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Is Bex500 an alternative to BitMEX?

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An all around review of Bex500

Bex500 is a young but rapid-growing exchange, less adversarial than BitMEX, but with higher leverage than Binance, Bex500 has enough strings to attract many crypto traders. 

Those dissatisfied with the old exchange, may find Bex500 exchange with a stable system with no manipulation or “overload”, pleasant UX, user-friendly tool kits, and around-clock customer service.

Bex500 says they are making crypto margin trading “easier” and giving you a better return. 

Can they really achieve that? We conduct a comprehensive review as below to see if it is a trustworthy exchange

Question 1. What features does Bex500 have?

Bex500 offers perpetual BTC futures as well as three other cryptos including ETH, XRP and LTC, all paired against USDT. You may find Bex500 doing a good job aggregating most important features traders need for a robust trading experience with better return.

-A fair trade with no overload

Many traders are familiar with “overload” problem, which disables placing orders in peak trading times. It is suspected to be insider manipulations by exchanges which can cost users entire portfolios.

Bex500, with its unmatched TPS (claimed to be over 10,000 orders per second), ensures that the trading machines will not overload, even during peak hours. As a result, all traders can close their positions as intended despite volatility. There is no use of systematic problem as an excuse.

-Trading toolkits

You will find an extremely concise trading interface, however after first try, you will realize their trading toolkits are even more comprehensive and useful than others.

  1. Intelligent limit order

Most crypto exchanges separate limit orders to “buy/sell limit” and “buy/sell stop” for traders to place the order triggered in expected prices.

In Bex500, it is far easier. Just input the price you wish to buy or sell; the system will automatically trigger the buy/sell order at the price you want. For example, btc current price is at $7,000, but you think if will go down to $6,000 and then go up, you can just input $6,000 in limit order, then click “buy”. The order will be triggered at $6,000 automatically.

  1. Stop-Loss/Take-Profit Follow-Up Orders. 

This is my favorite feature. Traders can set up a maximum loss or an awaited profit in numbers in the order you set, so you don’t have to later set up numerous additional trades just to act as take profit and stop loss.

  1. Expected Margin Calculation. 

Traders can see how much he/she would earn at any time using a simple calculation tool.

Seems like, crypto trading has been easier in Bex500, they did not reinvent the wheel here, but they create an exchange with every tool you need to optimize the trading at fingertips. It saves you from unnecessary time wasted in other exchanges to achieve the same function.

-Advanced risk management tool

  1. Profit calculator. 

This is a handy tool for risk management, and first of its kind. 

Before placing orders, traders can use the calculator to have a clear picture about his costs and gains. It is helpful in position control and risk management.

For newbies, you can use the calculator to make sure you have a clear understanding of trading rules.

  1. Locked Position. Traders can set up positions of equal size on the same account and on the same instrument, but in opposite directions. Bex500 seems to be the only crypto exchange with a “locked position” feature available.
  2. EA trading for professionals

For professionals, the Bex500 Crypto Exchange offers MT5 trading through both web interface and mobile applications on iOS and Android. The MetaQuotes trading system is frequently used by the banks and futures brokers in high-frequency trading applications. Advanced traders also have the option of applying EA trading or program trading to Bex500.

-Only crypto exchange with real-world commodities

In the crypto exchange sphere, Bex500 offers trades with USDT, BTC, ETH, LTC, and XRP. For the commodity traders, the positions in silver (XAG/USD), gold (XAU/USD), and oil (WTI and BRN) are available. 

For at-risk traders, Double Contracts on BTC, ETH, LTC, and XRP are available in a one-click mode. The leverage can be up to 200x in double contract.

Question 2. Is it safe? Can it be trusted?

Futures trading is the best way of engaging the Bitcoin markets without having to acknowledge the ownership and storage responsibilities.

We are interested in this question most and examine BEX500 in every security-related policies and infrastructure.

-Segregated Client Account & Cold-wallet Storage

In BEX500, the deposits and Bitcoin futures are held in a segregated customer account.

Each client receives their unique address for BTC & USDT, deposits into the platform will be secured in cold-wallet storage, where they can secure all the Bitcoin keys off from any known server and computers and store them physically on the device which is not connected to the internet.

BEX500 applies “multi-signature encryption” & “manual review” over transfer and withdrawal.

“multi-signature encryption” prevents any individual from transferring the crypto assets without permission; “manual review” applies to large amount withdrawal to protect client’s funds.

-SSL Encryption

SSL provides a secure channel between two machines or devices operating over the internet or an internal network.

SSL protects data transmissions, and prevents phishing attack; they ensure the server you’re connected to is actually the correct server. With SSL, it can assure you with data integrity, which means that the data that is requested or submitted is what is actually delivered.

You can know that BEX500 is secured with SSL encryption when a padlock is displayed.

Therefore, it is completely safe to visit, and trade on the platform.

-Information Encrypted and Stored on Server

Confidential information about trading data and personal information, in BEX500 is all encrypted and stored on the server.

