Biswap Review

If you're thinking of new ways to earn money or start trading cryptocurrencies, you may consider the Biswap decentralized exchange. Many user Biswap reviews promote its competitive fees and multiple earning options, making it a compelling choice for those looking to maximize their returns.

However, choosing a crypto exchange isn't only about price. There are also some negative user Biswap reviews that might make you wonder is Biswap safe. But that's a common question when it comes to DEXs.

For those who don't want to be concerned about security (or if you just prefer a centralized exchange), better check out Binance, Bybit, or Kraken. They give you exposure to a wide range of assets and different trading modes as well, plus they are highly reputable exchanges with many other perks.

Verdict at a glance: Biswap's competitive fees and features attract many users. As a decentralized exchange, it offers attractive trading and earning models, from token swapping and bridging to staking and yield farming. However, some user Biswap reviews have raised concerns about its reliability and security. There have been reports of scams and a lack of transparency on the community channel.

What is Biswap?

Biswap is a decentralized exchange (DEX) built on the Binance Smart Chain (BSC). Launched in 2021, the platform has quickly become one of the most popular DEXs and even got many positive user Biswap reviews. It uses a system where users can trade directly with a pool of tokens called an automated market maker (AMM), ensuring a fair exchange rate.

At the time of writing this Biswap review, the platform has surpassed $48 billion in total trading volume and boasts over 24,000 monthly active users. While this growth may not be as significant as early-stage DEXs like PancakeSwap, these figures may show the promising potential of the platform.

BNB Chain even awarded Biswap for its contributions to the blockchain ecosystem as part of their MVB II initiative. This recognition also led to Binance making an investment in Biswap through its venture capital, Binance Labs.

So, what is Biswap’s selling point that makes it quite popular in such a short period? I think many people take advantage of BSC’s low transaction fees. The platform promises to provide the lowest fee of all BSC exchanges at 0.1% (selected pairs only). It also offers a variety of features, including trading, staking, and farming, which I’ll talk about in more detail in the next section.

Talking about Biswap's team, the real identities of the people behind the platform remain anonymous, but it's managed by a team of individuals who use pseudonyms. The leader of the team is known as 'EK,' a person who has over seven years of experience in the crypto industry.

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Biswap Review: PROS

As you’ve understood the basic details of this platform, now I want to focus this part of my Biswap review on the platform’s strengths. These include the variety of trading and earning features, which make the exchange a standout choice for both beginners and seasoned crypto enthusiasts.

Multiple Trading Features

By connecting your wallet, the Biswap decentralized exchange allows you to swap 97+ cryptocurrencies, including BNB and USDT.

To start swapping, go to the “Trade” menu and click “Swap”. While the interface may resemble other DEXs like SushiSwap and PancakeSwap, Biswap offers unique incentives displayed on the page. As a Biswap user, you can receive back up to 50% of your trading fees in BSW, Biswap’s utility token. Additionally, if you own NFT collectibles, you can enjoy up to 15% cashback, which will be displayed directly on the trading page.

Besides the benefits, Biswap has several tabs within the swapping box, showing multiple trading features available on the platform. The range of trading options available on Biswap is a result of its recent upgrade to V3.

What is Biswap V3? This new version unlocks a new trading tool for limit orders. Limit orders are one of the popular trading modes, allowing investors to protect their gains or limit their losses by setting orders to automatically sell or buy an asset at a predetermined price.^[1]

This V3 protocol offers a unique feature compared to others: you don't need to constantly monitor the price of your assets. You can set a specific price to add liquidity, and it will remain active even if the price fluctuates. For instance, if John wants to sell BNB for 305 USDT, he can set a limit order. Even if the price rises to 310 USDT and then falls back to 300 USDT, John can still withdraw her USDT at the original price of 305 USDT.

Furthermore, Biswap's V3 trading features allow users to:

• Swap at a 0% trading fee
• Buy or sell crypto at the most beneficial price
• No slippage

On top of that, recently, Biswap has launched “Bridge”, a tool that enables users to transfer assets across different blockchain networks. Biswap partners with third parties (Squid Router by Axelar and Wormhole) to facilitate these cross-chain transfers. Axelar itself supports more than 70 blockchains, while Wormhole offers bridging to over 15 blockchains, including popular options like Ethereum, Polygon, and Avalanche.

The Biswap decentralized exchange also works with a third party to provide perpetual trading. It’s a type of derivative trading that allows traders to speculate on the price of cryptocurrencies without owning or selling the underlying assets. It's similar to futures trading but without a fixed expiration date, providing traders with greater flexibility in managing their positions.

Various Earning Opportunities

Besides multiple trading options, Biswap has several earning opportunities, from farming to staking.

Farming rewards you for providing liquidity to trading pairs, offering potentially high returns. Once you provide the liquidity on Biswap, you get liquidity pool (LP) tokens, which can be staked to earn additional rewards, such as BSW tokens.

