When you need to buy or sell some Bitcoin, Ethereum or any other cryptocurrency, you have to find a cryptocurrency exchange. But there are just so many of them — how do you know if you can trust a particular service? Okay, you might have heard about it somewhere, but again, how do you know if its commissions are reasonable?
BKEX is one of the most popular cryptocurrency exchanges in the world. Created in 2018 by a Chinese team, the platform is registered on the British Virgin Islands. Once a really thriving exchange, it has seen some decline but still remains among the top 30 crypto exchanges in the world sorted by daily volume of deals (about $600 mln a day). Let’s learn a bit more about it.
BKEX cryptocurrency exchange is a global exchange platform that lists 620+ various crypto coins. Here you can find just about anything from your common Bitcoin or Ether to the most obscure currencies. However, the platform also has an OTC (over-the-counter) trading feature that allows users to exchange even more unknown coins currently not listed by the service.
Moreover, BKEX exchange has crypto ETPs (exchange traded products) with different crypto products. They allow users to invest in entire areas of the crypto market without having to look for suitable assets by themselves. An ETP serves like a wrapper for a given sector. The service allows trading them with fixed leverage. However, it does not support any fiat currencies.
The exchange offers two options for passive investing:
- demand deposit — allows you to earn interest every day your coins are kept stored;
- regular deposit — a more long-term investment, you won’t be able to take your deposit back for a couple of months, but the interest is higher: about 30% in BTC, ETH or EOS.
BKEX commissions are rather high: the trading fee for takers is 0.2%, and makers pay a little less — only 0.15%. Other kind of commissions you should consider are withdrawal fees: these are fixed and depend on the cryptocurrency we’re talking about. For example, if you aim to withdraw your BTC, make sure you have 0.0008 BTC to pay the fee.
The platform works worldwide, but users from the US may not trade here for legal reasons.
This BKEX review would be incomplete without mentioning what real users say about it. And the feedback is not positive. Many users report on having trouble withdrawing their deposits, so the exchange clearly has liquidity problems. Some users even label the platform directly as a scam. They talk about their accounts being frozen or suspended and their money lost.
The bottom line is: think twice before you deposit a large sum to this crypto exchange.