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Biswap Review 2023: Features, Pros & Cons
Luis Clark
- URL: https://biswap.org
- Headquarter: Remote
- Year Founded: 2021
- Platform App: Web
- No. of Cryptos: BEP-20 tokens
- Fiats Available: N/A
- Withdraw Method: cryptocurrency
- Payment Method: MetaMask, Coinbase Wallet, Trust Wallet, SafePal, Brave Wallet, Coin98, OKX, WalletConnect, MathWallet, Gnosis Safe, Brave Wallet, Token pocket, and more
- Native Token: Yes (Biswap BSW Tokens)
Biswap Review: Our Opinion
Biswap is the first decentralized exchange platform on the Binance Smart Chain. It offers the lowest platform transaction fees when compared to other similar DEXs. It is also straightforward to use as newbies to the decentralized exchange space won’t find it difficult to navigate.
However, it offers a limited selection of crypto assets in comparison to the standard crypto decentralized exchange.
Intro/Company Overview About the Biswap Exchange
The Biswap exchange is a decentralized exchange (DEX) that enables crypto traders to swap tokens on the Binance Smart Chain Network.
Beyond offering low trading fees and a referral program, the Biswap exchange offers an array of products and services including an NFT marketplace, a multi-reward pool for liquidity providers, Biswap farms, and the Biswap DEX for executing trades.
So how does the Biswap decentralized exchange work? The Biswap platform adopts the Automated Market Maker model (AMM) to allow users to swap BEP-20 tokens issued on the Binance Smart Chain. The Binance Smart Chain Network guarantees superior speed and low fees when compared to alternatives like Ethereum. The Biswap platform charges one of the lowest fees in the decentralized platform space.
Biswap, unlike centralized exchanges (CEXs), does not have custody of the trader’s funds and users can become liquidity providers to earn passive income on the platform via a variety of liquidity pools.
Users can also stake BSW and other tokens in its multi-reward pool and farms as well as purchase NFTs on Biswap’s NFT marketplace.
The Biswap platform has a native asset called the BSW token, with a max supply of 700 million Biswap tokens and a current BSW token emission rate of 16 BSW per block.
Pros
- It has a native token
- Users can earn passive income via the referral program and liquidity pools
- No KYC verification required
- It supports several payment methods
- Low trading fees
- Suitable for beginners
Cons
- A limited selection of crypto assets
- Supports only one withdrawal method
Key Features of Biswap
BSW Token
BSW is the native coin of the Biswap decentralized exchange. It is a BEP-20 token on the Binance Smart Chain. The token is used as an incentive and reward for participation in the network. It also facilitates other activities in the Biswap ecosystem.
The maximum supply of BSW is 700 million, currently, it has a total supply of 453,840,898 and a circulating supply of 388,631,409. A total of 421,147,54 BSW have been burned since the launch of the coin.
100 million BSW are allocated for transaction fee mining while the remaining 600 million is distributed as follows: 80.7% to farms/launch pools, 4.3% to the referral program, 9% to the team, 1% to SAFU, and 5% to the investment fund.
Biswap has a burning mechanism that it uses to decrease the total supply of BSW and increase the value of the token in the long run.
50% of trading fees from every transaction on the platform is used to purchase and burn BSW.
Also, 1.99% is automatically subtracted from every harvest in the BSW Auto Compound pool and burned. This is done regularly.
Finally, all rewards from accounts with no referrers or unregistered referrals are used for BSW burning.
Asides from trading, BSW token holders can also do a lot more with the token. They can stake their BSW in Biswap Launchpools and earn other tokens for free. Users can also get up to 75% from every transaction on the platform when they add BSW to Biswap liquidity pools.
Users can stake their Liquidity Provider tokens in Biswap Farm pairs and earn passive income from BSW in return. They can also earn up to 50 % in trading fees back in BSW when they make exchanges on the platform.
The token can also be used outside the Biswap platform to play games on the I-gaming platform BetFury.
Biswap Referral Program
The Biswap platform has a multi-type referral system which is also a three-type referral system. The referral system allows users to earn rewards from Swaps, Farms, or Launchpools.
Biswap users can earn passive income by inviting their friends to use the platform via the multi-type referral program. Users are paid up to 20% of their referrals swap commission on Biswap and 5% from their earnings on Farms and Launchpools.
Below is a breakdown of how the Biswap referral program works.
Farms Referral Rewards: Users are paid 5% of their referral earnings on farms. The referral rewards are visible and ready for withdrawal when the refereed user withdraws BSW to their wallet.
Swaps Referral Rewards: Users can earn up to 20% when a referral swaps on the Biswap platform. The rewards are credited to the user immediately after the referral conducts a successful swap.
Launchpool Referral Rewards: This referral program pays users 5% of the profit earned by their referral in the BSW-BSW Manual Launchpool. This referral program is not available for Auto BSW and Holder Pool.
