This article will discuss the Bilaxy exchange platform and if it is safe for investors and traders to use.
Bilaxy exchange is a Seychelles-based crypto exchange platform that offers markets and trading pairs for usage.
What is Bilaxy Exchange?
Bilaxy exchange is a centralized cryptocurrency exchange platform that offers investors and traders different trading possibilities.
Where is Bilaxy Located?
Bilaxy is a cryptocurrency exchange platform registered and located in the Republic of Seychelles. The company claims to have thousands of traders from more than 80 countries around the world.
What Happened to Bilaxy Exchange?
Bilaxy exchange platform suffered a hack that compromised a hot wallet that experienced a transfer of 295 Erc-20 tokens worth more than $21 million to a single wallet.
A particular token, “HOGE,” tweeted that its token was transferred by the hacker to a specific wallet causing the token to drop in price up to 35%.
During that period, Bilaxy suspended withdrawals, and users were advised to stop any transfer into the exchange platform.
Is Bilaxy Shut Down?
Bilaxy suspended its website due to the hack and moved “hundreds of tokens” from its hot wallet to cold wallets so they could be safe.
During this period, the platform asked its customers through a tweet to stop depositing into the platform.
There’s no further information on the Bilaxy platform other than a temporal system maintenance notice and a link to the platform’s telegram group.
Is Bilaxy Safe to Use?
Bilaxy exchange platform offers investors and traders access to trading their crypto assets. It gives users access to diverse markets and trading pairs. Due to its past issue, it is not advisable to consider the platform until there’s adequate information to back its usage.
How to Open a Bilaxy Account
Interested traders and investors who intend to open an account with Bilaxy can consider these steps:
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Go to “Sign Up” Page
You need to visit the Bilaxy website on your mobile device or your desktop system.
Click on sign-up to access the sign-up page if you are using a desktop, while you can click on “MINE” to get to the login/sign-up page if you are using a mobile device.
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Fill out The Sign-up Form
Once you go to the website, click on the sign-up option, and a form will come up for you to fill out. Some personal information would be required, such as your email, and you would need to set up your username and password to prevent your account from being hacked.
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Make Further Settings
To ensure your account is well prepared for trading activities, you need to set up your account further. On your desktop, click on “Account” to go to the account page, while on your mobile, click on “MINE.”
Ensure you complete your KYC, set your security password, and enable 2-factor authentication.
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Does Bilaxy Require KYC?
Investors or trader must complete their KYC on the Bilaxy exchange platform. Users are restricted from making any form of withdrawal without KYC. One must complete this KYC to be qualified to make any withdrawal.
How to List Coins on Bilaxy Exchange?
Below are the steps to follow if you intend to list your coins on Bilaxy exchange.
- Ensure you make a copy of the application form format by clicking the below link https://docs.googlecom/document/
- Once you have completed the application form, send it to [email protected]; once Bilaxy receives the application Docs, they will review and research the coin. If your proposal passes the initial review stage, you will contact the listing details.
- If you have any doubt about the application, you could submit a ticket or write an email to [email protected]
How to Deposit USDT to Bilaxy?
Investors and traders can deposit USDT into the Bilaxy exchange platform by following these steps:
- Send only USDT to the USDT deposit address to ensure your deposit to the right address. A deposit to a wrong address may result in the loss of your asset
- USDT deposit needs three sets of confirmations. After making your deposit, refresh the deposit page and track the progress on the right. A deposit will arrive after three confirmations. You will be required to wait patiently for the block network to confirm the transaction.
- To track your transaction, copy your deposit address to USDT explore to track using https://omniexplorer.info
How Do You Buy Bizzcoin?
If you intend to buy Bizzcoin, you can do this through the Bilaxy platform. To purchase Bizzcoin, follow these steps:
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Register on a Fiat to Crypto Exchange
To purchase Bizzcoin, register on an exchange and buy a reasonable amount of a major crypto-asset such as BTC or ETH to enable you to exchange for Bizzcoin.
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Purchase a Major Crypto Asset
Once you have registered on an exchanger and completed all the requirements, then use your card or any means of payment to purchase a major crypto asset. Using your credit card is faster than a bank transfer.
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Transfer to an Altcoin Platform
Once you have purchased this amount of a major asset, the next thing to do is transfer this worth to an Altcoin exchange platform that supports the purchase of Bizzcoin, such as Bilaxy.
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Purchase Bizzcoin
Now that your deposit has been reflected in the particular altcoin exchange platform, you can then exchange your major crypto asset for Bizzcoin.
How Do I Get DRK in Bilaxy?
To get Draken (DRK) in your Bilaxy platform, you would need to first and foremost open a Binance account and purchase USDT.
The USDT will enable you to exchange the Draken coin (DRK). Open a Binance account, verify your details and ensure you are buying a reasonable amount of USDT using your preferred means of payment.
Once you have made the deposit and purchased USDT, the next thing is to transfer the worth of USDT to Bilaxy, where you can now exchange for DRK.
Copy the receiving address on Bilaxy and paste it in your Binance account and send your desired amount of USDT to the address.
Go to your Bilaxy platform, confirm the deposit made and exchange the USDT in your Bilaxy account to Draken (DRK).
Ensure your Binance and Bilaxy accounts are verified and save some amount for transaction fees.
Billaxy exchange is a crypto platform that enables users to trade on different crypto assets. But in the meantime, it is advisable that before you use the platform, you still need to further research and be sure it is safe.
We hope this article will help you gain much information concerning the platform. For all your views and opinions, drop us a message in our comment section.
Know more about the Bilaxy exchange here:
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