While there are many fluctuations, cryptocurrencies are opening a new chapter for global monetary history. Coupled with the incredible opening is the continuous appearance, development, and operation of exchanges. Specifically, in today’s article, AZCoinNews will mention BitMax. So what is BitMax? And what’s unique about this exchange? How to register an account on it?
BitMax.io is currently in the top 50 according to the adjusted volume on Coinmarketcap. Each day, the exchange handles transactions worth over the US $ 155 million. Established in July 2018, BitMax is one of the fastest-growing exchanges, when less than one year old has supported 115 trading pairs.
What is BitMax?
BitMax.io is a global digital asset trading platform (based in Singapore) for customer groups from retail investors to institutional investors, focusing on transparency, reliability, product quality, and customer service.
Besides, the exchange is also one of the hottest names recently, suspecting Bitmain is the organization behind backing the goal of becoming a direct competitive platform with Binance and BitMEX.
Types of fees on BitMax
BitMax charges 0.04% per transaction. This is a very cheap fee on the common ground of Bitcoin exchanges today. Like many other exchanges, they don’t charge for coin recharging.
Depending on the type of coin, the exchange will charge different withdrawal fees.
Advantages of BitMax
With the idea of a fully decentralized and user-focused exchange, BitMax has always been dedicated to building a platform with a growing transaction volume as well as an increasing number of ICO projects.
Moreover, the support of the significant funds behind such as Bitmain, FBG Capital, GBIC, Matrix Partners, Danhua Capital, … also brought substantial effects to the project.
And some other advantages can be mentioned as:
- Remove placeholders on the Top / Bottom of the order book in case there is no actual order
- Optimized user interface support of Unwind All Positions function
- Display loan information with tokens on the Margin Trading page
- Added mouseover effect to Margin Trading to explain the following terms: Total Assets, Net Assets, Initial Margin Req, Minimum Margin Req, Current Leverage, Cushion Rate
- Improved order history on the Margin Transactions page: Canceled orders are allowed to hide and hide by default; Activate filter and sort column; Stored and displayed the last 20 orders
Disadvantages of BitMax
- Development team: The team does not have much experience in operating, managing exchange
- There are many competitors when the product offered on the exchange is still too popular. BitMax’s user-oriented strategy will undoubtedly affect, but in the long run, it is unlikely that this strategy will succeed because of the industry’s entry and the application of a similar approach from its competitors
BitMax Token (BTMX)
BitMax Token (BTMX) is the token of the BitMax exchange. BTMX is considered as a payment and exchange unit among exchange participants.
According to information from BitMax, BTMX does not represent any shares, interests, ownership, participants, or any company or business.
BitMax is an exchange with the Transaction Mining mechanism. Therefore, users can earn BitMax Token through making transactions on the exchange.
- BitMax Token Information (BTMX)
Contract: 0x1c289a12a8552b314d0d153d6991fd27a54aa640
Blockchain: Ethereum
Token standard: ERC-20
Total supply: 10,000,000,000 BTMX
- What is BitMax Token (BTMX) used for?
As a native coin, BTMX is used to receive incentives and discounts from BitMax. Some typical features of BTMX can mention as follows:
- Used as a transaction fee on the exchange
- Lock BTMX token to receive Data Reward Sharing
- Use BTMX to buy Point Card. With Point Card, users will receive a 50% discount on margin interest
- Buy IEO for sale on BitMax, such as IEO DOS Network,…
How to register on BitMax
To create a BitMax account, you follow the steps as AZCoinNews instructions below.
Step 1: Click here to be directed straight to the account registration page and complete the information as required.
Step 2: Next, you enter the code sent to the registered email address. Note, BitMax only limited to 60 seconds to enter the code. Therefore, at this step, users should quickly log in to the email first then check the entire inbox (spam/ads/ …) to avoid missing.
Step 3: Finally, enter your password and login to BitMax.
Note: After completing the three steps above, you can trade on the exchange. However, to ensure safety and receive certain benefits, you should perform KYC according to the
How to KYC?
Step 1: At the home page, click on “Account Verification” and fill in the information as required.
Step 2: Next, you need to prepare two photos, one in the front of the passport, and the other is the photo you hold your passport in your hand.
Step 3: After this step, users should wait for a response from BitMax. If there are any mistakes in photography, the floor will support you via email.
Instructions to install 2FA
Step 1: At your account, select “Account.”
Step 2: Go to the “Security Setting” section, and you will see the “Google 2FA” is in the “Unverified” mode. This means the account has not enabled 2FA, and it is time to activate it.
Step 3: At this time, click “Setting.” Then open the Google Authenticator app on your phone and scan the QR Code displayed on the screen. An important note is that you should save the 16-digit Key for backup.
Step 4: Then, you enter the Verify Code sent to the email and enter Google 2FA Code from the app into sections 3 and 4 in the image. Finally, click “Confirm.”
So you have successfully enabled 2-layer security (2FA) for the account already.
Conclude
Up to the present time, BitMax.io is not a very popular name in the crypto community in global, This is still a new exchange. The product is still quite popular, not much strength compared to the exchange with large volumes, and higher liquidity.
However, with the fledgling of the crypto industry, BitMax still has many opportunities to create more bright spots to attract users. Therefore, if you intend to choose to trade on BitMax, you should only experiment with a small amount of capital first.