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Biswap Review Canada 2023: Is is legit?
Luis Clark
- URL: https://biswap.org/
- Headquarter: Unknown
- Year Founded: 2021
- Platform App: Desktop
- No. of Cryptos: 1000+
- Fiats Available: No
- Withdraw Method: Crypto Transfer
- Payment Method: Crypto Transfer
Biswap Review Canada: Our Opinion
Biswap is a top DEX platform that provides crypto traders with several opportunities to earn with low trading fees. The exchange is more suited to well-seasoned DeFi investors versed in DeFi-facing services and trading — not the average cryptocurrency investor. Because it only deals with BEP-20 tokens, it isolates users from other tokens on other smart contract networks.
An Overview of Biswap
Biswap is a decentralized exchange and automated market maker (AMM) that enables users to swap all types of BEP-20 tokens on its platform. Crypto denizens can easily swap their favourite Binance-enabled crypto assets using the operational Binance Smart Chain (BSC) or BNB Chain. In 2021, several pseudonymous developers with comic avatars launched Biswap. The Biswap DEX claims to offer one of the lowest platform transaction fees in the decentralized finance (DeFi) ecosystem. Its AMM feature allows BNB chain users to provide liquidity across multiple pools in return for fees and tokens.
Users can earn up to 20% in commissions once their referrals swap tokens on the BNB chain, thanks to the three type referral system. Services such as staking, launchpools, liquidity hubs and Biswap farms are also available on the Biswap DEX. We consider Biswap safe due to the architecture of its security infrastructure, which includes address whitelisting and the audit results of its smart contract.
Biswap seeks to be the premier DEX platform in the fast-growing Binance smart chain. The top DEX crypto exchanges offer many benefits, but they have weaknesses too. Below, we highlight the platform’s pros and cons:
Pros
- 50% reimbursement fee
- Lowest trading fee in DEX landscape
- Multiple passive earning products
- Ability to earn LP tokens
- Offers earning in Biswap BSW token
- Users earn up to 20% in referral commissions
- Offers NFT marketplace
- Community-driven
Cons
- Created by pseudonymous developers
- Relatively new
- Only supports BEP-20 tokens
Key Features of Biswap
For a decentralized crypto trading platform, the Biswap exchange, which is built on the BNB chain, comes packed with several features and low trading fees. Below, we highlight the key products and services and why this exchange is known for providing one of the lowest platform transaction fees.
Voting and BSW Tokens
Biswap is fully decentralized and allows the holders of BSW token to participate in governance. Through this, the community of token holders can vote on platform proposals and decide the direction of the DeFi-facing service. The BSW token has a market cap of $55M (stand November 2022) with a maximum supply of 700m coins. 14.2% of the asset supply was earmarked for strategic partnerships, liquidity and project marketing. The remaining are used for the reward referral program, forms and launchpools, block reward and other areas of the operation.
Biswap Earn
Liquidity providers might be interested in the DEX protocol’s extensive passive income functionality.
Biswap allows users to earn rewards on their liquidity hubs and direct income from fixed stakes. The Biswap farms and other yield-generating services enable users to generate more tokens. Each supported crypto asset comes with a relevant trading pair on which liquidity providers can earn Biswap BSW. Alternatively, investors can earn LP tokens when they provide liquidity to a pool. LP tokens are a slice of the trading fees paid to a pool. These tokens can also be staked on Biswap farms.
GameFi
The exchange combines the powers of gaming and traditional finance. It allows users to play its NFT-based game – Squid NFT World – and rewards them with BSW tokens. The Squid NFT game is a crypto world with a metaverse concept that allows users to watch, interact, and explore the virtual reality space.
Multi-type Referral Program
Users can generate passive income from the Biswap referral program. The DEX platform runs a three type referral system that pays up to 20%. This ensures users can earn more BSW. Affiliates in Biswap’s referral program are rewarded with BSW tokens as commission once their referrals swap tokens.
Cryptocurrencies Available on Biswap
The best DEX crypto exchanges offer thousands of cryptocurrencies to traders and the Biswap platform is no different. Biswap is dedicated to the Binance decentralized finance (DeFi) ecosystem, meaning only BEP-20 tokens can be swapped or earned. While this is a great initiative, it limits the exchange’s services as the popular ERC-20 token standard associated with the Ethereum network is not supported. Meanwhile, Biswap still allows users to access a sizable amount of cryptocurrencies. The BSC network supports more than 1,000 tokens and Biswap currently supports the direct swapping of all digital assets on the smart contract protocol.
Can You Buy and Sell NFTs on Biswap?
Biswap offers an NFT Launchpad that operates as an NFT marketplace for listing, minting, buying and selling of digital assets. The central thrust of this digital collectible ecosystem also focuses on Binance-generated NFTs.
Aside from this, users can also earn from their NFTs through staking. Staking NFTs entail locking up an NFT for a particular period to secure the network. In return for this service, users are rewarded with newly minted copies of their creator’s collectibles. Rewards are paid in BSW and BFC tokens. The maximum annual percent yield (APY) is set at 37.29%.
Biswap Fees
Like every financially-focused service, Biswap charges fees for using its platform. The DEX platform charges 0.2% for swapping tokens. Aside from this, Biswap does not charge any other fee. Instead, users can get as much as 50% in trading fees reimbursement. This is paid in BSW tokens.
Biswap Payment Methods
As a DEX protocol, Biswap does not support direct payment in fiat. Users can only access its service by directly transferring any BEP-20 compatible token from an external wallet to the DEX platform.
