How to Buy Beaxy?
Beaxy crypto exchange hopes to stand out by providing excellent features and offering traders a modern method of purchasing and selling digital assets. It starts by analyzing what its rivals are good at and then adding solutions to their shortcomings. This cryptocurrency exchange then proceeds to introduce creative and unique features to attract many traders. Other outstanding things found on this platform include advanced order types, proper safety measures, good working speed, a referral system, and the best 24/7 customer service. Additionally, Bexy has the BXY ERC20 token enabling the exchange’s users to get discounted trading fees as well as stakes. Staking allows members to earn crypto passively.
BXY cannot get bought directly using a Debit or Credit card. People must first purchase Bitcoin and then exchange it for BXY on the exchange. Below are the steps to buy BXY.
1. Open an account on Beaxy
Beaxy is the only cryptocurrency exchange where you can acquire BXY tokens. First, you will need to register and verify your account at Beaxy.com
2. Purchase Bitcoin
After your cryptocurrency wallet is active following verification, you can buy Bitcoin using PayPal, Credit Card, or Debit Card.
3. Exchange BTC to BXY
Changing Bitcoin to Beaxy is the final step. You will convert Bitcoin to Beaxy on the cryptocurrency exchange platform.
BXY value and price
On 10th June 2020, the cost of Beaxy was 0.00000092 BTC, and its market cap was 3,211,672 dollars. It is ranked 442 amongst all cryptos with a daily volume of 19,982 dollars.
BXY advantages and disadvantages
Advantages
1. Security
Beaxy has the most robust security. Hackers are a security threat to crypto exchanges. The Beaxy platform uses both cold and hot wallets to prevent wallets from being attacked. Most of the funds are held in cold wallets, and only small amounts remain in hot wallets.
2. Multiple wallets
Beaxy platform users can transfer funds that they don’t need urgently to a cold wallet. Users are also allowed to create several digital wallets for one cryptocurrency asset.
3. Staking
Beaxy platform rewards users for using its services. BXY holders can stake or lock their tokens and earn STK tokens in the process. The more BXY you lock up and for longer time periods, the higher return you will receive in STK tokens.
Disadvantages
1. The Beaxy platform is still building its reputation.
Beaxy is still new in the cryptocurrency field, and so it is still trying to build its reputation. So, the platform is still growing.
2. KYC (Know Your Customer) check
To become a Beaxy cryptocurrency user, you must pass the KYC test. The KYC test gets used to identify and verify users’ identity when registering.
Best BXY wallet – how to choose
Digital wallets are essential when purchasing, keeping, and trading crypto. Crypto tokens can’t be kept in physical wallets, banks, or any other physical place. People access their money digitally through private keys. A digital wallet is a system that links users to the private keys safely and effectively.
Most exchanges offer a wallet, and users can get wallets from 3rd parties. With so many wallets these days, users are free to choose one according to their priorities for currencies, security, and storage. So, to select the best one, consider the following:
Storage
Users who intend to use their coins actively require a hot wallet. A hot wallet is a software installed on a gadget connected to the internet. With that, people can trade their currencies and send them to other people. Even though these kinds of wallets are useful, they are not safe. Since they get connected to the internet, they are susceptible to hacking attempts.
The security issues faced with hot wallets can be fixed by expanding the storage methods. For instance, users may store most of their coin assets offline in the cold wallet and move funds to a hot wallet when making payments. This process is similar to transferring funds from savings to checking accounts. When you move money between the cold and hot wallets, you prevent exposing your assets to danger.
Trust and safety
Since hot wallets get accessed through the internet, they can have malware. Even if users intend to use the hot wallets for making payments alone, the safety and encryption provided by a service are crucial.
The ones that can get downloaded are often more secure than those given by online platforms.
Another thing that people should consider when selecting a digital wallet is if it utilizes in-app ads. A 3rd party ads system can monitor people’s activities on several applications or sites. The Coin Wallet is the best option to choose if you require a wallet that is free from ads and offers robust security against hackers through AES-256 technology.
Managing private keys
All cryptocurrency investors should know that being able to manage private keys is the same as managing currency ownership. If a person can’t control his/her private keys, anything can happen to his/her coins. Most wallets promise to keep people’s private keys safely, but no matter what, all assets are in danger if a 3rd party has the keys. For instance, Coinbase holds the private keys of a high number of people in centralized cold storage. People might own those cryptocurrency assets, but they have given control to a 3rd party, which is the same as keeping fiat currency in banks. So, if the protection of the 3rd party gets compromised, people can lose their assets.
Bear in mind that the wallets offered by various exchanges and cryptocurrency services are not safe. Like in 2014, one cryptocurrency exchange lost seven hundred and forty Bitcoins because of weak security measures. The users did not control their private keys, and so all their assets were stolen by hackers.
Conclusion
Beaxy is a crypto exchange that is developing exciting and innovative features. It provides several excellent offers, and others are likely to be introduced with time. Beaxy is an ideal place to trade for beginners and experts alike.