real-time event processing, and analytics.
After accepting the Terms and Conditions and clicking “Sign Up”, you will automatically receive a confirmation email with a verification link. “When a crypto intermediarycombines all of these functions under one roof — as we allege that Beaxydid — investors are at serious risk. The blurring of functions and the lack ofregistrations meant that regulations designed to protect investors were notfollowed or even recognized by Beaxy,” Grewal explained. Windy and its current managers agreed to pay $79,200 in civil penalties but did not admit to or deny the SEC’s allegations, the agency said, but the SEC is still litigating securities fraud charges filed against Hamazaspyan.
Before uploading the document, you will need to select the country your document was issued in. Furthermore, the US securitiesregulator in a complaint filed before a district court inIllinois, accused Brian Peterson and his companies of acting as marketmarkers for Beaxy; hence, acting as unregistered dealers. The companies areBraverock Investment, Future Digital Markets, Windy Financial and FutureFinancial. I agree to receive newsletters from CryptoVantage and accept the data privacy statement. You can buy Bitcoin SV on Beaxy along with quite a few other cryptocurrencies. They also offer a mobile app for iOS and Android for those interested in trading on the go.
The integrated price charts are placed in the center of your browser, and at the top of the screen, there is a quick summary of important information such as the bid/ask spread, percentage change and volume updated in real-time. The order panel and trade history are placed on the left, while the right is reserved for the order book. You can find additional trading pairs at a handy drop-down menu, including a search bar for ease-of-access. This technology can support hundreds of thousands of trades per second with less than a millisecond of latency, which is very fast when compared to other exchanges. However, like everything else, for this to really shine, you need actual trading volume. With over 100 trading pairs, Beaxy will have a maximum capacity of 22.5M tx/s.
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