Unboxing BictoryEX — A Comprehensive Review of BictoryEX
Cryptocurrency exchanges have facilitated the most changing of hands of digital assets. In 2021 alone, statistics show that the most prominent exchange platforms collectively traded about $14 trillion. That’s a pretty good amount for a sector still in its infancy. However, more of these platforms will still be needed to handle the volumes coming into the space as it penetrates mainstream awareness and gains adoption. The number of existing exchanges is insufficient and there’s also good room for technological & user experience improvement.
We’ve almost lost count of the number of times exchanges have blacked out at peak times, and judging by crypto ownership, the global rate of adoption has only just crossed 4%, with 300m users as of 2021. To date, more persons exist outside of the cryptosphere than inside it. If we must continue to facilitate trades without downtimes at trade peak times, more exchanges need to spring up to handle the wave of demand as well as apply innovative and robust technologies to manage the usage stress.
With this in mind, in addition to the vision of making the entire DeFi and NFT ecosystem a lot cleaner, Bictory Finance has designed and built a centralized exchange amongst its suite of clean & clear products named BictoryEx. Measured by the community excitement, it’s reasonably accurate to say that it is the most envisaged product from the entire product suite.
So what is BictoryEx, and what do you need to know about it?
Although only the first version launched on the 15th of June, it’s already packed with several exciting features to give users a smooth experience through the entire transaction cycle, from funds deposit through the exchange to withdrawal. Let’s see what’s packed inside this product box.
First of all, a little insight into what this flagship exchange is. BictoryEX is a centralized exchange that combines a bullet-speed order matching engine and a sleek and classic trading user interface with industry-wide low fees. Even at launch, the digital asset exchange platform will support deposits, withdrawals, and trades of more than 25 high-cap cryptocurrencies and multi-level account security features to guarantee maximum security for its users from the get-go without the KYC requirements.
Let’s dive into BictoryEX to have a first-hand experience.
Visiting that link takes you directly to the sign-up page. Before diving into the simplistic sign-up process, take note of the relaxing midnight-blue theme of the exchange; it’s easy on the eyes, and other design colors sit pretty on it. Also, note that Google’s reCAPTCHA protects this sign-up page from bots.
Next, On to the Sign-Up process…
Easy Sign-Up/Sign-In Process
Signing up on BictoryEx is a no-sweat process. A new user just needs to fill out a simple data form that captures a few personal information, including full names and email. A password is created by the user at this stage as well. BictoryEX intelligently gauges the strength of the password set for the user, as seen on the password strength bar. We recommended that the password contains at least eight characters in length, including at least one of the letters in CAPs, at least a number, and a special symbol. Pretty standard.
Submission of this form automatically shoots a six-digit verification email to the user. On verification, access to the granted user to trade on BictoryEx. Of course, this is not the depth of BictoryEx’s security. To climb on to account security level 1, at least one of the second-factor authentication must be activated. BictoryEx V1 comes with Two-Factor Authentication (2FA) and SMS verification (Coming soon) of the user to buff up account security.
On the Login side, users are prompted to enter their login information to access their accounts. There are also processes for users who have forgotten their passwords or users who seek extra help from the support team.
Deposits & Withdrawals
Deposits & Withdrawals are usually the first set of features tried out by new users, perhaps after they set account security. BictoryEx incorporates deposits and withdrawals for all of the assets listed. Depositing a supported asset is as easy as it gets. It can be done in 4 simple steps from the point of Sign Up or Sign In.
- Step 1 > Sign Up or Sign In to your BictoryEX account.
- Step 2 > Open the wallet panel (See side navigation bar)
- Step 3 > Hit deposit on the currency of choice.
- Step 4 > Select the network, copy the deposit address, or Scan the barcode.
Funds withdrawal is just as simple but differs from Step 3.
- Step 3 > Hit withdraw on the asset of choice.
