Beaxy is an upcoming cryptocurrency exchange platform that also features multi-tiered coin staking where users earn an amount of discount depending on the number of coins they stake. The cryptocurrency exchange, which is expected to launch this January, will be a "one-stop shop" for all things crypto with fiat-crypto pair trading, OTC trading, 26 order types and information for crypto newbies.
The team, which is currently conducting their private token sale and has already surpassed a soft cap of 4.2 Million USD, plans to launch the full platform this quarter of the year and the mobile apps and ICO launchpad enabled in the third quarter of the year before releasing FIAT integration, instant deposits, OTC trading and tax-ready reporting in the fourth quarter of the year.
Basically, Beaxy exchange hopes to solve various challenges facing crypto users on the different present digital asset exchanges. It is registered in Nevis in the Caribbean Islands.
Buying and selling
Like any other normal cryptocurrency exchange, Beaxy will allow its’ customers to buy and sell cryptocurrencies as well as track their portfolio and play charting coins. At launch, the exchange will have 24 trading pairs. For crypto enthusiast traders, it will launch with trading support for BTC, ETH, XRP, NEO, TRX, and tens of ERC-20 and NEP-5 tokens. They also plan to launch fiat pairs
For those asking the differences between this and other cryptocurrency exchanges such as Binance etc, this exchange will have 20 different order types including the common ones such as stop loss, take profit, limit orders, trailing orders, OSO, orders that expire at a given duration and more. That will offer more options on how customers can handle their orders and offers. For instance, with an OSO order, one can plan to execute a single order with a primary and secondary part to first buy coins during the dip and sell them at a certain chosen peak price.
Furthermore, the partnership with OneMarketData to make better the trading experience for customers, by providing cryptocurrency data. Users will be able to customize price alerts and create multiple portfolios based on their risk profiles.
The OneTick platform will do order matching and works by verifying inbound orders compute fees and ensuring and reserving available funds while the price matching engine will determine the course of action for the order and manage transactions with their histories at high latency. The platform will also help the exchange to provide several crypto wallets per currency, charting features, a security token offering launch platform and multiple users on a single account where the users have various user permission levels.
With the multiple wallets per coin/pairing features, users can split funds between the different types of accounts and sending money to these accounts will be free of charge. The feature will make it easier to track investment and trading portfolios on an exchange.
Coin staking/loyalty program
The loyalty program is an additional method through which users can reduce trading fees in addition to the discount earned for using the platform's native token. The tiered staking program will feature PLUS Token or PLS, which is a registered security and tradable for BXY tokens at a 1:1 rate and locked by the user for a set period of time. The program targets those holding PLS token on the Beaxy Exchange where a percentage of transaction fees collected will go to them.
The benefit depends on the token held and the duration the tokens are locked. The staking level ranges from silver up to diamond with each having a different percentage of trading fee discount, 10% for Silver for those holding 50,000 Beaxy tokens, 15 percent for Gold for those holding 150, 000 Beaxy tokens and above, 20 for Platinum for users holding 500 K and more tokens, and 25 percent for Diamond for those holding 1 million and more tokens.
This multi-tiered staking feature allows users to earn 10-25% extra discount on trading depending on the number of tokens locked in. A user will need to hold tokens for at least a month in order to earn a 15% discount and 6 months for the 25% discount.
The Beaxy platform hopes to capture institutional traders through their OTC trading features. The institutional level of stability is much better with this exchange given that it can achieve 225 K transactions per second for every trading pair although that doesn’t put it as the fastest crypto exchange for OTC deals. With over 100 trading pairs, it will have a maximum capacity of 22.5M tx/s.
The minimum order for institutional traders is $1 million.
For those concerned about trading fees, the Beaxy platform is powered by a token called BXY, which users can use to reduce trading fees by up to 50 percent. The trading fees can reduce to further 0.075% by combining staking BXY together with staking their earned loyalty points. In contrast, Coinbase users pay a fee of up to 1.5% percent. Binance users can have an advantage of Beaxy users if they trade more than 100 BTC worth of crypto per month.
Security is a very important feature for anyone looking for a crypto exchange and in addition to keeping a minimum balance on an exchange; users also want additional security features. The Beaxy platform will feature the option of cold wallets in addition to 24/7 live chat customer service to help solve any security issues customers may have, and in addition to the real-time notifications on Android and iOS platforms to alert customers of any security issues for timely action, and in addition to the Cybersecurity company Optiv, will provide penetration, cloud infrastructure, white box, black box, and many more tests to ensure Beaxy’s security. Optiv will also provide an audit for the exchange to prevent vulnerabilities and/or fix them before they are exploited.
Crypto traders will also benefit from other smart features including charting detailed graphs for analyzing market movements. They have integrated Tradingview charting into the platform, portfolio management tools, full tax ready reporting (compared to a simplified CSV file documenting of traders transactions) and price alerts. Users with a certain portfolio value on the exchange can also benefit from the instant fiat deposits. Instant deposit via wire transfer and ACH will be an added advantage above many other exchanges with fiat gateway because their deposits can take up to 3 days. This can help a lot during times of high volatility. The exchange will also have dedicated iOS and Android apps.
It will also have multiple wallets, multiple users on a single account with various levels of permission, tax-ready reports, 24/7 customer support, in-exchange TradingView charting, STO launch platform, and more.
The exchange will also provide a 24/7 support to their exchange users with live chat and an AI bot.
Finally, Beaxy is run by an experienced team of traders and coders led by their co-founder Artak Hamazaspyan who has a 10 years’ experience of software development in addition to being an experienced crypto miner and a trader. Mittal Patel, who is also Co-founder, is a full stack developer with over 10 years of experience and has worked for IBM Software Labs as a Rational Product Developer for 4 years, while also specializing in developing low latency enterprise applications with extensive experience in Agile methodologies. She also became an Ethereum Smart Contract Developer and an active trader.
Federico Almaraz is the Director of Engineering and has 17 years of experience in designing software and 8+ years leading software development teams. The team also has 25 full-time employees and 25+ halftime contributors all over the world.
Some of Beaxy's partners include OneMarketData which provides software solutions for the financial industry including to firms such as Bloomberg, Scottrade, CreditSuisse, and more.