Introduction: Bexplus Exchange Review
Your crypto exchange platform choice is vital for your security and ensures you get a good experience as you trade your favorite currencies. Hence, it is always better to stick with reputable platforms like Bexplus.
Bexplus is a crypto derivatives platform that started in Saint Vincent and the Grenadines in 2017. However, it now has a global presence as it supports over 200 countries and has offices in several countries, including Brazil, Singapore, Japan, and the USA.
The company guarantees high security, high liquidity, and a simple user interface that even beginner traders will easily figure out.
In this Bexplus exchange review, we look at this cryptocurrency platform in more detail to give potential traders enough information as they decide whether to give it a try.
Bexplus Supported Cryptocurrencies
Every trader has their favorite currencies they prefer to trade on; it is always good to check what a platform offers before joining it. But, you do not always need a crypto exchange that provides dozens or hundreds of coins, as the chances are you will only trade just a few of them.
Bexplus supports all the major cryptocurrencies, including Bitcoin, Ethereum, Ripple, Litecon EOS token, and the USDT. These currencies create five different trading pairs: BTC/USDT, LTC/USDT, ETH/USDT, XRP/USDT, and DOGE/USDT.
Bexplus provide a maximum leverage of 100x for all their trading pairs. However, the minimum and maximum trade sizes differ from one pair to the other. For example, for BTC/USDT, the minimum trade size is 0.1 BTC, while the maximum is 200 BTC, and for Ethereum, you can trade a minimum of 1 ETH and a maximum of 4,000 ETH.
While there are not as many trading pairs on the Bexplus exchange as what you get from many other platforms, these are the main ones most traders use often, so this should not be a deal-breaker.
Also, the crypto exchange does not have a native token. However, these tokens are only a bonus and should not define the suitability of the exchange for crypto trading.
Bexplus Product Offerings with Leverage
Besides just changing cryptocurrencies for USDT, Bexplus has a vibrant market and offers products with leverages. Leverage trading allows crypto traders to make even more profits, but it also has more significant risks.
The Bexplus digital asset exchange allows for margin trading for their leverage market and also has perpetual contracts to cater to the needs of all kinds of traders.
- Margin Trading
Margin trading allows Bexplus users to make money by predicting the direction the market will move in the future. You can go long, leveraging the price of cryptocurrency going high or short, which leverages the price going down.
For both short and long positions, the company offers maximum leverage of 100x for all currencies. An example of this is taking a long position with $1,000 worth of BTC at 100x leverage.
Here you predict the margin of the price increase for your long position, and if you are right, your $1,000 multiples to $100,000. However, if the market goes the other way, you also lose a similar amount, which shows the high risk in margin trading.
- Perpetual Contracts
Perpetual contracts or swaps are a more innovative form of the traditional futures. These contracts allow the traders to trade with no expiration date. You can hold the perpetual contracts for as long as you want without being forced to liquidate.
Bexplus offers up to 100x leverage for their perpetual contacts, and traders can choose whether to go long or short.
Additionally, the exchange marks the price of their perpetual contract to spot markets in 5 of the world’s largest exchanges, including Binance and Bitfinex. Doing this helps protect traders by ensuring no unfair liquidation if the market gets too volatile.
Bexplus Order Types
It is essential to understand the market types available in any exchange you intend to use, as they greatly impact your trading experience. For Bexplus, there are few basic order types that every trader needs to understand before trading.
- Market Orders
Market orders allow traders to buy their tokens at the best average market price and are always designed for immediate execution.
What makes them ideal is that the tokens you buy or sell are always obtained/sold short. However, the prices can change before the execution of the order, which affects the price you get.
- Limit Orders
Limit orders allow the trader to buy/sell the digital assets at the price you set. These orders ensure you get a reasonable fill price even if the price of the asset changes.
Provided the order is not already executed, you can cancel the limit order anytime you want, which is highly convenient.
- Stop Loss and Take Profit Orders
The orders are automatic trading strategies that crypto traders can use to minimize the loss incurred when trading the perpetual contracts or guarantee they make some profit.
You can close your perpetual contract position with these orders once you attain the pre-set price, and you can do all this automatically.
