What is BityX?

BityX is a bityx exchange exchange that was founded in 2018 and is licensed and regulated by the Japan Financial Services Agency (JFSA).

BityX aims to provide a platform for traders to easily enter and exit the cryptocurrency markets. The company also provides a secure and sustainable place for investors to store their digital assets.

Features

BityX claims to offer a variety of features that set it apart from other cryptocurrency exchanges including:

• Global cryptocurrency trading with up to 100x leverage
• Low fees of 0.1% - 0.5% per contract
• Margin trading with up to 100x leverage
• A decentralized exchange built on top of the CounterParty protocol
• An M&A market for corporate issuers to acquire cryptoassets
• An external blockchain debugger to monitor contracts
• An AI-driven portfolio manager to buy and sell assets based on user goals and strategies

These features make BityX one of the more advanced cryptocurrency exchanges available today. Other notable cryptocurrency exchanges such as Binance and BitMex lack some of these features.

Location & Geolocation

BITYX is headquartered in Tokyo, Japan and has operations in the United States, Europe and Singapore. Currently, the exchange supports the trading of over 260 cryptocurrencies.

However, in order to take advantage of the platform, one must be physically located in one of its supported countries. As of today, the list of supported countries includes Australia, Austria, Belgium, Brazil, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Italy, Netherlands, New Zealand, Norway, Portugal, Russia, Spain, Sweden, Switzerland, the United Kingdom and the United States.

This is due to Regulation CF requiring that all cryptocurrency trading takes place within specified countries. While CF does not specify which countries it applies to, BITYX is most likely referring to the Financial Services Modernization Act (FSMA) developed in the United States. Under FSMA, financial institutions located in the country must comply with the law or risk being denied access to the cryptocurrency markets.

Security

Security is one of the top priorities on the BITYX website. The exchange claims that it uses top of the line security protocols and that it has multiple layers of security including 2FA, HTTPS, and BIP 39 wallet security. All of these security protocols are necessary to prevent hackers from stealing users' funds.

One must also keep in mind that the majority of the cryptocurrencies available on BITYX are not stored on the exchange but instead are held in user accounts. This means that if one's account is compromised, their coins are also at risk of being stolen. However, BITYX states that it is very unlikely for an attacker to steal a user's cryptocurrency because any attempt to do so would require the attacker to compromise the user's own device. In most cases, the user would notice that their wallet has been accessed and then terminate the fake authentication link provided by the attacker. In this way, the attacker would not be able to withdraw any crypto funds without first being discovered.

Another important security precaution that BITYX recommends is keeping one's wallet address private. However, as one of the top cryptocurrency exchanges, it is not entirely uncommon for hackers to try and obtain a user's wallet address by any means necessary. BITYX recommends that users avoid giving out their wallet addresses unless they are required to by a third party. In this way, the user's own private key is not revealed and the coins remain secure even if the wallet is compromised.

Governance

Governance is another important topic covered on the BITYX website. The exchange claims that it uses the best practices of decentralized governance in order to keep its users' funds safe and secure. This means that instead of one person or group controlling all the functions on the platform, multiple people or groups are needed to maintain it. The company claims that this promotes trust in the platform because people know that their interests will be looked after by the community rather than an individual or entity. This in turn promotes more engagement from users who want to be involved in the community's decisions and see their input valued.

One must keep in mind that this is a subjective claim made by the company and does not necessarily mean that its users will experience better governance. In most cases, cryptocurrencies with the most active communities have their governance structures compromised by hackers and scam artists. Therefore, it is important to do one's own research before participating in any cryptocurrency exchange.

Customer Support

Customer support is one of the most important aspects of a good cryptocurrency exchange because it allows users to take their fears away from the markets and have them replaced with professionalism. Fortunately, BITYX seems to have taken this into account and makes sure to provide excellent customer support through various channels.

On the one hand, the company provides 24/7 email support via live chat and FAQs on its website. These are all accessible from anywhere in the world.

On the other hand, BITYX has a Discord channel that provides fast, direct communication between customers and representatives. Customer support via Discord is accessible around the clock and allows users to get their questions answered quickly in a non-judgemental space.

One should also consider trying out BITYX's referral program. This program rewards users for bringing in new customers. The more referrals one has, the more rewards one will receive. For every ten new users that sign up for the platform using one's referral code, one will receive a $20 bonus along with some bonus coins.

Overall, BITYX seems to have thought of most of the important details when designing the exchange. However, there is one aspect of cryptocurrency trading that the company does not seem to have included yet and that is the option for anonymous participation. While it is true that all the transactions on a cryptocurrency exchange happen on the public ledger, one must still be able to participate in the network without risking one's identity. In most cases, the only way to do this is by using a VPN to encrypt all the information traveling from one's device to the other participating nodes in the network. With so much competition in the cryptocurrency markets, it is likely that more and more individuals and businesses will want to take advantage of this technology and remove the stigma that comes with using a VPN.