All referral rewards are credited to the appropriate referral balance in BSW, all associated fees are also charged in BSW. Biswap users have 3 different referral balances; Launchpool referral balance, Swaps Referral balance, and Farms referral balance.
Cryptocurrencies Available on Biswap
Biswap allows users to swap all BEP-20 tokens on the Binance Smart Chain (BNB Chain). It also supports over 100 other cryptocurrencies. Supported cryptocurrencies include Binance Coin, Binance USD, ApeCoin, PancakeSwap, Dogecoin, Litecoin, Decentraland, Chainlink, Gala, Shiba Inu, Solana, etc.
Biswap Review: Can You Buy and Sell NFTs on Biswap?
Yes, you can buy and sell NFTs on Biswap via the Biswap NFT marketplace. The marketplace charges a 1% platform fee and features collections such as Pancake Squad, Polychain Monsters, Squid Game Players, Collectibles, Biswap Robbies Earn, and Squid Game Buses.
The major con here is that it only supports NFTs on the BNB chain as you won’t find popular collections like Mutant Ape Yacht Club, etc.
That said, the platform is easy to use and it lists prices in dollars.
Biswap Review: Fees
As already mentioned, Biswap charges arguably the lowest trading fees to swap tokens of any decentralized exchange. Users pay only 0.2% to swap tokens.
This is low when compared to platforms like Uniswap which charge 0.3%, in addition to other fees.
Biswap utilizes a transaction fee mining (commonly known as trans-fee mining) system as well. This is a process that involves using transaction fees to reward the Biswap community.
Unlike a centralized exchange, Biswap returns trading fees to users in the form of the BSW token.
When you pay the 0.2% trading fee, Biswap will immediately return up to 50% of the trading fee to your balance in the Biswap token.
The amount of the transaction fee returned is directly dependent on the trading pair but you can only get up to 50%.
Biswap Review: Payment Methods
Biswap does not support fiat currencies. Its supported payment methods are various non-custodial crypto wallets, which include: MetaMask, Coinbase Wallet, Trust Wallet, SafePal, Brave Wallet, Coin98, OKX, WalletConnect, MathWallet, Gnosis Safe, Brave Wallet, Token pocket, Injected, BitKeep, and IToken.
Biswap Security
Biswap is a decentralized exchange, which means it is non-custodial. Users are solely responsible for the security of the crypto assets in their wallets. Biswap has been audited by Certik.
Certik is a leading blockchain security company that provides the best-in-class security to protect projects from hacks and malfunctions. Certik provides the fundamental security needed to make Biswap safe.
Biswap exchange is listed on Binance and backed by the Binance Labs this further makes Biswap safe.
Biswap Review: Staking Rewards
The exchange offers a fixed staking service in the BNB chain that offers up to 19.39% APY on up to 3 assets including DOT, ADA, and WBNB.
Traders can further stake LP tokens to earn rewards. This is done by depositing LP tokens for a fixed time (farming). Rewards are collected in BSW tokens.
You can also stake BSW tokens in launchpools to receive additional BSW.
Supported Countries
Biswap is a decentralized exchange, so it can be accessed by anyone from anywhere. There is no information about blocked or restricted countries.
Biswap Review: Opening a Biswap Account
Biswap is a decentralized platform. This means it does not require a formal signup process to start using the exchange.
All you need to do is go to https://biswap.org.
Next, click on the blue “Connect Your Wallet” button at the upper right corner of the screen.
Choose your preferred wallet and transfer your assets to the platform for a swap.
That’s all!
Biswap Review: Trading Experience
The trading experience on Biswap is straightforward even for complete beginners in the decentralized finance space.
Using the trading platform requires you to connect your wallet, permit the transfer of funds, and execute the swaps.
As with most decentralized exchanges, Biswap is a web app and does not require mobile or desktop app download.
Customer Service
Biswap offers customer service via Live Chat and the Help Center. The help center has entailed helpful resources that can help users troubleshoot common problems on the platform.
The platform also offers customer support via Telegram and other social media platforms.
Customer Satisfaction
Biswap reviews on third-party platforms show that the majority of customers are comfortable with the quality of service gotten from the Biswap team.
Biswap Review: Does Offer Education?
No, Biswap does not offer education on decentralized finance or cryptocurrency as a whole. However, it offers docs that explain concepts on the platform.
Biswap Review: Is It Right for You?
Biswap is right for you if you’re searching for a decentralized exchange with low trading fees and BEP-20 tokens.
Final Thoughts
Biswap stands out for its low fees and multi-reward pool that enables liquidity providers to earn passive income via liquidity pools. The major con with the platform is that it doesn’t support fiat currency, which some decentralized platforms like Uniswap offers.
If you want to learn more about Crypto Decentralized Exchanges and explore other choices, have a look at our detailed Bisq Review.
FAQ
Most frequent questions and answers
The BSW token is a native asset. This means that its success is largely dependent on the growth of its native platform, Biswap. So it’ll be a good investment if you’ve studied the potential of the exchange and believe that it’ll be adopted more in the future.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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