- Step 4 > Input the amount of asset to be withdrawn (Hit MAX to withdraw all)
- Step 5 > Paste in the destination address (Select destination network if need be)
The deposit or withdrawal history can be found at the bottom of their respective pages.
On successful sign-in, the first screen the user is presented with is the markets page. Still with the side navigation stationed at the left side, this page contains a dark-purple gradient background slider at the top, highlighting the high-cap assets within BictoryEX, including the 24hr trade volumes and % price change, current price, and a wavy-line chart.
Just beneath this is a catalog of asset trade pairs supported on the exchange. Over 50+ trade pairs are already supported in its first version, including BTC-USDT, BCH-USDT, LINK-USDT, UNI-BTC, AAVE-BTC, etcetera.
Several classifications or categorizations help users quickly scan this trade pair catalog to find a sought trade pair. The top-level category is the All / Favourite category which allows a user see the complete list of trade pairs or only the pairs marked as favorites. A sub-level category is the base currency categorization, allowing the user to simplify further the view of the trade pairs with a particular base asset within the top-level categorization. Therefore, users can choose to see all ETH pairs or only their favorite ones.
Should a user sway away from the markets page, the user can quickly return either via the markets icon on the side pane stationed on the left or the button that literally says market stationed at the top. Easy-peasy.
BictoryEX Trades & Orders
This page can be accessed by clicking on any asset pairs or the trades navigation section stationed at the top. This screen presents the user with a detailed charting view powered by Trading View, trade pairs, order book, and the order execution panel.
This page is easily configurable to suit the needs of the trader. Besides the charting view where lines and forks can be drawn to analyze the market direction, the order book can be modified to display only bids, asks, or both (default). The same applies to the trade pairs panel stationed by the left, and It can be sorted based on favorites or the base assets to make every trading pair easily within reach right from the trading screen.
Below the charting view is the Order execution panel. This is where the user inputs the necessary parameters to execute a trade. This includes the order type (currently, BictoryEX supports market & limit orders), the amount, which can be automatically filled with the portfolio percentage toggle, price (not required for a market order), and the buy/sell button. The user can also see the amount of the base asset he currently has available in his portfolio balance.
All orders open, canceled, or completed with a particular pair can be found under the execution panel.
In comparison to other exchanges, the fees on BictoryEX is relatively low. Maker fees range from 0.11% to 0.07%, and taker fees range from 0.2% to 0.08% depending on the user’s 30days trading volume. The higher the trading volume, the higher the user goes in the VIP strata, and the lesser the fees.
BictoryEX Referral Programme
The signup form has an option referral code field which will be used to launch BictoryEx’s first referral campaign soon. To find your referral code to share with your friends, go to settings and see the referral tab to fetch a referral ID and link. The tab also has a dashboard to track the count of your referrals and how much you’ve earned.
Notifications, Wallet & Other Navigation Shortcuts
At the top-right of the navigation bar are some essential shortcuts, including balances, wallet, notifications, and settings, making the speed of user navigation from point A to B on BictoryEX almost telepathic.
From the left, the wallet hover button is seen first. Hovering over this button displays a modal box with a blinded account balance, deposit and withdrawal buttons, and transaction histories. Following the wallet-text button is a bell icon to access the notification box that slides in from the left when clicked. Notifications are grouped into three categories within the box: All, System Notifications, and Bictory News.
System notifications track in-exchange state changes or activities like logins, deposits, withdrawals, etcetera. Bictory News is a channel through which the project can pass essential announcements, promotions & rewards to the users in the exchange. As you would have guessed, the All category summarizes all notification types.
The identicon next to the notification bell takes a user directly to the account settings, and the balances text button leads to the wallet page when clicked on.
This comprehensive overview of BictoryEX reveals that if the exchange continues to develop and grow at the exponential pace, it already is, it will become a major challenger in the crypto circle. The Bictory Finance team lead has said that from this point, in addition to its already innovative technology, it will diverge from the norm and introduce customer-centric features. Indeed, it just might attain the status of the world’s friendliest exchange.
Team Bictory Finance
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