Biconomy is a new cryptocurrency exchange aiming to make crypto trading affordable and accessible for everyone.
On Biconomy, you’ll find over 100 digital coins and tokens available to trade with low fees. We’re talking just 0.05% per trade. That’s nothing compared to the 0.5% charged by bigger exchanges. Biconomy launched in 2019 with a mission to disrupt the status quo in crypto trading.
So far, over 500,000 traders have signed up and funded accounts. The exchange is attracting a lot of buzz in the crypto community for its low-cost, user-friendly interface.
In this review, we’ll go through everything you need to know about Biconomy. So, let’s dig into this article.
What Is Biconomy Exchange?
Biconomy Exchange is a new cryptocurrency exchange launched in 2021 that makes trading digital assets simple for beginners but also appealing for more experienced traders.
Easy to Use Interface
The Biconomy Exchange platform has an intuitive user interface that is easy to navigate. Even if you’re new to crypto, you’ll be able to buy, sell, and trade coins and tokens with just a few clicks. But don’t let the simple design fool you, Biconomy also offers advanced trading options like margin trading, futures contracts, and more for veteran traders.
Low Fees
Biconomy Exchange prides itself on having some of the lowest fees around. They charge just 0.1% per transaction which is lower than most major exchanges. They don’t charge any deposit or withdrawal fees either. These low costs allow you to keep more of your money in your own pocket.
Wide Selection of Assets
Biconomy Exchange offers a huge selection of cryptocurrencies to choose from, including all the major coins like Bitcoin, Ethereum, and Litecoin. They are always adding new and emerging crypto assets. No matter what coins you want to buy or trade, chances are good you’ll find them on Biconomy Exchange.
High Liquidity and Security
Biconomy Exchange has a large trading volume which means fast transaction times and the ability to buy and sell without major price impacts. They also take security seriously and store the vast majority of digital assets in an offline cold wallet to protect against potential hacks or theft. Two-factor authentication is available and recommended for all accounts.
How Biconomy Exchange Works: Trading Pairs, Fees, and Registration Process
So how does Biconomy Exchange actually work? First, you’ll need to register for an account to access the platform. The signup process is straightforward – just enter an email and password to get started.
Once you’re in, you can deposit funds into your account using cryptocurrencies like Bitcoin, Ethereum, and Tether. Biconomy Exchange currently offers over 100 different crypto trading pairs, so you’ll have plenty of options to choose from. Some of the major pairs include:
- BTC/USDT
- ETH/USDT
- XRP/USDT
- LTC/USDT
To make a trade, you simply select a trading pair from the list, enter the amount you want to buy or sell and place your order. Biconomy Exchange uses a maker-taker fee model with fees ranging from 0.1% to 0.2% per trade.
Withdrawals from the exchange are also straightforward. You can withdraw funds at any time by entering your wallet address and the amount you want to withdraw. Withdrawals are processed manually and can take up to 12 hours to complete in some cases.
Overall, Biconomy Exchange aims to provide an easy-to-use platform for both new and experienced cryptocurrency traders. With a simple interface, a solid selection of trading pairs, and reasonable fees, Biconomy Exchange is a great option if you’re looking to get started with crypto trading.
Security and Regulation: Is Biconomy Exchange Safe?
Biconomy is a relatively new cryptocurrency exchange, launching in 2019. As with any new exchange, security is a top concern for users. Biconomy has taken measures to ensure your funds and information are protected, but is it enough?
It stores the majority of users’ funds in cold storage, meaning the funds are held offline and away from potential hackers. Only a small percentage of funds are kept in hot wallets to facilitate withdrawals and exchanges.
Biconomy also uses two-factor authentication, SMS authentication, and email verification to secure accounts. However, Biconomy is not regulated in the same way as stock exchanges. Cryptocurrency exchanges are largely unregulated, so funds are not insured by any government agency.
If Biconomy were hacked and funds were stolen, there would be no way to recover the losses. Biconomy does carry insurance to protect against losses from potential hacks, but the coverage may not extend to all users’ holdings. Biconomy’s lack of transparency is also concerning for some. As a private company, Biconomy does not disclose much about its operations, team, or financials.
While this is common for crypto exchanges, greater transparency could help build more trust in the platform. Questions remain about Biconomy’s liquidity and reserves that may be holding some institutional investors back from using the exchange.
For most retail investors looking to buy and sell cryptocurrencies, Biconomy should be reasonably safe to use if you take proper precautions. Enable all security features, don’t leave large amounts of funds in hot wallets, and be wary of phishing emails or calls asking for account access or money.
Pros and Cons on Biconomy Cryptocurrency Exchange
All the cryptocurrency exchanges have their own advantages and disadvantages. Before investing in it, check out its pros and cons to have a clear idea.
Pros
User Friendly: One of the biggest advantages of Biconomy Exchange is its user-friendliness. The interface is clean and simple to navigate. Even if you’re new to crypto, you’ll find it easy to buy, sell and trade digital assets.
Strong Security: Biconomy also has strong security protocols in place to protect users. They use offline cold storage for the majority of assets, ensuring funds are not accessible to hackers. Two-factor authentication and email confirmations provide an extra layer of protection for your account.
Available Cryptocurrency: A wide range of popular cryptocurrencies are available for trading on Biconomy, including major coins like Bitcoin, Ethereum, and Litecoin. They also offer many up-and-coming altcoins. If you’re looking to diversify your portfolio, you’ll have many options to choose from.
Low Fees: Biconomy charges just 0.1% for market trades. Deposits and withdrawals are free. These low costs allow you to keep more of your money in your own pocket.
Cons
Basic Mobile App: The mobile app is fairly basic. Some users report a lack of advanced trading options and charting tools. If trading on the go is important, the mobile experience may feel limiting.
Not Satisfying Customer Support: Customer support receives mixed reviews. Response times can be slow, and the support staff may lack advanced technical knowledge about the crypto space. If you encounter issues, getting help may require patience.
Final Thought
As you’ve read, they offer a solid platform for trading a variety of popular coins with competitive fees and a smooth user experience.
The additional staking and savings options are a nice bonus if you want to earn passive income on your crypto holdings. Overall, Biconomy seems like a trustworthy, reputable exchange that should meet the needs of most casual and experienced traders alike.
If low fees, an easy-to-use interface, and strong security are priorities for you in an exchange, Biconomy is an ideal platform for you.