To start farming, go to the “Earn” menu and select “Farm” to access a list of the available opportunities. You'll see all the essential information before making your selection, such as average annual percentage rate (APR) and total liquidity.

Some user Biswap reviews mentioned that traders shouldn’t focus only on the APR. Instead, consider the overall profitability of the pool, taking into account factors like impermanent loss and transaction fees. For that, you can filter the options to “Stable”. Afterward, the displayed options will have a lower average APR, but the risk of impermanent loss will also be lower, making it a safer option for risk-averse investors.

Providing liquidity on the Biswap exchange now offers more benefits, thanks to the new V3 protocol. Liquidity providers on Biswap V3 will earn 5% more in commissions compared to V2 (specifically, increasing from 75% to 80%) for regular swaps involving the token pair they've contributed to the pool. This makes Biswap V3 one of the most rewarding liquidity pools on the BNB Smart Chain.

With the V3 protocol, liquidity providers can lower the impact of impermanent loss compared to V2. V3 applies concentrated liquidity, enabling providers to control their liquidity within specific price ranges rather than spreading it out across the entire price spectrum. As a result, providers can potentially earn higher rewards while minimizing their exposure to impermanent loss.

Besides farming, consider liquid staking to earn passive income while maintaining control over your assets. Through this activity, you can stake your tokens without locking them up, allowing you to withdraw them at any time. But wait, what is liquid staking? Liquid staking on Biswap is an integrated Binance feature that enables you to stake ETH and earn staking rewards while still being able to swap, trade, or lend the staked assets.

How are you still able to multitask? It's all thanks to Biswap's liquid staking system that uses WBETH, a derivative token representing the staked ETH and its associated rewards.

In addition to staking and farming, the DEX gamifies its earning features by offering “Biswap Lottery”. Users can buy $1 worth of BSW, choose a random digit, enter the lucky number, and get the chance to win prizes in BSW once a week. The more tickets they purchase, the higher chances and discounts they get.

Once you collect enough BSW tokens, navigate to “BSW Investment Pool” and stake the token. This investment tool is designed to benefit BSW holders and increase the token’s value by decreasing its supply. This shift aims to transform Biswap from a model that creates new tokens to one that sustains itself. As such, staked BSW tokens can be converted into the following reward types and extended utilities:

• vBSW points give you more voting power
• oBSW option points allow users to enter the Real Yield Pool to get USDT tokens and purchase BSW with a discount.

If you're interested in staking BSW tokens, the options are to do so within the specified durations of 3, 6, 9, or 12 months, depending on what you choose. Generally, staking BSW for extended periods offers more rewards.

However, users who can’t commit to staking the token until the end of the lock period will pay a penalty fee of 50% of the withdrawn deposit. If you don’t think long-term staking aligns with your goals, you can stake BSW for multiple lock terms simultaneously.

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User-Friendly Experience

Besides trading and earning features, I think the Biswap exchange does a good job of providing a user-friendly experience. As I’m writing this Biswap review, there are 15 wallet options to choose from, such as Coinbase Wallet and OKX Wallet. As a user, you'll have flexibility in choosing the storage solution that best suits your needs (maybe in terms of security or other features), plus you can manage funds with ease.

Furthermore, the DEX's interface is clear and intuitive, with a clean and uncluttered layout. All of the buttons and menus are easily identifiable, and navigating through them is a breeze.

To illustrate, the "Swap" interface appears straightforward, with clear input fields where you can specify the tokens being exchanged. The top navigation bar also provides a clear structure for navigating the platform, with easily visible buttons to "Trade", "Earn", "Win", and "Connect Wallet". Whether you're trading or earning, Biswap's UX makes it easy to get started in using such features.

On the trading page, for instance, you can find extra details and FAQs to understand the platform better. As a beginner, even if you want to begin token swapping or other types of trading for the first time, those informational boxes serve as a learning opportunity for new concepts.

Additionally, every time the Biswap team launches a new feature, they release detailed explanations and tutorials to guide users through that new functionality. For easier access, updates are immediately featured on the homepage.

Beyond the user-friendly layout, Biswap offers handy and helpful customer support. Whenever you have a question or issue using Biswap, simply click the headphone icon in the bottom right corner. Then, type in your problem on the search bar to find answers from its help center or send a message to the support agent.

Biswap also strengthens its social media presence by participating on different channels like TikTok, X, and Facebook. To bridge language barriers, the DEX has formed country-specific Telegram groups, ensuring that everyone can easily access information and engage with the community in their preferred language.

But user-friendliness isn't only about the platform's interface and support. You may ask, is Biswap safe? On its privacy page, Biswap claims to be fully compliant with the General Data Protection Regulation (GDPR), ensuring that user data is handled responsibly and in accordance with privacy standards.

