Hello everybody! Today i will explore another platform – Biconomy Exchange .
Biconomy is transforming the way users engage with blockchain and blockchain applications, and that’s why it excites me.
From supporting gasless transactions and multi-chain operations, Biconomy is making it easy for both users and developers to operate within the crypto sphere.
Biconomy has simplified cross-network transactions with their innovative platform solutions, whether a user is a novice or a pro to blockchain.
Together we will see how this platform is changing the landscape of DeFi and digital asset management.
Introduction
Biconomy.com serves as a substrate for Biconomy and specializes fully on trading and investments with cryptocurrencies making it very easy for users to buy, sell, exchange, and even store digital assets on the platform. Biconomy.com is beginner friendly as it supports crypto wallets alongside payment methods like SEPA and SWIFT.
Biconomy.com has grown tremendously since their launch in October of 2019, serving more than 1 million users and institutions around the globe.
The platform supports a variety of assets within its ecosystem which include Spot trading and derivatives such as Futures and Options.
The platform’s notable features are Demo and Copy Trading, Launchpad projects, and Fundraising on Kickstarter like opportunities, an NFT Marketplace, and other.
Thanks to an ultra-fast matching engine, mobile application, and multilingual community support, the platform grants users professional trading experience at any time.
Customers will also receive support from staff 24/7. Users are required to complete a KYC (Know Your Customer) process for deposits and withdrawals.
The wiggle room Biconomy.com provides is through their very own native token BIT. Biconomy aims to expand further and build their own blockchain platform to give developers and projects the tools needed to build DApps on top of their infrastructure.
Know Quick Details About Biconomy
| Feature | Details |
|---|---|
| Trading Options | Spot, Futures, Options, and Copy Trading |
| User Base | Over 1 million users and institutions globally |
| Launch Date | October 2019 |
| Payment Methods | SEPA, SWIFT, and cryptocurrency deposits |
| Key Offerings | Launchpad projects, NFT Marketplace, Earn, and Kickstarter products |
| Native Token | BIT |
| Blockchain Development | Plans to develop a blockchain for DApps and developer infrastructure |
| Mobile App | Robust mobile application for trading and account management |
| Customer Support | 24/7 service with multilingual community assistance |
| Security | Mandatory KYC for deposits and withdrawals |
| Special Features | Demo Trading, ultra-fast matching engine, and multilingual platform support |
Some Popular Token Available On This Exchange
| Token Symbol | Token Name | Category | Key Use Case | Blockchain |
|---|---|---|---|---|
| BTC | Bitcoin | Cryptocurrency | Peer-to-peer digital currency | Bitcoin |
| ETH | Ethereum | Smart Contract Platform | Decentralized applications (DApps) | Ethereum |
| USDT | Tether | Stablecoin | Value storage and transaction stability | Ethereum, Tron, BSC |
| BNB | Binance Coin | Exchange Token | Transaction fee discounts on Binance | Binance Smart Chain |
| BIT | Biconomy Token | Native Token | Platform governance and utility | Biconomy Blockchain |
| SOL | Solana | Smart Contract Platform | High-speed DApp development | Solana |
| MATIC | Polygon | Layer 2 Scaling | Scalability for Ethereum | Ethereum |
| ADA | Cardano | Smart Contract Platform | Decentralized financial applications | Cardano |
Trading Fees on Biconomy
Every time you make an order on a crypto exchange, there is a fee to be paid. This fee is most often a percentage calculated off of the trade’s worth.
Exchanges usually assign a separate fee to takers and makers. Takers refer to those who cancel orders from the order book while the makers add new orders to the book and thus provide liquidity to the exchange.
At Biconomy, both takers and makers have a flat trading fee of 0.20%. This figure is in line with or slightly under the overall mean among centralized exchanges, which has historically hovered around 0.20% and 0.25%.
But the newer industry issues average 0.10%-0.15%. A recent average indicates a maker’s percentage fee is 0.164%, while for takers the average percentage fee for spot trading is 0.217%.
These averages, however, are higher than Biconomy which is why Biconomy stands out as a cost efficient platform for traders.
Biconomy Withdrawal fees
There is a noticeable absence of information pertaining to this exchange’s withdrawal fees. Investors are bound to errors due to the lack of transparency.
Usually when an exchange does not specify its charges, the possibility of the charges exceeding the expectations increase. We look forward to revising this review once accurate information regarding Biconomy`s withdrawal charges is relayed to us.
Deposit Methods
Biconomy allows for several means for funding accounts which include wire transfers, debit cards, and direct crediting existing cryptocurrencies.