Bexplus Trading Fee & Overnight Financing Fees
While many exchanges will have separate taker and maker fees, Bexplus makes things a little more straightforward for the traders by charging a flat rate fee for all transactions. The charges vary between 0.075% and 0.195%.
What you pay for your transaction depends on the currency you are exchanging. For instance, Bitcoin has the lowest trading fees on the platform at 0.075%, while Ripple has the highest as each transaction attracts a 0.195%.
Bexplus also charges overnight financing fees for trades that open and hold a position when the clock strikes 0.00 GMT. They will charge you 0.1% of the total value of the contract as the loan interest. However, you can easily avoid this fee by simply closing the position before 0.00.
It is also important to note that all the fees on the exchange are paid in bitcoin even if you are trading pairs that do not involve BTC, as it is their primary currency.
Additionally, Bexplus charges a withdrawal fee pegged at 0.0005 BTC. But this fee is typical of most cryptocurrency exchanges as it originates from the blockchain load. All deposits on the platform are free, but traders still have to pay the network charges.
Bexplus Trading Platform & Tools
The Bexplus trading platform includes an intuitive and easy-to-use interface that ensures that even absolute beginners have an easy way to navigate it when trading.
Besides the easy-to-use interface, Bexplus also provides some advanced trading tools. These tools are handy at ensuring the traders understand the market trends and hence can make informed decisions for maximum profits.
One of the tools that many trades will appreciate most is the TradeView, as it provides a professional charting suite. Additionally, there are also some advanced drawing tools, indicators, and chart patterns that traders can use before deciding to make an order. What’s more, the Bexplus chart also features a new overlay.
Besides the web-based trading platform, Bexplus also has a mobile app to allow cryptocurrency traders to sell and buy their coins on the go. The Bexplus app can work for both iOS and Android devices to ensure it accommodates most users.
The Bexplus mobile app also provides a real-time market index, which allows you to track the market throughout. What’s more, you also get round-the-clock notifications on your phone when the market fluctuates, so you never miss an opportunity to make some cash.
Bexplus app scores 4.8 on the Apple App Store and Google plan with thousands of reviews, well-liked by many users.
Bexplus Demo Account
Another element of the trading platform that users will love, which is more so the beginners who do not know much about crypto exchanges, is the Bexplus Demo Account.
This demo account allows the traders to trade without risking actual funds. The exchange provides 10 BTC for all new traders to use for their demo trading as they learn.
Besides being risk-free, the simulated or demo trading account provides valuable experience on essential things like applying the stop orders or opening and closing positions.
Also, through the demo account, traders learn how to control their emotions, which is crucial given the often stressful nature of trading in these digital assets.
Bexplus Deposit Methods
Bexplus accepts BTC, ETH, USDT, XRP, DOGE, and EOS deposits. Bexplus doesn’t accept fiat deposits, but if you don’t have those six cryptos, you can buy them on the deposit page via changelly.com. You can copy your Bexplus deposit address and use it as the address to receive cryptos from changelly.com. Usually, it takes two confirmations before accounting.
However, when you join the platform, the exchange will give you a 100% bonus for your first deposit of up to 10 BTC to welcome you to their forum.
Bexplus Interest-Bearing Wallet
The Bexplus interest-bearing is another feature of the exchange that seems to draw many traders to the company. This feature works best for the risk-averse traders that still want to earn some profit on their cryptocurrencies.
With this wallet, traders store BTC on the platform for as long as they want and, in return, get a 21% annualized interest. Hence, the company provides a simple method to make money even for those that do not know anything about trading digital currency.
The interest-bearing wallet is also easy to work with as it allows you to make deposits or withdraw your BTC instantly. Additionally, you maintain access to the assets throughout as they are available to you 24/7.
But, it is also worth noting that this wallet is only available to active traders, and the exchange has a specific minimum amount that you need to have to enjoy the feature.
Bexplus Liquidation Mechanism
Like other exchanges, Bexplus has a liquidation mechanism set out to ensure smooth trade for all traders. But, they are not as stringent as what some exchanges tend to use.
