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B2BX Review - is it scam or safe?

B2BX Review - Is b2bx.exchange scam or safe cryptocurrency exchange?

RATING: 2 / 2 REVIEWS ForexBrokerz B2BX

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

 

Account type Leverage  Maker fee Taker Fee Deposit fee
Standard 1:1* 0.20% 0.30% Unspecified

 *for retail clients. Margin is available for partnering institutions, limited to 1:3.

 

B2BX is a relatively new and exiting cryptocurrency project. They aim to create a cryptocurrency aggregator, which will serve the financial services industry (mostly forex brokers). We will look at them form the perspective of a cryptocurrency exchange, available for retail traders.

 

B2BX Advantages

 

Aggregator model  – the main attraction of the B2BX is the fact, they aggregate cryptocurrency liquidity, hence creating a better trading environment, with tighter spreads. This idea is great, and several other teams are also attempting to implement it. It would be interesting to see which one (if any) comes up with a decent result, which will stand the test of time.

 

At the time of writing, retail customers can only access the B2BX spot trading functionality. This basically feels like a standard cryptocurrency exchange, but when trading there, your order should be exported (maybe not immediately) to the actual partnering exchange, where it is matched. We aren’t certain what policy B2BX implements, in terms of the speed of concluding both transactions.

 

Decent security policies – two-factor authentication (2FA) is available at B2BX. Additionally the wallets are multi-signature and there is tracking of the IPs, which have attempted to log in to your account. These aren’t revolutionary measures, but are still nice widely available and appreciated ones.

 

 

Charting by TradingView – the trading platform provided for spot trading at B2BX is a piece of software which we have seen before. From an active trader’s perspective, it’s rather nice. The charts are provided by TradingView (which means they are highly customizable) and the rest of the layout feels intuitive. Here is a screenshot:

 

How spot trading at B2BX is done (click to zoom)

 

B2BX Token – the project started after an Initial Coin Offering (ICO). This is a process, in which a company raises funds, after proposing an idea and then distributes newly created tokens to investors. The one provided by this exchange is traded on it and a few other places. We can’t provide a trustworthy opinion on its value as an investment.

 

9 altcoins presently available – at the time of writing the assets supported at this exchange are: BTC, ETH, LTC, BCH, DASH, XMR, USDT, OMG and B2BX. They are traded against USDT, BTC and ETH. The fact Tether is the only way of trading fiat is slightly troubling, given the rummors regarding its backing (and the legal issues). 

 

>>Exchanges accepting Credit Cards<<

 

Borderline competitive fees – when it comes to spot trading at B2BX, the fees are ever so slightly above the current industry standards. The 0.30% “taker” fee is nothing too crazy, but not that competitive. It’s worth pointing out that the difference between the price clients are getting and the one at the partnering exchange is actually B2BX’s profit (presuming they are a true aggregator, which exports the trades to the other venues).

 

B2BX Disadvantages

 

Partnering exchanges not mentioned – the fact B2BX does not list the exchanges, from which it takes the liquidity is a bit odd. Had they named them one by one, and presuming they are some of the well-known venues, this would have seemed a lot more legitimate. Is it possible the project does not offer any aggregation at all? Yes, although we don’t see much difference at the end of the day.

 

 

New project – the key risk with this project is simply the fact it’s very young. The team may be experienced, but certainly doesn’t include any world famous cryptocurrency experts.

 

Margin only for institutions – B2BX does not offer leveraged trading to retail traders. On the other hand they support forex brokers, which in term offer CFDs to traders.

 

>>Bitcoin forex brokers<<

 

This is a different way of trading, as a client will not get access to the actual coins involved. CFD stands for Contracts for Difference and as the name suggests this is only an asset based on the price difference on another asset. Read this post to see a comparison between this style a trading and a traditional crypto exchange.

 

Up to 48 hours for crypto deposits – this can be explained, presuming B2BX has to keep active balances with the partnering exchanges. Some traders may be frustrated regardless.

 

Conclusion

 

B2BX is a cryptocurrency aggregator. They are aiming to provide a decent liquidity pool for forex brokers and other institutional clients. At the time of writing they have a license to operate as a Dealer in Securities, from the infamous Vanuatu Financial Services Commission (VFSC). This allows them to interact with other forex brokers, but is only a temporary solution. The team attempts to get regulated by a more reputable agency, after such regulation is in place. 

 

From a trader’s perspective, whether you are dealing with an aggregator or a regular exchange, shouldn’t make much difference. The same inherit risks of the crypto-space are still present. If you are looking for safer environment to trade Bitcoin and the like, forex brokers are one solution. Do look for highly regulated ones, as the industry is full of ones which are less reputable than the lowest cryptocurrency exchanges.

 

>>Safe Bitcoin forex brokers<< 

 

Here are the key points about B2BX one more time:

Pros Cons
Aggregator model Partnering exchanges not mentioned
Decent security policies New project
Charting by TradingView Margin only for institutions
B2BX Token Up to 48 hours for crypto deposits
9 altcoins presently available  
Borderline competitive fees  

 

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Traders` reviews for B2BX

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B2BX withdrawal pending

when i tried to sell B2BX/usdt pair. Exchange says Trade of this pair is suspended , because the price was good enough for traders. Hence to some extent
these guys like scammers. After that i tried to my b2bx coins withdrawl ,it is still pending even after 4 hrs. THEY are scammers with looting money to the traders. Policies are unjustified.

Kshitij Parihar 05/19/2018
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