Advantages of Foxbit exchange

Why choose Foxbit exchange

The number of BTC exchanges increases with incredible speed due to the development of cryptocurrency market. The surge in this sphere is evident throughout the globe.  When price of commodity is rising, its huge expansion on all markets can’t be stopped even in the countries where virtual coins are forbidden by the state. The development begins in each segment from finances to software. Everything seems to work to develop it further. Using crypto signals Telegram users know when to enter the trade and derive maximum profit from it. This is especially acute when you have to control diverse coins. Foxbit exchange does not trade Ethereum or other virtual coin as it deals only with BTC. However, there is a range of other features the site has to develop to attract attention of cryptotraders. Foxbit is a part of Blinktrade, an open source platform enabling decentralized exchange of virtual coins. Other platforms resort to other features attractive for consumers such as margin trading. For instance, such platforms as Bitmex, Huobi English and Bibox offer margin trading for consumers.  

Regional platform with big ambitions

Region-based platforms have fewer problems with promotion, so Foxbit platform caters mostly Brazilian users. Nevertheless, foreign clients are also accepted to Brazil-based exchange. In accordance with stats presented online, Foxbit Bitcoin operations are rather frequent. In general, there are 300 Bitcoin transactions in the course of the day.  There are no definite Foxbit Coinmarket figures at our disposal, but fast growth and development of the platform is undisputable. However, the goal of Foxbit team is more impressive. They want to create a developed blockchain-based Bitcoin ecosystem and do everything possible to accomplish the goal. It would not function without application programming interface for features offered to users. The role of API in blockchain is great. Foxbit APIs creates the system of unification that is necessary for systems of this kind.

Security

Security is an important aspect for any platform therefore 2-factor verification was introduced on the site. Also, each user has to verify identity sending the copy of ID document and a photo of oneself holding the same document. It is also necessary to prove the address. Person can send the copy with utility bills with the name on it. The whole verification procedure takes up to 5 days. If you pass verification procedure, you will be able to deposit up to 10 Bitcoin to your account.
The limits depend upon the level of verification. Learn more on the site of the exchange.

The site is protected from DDOS attacks but it is not protected against inner mistakes. The problems that occurred recently brought to serious losses. The site lost 30 BTC because of the error, due to which users could withdraw their assets twice.

Foxbit hack possibilities are always tested by developers who try to make the system perfect. The platform has an open source code so that any person could have access to it to contribute to the development.

Fees and depositing

Foxbit fees vary depending upon the type of order: passive or active. In this way, the maker is charged with 0.25% fee, and the taker – with 0.50%.
Foxbit app accepts digital currencies and real money. The only condition one should follow is to deposit funds to verified account. It is not allowed to deposit from the banking account of the third party. It should be your own one. The same refers to withdrawal. It is necessary to remember that withdrawal fee is rather high if you do not use the bank from the list of mentioned on the site. In all other cases the fee is affordable.

The minimal Foxbit deposit is $5, as well as the minimal amount of the deal.

Foxbit does not educate their users. The other drawback is that it does not have any trading signal software or bot warning users of activity on the market – some instrument resembling Poloniex trading bot.  Those who are not satisfied with it can find other alternatives instead.

Those who are interested can also read Foxbit blog where employees write about their impressions and views.