The platform also holds a bug bounty program to combat security loopholes by tapping into the collective knowledge of the community.^[2]  Whether you're a researcher, a security enthusiast, or a programmer, you can participate in this program to identify and report the vulnerabilities found on the Biswap platform and get an incentive in return.

Last but not least, as a preventive measure, the platform uses Biswap SAFU, which acts as an emergency insurance fund. In case of a security breach or other unforeseen circumstances, SAFU protects 1% of all outstanding tokens allocated to a certain wallet as a measure to protect user funds.

Vibrant NFT Marketplace

In 2022, Biswap expanded its ecosystem by launching a non-fungible token (NFT) marketplace where you can buy or sell collectibles. This marketplace allows you to purchase NFTs using a variety of cryptocurrencies, including BSW, WBNB, USDT, and BUSD. Notably, Biswap maintains a low transaction fee of just 1%, making it an attractive option for NFT enthusiasts.

There are two ways to buy an NFT in Biswap's marketplace:

• Purchase at a fixed price set by the seller.
• Make an offer to a seller and get a notification if your offer is accepted.

Additionally, you can join Biswap's NFT auction. Think of it as an online marketplace where users can bid on and purchase collectibles. But what is Biswap NFT auction’s competitive advantage, especially compared to others? In Biswap's version, every participant earns a 5% commission on the difference between their bid and the next highest bid.

Aside from buying collectibles, you can also stake them, which is an interesting feature worth highlighting in this Biswap review. When an NFT is sold, both the buyer and seller receive a bonus called Robi Boost (RB). The bonus can be staked to earn more cryptocurrencies and get up to 700% APR.

Note that you can receive an RB only for buying or selling verified or whitelisted NFTs. To get a collectible whitelisted, as a seller, make sure to fill out an application form.

Biswap Token: The Fuel Behind the Exchange

I think I mentioned the BSW token quite a lot in the previous sections as a key component for rewards and cashback. So, let's recall what is Biswap's token. Also known as BSW, this token plays a crucial role in the ecosystem: as a reward, governance, and utility token - all at once.

But BSW's functionality extends to other areas, namely for:

• Multi-type referral program rewards;
• Staking in Biswap's Launchpools;
• Unlocking some features and opportunities on the NFT marketplace;
• Insurance funds for users.

BSW also serves as the bridge to obtain vBSW, which holds governance value. Thus, vBSW token holders can participate in voting decisions and shape the future of the Biswap platform. This comes with the requirement of earning at least 70,000 vBSW points through token staking.

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Biswap Review: CONS

The perks of this Biswap may look promising, but every exchange typically comes with its share of drawbacks. Those are what I'll cover next in this Biswap review. After all, it's important to weigh the pros and cons before making a decision about which platform to use.

Losses and Scams

Unfortunately, there have been reports of users losing their entire investment after exchanging tokens on the platform. They received no corresponding tokens in their wallets, leading them to believe Biswap is a scam.

Meanwhile, others have raised issues with liquidity pools, alleging significant discrepancies between the invested and received amounts. One user describes attempting to withdraw $450 worth of BSW but only receiving $100 after unstaking and swapping the tokens.

The aforementioned negative user experiences suggest security vulnerabilities within the platform. The circumstances described may indicate potential problems with the platform's liquidity mechanisms or smart contract implementations.

Reading through these testimonials may make you wonder, is Biswap safe? Well, it's obvious that its safety is questionable. On the other hand, the negative experiences I've mentioned before are just a few examples, and there are also plenty of positive Biswap user reviews.

One way or the other, I suggest sticking to centralized exchanges that are known for having strong security measures, like Binance or Kraken.

Lack of Transparency

Biswap does have a strong social media presence. Unfortunately, some users are unsatisfied with the project's customer service on online channels.

Users complain about the difficulty of contacting customer support and the suppression of negative comments on the Telegram chat group. Additionally, some users express concerns about the legitimacy of Biswap, citing the promotion of potentially fraudulent projects like Squid NFT and the censorship of critical questions.

Consequentially, users are doubting Biswap for its lack of transparency and strict censorship. Seeing that Biswap offers plenty of promising features, I do hope that the DEX is going to enhance its customer support quality.

Biswap Fees

Earlier in this Biswap review, I mentioned that this platform claims to offer the lowest fee of all BSC exchanges. Specifically, you'll get charged 0.1% for stablecoin trading and 0.2% for altcoin trading.

Biswap also rewards its users with a portion of the trading fees collected, which is known as transaction fee mining. So, when you swap tokens and pay a 0.1% fee, you'll receive up to 50% of that fee back in BSW tokens.

Let’s say you decided to swap 1 BUSD for BNB, and the fee return for that pair is 50%. During the exchange, you’re charged 0.1%, but the system immediately returns the fee you paid in BSW tokens once the transaction is complete. The number of BSW tokens you receive on your “Fee Return” balance will be equivalent to the amount of your transaction paid in BUSD.

