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Cryptocurrency

Everything You Need to Know About BinaryX (BNX)

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Buying cryptocurrencies has become a lot easier these days as users can easily deposit their funds in any of the popular cryptocurrency exchanges and start trading. However, the users still have to face some problems like higher deposit requirements, higher trading fees, lack of choices, and more.

BinaryX is one of the fastest-growing cryptocurrency exchanges dedicated to addressing these issues. This exchange is primarily designed for new traders who don’t want to take bigger risks.

BinaryX Brief Introduction

BinaryX stands out among others as it doesn’t only provide trading opportunities for cryptocurrencies but it has a number of instruments like currency pairs, stocks, metals, raw materials, currency pairs, and futures. It was founded in 1999 and it’s one of the earlier exchanges that introduced binary options trading.

BinaryX quickly resolves the controversial issues as it’s controlled by regulators of Malta, Vanuatu, Great Britain, and Malaysia. Binary is one of the leading options for traders who have little to zero knowledge of trading as it boasts a user-friendly interface. Even advanced traders can have a satisfactory trading experience with this exchange.

It’s one of the most reputable exchanges in the binary options industry. Therefore, it has more than 1 million registered users. The exchange claims to process around 20 transactions per second.

Features of BinaryX

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Flexible Trades – BinaryX supports different trading types. It provides users with the freedom to choose their own expiry time.

Security – BinaryX is regulated by a number of agencies including the Vanuatu Financial Services Commission, Labuan Financial Services Authority, Malta Financial Services Authority, and British Virgin Islands Financial Services. The platform protects the users’ funds by distributing them to different banks.

Controlled Risk – The platform displays the estimated risk and reward before the traders purchase a contract. Furthermore, the traders are allowed to close their trades whenever they want. Thus, they don’t have to worry about the expiry date.

Reputation – BinaryX has been around for more than two decades and has won multiple awards over the years including:

  • Best Fixed-Odds Firm
  • Best Binary Company in Asia Pacific
  • Best Trading Platform in Asia

BinaryX Trading Platforms

BinaryX offers equal trading opportunities for beginner and advanced traders.

Beginner Platforms

BinaryX offers simple and user-friendly trading platforms for beginners. Deriv platform and SmartTrader are the leading platforms where beginners can trade binary options. The platforms offer different trade types including Rise/Fall, High/Low, and Touch/NoTouch.

The best part is that the users can set the expiry time according to their preferences. It means they can set expiry time from anywhere between 1 day to 1 year.

Advanced Platforms

BinaryX offers BinaryWebTrader and MetaTrader5 platforms for advanced traders.

BinaryWebTrader – Experienced traders can analyze the movements of different markets and assets using this platform. The platform even offers technical charts, historical data, and asset indices so that traders can make informed decisions while taking a trade.

MetaTrader 5 – MetaTrader 5 is a globally recognized trading platform. It enables users to trade forex, binary options, and CFDs. The users can either download the app on their smartphone or they can access the official website. The platform offers a set of tools with technical charts.

Automation – Like some of the popular exchanges, BinaryX enables users to automate their trading so they don’t have to sit in front of the screen throughout the day. The interesting part is that the users can easily create their own trading bot using simple drag-and-drop features.

Account Types

The users can improve their trading skills using two types of trading accounts.

Demo Account – Demo account is a useful option for beginners who want to trade in the live market without having to risk their own money. The users receive $10,000 in the form of virtual money when they create an account. They can test different trading strategies with this money before entering the real market.

Real Account – BinaryX enables users to create a real account with as low as $5. The users can choose between beginner and advanced trading platforms based on their preferences.

Deposit and Withdrawals

BinaryX accepts a wide range of payment methods for deposits and withdrawals.

Credit Cards – The users can deposit as low as $10 using their credit cards. The users can access this service if they have a Visa, Maestro, or Mastercard. The platform accepts different currencies including USD, EUR, GBP, and AUD. The platform has a maximum withdrawal limit of $10,000.

The withdrawals are usually processed within a few minutes. But sometimes, it may take around 1 day to complete the transaction.

Cryptocurrencies – The users can also deposit and withdraw funds in the form of cryptocurrencies. The platform accepts BTC, LTC, ETH, and UST.

Wire Transfer – Although wire transfer is a more lucrative option for most users, it has a minimum deposit and withdrawal limit of $500. The deposits and withdrawals may take up to 1 working day to process. The platform accepts USD, EUR, GBP, and AUD.

BinaryX Tokenomics

BNX is the native token of BinaryX that is used to pay transaction fees for crypto trades. With a circulating supply of 2.78 million tokens, BNX has a market cap of $390 million. It ranks among the 100 best cryptocurrencies in terms of market cap.

Conclusion

BinaryX is one of the most popular exchanges that doesn’t only support cryptocurrencies but also provides trading facilities for traditional assets. It offers a range of tools for beginner and advanced traders. The platform protects users’ funds through various methods. If you need more information about BinaryX, feel free to get in touch with us.