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Cryptocurrencies have been the buzz of the financial world for the past few months. Their rise has led to the establishment of crypto-based companies such as Bcex. This review is an objective, fact-based overview of the Bcex trading platform. Bcex is a cryptocurrency exchange that has risen in status over the past few months and has become very popular in Asia. Due to them not being popular in the western world, English isn’t the first language of use. However, you can change that on the site by pressing on the top right of the flag and choosing English.
What is Bcex?
Bcex is a P2P cryptocurrency exchange that has over the past few months gained popularity in Asia and China. This platform is being friendly to beginners and supports a lot of altcoins. The company partners with Allcoin and OTC789, to offer altcoins trading on the platform.
The exchange platform isn’t popular in the western world yet, thus the unavailability of English as the first language. However, to use Bcex English on the site, press the appropriate button on the top right of the flag and choose English.
Bcex is a Chinese exchange that operates in Vancouver due to the strict rules against exchange platforms in China. Biomass Exchange Co. Ltd started Bcex in 2017 and it is fully legally compliant and offers a secure and open crypto exchange services to its customers globally.
Bcex doesn’t support users from the U.S, Africa, and Europe. This is one of the biggest disadvantages of this exchange platform.
Just like every other exchange reviewed at aBitGreedy, we will look at all the important trading features of the Bcex exchange so that you will make an informed decision before you begin trading.
At the moment, there is no limitation to funding your account on Bcex. Before trading occurs though, you will have to verify your account (more on that later). You can fund your account using only cryptocurrencies. The platform doesn’t support deposit of fiat currencies. To withdraw, start by sending your coins to another wallet or exchange.
Bcex has a wide selection of altcoin. The most notable coins available on the platform include; ethereum, ethereum classic, bitcoin, stellar, NEO, Zcash, Ripple, Litecoin, Qtum, and Dogecoin. The exchange also supports some less popular coins. You can trade on this platform against four cryptos; BTC, ETH, CNET, and CK.USD. Bcex has also dedicated a section of the website to the most popular fork coins.
There are no deposit fees on Bcex. No deposit fees are becoming very popular amongst exchanges that don’t accept fiat currencies and Bcex is one of them. The blockchain fees are still in place, though that depends on the cryptocurrency you transact with. The market takers are charged a 0.2% trading fees. A taker is known as a trader that purchases or sells cryptos instantly at the best available price. There are no fees for makers on this platform. Transferring your tokens out of Bcex attracts a 0.5% fee.
Bcex has several verification methods before you begin trading on their platform. Email verification is the first one you will encounter. After filling your details, a mail will be sent to you to verify your email. The initial verification can also be done using SMS. Verifying your email will conclude your registration, however, you will have to verify your identity before you can start trading. To do that, Bcex will ask for your ID number and an image of your proof of identity. Upload the files in the appropriate section and you can start trading. However, it is quite disappointing that Bcex doesn’t support 2FA at this moment. This means your account isn’t all that safe. Their verification methods are just email and SMS. Apart from these two, Bcex has no other verification process.
Is Bcex Safe?
There are some doubts about the reputation of this platform considering the fact that the parent company has disclosed virtually nothing about themselves. The fact that it is only popular in the Far East makes it even harder to trust.
There is no information from the exchange regarding how they keep our funds safe on the platform. Their website is poorly designed and doesn’t provide any information about this. However, they require users to verify their accounts via email or SMS.
You can reach Bcex via email, with issues resolved as soon as they receive your mail. There are no reviews so far regarding their handling speed. Bcex scam is something that might be possible.
The lack of information about the exchange and the parent company makes them less credible.
How to Use Bcex
- To use Bcex exchange, you will need to register first. The website isn’t in English but you can change it to English at the top corner of the website. The first step is to choose if you are buying or selling.
- A page will pop up where you will feel your personal details. The next step is to choose your account types. The options displayed there aren’t something familiar and there is no information from Bcex about their meaning.
- An email verification will be sent to you and will contain your username and password. You will have to verify your identity before you start trading. After verifying your identity, your wallet will be generated and you can transfer BTC from another wallet or exchange to Bcex. Remember, you cannot deposit fiat currencies.
- You can purchase altcoins using the sent BTC. To trade altcoins, simply search for the altcoin of your choice and place your order.
Bcex Review Summary
Bcex is a good exchange but it has several disadvantages that count against them. The platform is poorly built and it is very hard for beginners to navigate. Bcex is restricted to traders in the Far East, which is another major disadvantage. The fact that the parent company Biomass Exchange Co. Ltd has provided little to no information about themselves or the exchange has made it very hard to know if they are a reputable exchange or not.
- Excellent trading fees: Bcex has one of the sweetest trading fees at the moment. Taker fees are currently pegged at 0.2% while they do not charge anything for maker fees.
- No deposit fees: Bcex doesn’t charge deposit fees. Their trading fees are amongst the best at the moment. This is because most exchanges that do not accept fiat currencies such as this one do no charge anything for depositing cryptos. However, keep in mind that blockchain fees are still active and it depends on the digital currency you transferred.
- A wide array of Altcoins: Despite the fact that they only support traders from the Far East, Bcex has a wide selection of altcoins available for traders. They support the most popular cryptocurrencies on their site and you can trade against cryptos like BTC, ETH, CNET, and CK.USD.
- Video Lessons: To make trading easier for their customers, Bcex has uploaded some explanatory videos regarding how to use their service. The videos, however, are only in Chinese and are available as text most of the time.
- The website is poorly built and not user-friendly: The first major turn-off about this exchange is the poor website construction. The website has poor designs and it is hard to navigate for beginners. Even though there isn’t any disturbing element, the website is slightly off when compared to the other crypto exchanges we have reviewed at abitgreedy.com. For instance, it is very hard to know what the actual trading fees are or know the buying and selling methods.
- Huge Number of Countries Not Supported: Another disadvantage of the Bcex exchange is that it doesn’t support users from US, Africa, and Europe. This makes them more of a region-based crypto exchange. The exact reason why they do this sit still unknown.
- Not an established company: Biomass Exchange Co. Ltd, which controls Bcex is very much unknown at this stage. Biomass provided no information about itself and it is still unsure if they are from China or not.
- The CK.USD: Bcex is looking to challenge Tether coins but they are not willing to bother with the traditional banking reserve that USDT has. CK.USD works similarly to the USDT but no one is sure if it has the same level of backing as the latter.
Due to the fact that it doesn’t support many countries and the little to no information about the company… Reviews on popular platforms such as Reddit about Bcex have so far been negative, with many tagging it as a scam.
Thanks for reading, make sure to check our site for more reviews and educational guides that will help you on your crypto journey and our website has all of them.