Mittal is a full stack developer that has worked for IBM software labs as a Rational Product Developer for 4 years. It’s also important to note that Beaxy will have an exclusive partnership with OneTick, its flagship software, a comprehensive suite for time-series data management, real-time event processing, and analytics. This means that no other crypto exchange will have access to this technology. No, Beaxy is not similar to a traditional finance broker, they offer no financial services such as lending. Users must already have assets to bring to the exchange in order https://traderoom.info/beaxy-cryptocurrency-exchange-review/ to make use of it.
In the past few months, a number of crypto firms have been hit with civil lawsuits, as U.S. regulators crack down on the budding industry. Most notably, cryptocurrency giant FTX collapsed last year and its founder Sam Bankman-Fried was charged with fraud. The SEC alleges that when Windy Inc. took over the platform from Hamazaspyan in 2019, the new managers continued using Beaxy for trading crypto assets “that were offered and sold as securities” and in turn violated securities law. Beaxy is a new exchange that looks to be one of the most promising up-and-coming exchanges on the market, bringing many new features and a high-performance trading engine to market with a smooth user interface.
Beaxy utilises a simple to use and intuitive UI, which is customizable and includes scrolling ticker settings for speed, visibility, and favorite pairs. There are both day and night modes available, making the trading panel easy on the eyes and presenting information and execution panels in a clean and easy-to-read manner. TradingView provides the price charts that are located in the center of the interface and provides a full range of technical indicators and various charting color options. The exchange makes use of high throughput and low latency database performance capabilities, and the Beaxy Exchange platform is built in-house utilizing the same technologies used by Bloomberg and Scottrade for high throughput, low latency database performance. Beaxy’s customer support also includes a massive Help Center where you can find tens of valuable articles explaining how exactly to use the exchange. However, if you can’t find an answer then just head straight over to their support ticket form or live chat and they will give you an instant answer.
The platform is also pioneering a security practice known as “IP whitelisting”, a system that can even protect users that have added their username and password into a Beaxy phishing site by blocking an attacker if his IP does not match the one of the actual owners of the account. To deposit funds on Beaxy, click on the “My wallets” tab at the top right of the screen, and select your preferred currency. After that, click on the + icon next to it, which will expand the list of wallets you have for this currency.
We advocate for you to do your own research and make educated financial decisions. It is not an offer to buy or sell any security, product, service or investment. CaptainAltcoin.com does not offer any sort of financial or investment advice. Please make sure to do your own research, make educated financial decisions and consult your Financial Advisor. Now, select your country of residence and also submit a picture of your National ID, driving license or passport.
- 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.
- 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%).
- 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.
- Helene is a recent graduate of New York University’s business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks.
- However, like everything else, for this to really shine, you need actual trading volume.
Once the team has approved you, you become a standard user and can withdraw up to 30 BTC worth of cryptos per day from any combination of their wallets. The KYC process is very straightforward and much easier to follow and comply with than the KYC-procedures at other major crypto exchanges. To start the KYC verification process, click on your “user” tab on the top right of the page and look for the “KYC” button.
Beaxy Exchange Review: Complete Beginners Guide
Windy Inc. took over the platform in 2019 after the founder misappropriated money, according to the SEC, and managers Nicholas Murphy and Randolph Bay Abbott maintained Beaxy for trading crypto assets “that were offered and sold as securities,” the SEC said. So the agency is also accusing them of violating securities law by operating an unregistered exchange, broker and clearing agency, though the platform was described as defunct in another SEC case last year. The next step is to log into your Beaxy account and pass the identity verification process.
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The exchange team contains CEO Artak Hamazaspyan, CTO Mittal Patel, COO John Galvagno, and Director of Engineering Federico Almaraz. I agree to receive newsletters from CryptoVantage and accept the data privacy statement. Yes, Beaxy has a partnership with Gunbot trading bot where Gunbot users can connect to Beaxy Exchange at no extra cost.
Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy. Beaxy offers several different order types in addition to regular limit and market orders, including Limit IOC, Limit FOK, Take Profit, and more. The platform aims to provide traders with a comprehensive service that appeals to both newer traders and more experienced participants. The team at CryptoVantage.com only recommends products and services that we would use ourselves and that we believe will provide value to our readers.
There are various explanations and tips on how to navigate the platform placed in easy to find locations. There are also various market orders available on Beaxy, such as Market, Limit, Post Only, Stop Loss, Stop Loss Limit, Limit IOC, Limit FOK, Take Profit, and Take Profit Limit orders, which will impress more experienced crypto traders. The integrated price charts are placed in the center of your browser, and at the top of the screen, there is a quick summary of important information such as the bid/ask spread, percentage change and volume updated in real-time. The order panel and trade history are placed on the left, while the right is reserved for the order book. You can find additional trading pairs at a handy drop-down menu, including a search bar for ease-of-access.
The SEC continues to focus on determining whether digital assets are securities. While Beaxy Exchange was a relatively small exchange, the charges that tie back to the trading, clearing, and dealing of unregistered securities may have big implications across the industry. Indeed, the SEC has already charged or is investigating several large cryptocurrency exchanges with offering unregistered securities3. SEC Chairperson Gary Gensler recently reiterated his stance that proof-of-stake tokens should be regulated as securities4. If all staking products or proof-of-stake tokens are ultimately determined to be securities, then most crypto exchanges offering services in the U.S. will have to comply with the federal securities law, including applicable registration requirements. This would be a significant change from the current regulatory environment, where most digital asset businesses are licensed and regulated as money transmitters.
The SEC’s Beaxy Suit Looks Like a Coinbase Case Preview
You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Windy and its current managers agreed to pay $79,200 in civil penalties but did not admit to or deny the SEC’s allegations, the agency said, but the SEC is still litigating securities fraud charges filed against Hamazaspyan. Customers of the exchange will be able to withdraw their assets within 24 hours after all user orders are canceled and balances are verified and are encouraged to do so within 30 days, the SEC said. In total, Beaxy is selling 60% of the tokens and there is a soft cap of $4.2 million and a hard cap of $ 19 million USD.
- The KYC process is very straightforward and much easier to follow and comply with than the KYC-procedures at other major crypto exchanges.
- 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.
- One more thing worth noting is that Beaxy is in the final stage of discussions with Optiv, a cybersecurity giant.
- It doesn’t look like Beaxy or its executives settled the charges with the SEC, but the fact the exchange is shutting down suggests this will be the kind of case the SEC may look to for a potentially easy win ahead of the Coinbase lawsuit.
- As I already said, the Beaxy platform is powered by a token called BXY, which provides access to premium add-on tools such as custom SMS alerts, premium TradingView charting, access to the coin staking and loyalty reward programs and to purchases on the coming Beaxy App Store.
- The wallet columns include the Wallet Name, Available Balance, Reserved Balance, Locked Balance, Pending and Total Balance and the Is Default feature.
Yes, Beaxy is currently missing some top tier cryptocurrencies such as Polkadot (DOT), Cardano (ADA), and Stellar (XLM), all of which are top 10 assets. If you’ve got thoughts or questions on what I should discuss next week or any other feedback you’d like to share, feel free to email me at or find me on Twitter @nikhileshde. This absolutely reads like a playbook for how the SEC could sue Coinbase, if that situation doesn’t resolve with a settlement or non-action. So far all Coinbase has said is that the notice lists “an undefined” number of its listed cryptocurrencies, and that its Earn, Prime and Wallet products potentially violate securities law. One more thing worth noting is that Beaxy is in the final stage of discussions with Optiv, a cybersecurity giant. They are planning to provide penetration, cloud infrastructure, white box, black box, and many more tests to insure Beaxy’s security.
