How to Set Up Your Beaxy Account

Setting up a Beaxy account is a an extremely simple endeavor that takes a matter of minutes. 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. Regardless the whole process is relatively short.

Here’s a complete breakdown of the Beaxy sign-up process:

1. Make sure you are on  https://beaxy.com Beaxy recommends that users bookmark https://beaxy.com to protect against phishing websites.
2. Click the “Register” button on their homepage
3.  Provide the necessary information in the registration form Be sure to use a unique strong password that is at least 6 characters, at least one letter and one number. For even greater security, they recommend using a 14 character or more password and a unique email address.
4. Click Sign Up
5. Open email verification link A verification link will be sent to the email address you submitted. It must be clicked to complete your registration. Check your spam folder if you are having trouble finding it. Done! Your account is activated, but there are just a few more steps before you can trade on Beaxy:
6. (Recommended) Enable Two-Factor Authentication (2FA) Adding 2FA to your account greatly increases its security. This is why Beaxy recommends enabling it immediately. Log in, then navigate to the security page. Then click the enable button next to “2FA is disabled.” Follow the prompts and make sure to save the backup code in a safe location.
7. Complete Know Your Customer/Anti-Money Laundering Because Beaxy’s efforts to remain compliant, in order to use the platform for trading you will need to complete their Know Your Customer (KYC) and Anti-Money Laundering (AML) process which involves proving your identity by uploading valid documentation such as a passport or driver’s license.
8. Fund your account and start trading!

Is Beaxy Safe?

Beaxy Exchange is safe, though it has had an issue in the past where their system was exploited and resulted in the loss of 44 Bitcoins and 111,000 Ripple. This has been their only security incident. Users are encouraged to enable Two Factor Authentication (2FA) and they make a point to point out phishing scams to avoid.

Overall, the security of the exchange is fairly good, though there is no indication about hot and cold storage of assets, they have a partnership with Curv, a cloud-based digital asset security platform which provides comprehensive protection on the custody of digital assets. Curv eliminates the need for private keys, replacing them with multi-party computation (MPC) protocols that enable transactions to be securely signed in a distributed way to eliminate any single point of failure. In short, the digital assets are under bulletproof protection on Beaxy thanks to Curv’s approach to security.

Beaxy Software

Beaxy is available via website browsers such as Chrome and Brave Browser. They also offer a mobile app for iOS and Android for those interested in trading on the go.

What are Beaxy’s Fees Like?

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.

In addition to the fee reduction, BXY tokens can be allocated to Beaxy’s STK Loyalty Program. In the STK Loyalty Program, users can stake/lock their BXY for a period of one to twelve months, whichever length they choose is the interest amount they receive (ie one month gives you 1% apy, 12 months gives you 12%). They are also planning on launching a Diamond tier where those who stake over 1 million BXY tokens will receive a prorated distribution of 7% of the exchange’s average daily revenue.