BW began operating in 2014 as a Bitcoin mining pool. In January 2017, it introduced BW.com, a centralized platform for trading digital assets with offices throughout the world, including Australia, Singapore, Korea, Taiwan, Japan, Malaysia, the Philippines, Thailand, and Singapore. One of the biggest cryptocurrency exchanges, ZB.com, and BW.com collaborated strategically, and ZB.com provides complete technical assistance to both parties. Account binding allows users to use a single login to access the two platforms, which aids speedier transfers that are free of charge. This feature is only accessible using the web version.
Features and services
The features and services on BW.com exchange include:
Exchange cryptocurrencies
As was to be anticipated, this is one of the most noticeable aspects of the swap. BTC, ETH, and USDT are the three most popular currencies supported by the exchange at the moment, which supports 39 coins traded in 45 markets. The three fiat currencies offered on the site may be used to purchase these coins as well as to exchange them against one another. United States Dollars (USD), Chinese Yuan Renminbi (CNY), and South Korean Won (KRW) are the three currencies. The exchange’s OTC (Over the Counter) feature enables users to purchase cryptocurrency using USD, KRW, and CNY. Future developments will support more fiat currencies.
Spot trading
The exchange’s spot trading function provides limit and stop-limit orders. Limit orders are those that are carried out under certain circumstances. They are not immediately carried out but rather remain on the order book. Stop-limit orders are set up to reduce significant losses when the market goes against you. Before the market drops much more, they sell off the tokens at a fixed price.
Trading on margin
This is a common trading tool where you may increase your trading position by borrowing money from the exchange. You may follow the market in any direction with this trading choice. As a result, you may still make a profit even if the market has a price dump at that time. Bitcoin, Ethereum, Ripple, Litecoin, EOS, and Tron are the six currencies that may be traded with a margin on the BW exchange. The exchange’s margin trading feature allows for a 20x maximum leverage.
Staking
On the website’s main page, click the “Finance” option to access the exchange’s staking feature. It offers a stress-free approach to generating passive income and is also known as the BW pool.
BW interchange Initial Exchange Offerings, or IEO
They are enhanced versions of ICOs, often referred to as Launchpads, that have more legitimacy since exchanges support them, thus the name. Grabity, Pantheon X, Futurepia, Link by Blockmason, Blockbuster, and V Systems are a few ventures that were successfully started using BW IEOs. By selecting the ‘Apply Listing’ link on the website’s home page, projects may freely apply to be included in BW’s launchpad.
Deposits and withdrawals on the BW exchange
Like the majority of exchanges, cryptocurrency deposits are free. However, some trading costs that are set by the exchange are often associated with coin withdrawals. The BW Exchange’s withdrawal costs, withdrawal status (whether open or closed), daily withdrawal restrictions, withdrawal limitations per transaction, and the minimum quantity of coins are all listed in the website’s support section. The minimum deposit amount for fiat deposits and withdrawals is $1 or it’s equivalent in any of the three fiat currencies that are accepted. The three currencies are the US dollar, the Chinese renminbi, and the won (the Korean won). The exchange accepts deposits made with Visa and Mastercard, and it has a P2P feature that lets platform users convert cryptocurrencies to money.
The native token of the BW exchange
The Bit World Token, sometimes known as BWB, is the exchange’s native token. It is a community token built on the Ethereum blockchain’s ERC-20 standard. BWB token owners have the power to influence community choices depending on the value of their holdings. According to their website, the token is used for targeted and public distribution and is delivered to holders as staking rewards.
BW.com fees
The exchange offers more than 140 trading pairings and more than 100 currencies, with BTC/USDT being the most popular option. Although there is no fee for depositing, the BW.com site only accepts cryptocurrency deposits. New cryptocurrency investors must first buy digital tokens from one of the beginner exchanges that accept deposits in fiat currency before adding them to their BW.com accounts. Makers and takers pay the same exchange and margin transaction costs. They pay a 0.2% charge of the order value if they are regular members. They incur no expenses if they act as market makers. The costs for trading perpetual swaps are 0.075% for takers and 0.025% for makers. Each coin has varying restrictions and fees for withdrawals according to its price. Users are charged 0.001 BTC and 0.025 ETH, respectively, for withdrawing Bitcoin and Ethereum.
Regulation
According to the website and other sources, there is no financial body that oversees the BW exchange. This is a huge problem in the realm of cryptocurrencies. However, it does have strategic alliances with Quione, a renowned cryptocurrency firm on a worldwide scale, and ZB.com, a professional crypto wallet.
