Bitmax Exchange Review
Best For
- Blockfer does not recommend trading on BitMax
BitMax is an unregulated cryptocurrency exchange with no supported fiat deposits or withdrawals.
The company claims to be incorporated and headquartered in Singapore and has only been operating since early 2019.
Bitmax Exchange - 2020 Comprehensive Review
Bitmax Exchange Overview
| Trading Fees | Maker: 0.085% / Taker: 0.085% |
|---|---|
| Exchange Type | Centralized |
| Fiat Trading |  |
| Purchase Options | Crypto Deposits |
| Android App |  |
| iOS App | |
| Trading Options | Spot Trading, Margin Trading |
| Order Types | Limit, Market, Limit-Stop, Immediate-Or-Cancel |
| Exchange Token | BitMax Token |
| Token Benefits | Discount on Futures trading fees, Token Burn/ Revenue Share |
| Charting Software | TradingView |
| KYC Check | |
| KYC Rules | Required For Withdrawals Greater Than 2 BTC Value Per 24 Hours |
| IEO Platform | |
| Education Resources | |
| Convert Micro Balance |
|
| Institutional Accounts | |
| Trading API | |
| Deposit Insurance | |
| Withdrawal Speed | Fast |
| Customer Service | Telegram Channel, Support Ticket System |
| Promotions | BitTreasure, Transaction Mining Rewards. Up to 46.8% APR in BTMX Tokens. |
Bitmax Mobile App Features
Deposits
|
Withdrawals
|
Price Alerts
|
Margin Trading
|
Margin Funding
|
Live Chat Support
|
Bitmax Trading Fees (Maker & Taker)
| Tier | Monthly Volume Requirement | Maker | Taker | Maker Discount | Taker Discount |
|---|---|---|---|---|---|
| Level 1 | $1.00 + BTMX Balance = 0.00 | 0.09% | 0.09% | 0.00% | 0.00% |
Bitmax Withdrawal Fees
| Asset | Withdrawal Fees | Minimum Withdrawal |
|---|---|---|
| BitcoinBTC | 0.0005 | 0.01 |
| EthereumETH | 0.0025 | 0.01 |
| XRPXRP | 0.1 | 20 |
| TetherUSDT | 5 | 10 |
Bitmax does not charge deposit fees.
Bitmax Markets & Volume
Rank 43 |
Total Assets 77 |
Total Markets 170 |
Volume 24h $355,097,283.68 |
Volume 7d $1,461,324,787.85 |
Volume 30d $3,943,982,655.26 |
Bitmax Top Markets
| Crypto Assets | Price | Pairs | 24h Volume |
|---|---|---|---|
| BitcoinBTC | $63,244.34 | 32 | $189,625,581.46 |
| EthereumETH | $2,438.51 | 3 | $57,497,067.79 |
| XRPXRP | $1.71 | 2 | $37,598,740.29 |
Bitmax Supported Stablecoins
| Stablecoin Assets | Price | Pairs | 24h Volume |
|---|---|---|---|
| TetherUSDT | $1.03 | 80 | $356,485,862.42 |
| USD CoinUSDC | $1.02 | 1 | $1,775,220.27 |
| Paxos StandardPAX | $1.02 | 1 | $471.43 |
Bitmax Token (BTMX)
Ticker BTMX |
Price $1.32 |
Volume $3,426,049.39 |
Market Cap $874,079,299.00 |
Circulating Supply 660,615,274 |
Total Supply 780,615,274 |
Rank 96 |
Blockchains Ethereum |
Trusted Exchanges Bitmax |
Hardware Wallets Ledger, Trezor |
Bitmax Token (BTMX) Exchanges
| Exchange | Rating | Price | Pairs | 24hr Volume |
|---|---|---|---|---|
| Bitmax | 5/10 | $1.32 | 2 | $2,989,053.15 |
Recommended Bitmax Token (BTMX) Wallets
| Wallet | Rating | Type | Price |
|---|---|---|---|
| Ledger | 10/10 | Hardware | $69.99 |
| MetaMask | 8/10 | Browser Extension | $0.00 |
| Ledger Nano M | 7/10 | Mobile Application | $96.00 |
| Trezor | 9/10 | Hardware | $149.99 |
| MyEtherWallet | 9/10 | Web | $0.00 |
| MyCrypto | 9/10 | Web | $0.00 |
| TrustWallet | 9/10 | Mobile Application | $0.00 |
Bitmax Exchange Alternatives
|  |  | |
|---|---|---|---|
| Rating | 5/10 | 7.5/10 | 8.5/10 |
| Trading Fees | Maker : 0.085% Taker : 0.085% | Maker : 0.1% Taker : 0.1% | Maker : 0.1% Taker : 0.1% |