The platform has an option to deposit fiat currencies which categorizes it as an ‘entry level exchange’. Therefore, Biconomy is a great place for crypto-investment enthusiasts who are at the beginning phase of their investment journeys.
Futures Trading Fees
How to Start Trading on Biconomy
Create an Account
Go to Biconomy’s website and create an account.
Verify Your Identity
Go through the identity verification process for your account security.
Deposit Funds
Execute a bank wire transfer into your Biconomy account through several available payment channels.
Explore the Platform
Get used to the Biconomy dashboard and the different trades you can take.
Place Orders
You can start trading by executing buy/sell orders to the cryptocurrencies of your choice.
Monitor Your Trades
Track your open positions and watch the market for any emergent trends.
Biconomy Services and Features
Gasless Experience
Covers user transaction fees on their behalf.
Cross Chain Bridges
Users are facilitated with the easy transfer of assets between different blockchains.
Customizable Solutions
Enables businesses to create custom solutions based on their needs.
Decentralized Finance (DeFi) Integration
Enables seamless interction with DeFi applications.
Multi-Chain Support
Enhances interperability by enabling transactions across multiple blockchains.
Meta Transactions
Helps in off-chain execution of transactions, thus making it easier for the user.
Enhanced User Experience
For users end-users the simplification of blockane transactions is key, especially if they lack technical knowlege.
SDK & API
Developers are offered an easy to integrate SDK and APIs for seamless transaction processes.
Who Are the Biconomy.com Founders?
The company’s founder, and presently the CEO, is Dmitriy Sheludko. He aimed to create a trading platform that would make Bitcoin trading as secure as it could possibly get for all cryptocurrency lovers.
Dmitriy Sheludko has bachelor’s degrees in Economics and Psychology from Yale University and considerable background in trading and money management on the NYSE that he started long before entering the crypto world in 2014.
Here’s a table showing the supported countries and banned countries for Biconomy :
| Supported Countries | Banned Countries |
|---|---|
| ✅ United States | ❌ Afghanistan |
| ✅ United Kingdom | ❌ North Korea |
| ✅ Canada | ❌ Iran |
| ✅ Australia | ❌ Syria |
| ✅ Singapore | ❌ Cuba |
| ✅ Germany | ❌ Crimea (Russia) |
| ✅ South Korea | ❌ Sudan |
| ✅ France | ❌ Venezuela |
| ✅ Brazil | ❌ Somalia |
| ✅ Japan | ❌ Yemen |
Biconomy PROS & CONS
| Pros | Cons |
|---|---|
| ✅ Multi-chain support for seamless interaction | ❌ Limited to specific blockchain networks |
| ✅ Gasless transactions for user convenience | ❌ Not all dApps fully integrated yet |
| ✅ Easy-to-use SDK and APIs for developers | ❌ May require some technical knowledge for setup |
| ✅ Cross-chain bridges for asset transfers | ❌ Transaction speeds can vary between chains |
| ✅ Simplified blockchain experience for users | ❌ Still developing solutions for all industries |
| ✅ Integration with DeFi applications | ❌ Limited scalability for large-scale projects |
Is Biconomy Secure?
Biconomy is perceived as safe because of its user’s’ security and protection concern, as well as their transaction processes. The platform employs sophisticated encryption systems to protect each user’s information and make certain that all transactions are safely executed within the different blockchains.
Biconomy also ensures users’ security with other unique measures through its architecture, including multi-chain support, gasless transactions, and others that minimize user errors and security risks. There is no platform which can be considered risk-free, and for this reasons Biconomy puts in place strong security systems to ensure a safe and reliable environment.
Biconomy Customer Support
Biconomy offers plenty of dependable customer support options that assist users with any issues they may encounter during the processes. Biconomy provides email support, a community forum for real time discussions, and a help center with written guides.
Biconomy also has a responsive support team that works toward answering inquiries or resolving technical challenges promptly.
There is also a dedicated team of professionals collaborating on the backend making sure assistance is available to developers integrating the platform and users alike. The customer support system aims to offer solutions in real time which encourages users to navigate the platform with confidence.
Conclusion
Biconomy emerges as a robust platform for simplifying blockchain transactions due to its multi-chain support, gasless transactions, and easy integrations with DeFi applications.
Biconomy remains unique in offering a user friendly experience with its highly secure SDK and APIs which appeal to developers. Moreover, its superb customer support adds to the security.
As Biconomy continues to optimize the security and efficiency transaction across a variety of networks, it increasingly becomes an essential part of the blockchain ecosystem for both developers and users.
