We love trading cryptocurrencies, and we love good exchanges. But, is Bibox a good exchange? Is it a safe exchange to use? What about wash trading and other rumors spread about Bibox?
Before you sign up for a new exchange, you often do your own research (DYOR). Is the exchange a good exchange? Is it safe to use? It is always a wise thing to do such background checks before signing up for new exchanges, or before buying cryptocurrencies. So, what’s up with Bibox? Is it a good exchange? Is it worth creating a Bibox user? Are there good tokens on Bibox? And what about the bad rumors about wash trading?
Bibox – the first impression
When I first signed up for Bibox, I had no clue about the exchange. I didn’t do much research, I just knew that I wanted to by CPC (CPChain), and that token could be bought on the platform. I signed up, transferred some Ethereum to my account, and bought my first CPC tokens. And, I must say that my first impression was great. I loved the design, it was very easy to use, and it made me like trading there.
Several months have passed since my first impression, but the fact that I still enjoy the Bibox platform is very true. The design still remains easy to use and understand, the trading platform is just as easy to use. As an experienced trader, I do miss a stop-loss function on the platform, but that has nothing to do with the design… it is just a function that would be greatly appreciated!
Update: Bibox introduced the Trigger order and Iceberg order on June 5th. The trigger function order is the same as a stop-loss, and it is about the be implemented on all trading pairs. You can read more about it here.
Bibox – the tokens on the exchange
I have already written some articles about tokens and gems I like on Bibox. The truth is that there are lots of diamonds on Bibox, yet to be discovered by the crowds. I could mention them here, but I would rather do so in different articles instead. But, if I had to emphasize a few interesting tokens and project on Bibox, I would mention Fusion (FSN), IP Exchange (IPSX), CPChain (CPC), Trinity (TNC), Bibox Token (BIX), and lots of others.
The advantages of the BIX token
Do not forget to buy some Bix tokens as you sign up for the exchange. If you decide to pay your trading fees with the BIX tokens, you will only pay half the trading fee, and in addition, you will own some tokens that most likely will enjoy a giant price increase in the coming months and years. But, there is even more to the BIX token. If you store your BIX tokens at the Bibox exchange, and trade at least once a week, you will receive dividends of the total Bibox profit for the last week. 30% of the weekly Bibox profit is given out to BIX token-holders every Friday, based on the amount of BIX they hold. The only requirement to get this is that you do at least one trade on the Bibox platform a week! It isn’t completely accurate, but you can get a feeling of what you might earn with your BIX tokens on Bibox using the Bibox calculator.
Bibox – what about wash trading? And CunBi Bao?
Wash trading is when someone buys and sells tokens, thus creating a higher volume, and manipulating the market. This is considered to be an illegal activity, and I have seen Bibox accused of this at several places and in several articles.
Personally, I have not seen this myself. I have seen some situations in which trades have been made with orders that couldn’t be seen in the order book, but I am not sure if this can be connected to wash trading at all. I do believe that Bibox is getting more and more popular, so increasing volumes should be expected. If there is illegal activity going on I cannot tell, so I will neither confirm nor deny the accusations.
CunBi Bao is a great tool for increasing your sleeping tokens on Bibox. But, lots of people shouted “Bitconnect” once they heard about the program. With the CunBi Bao program you can lock up your tokens (this can only be done with certain tokens) for a certain amount of time, and once the lock-up period ends, you will get your tokens back with an interest. How can Bibox do this? How can they afford to pay you interest for locking up your tokens? No official answer has been given to the question yet, but my personal thought is that they use this as a supermarket trick. It is a great offer that brings visitors to the store, and once there, they will spend much more on other products, so even though they might go in minus with the program itself, all the attention and visitors coming, will still make it a plus project.
I have locked up some CPC tokens just to take part in the CunBi Bao program, and I must say – so far, so good!
Bibox – a brilliant exchange for swing trading
One of the things I do the most on Bibox is swing trading. Several of the tokens listed still have low volumes, which make them easy tokens to swing trade. This is, first of all, an easy way to accumulate tokens in a typical bear market. Look for tokens that seem to move in a quite regular way between certain values. If those values differ with 5%-10%-15%-20% it could be a possible swing trade token. You will, of course, stop swing trading at those values after a time… either the token value will drop, or the token will increase in price and leave your swing trade area. But, it is fun for as long as it lasts.
Bibox – Sign up and Support
It is easy to sign up with Bibox. You do not need to send your passport and other ID, only if you want to withdraw values higher than 2 Bitcoin. This makes it easy to enter and to start trading. If you have trouble, Bibox has a Telegram channel in which you will receive answers within minutes. This is much more effective than the support channels and forums of most other exchanges. Not all problems can be fixed in the Telegram channel, but a lot can, and this is very fast and efficient.
The final words of my Bibox review
Some people might say that I only praise and recommend Bibox because they have a nice referral bonus if people sign up for Bibox using my referral code. It couldn’t be further from the truth. I would never recommend Bibox if I didn’t like the exchange myself. I could, for example, say that Kucoin and HitBTC are brilliant exchanges (since they also have such referral bonuses), but I will never do that, as I do not like them at all.
I believe that Bibox has a bright future ahead, and it could become one of the really big exchanges with time. I, therefore, recommend you to get a Bibox account to start trading. You will find lots of tokens at Bibox that hasn’t been discovered yet, but once the crowds discover them, they will enjoy a giant price increase.
Have you got thoughts or experiences that you want to share about the Bibox exchange? Use the comment field beneath to share your thoughts and to write what’s on your mind.