BiONE

BiONE Review

BiONE is an exchange registered in Singapore that launched in May 2018. Singapore is one of the countries in the world which has the most registered cryptocurrency exchanges. But, as you know, when it comes to cryptocurrency trading, the world is your playing field and the locality of the exchange doesn’t really matter that much.

As its main advantages, BiONE promotes five things. First, they promote robust security, adopting the ISO27001 information security standard to strictly control the confidentiality and integrity of the platform. This is of course a very important aspect of any trading platform. Second, they promote a user-friendly interface on both their desktop and mobile platforms. The platform interface looks clean and straightforward. But interface design preference is subjective so you may have to see for yourself. Third, BiONE promotes that they have a lot of supported cryptos (over 300+). For someone only interested in Bitcoin, this won’t matter much. But if you’re looking for more exotic altcoins, this can be a competitive edge for BiONE against other exchanges. Fourth, they state that they have a professional team and that they provide prompt support to their users. Naturally, both of these aspects are important. Fifth, BiONE states they are compliant to current regulations and have obtained their MSB financial license from the U.S. This checked out after searching BiONE at https://www.fincen.gov/msb-state-selector

Mobile Support

Most people do their trading on desktop. However, there are also a fair share of people out there that prefer to do their cryptocurrency investments via mobile. If you’re one of those people, you’ll be happy to know that BiONE is also available as a mobile application. You can download it from both the AppStore and Google Play directly on their website.

US-investors

Why do so many exchanges not allow US citizens to open accounts with them? The answer has only three letters. S, E and C (the Securities Exchange Commission). The reason the SEC is so scary is because the US does not allow foreign companies to solicit US investors, unless those foreign companies are also registered in the US (with the SEC). If foreign companies solicit US investors anyway, the SEC can sue them. There are many examples of when the SEC has sued crypto exchanges, one of which being when they sued EtherDelta for operating an unregistered exchange. Another example was when they sued Bitfinex and claimed that the stablecoin Tether (USDT) was misleading investors. It is very likely that more cases will follow.

BiONE does actually accept US-investors on its platform! However, it is your responsibility to report any earnings to the IRS. 

BiONE Trading View

Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. This is the trading view at BiONE:

BiONE Fees

BiONE Trading fees

Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade. The maker thus “makes” the order being carried out. The other party is the taker, who places the order that matches (or “takes”) the maker’s order. The maker-taker model normally encourages market liquidity by giving the makers of that liquidity a fee discount. Some exchanges, however, don't care about this distinction and instead charge both takers and makers the same fee. This fee model is called "flat fees". 

BiONE charges flat fees: 0.20% for both takers and makers. This fee is quite alright, actually even a bit below the global industry average taker fee (0.217%, according to this report), although a fair bit above the average maker fees established through the same report (0.164%).  

BiONE Withdrawal fees

BiONE charges a withdrawal fee amounting to 0.0005 BTC when you withdraw BTC. This is actually below the global industry average, as the industry average according to the only empirical study performed on the subject that we know of, this one, is 0.00064 BTC per BTC-withdrawal.

Deposit Methods

This exchange does offer credit card purchases of crypto. Fees are slightly higher but purchases are convenient and hassle free. This is the purchase interface when using credit cards to purchase crypto:

Users can also deposit their crypto from other wallets to their BiONE wallets. If you are a new crypto investor and you wish to start trading at this exchange, you can purchase crypto directly on the exchange and start trading immediately.

You can also find other so called “entry-level exchanges” by using our Exchange Finder tool.