Biswap Security
Security on decentralized exchanges is usually different from its centralized counterparts. Instead of offering address whitelisting and two-factor authentication (2FA), DEX platforms usually audit their smart contracts. So, is Biswap safe? It appears to be. So far, Biswap has been audited by blockchain security firm Certik. On the platform’s Skynet Trust Score, Biswap scores an impressive 84/100 in smart contract or smart chain strength. Also, its fundamental protection and assessment are fully resolved. There are no loopholes that expose the network to hacking. This answers the question, ‘is Biswap safe?’
Biswap Staking Rewards
Staking has become a major feature in the decentralized-driven economy and the concept works like a regular yield-generating savings account but with digital currencies.
Largely used by new-generation protocols, staking allows users to pledge their assets for the network’s security. Stakers are then rewarded with newly minted coins of the underlying protocol. In this way, crypto investors can generate passive income by earning interest on their idle assets. Among Biswap’s staking services are its Earn platform, which allows users to earn BSW as much as 47% through farming, 31.91% from its launch pools, and a high yield on its liquidity pools. There is also fixed staking which enables DeFi investors to lock up digital assets from other blockchain networks aside from the Binance Smart Chain protocol. The staking service has a minimum lockup period of 30 days and a maximum output of 90 days. Investors can earn between 5.16% to 19.39% in APY.
Opening a Biswap Account
Looking to get started on Biswap? Follow these detailed steps:
Download A Crypto Wallet
DEX platforms like Biswap do not work with emails and mobile numbers. Instead, users only need to download a software crypto wallet to start. Biswap supports more than ten top-ranking crypto wallets like Metamask and the Binance Trust Wallet. These crypto wallets can either be downloaded as a desktop extension or get them from their applicable mobile app store. The most popular is the Metamask wallet, which users can download for free. Below are all currently supported wallet options to connect with the platform.
Connect Wallet
The next step is to visit the Biswap platform. In the top right-hand corner, tap on the ‘Connect Wallet’ button. A pop-up notification would display the supported crypto wallets users can trade with. Select one and confirm the connection. Aside from Metamask, the Biswap crypto exchange supports Trust Wallet and several others.
Swap and Trade
Once the crypto wallet is connected, users can do any number of things on Biswap. To exchange one token for another, tap on the ‘Swap’ icon and select the digital asset you intend to swap from and the one to get in return. Insert the number of tokens, and the platform will automatically display the equivalent amount of tokens that would be received. Click on ‘Swap,’ and the trade will be executed in seconds.
Trading Experience on Biswap
Using Biswap for the first time can be difficult, especially for investors with little experience in the DeFi space. However, this obstacle can easily be overcome through practice. Besides this, the platform is intuitively crafted, and most platform functionalities are easy to locate. Users can also easily swap tokens and even provide liquidity all on the Biswap platform.
Biswap Customer Support
Based on our Biswap review Canada, we discovered the platform needs a dedicated customer support unit. Newbie traders face a major obstacle as they need help to receive direct guidance from the platform. It is common for DEXs to lack customer support teams, and Biswap is no exception. This has largely been a limiting factor in the new-fangled trading zone, as investors with knowledge gaps could lose their funds easily.
Customer Satisfaction
Customer review on the Biswap service has largely been mixed. 48% of users score the platform a 1-star rating, while 47% of investors give it a 5-star rating on Trustpilot. This shows that Biswap’s services largely depend on the user’s experience level.
Meanwhile, our Biswap review Canada discovered that the platform has an overall 3.2 out of a possible 5-star rating.
Education on Biswap
Biswap does not offer a standalone crypto-focused service for beginners. Instead, it directly links to the Binance Academy, which introduces the Biswap service and how it works.
Is Biswap Right For You?
As clear-cut as the answer to ‘is Biswap safe’ might have been, the answer to this section isn’t so clear. The unique needs of the user can only determine this. For value-driven investors looking to tap into multiple yield-bearing products, Biswap is a great solution. However, for crypto novices with no real industry experience, the platform can be complex to navigate.
Final Thoughts
Biswap aims to become the primary DEX ecosystem on the BSC network, displacing the popular AMM service, PancakeSwap. It offers many services and charges considerably lower exchange fees than the former. Biswap also comes with many passive income opportunities, including the opportunity to earn LP tokens, 20% referral commission, an NFT marketplace and so much more. Despite its suitability for DeFi-facing investors, our Biswap review Canada indicates that it would not suit regular investors or crypto novices, except these investors are ready to go through a steep learning curve.
Our extensive analysis of the Canadian Crypto Exchanges doesn’t stop here. You can also read about our Bitvo review as an alternative to Biswap or you can check out our full list of Best Exchanges available to Canadians.
FAQ
Most frequent questions and answers
The Biswap, or the BSW token has largely tracked established cryptocurrencies like Bitcoin and Ethereum in the crypto market. While it has seen a significant upside, the digital asset has also faced significant pullbacks in price. The digital asset could be a viable long-term investment, given that the Biswap platform is still developing.
Biswap token, represented as BSW, is the utility asset that powers operations on one of the most popular decentralized exchanges. The asset’s market cap is about $55 million. Holders of the digital asset can engage in governance, gain rewards from network participation, and stake them to earn more of it. The digital asset has a 700 million max supply and an emission rate of 16 BSW per validated block.
We could not find any information in our search for the team behind Biswap. However, the CEO is only known by the initials EK, represented by a comic avatar. All other team members sport this avatar with first names. Each team member is reputed to have vast experience in the crypto and blockchain space.
Biswap is currently in its development phase. In addition to the BSC network, the platform aims to provide a multi-chain experience. Also, more centralized listings of its native tokens are in the works. The DEX platform comes with a lot of potential. The current price of the BSW token is $0.209, which is in line with the general slump in prices.
We always try to provide the most accurate information available, and make sure our team follow through.
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