Introduction.
Beaxy recently launched its second phase of beta testing, open to a select few members of its Discord server. If you’re aware of who Beaxy are, then great! If not, then to summarise; Beaxy is a hotly anticipated “all-in-one” cryptocurrency exchange built in collaboration with OneMarketData, bringing legacy finance to crypto. The exchange is scheduled for full public roll-out shortly.
Now, your first thought at this might well be “another exchange, big deal”, and you’d be forgiven for thinking that given the abundance of cryptocurrency exchanges on the market. It’s probably fair to suggest that the supply of exchanges is far greater than the demand at this particular moment in time. I’ll not be discussing the key differentiators separating Beaxy from the rest in the course of this particular article, however, there’s a plethora of material available online for a little DYOR.
To help you with the above, our friend Khilone wrote a great article about Beaxy’s recent token sale, in which he provides a comprehensive overview of Beaxy and what makes it unique, its partners, its team, etc. Khilone has written some pretty cool articles, so it might be worth heading over to his Medium page and starting there.
Alternatively, YouTube also has helpful information about Beaxy.
So, why am I writing this?
I’ve had the privilege of spending the last few days testing the platform and simply wanted to convey my experience of that, and my thoughts about the platform itself.
But before I delve into the nitty-gritty, I’d like to clarify a few things for the record.
I’m not in any way, shape or form being paid by Beaxy to write this.
I’m not a part of the Beaxy team, I’m not an advisor to the project, I’m not a Beaxy ambassador or a “crypto Twitter influencer” by any stretch of the imagination.
I’m simply your average Joe, a member of the Beaxy community, wanting one of those sexy looking Beaxy hoodies to be the latest addition to his wardrobe like the rest of you!
As such, I felt compelled to write this with that context in mind, and convey my experience of testing the platform thus far as an average Joe in crypto.
Admittedly, I did invest in the token sale on Paperstreet some time back. It follows that I am naturally inclined towards providing a positive outlook, and do have a vested interest in seeing Beaxy succeed.
However for the purpose of this overview, I’ll try to remain as neutral as I possibly can in discussing my findings, providing objective evidence to support my thoughts where practicable.
Conversely, had I not bought into the token sale, I’d still want Beaxy to succeed purely because they’re truly genuine people that have patently put a lot of effort into this.
So, without further ado, I hope you guys enjoy it!!
Where all the fun takes place: the #platform-feedback channel!!
To cut a long story short, the beta testing channel in the Discord (available to testers only) is quite literally on fire, buzzing with testers like myself reporting their findings and generally having a good time in doing so. Over the past few days the team over at Beaxy have been waking up to a slew of messages (sorry guys!)
However in my view, this level of engagement is great for the testing phase holistically and I’m certain that the team are appreciative of it. It’s a concerted effort and those proactively involved do seem determined to help the team ensure all those little nooks and crannies are ironed out prior to launch. Shout out to everyone in there for all their efforts!
I’ve been a part of one or two bug tests in my time and in terms of the reporting experience itself, I must say this has been one of the (if not the) most fluid and dynamic processes I’ve ever been a part of, which is a testament to the systems the Beaxy team have in place to manage bug finds, and the manner in which they’ve structured this process with user engagement in mind.
The reporting process is relatively straightforward; we find a bug, we fill out a form highlighting the steps taken in finding the bug for the purpose of reproducing it, we attach any evidence demonstrating our findings (in the form of videos or screenshots), we click send. The submissions are automatically added to a “view only” spreadsheet accessible to testers. The team then work through submissions, identifying any actions taken to resolve reported bugs.
Simple, transparent and effective.
I’ve found that most (if not all) findings are rectified promptly with a clear trail of any actions taken to satisfactorily resolve. I must give credit to the team here for their responsiveness, transparency and communication.
Their claim of offering 24-hour customer support and fast support ticket response times doesn’t seem so far-fetched judging by how engaging and responsive they’ve been throughout this process.
Now, for the fun, fun part…
Note: No edits have been made to any of the following screenshots bar one. I’ve redacted my name from all screenshots for the purpose of privacy.
When initially logging into the platform, I was met with the overview page and my first impressions can be summed up in pretty much four words: I freaking love it!
I simply hate scrolling. I could hazard a guess that there are many out there like me. Naturally, I have a relatively low attention span and as a result, I tend to find myself growing quickly impatient of needlessly cluttered pages, where excessive scrolling is required to elicit the information I want.
