Is BKEX a Good Crypto Exchange for Beginners?
It is important for novice cryptocurrency traders to choose the right crypto exchange. Not all companies can be used when you are just starting your path in trading, which is why the success in cryptocurrency trading depends on making the right choice. Beginners often wonder whether BKEX is a good crypto exchange to start trading with. In this article you will learn whether BKEX is good for beginners, what its pros and cons are and what a novice trader needs to know.
Short summary about the broker BKEX
BKEX is a cryptocurrency exchange that offers spot trading with up to x100 leverage and over 1200 assets in the pool. Crypto-crypto and crypto-fiat exchange is available (US dollar is the only available fiat). The trading terminal of the exchange is based on TradingView in a browser; there is a free mobile application with functionality that is completely similar to the main platform. BKEX has some of the most transparent fees, with only fixed taker/maker fees and withdrawal fees. The exchange has a two-tier referral program that offers up to 30% of referral commissions. The main advantage of BKEX is a smart pool with flexible mining and staking. The exchange implements many programs with the ability to customize the investment mechanism according to specific parameters.
| 💰 Account currency: | USD, any crypto currencies |
| 🚀 Minimum deposit: | Flexible (depends on asset). From $1 |
| ⚖️ Leverage: | up to 1:100 |
| 💱 Spread: | Cryptocurrencies, fiats |
| 🔧 Instruments: | Available |
| 💹 Margin Call / Stop Out: | No |
BKEX Pros and Cons
👍 Advantages of trading with BKEX:
•1,200 cryptocurrencies for trading, with the optionto buy/sell any asset for US dollars;
•there is a quick purchase with payment by a debit/credit card; all major deposit options are available;
•the platform supports funding in US dollars, euros, British pounds, yen, won and other currencies;
•traders can trade with leverage up to x100, regardless of the chosen asset and trading volume;
•fixed taker/maker fee does not depend on the activity of the trader, the indicator is average for the market;
•easy-to-learn trading platform, several types of charts, all major indicators;
•many investment programs, including staking and mining with flexible conditions.
👎 Disadvantages of BKEX:
•although funds can be deposited in multiple fiat currencies, only the US dollar is available for trading;
•the ticket system on the website is the only way to contact customer support; the exchange does not have a call center or email for communication;
•the company is not regulated, although it is officially registered in the British Virgin Islands.
What is a Good Crypto Exchange for Beginners?
In order to choose the right broker for a beginner, you need to consider several aspects.
Here are the main ones:
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Education. It is important for novice crypto traders to learn how to trade. An exchange can offer educational courses, video tutorials, articles, webinars, etc. The more learning opportunities there are the better.
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Availability of a demo account. You will need this account to practice. It provides an opportunity for a beginner to trade risk free and try out trading strategies.
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Availability of a simple method to buy cryptocurrencies. An exchange service or a P2P exchange would be an advantage for an exchange.
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Low fees. The level of income of the trader depends on the level of the fees. Therefore, it is important to choose a company that charges minimum fees. Crypto exchanges mostly use the Maker and Taker fee model. It is important that you study them.
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Instruments for passive investing. In addition to active trading, passive income is also important for beginners. Pay attention to availability of copy trading or staking.
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Trading platform. It is important for a novice trader to choose the simplest trading platform that will be easy-to-use for trading.
In addition to these factors, you also need to consider how customer support operates, as it will also be important. Bonuses for beginners are also a nice perk.
Trading Conditions for BKEX Users
Before you start working with an exchange, it is important that you evaluate its trading conditions. BKEX offers traders the following conditions.
| 💻 Trading platform: | In browser – TradingView |
| 📊 Accounts: | Standard |
| 💰 Account currency: | USD, any crypto currencies |
| 💵 Replenishment / Withdrawal: | Debit/credit cards, e-wallets |
| 🚀 Minimum deposit: | Flexible (depends on asset). From $1 |
| ⚖️ Leverage: | up to 1:100 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | market |
| 💱 Spread: | Cryptocurrencies, fiats |
| 🔧 Instruments: | Available |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Available |
| ➕ Affiliate program: | No |
| 📋 Orders execution: | No |
| ⭐ Trading features: | 1,200 cryptocurrencies, fiat trading (US dollar), staking and mining with flexible conditions |
| 🎁 Contests and bonuses: | Available |
Commissions and Fees
The size of commissions and fees is also an important factor of choice. Traders Union analysts have prepared a short review of BKEX commissions and fees. In this section, you will find trading fees of the exchange as well as withdrawal fees.
