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BitMax Review 2020 – Pros & Cons of Trading on BitMax.io
- Altcoin margin trading
- Many altcoins
- Supports privacy
- Fast customer support
- High liquidity
- Traders get BTMX token rewards on trades
- More advanced orders missing
BitMAX is a cryptocurrency exchange which was founded in July 2018 by Airel Ling and Dr. George Cao and is already one of the top exchanges in terms of trading volume in 2019. Ling is a woman with many years of experience in the financial and business development sector. Her Founding Partner & CEO Dr. George Cao is also an expert with many years of experience in equity trading and can contribute his Wall Street expertise.
Here is an interview with Airel to get to know the founding team and the company background:
The crypto broker is represented on 2 domains, bitmax.io and btmx.com, the latter is the Chinese version. The company is headquartered in Singapore, supported by 2 additional offices in Beijing and New York.
BitMAX is primarily a trading exchange for Bitcoin and altcoins. After all, there are currently about 60 altcoins listed that can be traded against BTC, ETH or USDT. In addition, the platform offers margin trading with up to 10-fold leverage, depending on the respective trading pair.
What makes BitMAX exceptional is the range of innovative extra services offered to their users.
First of all, the platform together with its special features is based on the in-house token, called BTMX. This token is mined via the platform and issued to traders as a kind of trade reward. In this article, the broker explains exactly how this works:
Transaction Mining, as they call it, is a unique and clever strategy to get traders to trade on BitMAX. Regular traders enjoy a growing BTMX wallet, they occasionally get additional benefits such as more coin gifts in the form of AIRDROPS. As a BTMX owner it is worthwhile to check out your possibilities on the platform.
The maximum supply when all BTMX tokens will be mined in the future is 10,000,000 BTMX.
Registration on BitMAX
For the signup it is sufficient to enter an email address and a password. Then you can decide in your account if you want to verify your ID or not. If you want to trade “anonymously”, you cannot cash out more than 2BTC per day.
With a personal ID-verification you can withdraw up to 100BTC daily. For even higher amounts, the broker will have to ask for further information on the financial background of the trader, as is customary in the industry.
In the user account under “Mining Settings” you can fine-tune the maker / taker trading fee model. Both Maker and Taker can define in their account whether they want to participate in the Mining Reward system or not. If you want to get BTMX for your trades you have to select the setting “Mining: Transaction Fee=0.002%”. For your trades as a maker you have to select the setting “Reverse-Mining(Mining): Transaction-Fee=-0.0008%”. In this case, you pay the fee that goes into the mining, but it is subject to a discount compared to the normal “regular trading” mode.
Cash – Bitcoin and Altcoins Exchange
The “Cash” area of BitMAX.io is the normal trading section in which the listed cryptocurrencies can be exchanged against each other without leverage. At the time of our BitMAX Review there are over 60 altcoins and tokens that can be traded against BTC, ETH or USDT. Since BitMAX belongs to the brokers that do not support Fiat transactions, no USDollar, EUR, GBP etc. can be paid out here. The cryptocurrency exchange is therefore based exclusively on cryptocurrencies.
As is often the case, the platform has integrated the Tradingview chart, which allows in-depth technical analysis.
Margin – Trade Bitcoin and Altcoins with Leverage
In the “Margin” area, Bitcoin and a certain selection of altcoins can be traded with different leverage effects. The maximum leverage is 1:10 and applies to Bitcoin, Ethereum, EOS, Ripple, Litecoin and Huobi Token.
The other coins can be traded with 1:2 to 1:5 leverage.
The broker offers the following order types:
- Limit Order
- Market Order
- Stop Limit Order
- Stop Market Order
In this section we find the most simple and most elementary order types, without additional advanced functions. Trading on BitMAX cannot be automated to the same extent as on other professional broker platforms. It seems like a certain group of professional traders isn’t targeted by the trading platform.
BitMAX Customer Support
The crypto broker’s customer service reacts very promptly. You can see that attention is paid to customer support, as a good reputation is crucial for long-term success, especially in this industry. The support team can be contacted via a contact form, to which you will receive an answer by email. BitMAX customers can also use the Telegram channel, which is also used for support purposes.
Our overall Verdict
We like the overall mix of features that BitMAX offers its traders. This includes margin trading, albeit with not too much leverage, the token reward system that affects trading fees, Airdrops of new coins for BTMX owners and other rewards that the broker occasionally gives out. The trading area is beautifully simple and understandable, even for non-established traders. Disadvantage is only that professional margin traders might miss some order types and settings for more automated trading.