My only exception is for articles or fact-based documents where scrolling for additional information is a fundamental requirement; if an article is immersive or a document piques my interest for whatever reason, I could scroll for hours on end.
But otherwise, no.
So, to see all elements of Beaxy’s overview page on one screen, without having to scroll for the information I wanted, was a massive plus for me.
Having said that, some in-page scrolling was required when displaying all bitcoin pairs. However, for an anti-scroller such as myself, this minimal amount of scrolling was both understandable and acceptable, because the overview page remained static overall.
Moving towards the very top of the screen, I felt the price tracker bar was a pretty cool visual feature. It also served a function besides displaying the price and percentage gain/loss of a pair; clicking on any given pair led me to its respective market page. I found this price bar to be a useful caveat; as a user I like to have multiple methods of navigating to a given market page.
Additionally, the price bar was visual throughout the entire platform no matter the screen or menu I was in, making the price bar more useful than it appeared to be at first glance.
Clicking my name at the top-right presented me with options pertaining to my user account and preferences.
Noteworthy mentions from me, here:
- The header remained on-screen at all times when navigating my way throughout these sub-menus, giving me easy access back to the homepage by clicking the Beaxy icon in the top-left corner of the screen. I feel this is something quite often overlooked; many a time I’ve found I’ve had to make my way back to a homepage via an obscurely placed icon. It was welcoming to see Beaxy had thought of this and kept this icon hidden in plain sight!
- “Withdrawal Whitelist” is a super cool feature that allows you to create a list of trusted withdrawal addresses for any given currency. I found this to be a neat line of defence, as it will prevent me from withdrawing my funds to an address that doesn’t belong to me by virtue of typos, accidents, etc.
Finally, for the light mode aficionados out there, here’s a picture of the overview page in light mode.
Switching from dark mode to light mode (and vice versa) was effortless; I clicked the appropriately sized light bulb icon adequately placed on the top-right corner of the screen.
To conclude this section, the overview page quite simply looked slick, professional and appeared to be built with simplicity in mind. I found I was able to navigate my way around it with ease and was never uncertain about where any given link would lead me to.
I don’t want to see overly complicated looking top-level pages or be forced into traversing a minefield simply to access a market I want to trade. I want simplicity. I found it as easy to find the BTC-POLY pair as I did the BTC-BXY pair without having to rely on the search bar like I’m forced to with most other exchanges.
As an individual quite easily bored, I need simplicity to remain engaged.
Beaxy’s overview page worked for me.
Wallets.
Note: Balances displayed are for the purpose of paper trading only. They are not my actual balances.
My favourite page — wallets.
Like the overview page, there was a minimal amount of scrolling involved here also. The header remained static at all times so, again, I found it relatively easy to navigate away from this page when required.
Here, I was able to create new wallets for any given currency, transfer my balance between my wallets, set a default wallet and rename wallets to my liking. Additionally, this section allows users to delete wallets, however this feature wasn’t enabled at the time of testing.
I’ve found the wallets section of some exchanges to be convoluted, with using them being somewhat of a laborious task. In comparison, I found Beaxy’s wallets section to be feature rich, easy to understand and easy to navigate.
In my opinion, the ability to create new wallets is an underrated feature. There are numerous reasons why a user would want to have more than one wallet per currency, so it was great to see Beaxy implementing this. I can quite easily see this particular feature becoming an industry standard and exchanges following suit in the near future, if not already.
Under the hood, a 6.5L V12.
I’ll make it clear. This exchange is quick. Lightning quick.
I first logged in during a period of high activity and the speed at which all the numbers were flashing on my screen was incredible. So, a huge amount of credit goes out to Beaxy and OneMarketData.
I thoroughly enjoyed experimenting with the various order types. At the time of testing, eight order types were available to me and as far as I understand, these eight plus an additional three (OSO, OCO, Conditional If/Then) will be made available on day one.
I liked the fact that, again, there was a minimal amount of scrolling involved on this page. Everything I wanted to see was virtually in front of me on-screen.
If I wanted additional information about the BTC-BXY pair, such as an extended visual of its order book or its trade history, I immediately knew how to acquire this data without having to think twice; it was as simple as clicking an unambiguous icon, clearly visible at first glance due to its fluorescence.
I generally tend to like clicking and as mentioned previously, dislike scrolling, so I was happy with being given the option to click for more information at my leisure, as opposed to being forced to scroll with no end in sight.
Additionally, I also liked that I could create new wallets for a currency via a few clicks directly on this screen. For me, this feature eliminates the risk of losing a potentially profitable trade by virtue of having to navigate back to the wallets page merely to create a new wallet.
