Author: Harry Napier
Beaxy Exchange: Comparison with Binance
Let’s be honest here: whenever you find a new exchange to work on, you always compare it to big and established crypto exchanges, like Binance. It may not even be conscious, but you always look back at this huge exchange used by seemingly everyone in the trading world.
But let’s be even more honest, Binance is not perfect. Even if another exchange is much smaller, it may inherently be better in a lot of ways. Well, let’s see if Beaxy, a moderately-sized crypto exchange with a fine reputation, can compete with Binance.
What is Beaxy?
There are no clear user numbers, but if you search for each of these platforms, you’ll see that at least by this crude parameter, there is ~60x more material about Binance on the Internet.
However, Beaxy has something up its sleeve to combat this relative shortage of users. It has occupied a narrow niche of technologically advanced crypto brokers. These are hard to set up but potentially very beneficial to work with. Amongst their perks, you can feel:
- The ease of trading
- Extreme comfort
- Highly customizable experience
- Security and safety
Binance (as well as other similarly sized exchanges) is notorious for having an incredible amount of trading pairs and markets, as well as great client support and utmost safety. So, let’s compare these parameters and see where Beaxy has an upper hand.
Security
The first thing you should look at while picking an exchange to work with is its safety – specifically, in two aspects:
- First, safety from hackers – the transactions inside the platform and between it and your banking account should be absolutely safe.
- Second, safety from fraud – it’s not uncommon for an exchange to steal your money. In fact, it has now become one of the most critical issues of the market
In terms of inner safety, both Binance and Beaxy are in no hurry to be untrustworthy. Binance has a huge reputation to uphold, and Beaxy is still trying to build it. However, according to user reviews, the users of Binance sometimes encounter unexpected blocking or disappearing of funds, but it may have something to do with service.
In terms of transaction safety, however, Beaxy certainly has an edge. It is supported by Curv – a high-tech decentralized security provider with one of the most advanced security systems on the market. They use blockchains with custom one-time algorithms instead of private keys to encrypt the transactions.
Even if Binance had no issues in either of these departments, Beaxy is clearly better. They don’t have nearly as many complaints, and most of them are technical.
Service
Both exchanges claim to have responsive 24/7 client support. Beaxy has an alright support, there is nothing really special about it. There is one thing you should give Beaxy team credit for – they are obliged to know how every single of their technical features work, and it’s a complex task, as you’ll see.
However, Binance seems overextended. If something goes wrong on your or their end and you’ll submit a complaint, they’ll likely answer. However, it may take them some time before they do – a few hours or even days. Such delays are very unpleasant, not when you’re trying to trade using the real-time market information.
Markets
There is no debate which exchange has a better selection. Beaxy has several dozen active trading pairs. Some of them are relevant, some of them have limited use – for instance, if you already have one of the elusive tokens Beaxy has to offer, the trading pairs that involve them will be very welcome to you.
Binance notoriously has 591 trading pairs, which is overwhelming but also promising. It’s true that you won’t find every crypto currency on Binance, but there are a lot of them. The chance that they support one that you have stored someone is pretty high
Technical achievements
In terms of technical possibilities, Binance is a classic exchange. It is a basis for comparison, that’s exactly why we compare Beaxy to it right now. It has almost no unique technological offers, like a self-made trading system or a bot. They do have a mobile trading app, but by now would be ridiculous if they hadn’t.
Beaxy has a lot of these to offer, and it is much more important than seems at first. Beaxy has different pieces of software that make an overall experience on their platform better, more effective and much more versatile. It includes:
- An automated system called Hummingbot
- An integrated trading system with a comfortable and easy-to-read interface
- The tools to create your own user interface called Public API
- Trender – a mini-app inside Beaxy mobile app that helps you find potentially good deals
In general, each of them makes your work on this exchange more effective in their own little ways. Furthermore, they can work together, which will ultimately minimize your losses and win some money both for you and for the broker, as it should be.
They also give you $500 of starting bonus. Together with all these technical marvels, your profits can grow substantially if you figure out how to use these instruments.
In conclusion
Beaxy is probably one of the safest (in all meanings) sources of crypto profit right now. Don’t take it as a sign to immediately rush for the platform and sign up for everything they have, because Beaxy has limited capabilities, however good they use those they have.
There’s several dozen trading pairs, and most of them have a very narrow relevance – they are either tokens with little demand or low-cost currencies. Of course, there are Bitcoin and Ethereum, and if that’s all you need, then by all means try Beaxy.