Access to the server is restricted and regulated by specific executives to ensure security.

-Firewall to prevent visits from suspicious ports and network protocols

BEX500 sets up firewall to prevent suspicious visits from risky ports and network, which fences the site off from cyber criminals in the first place.

AWS WAF seem to be used to block common attack patterns, such as SQL injection or cross-site scripting.

– DDOS Protection

Bex500‘s detailed approach to security issues makes it look extremely attractive. High-level DDoS-protection, as well as 2FA-authorization (via mobile phone and e-mail), are implemented on this platform.

Their network capacity is 15x bigger than the largest DDoS attack ever recorded. With 30 Tbps of capacity, they can defend traders from any modern distributed attack, including those targeting DNS infrastructure.

Question 3. Areas for improvements?

No exchange is perfect, we find a few things we think that warrant improvements

  1. Poor translation
  2. Only 4 types of bitcoin trading pairs supported
  3. APP under development
  4. No fiat currency gateway

The lack of mobile app is especially frustrating for those traders who can not be behind PC the whole day. The good news is, Bex500 plans on releasing app within December. We will update on it later.

Conclusions

Should you use Bex500? We encourage you to give it a try starting with small amount.

We have found Bex500 to be secured, and user-friendly. Most importantly, they revolutionized the derivative industry with easier trading interface, a fair mechanism with no price manipulation and more advanced professional risk management tools. They also have other highlights including

  • Multiple bonus programs
  • No KYC
  • No withdrawal fees
  • Very low service (transactional) fees
  • Helpful tutorials

They are prepared to offer an alternative to other leading exchanges in crypto derivatives market.

Warning ️: Trading leveraged futures products is incredibly risky. Make sure that you practice adequate risk management

Bitcoin

Trusted Crypto Tumbler To Protect Your Wealth

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Back when Bitcoin originally emerged, over 11 years ago at this point, cryptocurrency transactions were believed to be fully anonymous. This belief stuck around for years to come, but today, we know that, in most cases — this is no longer the truth.

Since the invention of blockchain explorers, it became possible to track every Bitcoin transaction, all the way back to the genesis block. This came as a part of blockchain transparency which promises to eliminate corruption, theft, and other such issues.

However, there is still a need for a certain level of privacy, as people like to keep their wealth to themselves, and not let everyone know how much money they have, or how much they sent for whatever purpose. This is why many are now using crypto tumblers, or mixers.

What do crypto mixers do?

As the name suggests, crypto mixers/tumblers mix up the coins in order to hide/disguise/make it difficult to discover where the coins came from. Things like the amounts, transactions, and wallet addresses to and from which the coins travel are fully traceable, which is why tumblers exist.

In a way, you could say that mixers can add an extra layer of privacy while using Bitcoin, Ethereum, Litecoin, and many other cryptocurrencies. There are many Bitcoin mixers Continue Reading

Bitcoin

5 Best Places to Bet with Bitcoin

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It seems like BTC is always making headlines for one reason or another.

When the market points towards bullish behavior Bitcoin is all the rage. When there is so much long action (going on right now) and then the price plummets, BTC also dominates the headlines. The same goes for legislation and when any new crypto product or platform comes out. It’s always compared against BTC.

So with BTC fever in full swing, sportsbooks around the world have adopted digital currencies as one of their main forms of funding accounts and paying out winnings. And with sports betting legalized in states across the USA, both BTC and legal online gambling are in the limelight. 

But where are the best places to bet using BTC and other cryptos? Furthermore, why would you want to use BTC, LTC, or Ethereum in this manner?

The Why

The principal reason why you would want to use cryptocurrencies in your ‘sports investing’ ventures is speed, cost, security, and bonuses.

When you use cryptos like BTC (BTX) to move money in and out of your account. You bypass the standard centralized banking system which drastically improves on both the speed of the transaction and the cost of the transaction – this is especially true with payouts. 

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Bitcoin

Bitplaza Inc Introducing Cryptocurrency to Retail

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Even though influential companies are not ready to validate cryptocurrencies as a stable form of money, Bitcoin is becoming a more frequently used currency daily. There is a rising number of companies that accept Bitcoin for the purchase of their products, validating it as a spendable currency around the globe.

Bitplaza Inc took the next step into technology and commerce, providing customers with a platform where they can spend Bitcoins for their needs through a mobile device. It opens the opportunity for companies and brands to list their products in exchange for Bitcoin, which will give more credibility to the coin.

What is Bitplaza?

Bitplaza is a shopping app that belongs to a retail company called Bitplaza Inc, located in Pennsylvania. The app is available on both Google Play and the Apple App Store. Bitplaza allows anyone globally to purchase brand new items with Bitcoin. The app has a wide variety of products to buy online, from electronic devices, video games, even groceries. The products that can be purchased from the app range from popular brands such as Sony, Starbucks, Adidas, Apple, and many more. The Bitplaza team is always adding new products to the shopping app, making more items available to be purchased with Bitcoin. The app covers a broad range of products for the different needs of the…

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