The crypto exchange does not charge a deposit fee(however, keep in mind that third-party services may charge it). Trading fees are fixed at 0.15% for the taker and 0.20% for the maker. They do not depend on external factors and do not change under any circumstances. The withdrawal fee is determined by the asset (as well as the limits for the day, month). Examples of withdrawal fees for the respective altcoins are 50 ADA, 0.0001 BCH, 0.1 BNB, 0.01 DASH.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard | $2.5 | present |
Investment programs of BKEX
It is important for novice traders not only to trade actively, but also earn passive income. Passive investing can help you earn extra profit, and also compensate for the losses you may incur as a result of active trading. BKEX offers the following passive income options.
Investment Programs, Available Markets, and Products of the Crypto Exchange
The crypto exchange offers many investment programs, but they are all divided into two types - staking and mining. Both types of programs are available in the cloud, that is, the user does not need to have technical capabilities to mine cryptocurrency. You can mine almost any available token. The exchange offers many programs that differ in three things - the minimum deposit, the interest rate and the duration of the program. Most programs are flexible, that is, deposit funds can be deposited and withdrawn at any time without penalties, and the program itself can be put on hold if necessary.
Staking as an investment mechanism
Staking has become widely popular and now almost covers the demand for mining. The reason is that staking allows you to mine a new cryptocurrency at the expense of an existing one. Also, staking on cryptocurrency exchanges provides an opportunity for an investor to earn money on cryptocurrency startups. In both cases, the investor essentially provides his fundsfor mining cryptocurrency or the development of a new project). In return, he receives a fixed percentage of the deposit.
An important advantage of the BKEX smart pool is that an investor can choose any number of programs by filtering them according to various parameters. Almost all programs are flexible in terms of conditions. This means that the percentage of income is accrued daily, and funds can be withdrawn at any time. It is also always possible to increase the deposit, thereby increasing profits. There is one thing here to consider, though. The higher the interest rate, the higher the risk of losing funds. Even the most promising startup can fail, in which case no one will return the investors their funds.
Staking programs:
asset - USDT, APY - 16.35%, duration - any;
asset - BNB, estimated profit for 7 days - 5.7% per annum, duration - any;
asset - LTC, estimated profit for 7 days - 14.81% per annum, duration - any.
BKEX is one of few cryptocurrency exchanges that allows you to earn on staking ETH 2.0. This coin was launched quite recently and its production is just reaching its peak. The interest rate under this program is 3.92% per annum. The completion period of the program is not set, it is unlimited, investors can withdraw funds any time.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of thedeal and all the steps from signing up to withdrawal of profits.
BKEX’s affiliate program
A trader can invite a new user to the exchange through a personal referral link. When the invited user starts trading, the trader who invited him will get 20% of his trading fees.If this user attracts another user to the exchange, the first trader will getan additional 10% of his trading fees.
BKEX has a referral program for businesses. You can get the same 20% and 10% from trading fees, plus 12.5% and 6.25% from mining. If you formalize an official partnership with the exchange, the commissions will become more advantageous.
Conclusion. Is BKEX good for beginners?
The BKEX cryptocurrency exchange will be an excellent choice for beginners. The exchange offers a convenient trading platform, which a beginner can learn to work with rather quickly. There is an excellent education center with a large number of materials for novice traders. Also, traders can earn passive income on good conditions. Therefore, BKEX could be considered as a good cryptocurrency exchange for a start.
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FAQ
What do I need to know about the fees charged by cryptocurrency exchanges?
The majority of cryptocurrency exchanges use the Maker/Taker fee model. As a rule, they use a multi-level system for traders that depends on the trading volume. The higher the trader’s trading volume, the lower the fees.
How do I choose a reliable cryptocurrency exchange?
Crypto exchanges mostly operate without licenses, as the majority of countries haven’t adopted legislation to regulate them. In order to choose a reliable exchange, you need to find out about its reputation and read the reviews about user experiences with it.
How many cryptocurrencies could a crypto exchange offer?
The number of cryptocurrencies on the listing of a cryptocurrency exchange may be very different. Some platforms offer less than 10, while others – several hundreds. It is important that you check the choice of cryptocurrency before registering on the exchange.
What are the risks of investing in cryptocurrencies?
Investing in cryptocurrencies carry high risks due to their high volatility. It could cause substantial losses, which is why it is important to observe the rules of risk management.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.