Beaxy is It a Scam? Exchange Reviews

founder artak hamazaspyan
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The exchange wound down operations last week, citing an “uncertain regulatory environment” as the reason why. Since the collapse of the crypto exchange FTX, US regulators and lawmakers have intensified their scrutiny of crypto-related firms. Recently, SEC targeted Coinbase, Kraken, and Tron founder Justin Sun. Lastly, the SEC charges touched on “market makers operating on the Beaxy Platform as unregistered dealers.” More experienced crypto traders will be impressed by the variety of market orders available on Beaxy, and they include Market, Limit, Post Only, Limit IOC, Limit FOK, Stop Loss, Stop Loss Limit, Take Profit, and Take Profit Limit orders. It’s worth noting that users from the USA are currently not eligible to access the Loyalty Rewards program or obtain the PLS token in any way.

cryptocurrency exchange

Beaxy Exchange is the best place to go if you want to take advantage of the bull market in Crypto Trading. Beaxy, a U.S.-based cryptocurrency trading platform, allows you to trade, buy, and sell popular cryptocurrencies such as bitcoin and ethereum. The team behind the platform, lead by CEOArtak Hamazaspyanand 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.

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After inviting a friend to the platform you will receive 30% from his trading commissions. You can track the number of referrals and the amount of earnings in your personal cabinet. 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 platform provides 24/7 support to their users with live chat and an AI bot, which is especially valuable when a critical issue arises. There are also further resources aimed at newer traders such as the FAQ section and Knowledge Base, and the team is active on social media. It can be contacted across their different channels, including their Telegram group, Discord server, and Twitter account.

https://traderoom.info/rs are also happy with the possibility of funding their accounts with fiat currencies. In general, we can say that Beaxy crypto exchange can easily reach the top of cryptocurrency exchanges, offering traders favorable and transparent working conditions. 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%.

discount on trading

Users can also earn a portion of trading fees by locking up PLS tokens and onboarding friends onto the platform via the referral program. Every registered user of Beaxy crypto exchange can participate in the referral program of the service. To join the referral program you have to register on the platform and get a referral link in your personal cabinet.

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Beaxy Exchange offers prebuilt TA, signals, for cryptocurrencies listed on their platform. Members of their team have reportedly built trading desks in Chicago, IL. Their API feature REST and WebSocket as well as FIX, view the documentation here. However, users who choose to pay their trading fees in BXY tokens receive a 50% reduction and pay a fee of 0.1%, and anyone participating in the exchange’s Staking Program can reduce their fees by an additional 25%. Market makers are being encouraged to use the exchange and are exempt from trading fee commissions. In order to pay your fees with BXY, click on your profile, and select “Fees”, then move the “Pay with BXY” slider button to the “On” position.

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The exchange, of course, has a very user-friendly interface and there are both day and night modes available. Because of the fast transaction speeds, there are very rarely any delays on the transactions that you’re receiving. TradingView provides the price charts that are located in the centre of the interface. At the top of the interface are a variety of important factors that can help you with your ongoing trades. These include statistics like the volume, bid/ask spread and the percentage changes.

Beaxy is this a scam? Reviews and description

Withdrawal of earnings at the exchange is carried out in the reverse order. Select the currency for withdrawal, specify the withdrawal amount and payment details. Maximum withdrawal amount is calculated for each Cryptocurrencies with the status of the account.

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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. The US Securities and Exchange Commission on Wednesday registered charges against crypto trading firm Beaxy and executives at the company. In an official statement, the regulator said the founder of the organisation Artak Hamazaspyan raised $8 million through an unregistered crypto token offering, reported Bitcoin.

The lawsuit also accused Beaxy’s founder Artak Hamazaspyan and Beaxy Digital of “raising $8 million in an unregistered offering of the Beaxy token ” and using at least $900,000 for personal use, such as gambling. Due to its relative youth, Beaxy may be best suited to people with a good understanding of trading digital assets and using exchanges, although the platform is set out in a way that makes it easy for new users to get acquainted. The team behind the exchange are aiming to provide a comprehensive service that appeals to users of all experience levels. The user interface is intuitive and the dashboard is well laid out and there are various explanations and tips on how to navigate the platform placed in easy to find locations. When registering on the site you agree to give the administration of the service the requested information for identity verification. While working on the service you don’t sell or buy cryptocurrencies from Beaxy Exchange.

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The project held an Initial Coin Offering which ran until September 2018 with an excellent amount raised equaling $3 million. This exchange is available in 185 countries and 43 United States states and offers a referral program, which allows you to refer friends to the exchange and receive 10% of their trading fees for their account’s lifetime. BitDegree Crypto Reviews aim to research, uncover & simplify everything about the latest crypto services. Easily discover all details about cryptocurrencies, best crypto exchanges & wallets in one place. Read fact-based BitDegree crypto reviews, tutorials & comparisons – make an informed decision by choosing only the most secure & trustful crypto companies.

