Bilaxy
If you are new to the crypto scene, you might need assistance to know which crypto exchanges to trust. Even if you have been around for a while sometimes the lure of a certain coin might take you to a certain exchange. Keep away from Bilaxy.
Bilaxy do have a multitude of low cap coins but it is not worth it. Due to their liquidity issues you will always be buying and selling at a bad price (big spread). If that wasn't bad enough, sometimes Bilaxy would not fill the order completely and leave a portion that is below their minimum (their minimum to use). You cannot do anything with that money anymore. It is gone. Unlike KUCOIN and BINANCE which give you the option to convert all the small change and residues of previous transactions into their local token and hence accumulate them, Bilaxy doesn't give you that option even though they do have their own token.
Needless to say, withdrawing any money is problematic since their goal is to trap your money. As of the time of writing and 36 hours later, I still have a withdrawal transaction processing and with no end in sight. Their support just gave me a nonsensical reply which really did not mean anything at all.
What to do?
If they aren't regulated then their isn't much hope but you can avoid the pitfalls
- Review websites: try visiting review websites like trustpilot.com and see what others have to say
- YouTube: you can find almost anything on YouTube so do your research first
Also, I will give you a tool that will help you with any withdrawal transaction on any exchange. This website https://withdrawalfees.com/exchanges compares the withdrawal fee of 52 exchanges. When withdrawing from a certain exchange, you have the option of finding the token that is free on that exchange and converting to it. Ofcourse you will be paying later to convert it back but atleast you have the option to compare and see which is cheaper.
I did try this with Bilaxy and needless to say the transaction is still processing because they want it to.
