Sun. May 26th, 2019

Exclusive Interview: In Conversation with Beaxy Exchange

A project that has seen an increasing amount of excitement and interest over the last few months has been Beaxy Exchange – a new, state-of-the-art exchange with revolutionary features that has been designed by a group of Crypto coders and traders.

Their Mission

Beaxy aims to create the ultimate all-in-one cryptocurrency exchange, with more tools at your disposal than ever before, and a user experience that is unmatched. Lifetime referral rewards, coin staking loyalty program, instant FIAT deposits, 24/7 customer support, charting inside the exchange, mobile app functionality with custom alerts, unique trading pairs, four layers of security architecture, and enhanced transaction throughput are just some of the ways we stand out from other platforms and offer you the best possible trading experience. The Problem: Traders are frustrated with crypto exchanges, and rightfully so. The Solution: An exchange with a never before seen combination of features and 24/7 customer support.

The Partnership

One of the key proponents that will directly contribute to the success of Beaxy will be their exclusive partnership with OneMarketData.

OneMarketData services advanced trading platforms including those of Scottrade, Bloomberg, and more. Beaxy wanted a high performance analytics and data management platform to power their exchange matching engine.

Beaxy looked to OneMarketData and their OneTick system to deliver a solution. This system allows Beaxy to execute trades and manage wallet transactions in a low-latency and fault-tolerant way.

Artak Hamazaspyan, Beaxy’s Co-Founder and CEO explains the decision behind this partnership:

“We wanted to increase the sophistication level of our analysis and approach. OneTick enabled us to deliver a premiere exchange platform, the likes of which the cryptocurrency market has not yet seen.”

Key Features

Beaxy boasts many key features that are likely to entice traders to come to the exchange. Some of these can be seen below in the infographic:

A few of the key features that will available from launch will be:

  • 11+ order types, more than any other crypto exchange
  • Benchmarking at 225k tps pertrading pair, nearly as fast as NYSE
  • Smart features like multiple wallets per currency
  • Coin staking and loyalty program
  • Dedicated live customer support team

Then, shortly after that users can expect to see:

  • Tax ready reporting
  • Portfolio management
  • 26 order types
  • Mobile app
  • FIAT deposits
  • And much, much more

Game Changing Order Types

Arguably perhaps the most exciting feature that will get traders licking their lips with delight are the variations of order types – something that the Crypto trading world has needed for a long time. Below you can find the 11 order types that will be released upon launch:

1. Market

A market order is a buy or sell order to be executed immediately at the current market prices.

2. Market + With Limit

Limit orders allow you to set a maximum purchase price for your buy order, or a minimum sale price for your sell orders. If the market doesn’t reach your limit price, your order will not be executed.

3. Limit

A limit order is an order to buy or sell at a specified price or better

4. Limit Fill or Kill

A fill or kill (FOK) order is “an order to buy or sell a stock that must be executed immediately”—a few seconds, customarily—in its entirety; otherwise, the entire order is cancelled; no partial fulfillments are allowed.

5. Limit immediate or Cancel

An immediate or cancel order (IOC) requires all or part of the order to be executed immediately, and any unfilled parts of the order are canceled. Partial fills are accepted with this type of order duration, unlike a fill-or-kill order, which must be filled immediately in its entirety or be canceled.

6. Stop Loss

A stop-loss order is an order placed with a broker to sell a security when it reaches a certain price. Stop-loss orders are designed to limit an investor’s loss on a position in a security.

7. Stop Loss Limit

A Stop-Limit order combines a Stop-Loss order with a Limit Order. To place a Stop-Limit order, you enter two prices: a Stop Price and a Limit Price. If the market reaches or goes through the Stop Price, your order becomes a Limit Order.

8. Take Profit

Take profit orders allow you to set a target profit price on an unleveraged spot trade or a leveraged long or short position.

9. Take Profit Limit

Take Profit orders guarantee the full volume will be executed, with the risk of possible market price slippage. They incur a taker fee. Limit orders guarantee the limit price or better, but cannot guarantee that all of your volume will be executed.