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For the beaxy review being, Beaxy is facing civil charges, but this could later on lead to criminal charges as well – the more serious type. While it has reached a settlement with Windy Inc, the SEC is still pursuing charges of securities laws violations against Hamazaspyan. It appears that SEC has no plans to stop its crypto crackdown, with yet another crypto firm receiving charges from the regulator. CFDs and other derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how an investment works and whether you can afford to take the high risk of losing your money. Despite these features, Beaxy has a number of challenges to overcome, for example the Loyalty Reward Program is not available to residents of the US, while fiat transfers still haven’t been enabled.

The KYC verification process is conducted via Mati who store encrypted user data in AWS servers in the USA. After generating an address, you’ll see the standard QR code and alphanumeric string and either can be used to transfer funds from an existing wallet. Beaxy allows you to have multiple wallets for each currency; however, your funds will only be deposited to the wallet set as default, and you can then transfer freely between your internal wallets. After your transfers have been confirmed you are free to trade on the exchange. Technology – The exchange makes use of high throughput and low latency database performance capabilities, and Beaxy is able to handle hundreds of thousands of transactions per second with less than 1ms of latency.

Verification on the beaxy.com platform

One of the best features is the calculator that you can locate at the top of the trading graph. You can use this to calculate the profits and losses of certain trades that you’re thinking about making. Explore both the ‘Buy’ and ‘Sell’ tabs, if you manage to calculate a trade that you’d like to place then you can click the Autofill button on the calculator to do so. We fight to level the playing field between large corporations and the public investor. Hamazaspyan, who founded Beaxy, is also accused of having gambled with investor funds.

  • Copy this address and enter it in your cryptocurrency wallet to make a transaction.
  • The exchange uses two-factor authentication and is compatible with both Google and Authy Authenticators.
  • The Beaxy cryptocurrency exchange was founded by a team of American developers led by Brian Peterson.
  • In addition, Beaxy has a smaller number of supported cryptocurrencies than leading exchanges such as Binance and Huobi.
  • The US regulatory authorities including the SEC seem to have gone full throttle in their crackdown on cryptocurrency platforms.

From here, you can select which document you wish to use to verify your identity, and acceptable forms include a Driving License, a National ID, or a Passport. It’s worth noting that users based in the USA cannot use a passport for verification due to state-specific laws, and must use a valid driver’s license or state ID. Trustee Wallet is the best crypto wallet for safe storage and profitable purchase of cryptocurrencies. Intuitive design, innovative security technology, anonymity, and endless possibilities all in one place. You must agree to the best rate available and the 0.25% service charge.

However, the company is actively researching the opportunities to be registered in Malta or Gibraltrar. Wallets The best places to hold your crypto; securely, anymously, easily.Merchants We have gathered some of the best merchants that accept crypto in one place.NFT Markets All marketplaces for NFTs in one, easy to compare, list.

The platform only acts as an intermediary between users to facilitate transactions. The administration of the service reserves the right to cancel any transaction for a legitimate reason. Cryptocurrency exchange on the platform is available after registering and making a deposit. The platform offers traders several types of orders to maximize profits during exchange . This offer is based on information provided solely by the offeror and other publicly available information. The token sale or exchange event is entirely unrelated to ICOholder and ICOholder has no involvement in it .

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Registration on the exchange is available to everyone, except for residents of countries that restrict operations with cryptocurrencies. The Beaxy cryptocurrency exchange was founded by a team of American developers led by Brian Peterson. As of early 2022, the platform features a growing number of registered users and a stable daily trading volume. The exchange trades 25+ cryptocurrencies in pairs with BTC, USDC, USDT, ETH.

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The U.S. Securities and Exchange Commission has charged crypto platform Beaxy and its founder, Artak Hamazaspyan, with operating an unregistered exchange and brokerage. According to a Wednesday statement from the SEC, Beaxy Digital Ltd. raised $8 million through the offering of its BXY token in violation of federal securities law. Additionally, the agency noted that Hamazaspyan had misappropriated over $900,000 of these funds for personal use, including gambling. Launched on 10 June 2019, Beaxy Exchange is a centralized exchange headquartered at The Board of Trade in Chicago, Illinois. The exchange supports 6 fiat pairs, a two-way fiat ramp, credit and debit card purchases, and spot cryptocurrency trading.

In addition, you will receive increased referral fees and monthly prizes from the platform. All content on CaptainAltcoin is provided solely for informational purposes. It is not an offer to buy or sell any security, product, service or investment. After your transfers have been confirmed by the network and Beaxy displays your wallet’s funds, you are free to trade on the exchange. To deposit funds on Beaxy, click on the “My wallets” tab at the top right of the screen, and select your preferred currency.

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