Beaxy Exchange Review 2023: Is It Legit and Secure?
This next-generation digital asset exchange is employing at least 50 persons which makes this a very real operation in terms of the company size and the focus right now is to be able to serve traders in all of the US states. It is registered in the US as a Money Services Business by Financial Crimes Enforcement Network (FinCEN). Beaxy suspended services on its exchange and ceased operations “due to the uncertain regulatory environment surrounding our business,” the company said on its website—the SEC said in a statement Beaxy agreed to shut down the platform. The exchange was previously registered in Saint Kitts and Nevis, but it is now owned by Windy Inc. (a Delaware corporation) and Beaxy’s headquarters today are in Chicago, Illinois. If you are looking for new technology to improve your results you will be pleased to hear that Beaxy offers to trade with Hummingbot.
What is the minimum deposit on Beaxy?
Beaxy has a very good platform with all tools that you could ask for. New traders will be able to trade as the platform is very easy to use and more experienced traders will be able to take advantage of more complex order selections. The chart is made by Tradingview which guarantees top-tier charting all the time. The trading interface is customizable and can be moved around as you like.
This platform lets all traders automate their trades on the exchange and use market-making strategies and other advanced strategies through the easy-to-use interface. You have the option to activate free crypto trading signals that will automatically give you a signal every hour or so based on preset criteria. These price predictions have a 63% win rate and are pre-built technically with data-driven pattern recognition. With these crypto signals you don’t have to look for setups on your own, everything is done by the computer. This platform is not only available from your desktop, you can also access it via your mobile.
Beaxy
Beaxy is a relatively new cryptocurrency exchange and we see strong security features with an active insurance fund of up to $250,000 due to the registration as a Money Service Business. This adds to their credibility and we definitely recommend our traders to use this platform. Current regulatory guidance requires crypto providers to register as money service businesses (MSBs) with FinCEN and meet individual state registration requirements. Guidehouse can assist crypto providers in the pre-registration phase to obtain an MSB license from FinCEN and/or individual state licenses, including the New York State Department of Financial Services BitLicense.
Is it possible to withdraw fiat from Beaxy exchange?
Most traders in the crypto world today carry out their trades via desktop (around 70% or so). However, there are naturally people out there that want to do it from their smart phone as well. If you’re one of those people, then this platform can still be for you. The editorial team of Trading Browser is required to use first-hand sources to collect and share information regarding the businesses we promote.
- Jesse is a graduate of Western Washington University, where he studied journalism and history.
- In this section of our Beaxy review we highlight 6 special features that deserves extra attention.
- Below is a shared list of the article sources used for this review.
- 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.
- You have the option to activate free crypto trading signals that will automatically give you a signal every hour or so based on preset criteria.
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. This would be a significant change from the current regulatory environment, where most digital asset businesses are licensed and regulated as money transmitters.
Beaxy Fees\r\n
Crypto trading platform Beaxy has officially closed its doors as the U.S. Securities and Exchange Commission charged the company and its founder, Artak Hamazaspyan. With operating an unregistered exchange and brokerage, the agency said Wednesday in a statement. At Trading Browser we aim to protect the end-user by delivering content that is fully transparent and aimed at user experience, trust, and security above all else.
Beaxy employs institutional accounts for those who want to register as a business. There are severe perks of activating an institutional account such as a personal representative, advanced APIs, as well as very high withdrawal limits of up to 100 BTC per day. A full view of market depth, order book, and order flow is readily available as well as a sentiment meter that will inform you of the rough sentiment among buyers and sellers. One-click is available for all crypto scalpers out there who are looking to trade order flow. He’s won several national honors in his reporting career, including from his time as a war correspondent in Iraq and as a police reporter for newspapers.
Among these sources, you will find LinkedIn profiles, Trustpilot reviews, Crunchbase, Sitejabber ratings, whitepapers, government reports, and other reputable sources. Below is a shared list of the article sources used for this review. Yes, this exchange allows US citizens to buy, sell, and trade both bitcoin and other cryptocurrencies. Please check the website for more information as they update they are working on adding more US states all the time. Another useful tool is the daily winners on the home page where you can easily scan the daily winners of all coins available. This is a great tool for crypto day traders to track daily volatility.
In this section of our Beaxy review we highlight 6 special features that deserves extra attention. 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. To find a reliable exchange where you can start an account, just use our Exchange Filters and we’ll help you find the right platform for you. Accordingly, we believe that this exchange has closed down and we have marked it as “dead” in our Exchange Graveyard.
Windy and its current managers agreed https://traderoom.info/beaxy-cryptocurrency-exchange-review/ 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.