However, note that this is not always the case for all users. Sometimes, the team needs to carry out a maintenance procedure, which may cause the tokens to be unavailable.

As the DEX now implements V3, I want to highlight its multi-tier fee system for liquidity providers in my Biswap review. The fees range from as low as 0.015% to a maximum of 1%, based on the liquidity a user provides. Users can set higher fees for liquidity pools that have more volatility and less liquidity. On the flipside, for more stable pairs, consider settling with lower fees.

For more information, check the table below to see the different fee tiers and their corresponding assets to potentially maximize your returns:

Table: Suggested token pairs and their fees on Biswap.

By selecting a fee tier, liquidity providers can customize their risk exposure based on the pool they're participating in. Examples are inactive liquidity or a low trading fee.

How to Use Biswap?

In the previous sections of this Biswap review, we explored the platform's pros, cons, and costs. Now, it's time to discover how to use this exchange to your advantage.

How to Connect Your Wallet to the Biswap Exchange?

Biswap requires users to connect their wallets to interact with the platform. This connection allows you to access various features, such as trading, staking, and farming. Let's explore how to connect your wallet to Biswap in these simple steps:

Step 1: Visit the Biswap website and click the "Connect Wallet" button in the top right corner.

Step 2: Choose your preferred wallet from the supported options, such as Coinbase Wallet and OKX Wallet. In this Biswap review, I used my Coinbase Wallet.

Step 3: Follow the on-screen instructions to connect your wallet with Biswap. If you’ve already installed the browser extension, your wallet pops up with a confirmation prompt, and you simply need to click “Confirm” to connect. On my end, Biswap requires me to confirm the signature request as well.

That’s it! Now, you’re ready to swap and explore other features provided by the Biswap decentralized exchange.

How to Swap on Biswap?

Swapping cryptocurrencies on Biswap is a quite straightforward process – just follow these steps below:

Step 1: Navigate to the “Trade” menu on the top bar and click “Exchange”. On this page, you should see two input fields.

Step 2: Click on the token icons to select the ones you want to swap. A pop-up window will appear, allowing you to scroll through the options or search by typing the token name.

Step 3: Enter the token amount you want to swap from in the first field and the token you want to receive in the second field. The tool immediately converts the amount to the equivalent value in the other token based on the current market price. For a quick calculation, you can simply enter the amount in USD, and then the tool displays the equivalent value in the selected cryptocurrency.

Step 4: Review the transaction details, including the maximum amount, price impact, and trading fee, to ensure you understand the potential costs and benefits before executing your trade.

Step 5: Click the “Swap” button and then “Confirm Swap”.

Step 6: Your wallet extension will display a confirmation prompt. Follow the on-screen instructions according to your wallet, but generally, you only need to click "Confirm" to finalize the transaction.

Following these steps, you can easily swap cryptocurrencies on Biswap, taking advantage of its user-friendly interface, low transaction fees, and speed. Additionally, since Biswap is built on the BNB chain, where the average transaction takes approximately 3 seconds. Keep in mind that factors like network congestion and block size can influence the actual processing time.

Pros

• Very low trading fees
• Exceptional functionality
• Mobile trading app

Main Features

• Very competitive trading fees
• An intuitive mobile app
• Up to 100x leverage available

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Pros

• A very well-known crypto exchange platform
• More than 500 different cryptos available
• Two-factor authentication

Main Features

• Over 500 different cryptocurrencies available
• Strong security
• Small withdrawal fees

$600 WELCOME BONUS

Pros

• Secure and reliable
• Low fees
• A good amount of fiat currencies accepted

Main Features

• Reputable exchange
• Multiple fiat currencies are accepted
• Relatively low trading fees

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Conclusions

Taking everything into consideration, it's clear that Biswap's competitive trading fees have been a major draw for users, evidenced in their Biswap reviews. Not only that, the DEX's numerous trading and earning features also attract beginner or experienced traders.

While the platform offers a range of features, some users' negative experiences raise concerns about its reliability and trustworthiness. Therefore, you should carefully consider these factors before choosing Biswap as your preferred crypto exchange.

If you're concerned about security and want to take extra precautions, consider using a hardware wallet like Ledger Nano X or Trezor Safe 5. Both of these hardware wallets provide a high level of security for your crypto assets by storing your private keys offline. Or, better yet, turn to renowned platforms like Bybit or Kraken for your trading endeavors.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. Y. Hsu, P. Chen, C. Wu: 'The Optimal Limit Prices of Limit Orders Under an Extended Geometric Brownian Motion With Bankruptcy Risk';

2. J. Arshad, M. Talha, B. Saleem, et al: 'A Survey of Bug Bounty Programs in Strengthening Cybersecurity and Privacy in the Blockchain Industry'.