| Fiat Trading | | | |
| Purchase Options | Crypto Deposits | Crypto Deposits, Credit Cards | Crypto Deposits, Credit Cards |
| Trading Options | Spot Trading, Margin Trading | Spot Trading | Spot Trading, Margin Trading, Margin Funding, Futures Trading |
| IEO Platform | | | |
| Mobile Apps | | | |
| Headquarters | Singapore | Hong Kong | Malta |
| Learn More | Review | Review | Review |
Pros and Cons
Pros
- Trading Fees - BitMax has the lowest trading fees of any centralized exchange in the industry at 0.04% for maker and taker.
Cons
- Trading Volume Manipulation - Based on web traffic statistics, it is very unlikely that BitMax’s trading volumes are accurately reported.
- No Fiat Deposits & Withdrawals - BitMax is purely a crypto-to-crypto exchange. Fiat deposits and withdrawals of any kind are not available.
- Low Volume Margin Trading Pairs - BitMax offers margin trading on crypto assets with inadequate orderbook volume. This can create extremely risky trading scenarios for traders of all experience levels.
- Controversial ICO - BitMax conducted in ICO in late 2018. They have publicly changed their prior agreement with contributors multiple times after the raise was complete.
- Low Quality Listings - BitMax continues to list projects and tokens of questionable reputability.
Frequently Asked Questions
Is BitMax a trustworthy exchange?
Does BitMax support fiat deposits and withdrawals?
Does BitMax offer margin funding?
Does BitMax offer margin trading?
Where is BitMax located?
Summary
Bitmax is a retail focused centralized cryptocurrency exchange with no fiat deposits or withdrawals. The exchange is currently incorporated in Singapore and successfully raised 13.67M USD in a 2018 ICO.
The exchange has launched several unique trading and investment products promising suspiciously high returns yet according to several web analysis tools, BitMax’s traffic has been in decline for the last 6 months.
Blockfer does not recommend trading on Bitmax. No fiat deposits or withdrawals, declining traffic, likely trading volume manipulation, and their willingness to list lower quality crypto assets should not inspire confidence in potential users.
Legal & Regulation - Facts & Figures
| Legal Name | BMXDM Technology Pte. Ltd. |
|---|---|
| Incorporated Country | Singapore |
| Headquarters | Singapore |
| Year Founded | 2018 |
| CEO | George Cao |
| Total Employees | 51-100 |
| Regulators | Not Regulated |
| Links | Website, Crunchbase, Whitepaper, Source code, Twitter, Blog, LinkedIn |
About The Author
Delton has been writing about blockchain finance & technology, decentralized applications, and crypto assets since 2017. His work has been published and featured by several independent news publications and blockchain projects.
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Our mission is to provide the most informative, unbiased, and useful reviews and comparisons possible for products and services in the blockchain finance industry. Assessments are powered by experts with years of relevant experience.
The cryptocurrency exchanges found in this category have been tested extensively by our team as part of the review process. Factors we analyze in our exchange reviews and comparisons include: liquidity, purchase options, user experience, trading fees, trading options, listed assets, reputation, mobile experience, and customer support.
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