A cryptocurrency exchange called Bidesk has a BVI registration. It started functioning in October 2019. Bidesk provided trading in crypto futures, a kind of derivative, in addition to ordinary crypto spot trading. An item that is valued dependent on the value of another asset is a derivative (normally stocks, bonds, commodities, etc). Derivatives in the realm of cryptocurrencies so draw their values from the prices of certain cryptocurrencies. The following derivatives contracts were available for trading at Bidesk: BTC/USDT, ETH/USDT, and BCH/USDT.
Bidesk mobile assistance
The trading platform for Bidesk worked on mobile devices. You could download the software from the Play Store or the App Store.
Fees for Bidesk trading
Bidesk charged flat fees, which equalized the cost between creators and takers at 0.10%. These taker costs are quite consistent with the averages for centralized exchanges around the world. Customers who have attained a specific “customer level” may also get savings on trading fees from Bidesk. You advance through the stages by either reaching a certain trade volume or holding a specific number of BDK tokens, the native token of the exchange.
Bidesk fees for withdrawals
When you remove cryptocurrency from your Bidesk account, no fees are levied by the site itself. As a result, while withdrawing, the sole charge to consider is the network fee. The network fees are not paid to the exchange directly; rather, they are paid to the miners of the relevant cryptocurrency or blockchain. The network strain affected how much the network costs changed from day to day.
Deposit techniques
It’s a typical practice, and Bidesk allows you to deposit bitcoin assets to the exchange. However, they also let you buy and sell cryptocurrency through wire transfers, debit cards, and credit cards. They worked along with Moonpay, a company that offers payment services. Users may buy or sell bitcoin with Moonpay using a wire transfer, VISA, or MasterCard. A wire transfer costs 1.00% of the purchase price while using your VISA or MasterCard costs 4.50% of the price.
Fiat on-ramp in the dark
This trading site, Bidesk, allowed deposits in fiat money, making it an “entry-level exchange,” or a place where novice cryptocurrency investors could begin their adventure into the fascinating world of cryptocurrencies.
Bidesk’s closure
The decision to cease operations was made by Bidesk in response to regulatory pressure from Chinese authorities. Due to significant regulatory changes and tightening limitations by the (China) government on Crypto Exchange operations & associated technological services that enable Crypto exchange companies, it was announced on September 29, 2021, that it would permanently halt operations. The business made this news through its official Twitter account.
But the shutdown happened in stages. Registration and deposit closure make up the first stage of the shutdown, which became effective right away. Its platform barred new users from signing up and accepting deposits. Just withdrawal was permitted. A few trading-related components were also shut down. These include the functions for opening positions in contract trading and for purchasing ETFs. Users were advised to liquidate their ETF holdings, close their positions in the contract trading area, and refund leveraged assets. OTC trading, futures trading, spot trading, ETF trading, and asset staking ceased to be accessible to customers on October 2, 2021. All staked assets, according to Bidesk, were redeemed and given back to their rightful owners.
On October 23, there was a complete shutdown, after which any assets that had not yet been withdrawn by their owners were immediately converted to TRC20-USDT at the going rate and stored in the exchange’s custody. Users in this group could only send emails to request withdrawals. They will be given the corresponding amount in TRC20-USDT according to the selling price of the assets they had before. By November 23, 2021, Bidesk has completed the liquidation procedure. After this date, withdrawal requests won’t be honored. Users are accountable for any losses brought on by assets that are not withdrawn by the stated date.