It has been mentioned in several other places, and for those of you aware of what Beaxy has on offer will undoubtedly be aware of the fabled calculator. However I feel the tool deserves a special mention here too.
The calculator allowed me to visualise my potential profits and losses prior to placing trades. I used the calculator on numerous occasions myself and simply loved it. No longer will I have to manually calculate my potential P/L’s with a Casio, and I feel this tool will be celebrated by all types of traders in kind. A touch of class from Beaxy.
Overall, I must confess that the trading experience was smooth. It was straightforward to place and cancel trades, find the data I wanted to find with ease, and I liked the fact that I could chart on-screen via the TradingView integration with a variety of technical indicators at my disposal, as well as being able to screenshot my charts and send to friends without having to rely on Microsoft Paint.
Conclusion.
On the whole, my experience has been thoroughly enjoyable so far; from liaising with my fellow testers in the Discord channel and sharing our findings with one another, to tinkering with the platform itself.
I liked that all members of the Beaxy team were accessible and responded to us promptly, and addressed any findings generally on the same day.
I liked that changes and fixes were communicated to us without delay and that we were encouraged to verify whether or not our findings had actually been fixed.
I liked how organised and professional the entire process has been thus far, and how it is being managed.
Ultimately, I liked that the process is being taken seriously, with a touch of fun to make it enjoyable.
To me, it seems like our time and efforts are truly valued by the team and our suggestions are both appreciated and recognised, and that testers are fully aware that they’re playing a vital part in building a best-in-class cryptocurrency exchange.
There is absolutely no disconnect between team and testers here. The team frequently join in with all the chatter along with us and know how to make the process enjoyable for all. And that’s refreshing.
With regards to the platform itself, judging by the little time I’ve had testing it, I found Beaxy to be an extremely well-thought-out platform made for traders, by traders, without a shadow of a doubt.
It’s almost an added bonus that the platform was so easy to use despite its sophistication, which in my view makes it suitable for people new to crypto looking to learn new things, along with experienced traders looking for the features that enable them to execute complex trades.
In conclusion, I feel that Beaxy is a purpose built yet intuitive platform with several unique but quirky features.
Albeit a beta version, it worked, looked and felt like a premium exchange platform should. It didn’t feel lifeless in the slightest, like one of the many tacky looking exchanges out on the market already. Undeniably, a lot of thought has gone into Beaxy’s simplistic yet vibrant interface and its functionality.
And in my opinion, this attention to detail is a small fraction of what makes Beaxy a cut above the rest.
A significant amount of effort clearly has gone into, and continues to go into building this platform, and I’m hopeful that effort will yield a successful, high volume exchange in the months and years to come. It will certainly be one of my go-to’s if it is indeed successful.
Testing is still ongoing and there will be another round of testing opening up shortly. To participate and gain access to the beta platform, please join the Discord server.
Well, that’s all from me. I hope you guys enjoyed reading and please feel free to share a comment below!!
Find me in the Discord server and on Twitter: https://twitter.com/_nmesis and if you want to sign up to trade on Beaxy, I’d truly appreciate if you did so via my ref-link: https://beaxy.com/Registration?code=GH87J02GFM
Other useful links:
- Beaxy’s Official Website: https://beaxy.com/
- Beaxy’s Official Twitter: https://twitter.com/BeaxyExchange
- Beaxy’s Official Medium: https://medium.com/beaxy-exchange
- Beaxy’s Official Reddit: https://www.reddit.com/r/BeaxyExchange/
- Beaxy’s Official Discord: https://discord.gg/7ZDcF3f
Disclaimer.
The material contained herein does not constitute investment advice. I am not a qualified investment advisor nor am I trained to give such advice. You must therefore refrain from relying on the contents of this article to make an investment decision about the BXY token or any other cryptocurrency or token. Cryptocurrency markets are extremely volatile in nature. It is therefore your obligation to consult with a trained professional prior to making an investment into any given crypto-asset.
This article is a representation of my personal thoughts and opinions of testing the Beaxy beta platform, and its features, as a member of the Beaxy community, for informational purposes only. I have been provided with access to its beta platform only, and have not received access to its full version.
As such, it follows that these are my personal thoughts regarding the beta platform only, and any features described herein may be subject to change prior to full public roll-out.
Per above, I have not been paid to write this article by Beaxy or any individual associated with it. This article was written purely by choice, to provide the reader with a general overview of my experience testing the beta platform.