The exchange requires traders to maintain an account margin rate that is over 30%, and anything equal to this or lower leads to automatic liquidation of the trader’s positions.
However, you do not have to worry about any balances in your wallet. Bexplus does not include any balances in the wallet when executing its liquidation mechanism. These balances will remain, and traders will not suffer any loss since they are not part of the position margin.
Also, note that the company has auto-selling in profit. When profits plus bonuses on your positions get to 85% of the account’s net value, the positions are closed automatically. Liquidation uses the current market prices, but you are free to open more positions to maximize your profits.
How to Start Trading On Bexplus?
Getting started on the Bexplus platform is quick and easy, and for most people, it will hardly take more than 5 minutes.
Bexplus accepts BTC, ETH, USDT, XRP, DOGE, and EOS deposits. Bexplus doesn’t accept fiat deposits, but if you don’t have those six cryptos, you can buy them on the deposit page via changelly.com.
Here are a few easy steps you should follow to start trading on Bexplus.
- Go to bexplus.com
- Click on the blue sign up button on the top right corner
- Add your email and click on send verification code
- Check your email for the verification code and enter it
- Create your password
- Add invitation code if you have any
- Agree on the site’s terms and conditions
- Click on register to finish the process
- Now you can add the BTC and start trading
Bexplus Security Features
Security is a top priority for Bexplus, and the company aims to ensure traders can exchange their currencies without always worrying about losing them. The exchange is encrypted with SSL and offers superior protection against DDoS attacks.
You never have to worry about losing your assets when on the exchange, even if it is hacked, as the company has a multi-signature and highly encrypted cold storage wallet. With cold wallets, it is impossible to access the assets for hackers even if they somehow get into the system.
Trader accounts are also secure enough, and you never have to worry about unauthorized long ins, given that the system supports 2-factor authentication.
Despite being a highly secure exchange, Bexplus still does not require mandatory KYC verifications, and it is possible to maintain anonymity when trading.
Also, it is worth noting that the security measures taken by the company are yet to receive ratings from external experts like some of the top exchanges.
Bexplus Customer Support
Any crypto exchange you choose needs to provide proper customer support for instant resolution of your issues. Bexplus seems to do pretty well here as they provide a 24/7 helpdesk to ensure you can reach them round the clock.
Additionally, there is an email ticketing system that allows you to send them your queries via email. Unlike many other companies that will take several days to respond to email tickets, Bexplus typically takes just a few hours, which is highly impressive.
You can also get Bexplus across various social media platforms to ensure you have more than enough support options when you need help.
With the inclusion of handy materials on their help center, many traders will often get all the help they need by reading their blog or FAQs, eliminating the need to keep contacting support.
Given that exchanges like Bexplus are web-based, you can use them in almost any country in the world.
For example, the United States has some of the most stringent regulations on digital asset transactions in its mainland and territories. Few exchanges obtain a license to operate there because most exchanges do not meet these strict requirements. But Bexplus obtains the MSB (Money Services Business) license.
The Money Services Business (MSB) is usually a currency exchange and money transfer transaction. They are required to register with FinCEN and meet strict requirements. With MSB, Bexplus is allowed to offer service to US traders. Because Bexplus doesn’t require KYC, it doesn’t know which country you come from, so as long as your country allows crypto trading, you can use Bexplus freely.
Bexplus Review Summary
The conclusion is obvious, Bexplus is an easy-to-use platform that will be ideal for trading crypto derivatives with leverage. Therefore, if you are more into margin trading and perpetual contracts, this is a very reliable exchange to use.
Although it does not offer hundreds of cryptocurrencies and trading pairs, it still accommodates the top 5 major ones. Additionally, the fees for trading these currencies are also reasonably low when compared to industry standards.
Setting up an account only takes a few minutes as there is nothing much to do since there is no KYC verification. The deposit method might be a little inconvenient since the exchange does not have fiat to crypto conversion, but you can live with it as there are many other places to buy BTC easily using fiat money.
Other things like the powerful trading platform with advanced trading tools like TradeView, excellent customers support, demo trading account, mobile app support, and availability in most countries also make Bexplus worth giving a try.
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