Beaxy Exchange: Features Review
Beaxy isn’t amongst the top crypto exchanges, but it is a fairly interesting choice if what you want is a deeply technological approach to trading and investing.
Beaxy is a moderately-sized exchange with some 30 trading pairs of different caliber, some highly on-demand, and some – just the options for occasional trading. The size of the selection isn’t the top perk of working with Beaxy, it’s the helpful technologies and the comfort of use that attract the most users.
The comfort of use is self-explanatory – the interface and the service are just too good. However, there are many fascinating features on this platform, each affecting trading in its own advanced way. Together, they create the groundwork for a successful and efficient user experience.
Let’s go through each of them and see what benefits they provide.
One of the most unique products on Beaxy is their ‘Public API’. It’s a highly customizable user interface with a developer’s kit attached to it. As a result, you can create the most advanced trading interface perfectly suited for your own persona.
You can edit the initial blueprint in many small ways – there’s even an official guide to almost every small detail, as well as a Discord server dedicated in part to this API and its development process.
It would be wise to consider this option because even the initial API allows you to receive large quantities of real-time and historical market information, as well as make 100+ decisions every second. It means you’ll be very well armed to work with many markets at the same time.
The security measures on Beaxy are brought to you by Curv – a security provider that specializes in decentralized methods of protecting your transactions. What it means is that your data will basically flow through a dedicated blockchain network, although without the usual flaws of the decentralized approach.
Usually such providers use private keys, which can be aren’t always secure. In their own words, their MPC (multi-party computation) algorithms utilize a much more secure method of identifying users. However, the exact technology remains vague, even after a thorough research on Curv’s own website.
Nevertheless, the system is trusted by many companies, and if you think you can trust their judgment, then it’s fair to assume Beaxy is pretty secure.
Beaxy Trading System
The exchanges and brokers utilize the so-called trading systems – the software meant to create a comfortable and comprehensible way of viewing the ongoing market information and making calls based on this information. The crypto exchanges in particular use mostly three such systems:
- MetaTrader 4
- MetaTrader 5
They are good in their own right, but even highly customizable MT4 doesn’t always correspond to the views different crypto brokers have on the process of trading.
That’s why Beaxy owners created their own system. It has neat design, integral to the other parts of this exchange and, importantly, comfortable and intuitive interface with every crucial button readily available.
There are even huge sell and buy buttons, very looming but slightly distanced from each other so you wouldn’t miss them buy also wouldn’t press the wrong one.
It’s well-known that the majority of American traders use algorithms to trade for them at least in part. They are right to do so, the bots are:
- Customizable – you can set the exact parameters you want specifically
- Efficient – they can spot the potential win ages before you do
- Tireless – they can work day and night if you want them to
The major perk is that Beaxy’s Hummingbot is free. Now even the beginners can start trading with automated systems. It’s unclear if Hummingbot is worse or better than your average trading bot.
One thing is certain, however – you can only scratch the surface in terms of customization. If you had your own bot, you could shape it as you want, but here you can only play with what you’re given.
Trender is a mini-app inside the large Beaxy Exchange app. It’s supposed to be a Tinder-like trading app, in which the users are given potentially good deals as ‘matches’ they can swipe left to reject or right – to agree to.
It’s supposed to be a simple and intuitive way of trading, and, reportedly, it increases your win rate by 63%. However, it means you’ll have to rely on the judgment of whoever sends you these matches – a bot, most likely.
Because of it, you’ll have to rely on others for market data and analysis – in a very simplified way, too. You can surely try a few matches. After all, you’re given $500 bonus to start with. At least initially, you won’t feel any gnawing losses.
So, what does this selection of features and instruments tell you? It tells you that there are ways to get ever more efficient at trading without sacrificing your comfort. Most of these potential new additions to your trading routine are also absolutely compatible (produced by the same exchange, after all).
As such, you’ll be able to multiple your efficiency by stitching multiple trading methods together and work in any destination. For instance, you can use the Hummingbot on the Public API, the Trading System and the same Trading System on the mobile app, all the while keeping one eye on the Trender.
As you can see, the trading possibilities on Beaxy are immense. It’s true that they are lessened by the lack of available trading pairs and currencies that are popular elsewhere. However, if you do find your style on Beaxy, you can make the most out of it and make potentially immense and safe profits.
Author: Jack Matias