Bibox is a decentralized exchange (DEX) that offers decentralized financial services to its users. It supports a wide variety of cryptocurrencies and crypto-assets as well as several features, functionalities, and services related to crypto trading. This Singapore-based exchange was launched in 2017 and its user base is predominantly of the Asian demographic.
Even though it is relatively new in the crypto market, the Bibox exchange has grown significantly and offers noteworthy liquidity pools for various assets. With its AI-based modules and other advanced features, Bibox has made the platform extremely user-friendly and highly responsive.
Since the exchange is decentralized in nature, the control lies in the hands of its users and they can exchange, deposit, withdraw crypto assets, earn through crypto-backed loans, and perform digital mining while being in full control of their crypto assets. Bibox also has its native currency known as the Bibox token, which helps in seamless transactions and makes them profitable in certain scenarios.
Now that we know what is Bibox, let’s explore how Bibox works and how to use Bibox?
Connecting your Bibox Address to ZenLedger For Your Crypto Tax Forms
- To import your transactions, log in to Bibox and copy your receiving address.
- Paste the receiving address you copied from Bibox into the wallet address field in ZenLedger.
- Select the proper coin from the dropdown list.
- Select if the wallet is based in the USA or not.
- Then hit add coin.
How are Cryptocurrencies Taxed?
Cryptocurrencies are typically taxed through capital gains tax when you sell or trade them, with the profit being subject to tax. Earnings in cryptocurrency, such as income or mining rewards, are often treated as ordinary income and subject to income tax. It’s important to maintain accurate records of all cryptocurrency transactions, report them to your tax authority, and stay updated on cryptocurrency tax regulations in your jurisdiction. Consulting a tax professional is often recommended for proper guidance and compliance.
Learn more about crypto taxes: A Step-by-Step Guide to Crypto Taxes
Can Bibox Generate My Tax Forms?
Cryptocurrency exchanges like Bibox typically only provide transaction data and reports specific to their platform. They do not offer a comprehensive view of your entire cryptocurrency portfolio, which may involve multiple exchanges, wallets, DeFi platforms, and other sources. To get a complete picture of your crypto gains, losses, and income for tax purposes, you would need to aggregate data from all your cryptocurrency activities.
This is where cryptocurrency tax software, like Zenledger or others, can be invaluable. We allow you to consolidate data from various sources, including Bibox, to calculate your overall tax liability accurately.
How Does Bibox Work?
Bibox aims to offer a smooth and seamless user experience with its various features. These features are accessible to the users with a small charge and the transactions are subjected to a trading fee, making them the primary source of revenue for the exchange.
Bibox exchange encourages trading with its various trading views and data representations. The platform also offers various provisions to help beginners learn about the financial industry, blockchain, and crypto trading. In addition, with automated bots protocol, various actions on the platform require minimal manual input.
Other services of the Bibox exchange include a grid, cloud, copy trading, a network for swapping altcoins, and more. All these features combined make the exchange truly unique in its landscape.
Features of Bibox
The Bibox exchange has some of the latest features including different trading views with an adaptable application interface to suit the specific needs of the users. The platform supports more than 150 coins and over 250 trading pairs.
The exchange is thoughtfully crafted to handle 10 million users at a time with its highly efficient memory matching system. The platform also gives due importance to security as it has taken serious measures to safeguard its users’ information.
Safety measures include:
- Two-factor authentication (2FA)
- SSL encryption
- Other solid architectural guard nets.
By using the “Super VIP” premiums, interested parties can apply for listing via the exchange or even register for institutional accounts on Bibox.
How to Register on Bibox Exchange?
If you wish to use Bibox for crypto buying, selling, and other activities, first, you need to register on the exchange. Follow these steps to complete the registration process:
Step 1: Go to Bibox’s Website
Go to the Bibox website and bookmark the page: https://www.bibox.com/en
You need to be cautious about phasing sites that look similar to the actual site. Check the website’s security certificate, which is proof that the website is authentic.
Step 2: Complete the Sign-Up Process
Signing up is a pretty simple task. Enter your email address following a strong password with a minimum of 8 to 20 characters with a number and a special character. After submitting them and passing authentication, you will receive an email asking you to confirm your email address.
Go to your inbox and click the link and it will take you to Bibox login. Enter your email address and password to log in.
Step 3: Enable 2-Factor Authentication
Choose from three types of authentication available on the exchange:
- Google Authentication 2FA
- SMS Authentication
- Funds Password
For high security, it is recommended that you enable all the options. To enable these options, go to Account Information present on the left-hand corner under your email address.
Step 4: Deposit Funds
Click on funds on the top left corner and you will see all the coins available for trading. When you choose a coin for purchase (coins are arranged from most popular to rare), you will be taken to a trading screen showing you the coin’s chart and the order book. From here, add funds to your account and buy the required coin.
How to use Bibox?
From the top right corner, choose “Token Trading” and choose the required pair from the table.
For instance, if you want to trade Bibox coin (BIX) with Ethereum (ETH), set your intended price and select the amount in BOX units. The total cost will be automatically calculated and will be displayed next to the “Volume.” Go ahead and trade the tokens and always remember to take a look at the trading fees that are displayed.
Reporting Bibox Transactions with Zenledger
Here are three simple steps for reporting your Bibox transactions:
- Connect and Import: Link your Bibox exchange account with Zenledger, allowing it to automatically import your transaction history.
- Generate and Review Reports: Use Zenledger to create the necessary tax reports, ensuring that your transactions are accurately categorized and reviewed for accuracy.
- File Your Tax Return: Download the tax forms and documents generated by Zenledger, then complete and file your tax return according to your local tax regulations. Consider consulting a tax professional for specific guidance if needed.
Conclusion – What is Bibox?
Bibox offers a premium user interface with a myriad of services as the prime offering. Features such as copy trading, automated bots, and decentralized control position it among the leading exchanges that offer advanced trading with simple functionality.