The BXY token is the base asset of the Beaxy Exchange. The BXY token follows the ERC20 token standard which is implemented on top of the Ethereum blockchain and can be transferred on secondary markets. BXY is used by members of the Beaxy Exchange community who would like to leave tips, vote on initiatives, reduce their trading fees and many more.
You can buy BXY instantly when you use a bank account or digital currency on Beaxy Exchange. This is the easiest method and so it is recommended that newcomers use a card while they learn more technical aspects of cryptocurrency. You would open an account and complete the verification for the exchange and credit card processor. After your identity is confirmed, you will have an active account and will be able to make instant BXY buys or sells whenever you want. Visa and Mastercard are both accepted when choosing to pay with a card on Beaxy. Another method to buy BXY is by connecting your bank account to your Beaxy account and moving funds to purchase the BXY token.
Other methods of payment to buy BXY include using a third-party payment processor like Paypal, completing a wire transfer, or swapping funds for BXY with someone that you know and trust.
Here are steps to take to buy BXY tokens
1. Open an account on Beaxy
By Registering and verifying your Beaxy account you can gain eligibility to purchase BXY, BTC, and other digital assets with the funds in your account.
2. Purchase BXY
Now that you have a verified account on Beaxy Exchange, you can use your bank account or credit card to purchase BXY tokens with USD and other national currencies.
BXY value and price
On 11th June 2020, the cost of Beaxy was $0.0092 USD, and its market cap was 3,211,672 dollars. It is ranked 442 amongst all cryptos with a daily volume of 19,982 dollars.
BXY advantages and disadvantages
Beaxy exchange offers the possibility of having assets protected by a third party custody provider that adds additional layers of encryption to your digital asset wallet. This helps you to protect your account from being infiltrated and attacked by a hacker. It is always recommended to add 2-factor authentication to your login with your Beaxy account.
You can leverage Beaxy’s STK program and enjoy some of the highest passive returns that the world of cryptocurrency has to offer. Once you have a verified account on Beaxy and have purchased some BXY tokens you can lock or stake the tokens for a length of time that you choose. Locking your STK tokens for a longer period of time will provide you with a higher rate of return.
3. KYC (Know Your Customer) check
One small drawback to a regulated and compliant exchange is that you will have to verify your identity so that the exchange knows who their customers are. In the event that government regulators are suspicious of activity on the exchange, it is the cryptocurrency exchange’s responsibility to prove to the government what happened and who was involved. That being said, it also helps the user prove unequivocally that they own the assets they claim to own. If you are locked out of a non-KYC exchange there may be no way for them to verify your identity and give you your funds back.
Best BXY wallet – how to choose
The easiest method available for storing BXY is by holding in the wallet provided to you when you buy BXY on the exchange. It is very convenient to hold BXY on the exchange but you should ensure that your account is fully secured when you have assets that may be tampered with. 2-factor authentication and withdrawal limits are essential security measures that you should enable on the exchange before you buy BXY. At Beaxy, we offer industry-leading security to our clients through our partnership with Curv, an institutional-grade custody provider. This gives you bulletproof protection on the BXY that you hold on Beaxy Exchange. To add more security to your BXY holdings, you can use a cold storage wallet for ERC20 tokens such as MyEtherWallet.
There are two different ways to store your cryptocurrency. The first, and most secure, is through a cold storage wallet. Cold storage wallets mean that the digital asset wallet is not connected to the internet and theoretically can not be accessed at all without the private key of the wallet. It is recommended that all of your long term holdings be kept safe inside of a cold storage wallet that has much fewer odds of being hacked. The other type of storage wallet for digital currencies is called a hot wallet. Hot wallets are connected to the internet and usually are much easier to access and they are also more convenient to use. That being said, hackers may have an easier time getting into a hot wallet and stealing the funds. You should only hold funds that you plan to spend soon inside of a hot wallet.
Managing Private Keys
It is extremely important that the private keys associated with your digital currency wallets are safely kept and protected as much as possible. Sometimes when using a hot wallet, on an exchange, for example, the exchange will keep your private keys for you. This can present some potential risks as you do not have full control over your wallet in that situation. When it comes to cold storage wallets, in this case, you will almost always be the only person that can access the private key to your digital currency wallet. To achieve maximum protection over theri private keys, some digital asset investors have them engraved on fireproof steel. This means that even in the event that your house burned down you would still be able to access the cryptocurrency that you own. It is important to remember to never save a copy of your private key in a place that some other person or computer is able to see it.
Beaxy is an exciting crypto exchange that is constantly adding useful and valuable features. You can get your KYC approved in minutes to begin trading today. It’s simple, click register at the top of the page and follow the instructions from there.