Review on BITEXLIVE by Inioluwa Okedeji
A Review On BitexLive Cryptocurrency Exchange.
BitexLive is one out of the many cryptocurrency exchanges available in the cryptospace as a medium for the transaction of digital currencies. Visiting the official platform was neccesary, because, well, you really can't know how it works if you don't see it for yourself.
There really isn't much to the exchange that makes it different from your average cryptocurrency exchange. At first glance, the exchange platform looks quite attractive, given the color and the design but further on, one will find out it really isn't as it seems. Infact, I feel that given the competitiveness of the market, BitexLive doesn't have what it takes to do well, and it'll surely have a hard time attracting crypto traders and users. This is because most of the services offered are also provided by all other exchanges as well, with much better services. and given the fact that it isn't even a popular exchange, attracting users to the platform will be very difficult, except of course if certain distinct, innovative features are developed. The distinctiveness of a project or exchange platform is of much importance in the cryptospace, that is, what services does a certain exchange offer that another one doesn't, what features does a particular exchange has that another one doesn't, these are mostly the things that cryptocurrency traders are in search, due to the perplexing number of cryptocurrency exchanges now available in the cryptospace.
In addition, BitexLive has only 36 trading pairs available on the exchange, which shows how limited it is in terms of trading activities, one would wonder why an exchange will have just 36 pairs out of the thousands of digital currencies available in the cryptospace, that doesn't give traders a reason to use this exchange because there are others with much more trading options. Also, the low number of trading pairs only further proves that the number of listed digital currencies are also very little, which will definitely give intending traders limited trading options, thereby keeping them off the exchange to go for ones with much better options.
Apart from the above dissatisfactory opinions, BitexLive has some other advantageous features that some traders can still put into consideration in their choice of a cryptocurrency exchange. Such as;
• 24/7 customer support service: which allows customers to report issues and make complaints encountered in the use of the exchange.
• Security: 2FA verification is required before taking important actions on the exchange, data transmission are also done via an encrypted Transport Layer Security connection.
• Secure Storage: It makes use of a multi-signatory cold storage where 99% of users funds and assets are stored.
All these are the main advantages traders can get from using BitexLive exchange, but as I've said earlier, a lot more other exchanges also have these features and even more, a sure disadvantage to BitexLive.
BitexLive is also available on major social media channels and features 4 different languages, apart from English. They're Turkish, Russian, Spanish and Indonesian, giving users these countries the opportunity to make use of the exchange platform.
Finally, a lot of things has to be improved on BitexLive, I'm even so sure they do not have much users from what I've seen. Thus, to avoid losing more users and finally seizing to function, more upgrade and development is of utmost importance and necessity.
Pros
- BitexLive has round the clock customer support service.
- Almost all user's funds and assets are safely stored in cold storage.
- 2FA verification is needed before certain actions can be initiated on the exchange platform and data transmission also uses TLS connection.
- It also features 5 major languages giving it a sort of multi-lingustic advantage.
Cons
- BitexLive has only 36 trading pairs and few listed digital currencies, a limited option for intending traders.
- The BitexLive exchange platforms' design is still below par in comparison to other popular exchanges.
