Beaxy Token: Thoroughly Explained
First of all, there is a rather promising crypto exchange called Beaxy. There are many interesting tools, but, from a financial point of view, it’s intriguing because you get to reduce the costs of trading here.
Well, they also have a token called Beaxy, which continues to climb and feature in more and more relevant exchanges. They have launched it back in 2018, and the initial offering attracted about $3,000,000.
But how can you buy BXY? To do it, you need to be an active participant on Beaxy.
You can start by visiting the website and creating an account. You’ll have to use your real name (in full), e-mail and DOB. Naturally, you’ll need to think of a safe password so that hackers wouldn’t be able to steal your data. The message will arrive to the mail address you used, and it’s all pretty clear from then on.
Once you’ve registered, you’ll have 5 account types up for the choice:
- Standard – min. 30 Bitcoin
- Silver – min. 60 Bitcoin
- Gold – min. 100 Bitcoin
- Platinum – min. 200 Bitcoin
- Diamond – min. 500 Bitcoin
They offer different fee systems, bonuses and perks – you’ll have to see which one you’d want by yourself, but the Silver type usually suits average users the best. They don’t really restrict you from content, but if you don’t verify your persona you won’t be able to trade Beaxy.
It’s all done through a ‘know your client’ (KYC) system of verification, in which you need to prove that you’re a living breathing person. Once you’ve done so, you’ll be able to withdraw as much as 30 Bitcoin a day.
To start, choose the ‘KYC’ section under your profile name and press ‘confirm me’. You can do it on PC or on mobile. For the latter, there is a special button in the bottom of the page. They also require you to pick the country where you received your identification papers.
Here’s what you need to do afterwards:
- Take a picture of your ID papers and upload the resulting image. It’s much easier on the phone, so you might consider verifying yourself from mobile
- Shoot yourself on camera – you’ll have to put your place in a specific circle
You won’t be validated immediately. Right after submitting your data, your application will have to be reviewed first. Whenever the staff approves the information, you’ll know about it.
How to withdraw or deposit
In order to withdraw/deposit any crypto you earned from Beaxy, head to the ‘wallets’ section in top right. Pick the currency you want to withdraw and press the plus sign next to it. It’ll show you the available wallets.
Each wallet has several details, mostly related to the balance, including: available, reserved, locked (currently used somewhere else on the exchange) pending and total balances. There’s also a feature to make any wallet your default to spare you the effort of picking it for every coin.
There’s also a feature to move money between various wallets and create new addresses. That’s actually what you’ll be asked to do the first time you fund your account.
Each address is given a unique QR code and a numerical code. You can use them to access your wallets with ease. You can use various wallets, but if you want to withdraw your money to one of them, only the default one will be allowed for that. But when you’re done, feel free you move your money wherever you want.
After that, you’re eligible for BXY purchases. You usually have to pay 0.2% of your transaction as fee, but if you pay in Beaxy tokens, they’ll halve the sum. And there are also tons of BXY-related instruments to make your trading even more efficient.
Selling Beaxy tokens
It’s not hard at all. The only challenge is to understand where to sell them, and when the time comes for you to finally sell your BXY tokens, you’ll likely navigate through the exchange with ease. It’s all done on a selling page – just type fill in the details and click ‘sell’.
It’s basically the same thing as buying, in terms of technical approach. The two buttons are close by, and in both cases you only have to specify the coin, wallet and the way of paying.
Since it’s a risky endeavor, you might want to sell just a portion of your Beaxy tokens. Try specifying how much money you want to give and the algorithm will automatically count how much it’s going to be in coins.
While selling, keep in mind:
- It’s better to trade on several exchanges. Pick the ones with low fees, user-friendly UIs, multiple transfers methods and so forth.
- Don’t redeem your crypto for fiat money – many vendors off- and online accept Bitcoin already, and the number is growing.
- Follow the market trend, if you don’t know any special techniques. Well-populated exchanges and liquid cryptocurrencies is what you’ll need first. In time, you’ll be able to understand how the market works and make conscious decisions.