10. Trailing Stop Loss

A trailing stop is a stop order that can be set at a defined percentage away from a security’s current market price. An investor places a trailing stop for a long position below the security’s current market price; for a short position, they set it above the current price.

11. Trailing Stop Loss Limit

A trailing stop limit moves with the market price, and continually recalculates the stop trigger price at a fixed amount below the market price, based on the user-defined “trailing” amount. The limit order price is also continually recalculated based on the limit offset.

The Roadmap

Beaxy have already passed many milestones on their roadmap since their inception in 2017. Below you can see a summary of some of their achievements up until the full launch in Q1 this year:

The Interview

I sat down with Bay Abbott, Head of Partnerships, to discuss the background behind Beaxy and what they aim to achieve.

You mention in your Founder’s Commitment article that each member of your team had some experience in crypto prior to joining Beaxy. Was it imperative when assembling your team that each employee had this pre-existing passion for the space?

We know that people naturally gravitate towards like minded individuals who see the world as they do. While it wasn’t a requirement, it just happened because we attracted people who were as passionate about crypto as we are. Through our culture, work ethic, devotion, and vision we have made them passionate about Beaxy.

Within crypto there are already so many hugely popular and well established exchanges, what in your view gives you an edge over your competitors?

Our key advantage is our matching engine, which is benchmarking at speeds comparable to NASDAQ and enables us to have more advanced order types than any other crypto exchange. Our dedication to users also sets us apart, with 24/7 customer support and immediate attention given to users across our channels and communities.

The trailing-stop, along with many other order types, are going to be a huge pull for potential users coming to use your exchange. Did you see an opportunity here with a lack of these types of tools in the market?

Most definitely, that is one of our main competitive differentiators. Our goal is to be an all-in-one exchange and offer traders and investors the tools and features that they need to succeed. People have gotten by with what exists in the market today but we wanted to raise the bar and give them a holistic, unparalleled experience.

In your Whitepaper you state that “Beaxy will have a team dedicated to seeking out and vetting new projects as they arise.” Will you also be running any community style voting competitions giving the public the opportunity to vote on which coins to list?

Yes, community voting will be an important part of the listing process; however, to start, while we are ramping up, we will be choosing the coins and tokens that get listed. Then, after a short period of time, voting will take place in the #community-voting channel in our Discord.

Can you give any indication as to potential future coin pairings?

That’ll be announced soon! We don’t want to publicly disclose developments that aren’t set in stone yet.

In December you announced that you have partnered with Coin Stats for your users to easily track their trades – do you see this as being the first of many potential partnerships to enhance the user experience?

There were a number of partnerships prior to Coin Stats whose contributions are equally as impactful to our users. We’d be doing them a disservice not acknowledging their importance; however, Coin Stats will enable us to provide tools that people would typically have to use a third party services for and manage themselves. So, to answer your question, this was not the first of these types of partnerships and we plan to offer countless tools and features that’ll improve the user’s experience.

A cheeky one to finish – Does the bear market end in 2019?

Good question. I wish I could say with certainty but in my opinion, we’ll have sideways movement and bounce off of the mid to low $3k region a few more time in 2019 before moving up and printing higher-lows. Additionally, it’ll be interesting to see what the SEC rules on the VanEck-SolidX Bitcoin ETF. Personally, I believe that a decision won’t be made until March 4th this year. That is the most likely target for a decision because regulators will want to extend the period for as long as possible. The community has been pushing the narrative that an ETF will be our ‘knight in shining armour’ so I am interested to see how that plays out.

I would personally like to thank Bay for his time.

Get a 20% discount on your Beaxy trading fees for 2 months by using this link to sign up

*This is my personal Beaxy referral code and I will receive a portion of the trading fees. These proceeds will be used to ensure that content remains free and costs such as web hosting are covered.

If you don’t want to use this link, you can find the normal Beaxy site here

You can find all of Beaxy Exchange’s relevant information below:

Beaxy Exchange

Website, Whitepaper

Social: Telegram, Facebook, Twitter, Reddit, Medium, Discord

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