Bitmax Exchange Review
- 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%|
|Purchase Options||Crypto Deposits|
|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|
|KYC Rules||Required For Withdrawals Greater Than 2 BTC Value Per 24 Hours|
|Convert Micro Balance|
|Customer Service||Telegram Channel, Support Ticket System|
|Promotions||BitTreasure, Transaction Mining Rewards. Up to 46.8% APR in BTMX Tokens.|
Bitmax Mobile App Features
Live Chat Support
Bitmax Trading Fees (Maker & Taker)
|Tier||Monthly Volume Requirement||Maker||Taker||Maker|
|Level 1||$1.00 + BTMX Balance = 0.00||0.09%||0.09%||0.00%||0.00%|
Bitmax Withdrawal Fees
|Asset||Withdrawal Fees||Minimum Withdrawal|
Bitmax does not charge deposit fees.
Bitmax Markets & Volume
Bitmax Top Markets
|Crypto Assets||Price||Pairs||24h Volume|
Bitmax Supported Stablecoins
|Stablecoin Assets||Price||Pairs||24h Volume|
Bitmax Token (BTMX)
Bitmax Token (BTMX) Exchanges
Recommended Bitmax Token (BTMX) Wallets
|Ledger Nano M||7/10||Mobile Application||$96.00|
Bitmax Exchange Alternatives
|Trading Fees||Maker : 0.085%|
Taker : 0.085%
|Maker : 0.1%|
Taker : 0.1%
|Maker : 0.1%|
Taker : 0.1%
|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|
Pros and Cons
- Trading Fees - BitMax has the lowest trading fees of any centralized exchange in the industry at 0.04% for maker and taker.
- 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?
BitMax is unregulated and analytical data strongly suggests that the exchange engages in trading volume manipulation.
Does BitMax support fiat deposits and withdrawals?
BitMax is a crypto-to-crypto only exchange and does not support fiat deposits or withdrawals.
Does BitMax offer margin funding?
BitMax does not support margin funding.
Does BitMax offer margin trading?
BitMax offers margin trading however many of the available crypto asset pairs supported have insufficient order book depth. Blockfer recommends that users look elsewhere when considering where to margin trade.
Where is BitMax located?
BitMax claims to be incorporated and headquartered in Singapore.
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
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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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