Bibox Exchange Review

Bibox is another one of those exchanges that you frequently see on certain market aggregators as having incredible amounts of trading volume, yet when you actually go to their website it suspiciously looks almost the same as any other generic exchange. Bibox claims to house incredible amounts of trading volume - upwards of $1B daily - but, many data collecting firms claim otherwise: according to CoinGecko's methodology, Bibox's actual volume might be as low as 0.3%(!) of what they report to these aggregators, an overstatement by a whopping multiplier of 322x. This practice is not unique to Bibox, however, with the "inflation competition" between these (mostly Chinese) exchanges growing to grotesque levels. Nevertheless, we took a good hard look at Bibox, to give it an impartial rating that best communicates its position in the market.

Starting with User Experience, quite frankly Bibox nails it almost perfectly. The site is responsive, quick to load, easy to navigate and has a helpful knowledge and help center. The on-site live chat support team is surprisingly quick to answer, has very good English - not a given for these types of exchanges - and does a professional job to help users solve their problems.

Performance is not as good, though; many functions of the exchange are operating below our expectations - many of the available user wallets are either under maintenance or of tokens that were delisted - which makes one wonder why Bibox listed so many tokens in the first place which they only delist afterward. Fees at Bibox are priced very competitively, with base fees at 0.1% before discounts enabled by holding their BIX token. As expected, most of the points deducted from Bibox are a result of the many accusations of enabling (if not actively coordinating) extreme volume manipulation and reporting on their platform.

On the Features front, Bibox is a bit below average, with margin trading, a mobile app and a wide selection of assets as its strong points; on the flip side, there is no native fiat support, the margin trading interface can be hard to understand and many of the assets are horribly illiquid (which will probably lead to their delisting in the near future).

Bibox's team is portrayed, when they choose to portray their team, as highly-skilled blockchain experts and enthusiasts; in reality, we have no way to assess this claim since information about the team is extremely limited. There are only a handful of employees with publicly available profiles on LinkedIn and the Bibox website, alongside any other resource written in English does little to nothing to mention the team or their accomplishments, prior to starting a crypto exchange which asks for your funds as a precursor to providing their service.

Bibox's social efforts are noticeable, encompassing a relatively large amount of platforms catering to several types of users and communities. They frequently post about their latest trading competition or update to their platform, mostly on Twitter and rarely on LinkedIn, and their Telegram channel appears quite confusing, with the admin struggling to accommodate for users' questions.

Finally, for Trust, Bibox is a mixed bag for us. While they have managed to create somewhat of a name for themselves in the short - around two years - of lifespan, including the fact that they were never hacked, Bibox doesn't provide users with a good enough security feature suite to help protect their account: IP address verification is not needed and there is no option to whitelist withdrawals addresses. Combined with the fact that Bibox doesn't communicate its offering well enough, in our opinion, to its western users - all of the above makes us compelled to look elsewhere for a place to securely and reliably trade cryptocurrency.