BitMax is a cryptocurrency exchange based in Singapore. It was launched in 2018. The platform offers crypto/crypto trading of more than 36 coins within 72 crypto pairs and 3 markets / USDT, BTC, ETH/. BitMax also employs a mining transaction model which provides 100 % reimbursement of trade fees in Bitmax native tokens /BTMX/.
The exchange is focused on the so called reverse mining type of model and according to the beliefs this will actually provide additional liquidity to BitMax.
Bitmax is offering standard cryptocurrency trading like market, limit, stop market and stop limit type of orders but what is unique about the exchange is that it offers innovations other exchanges do not. For example, the transaction mining feature is one of the attributes that sets it apart.
The exchange is concentrated on crypto derivatives trading like margin and futures trading. You can also find daily/ weekly futures, swap and offerings contracts.
Taking into consideration that the platform is oriented towards derivatives and leverage trading, Bitmax is more suited for skillful traders.
BitMax is a great choice of crypto margin trading exchange for both begginer and advanced traders.
- Transparency – Trade operation – 24 h, Settlement in real-time, All of the transaction records are available on demand
- High trading performance and institutional-grade architecture. Advanced design, FIX and API connectivity
- High security – 2FA, multiple level firewall, monitoring real time, multi signature cold and hot wallets
- International team with broad experience, participation from market makers, experienced traders, investors, incentives for provision of liquidity.
Supported Cryptocurrency at BitMax
At the moment the platform is listing some of the following pairs and coins along with their contracts.
|Bitcoin (XBT/BTC)||Spot and Futures|
|Ethereum Classic (ETC)||Classic Futures|
BItMax Countries of Оperation
The services of the exchange have worldwide availability except for the United States.
Fees at BitMax
Because of BitMax operating with BTC as the base cryptocurrency, there are no deposit or withdrawal fees to or from the exchange. However there are bitcoin network fees charged.
Trading fees are not high – they depend on the contract selection and are based on which fiat/cryptocurrencies are being used in said contract. BitMex implements the so called P2P trading system and because of that the fees are cut into taker, maker and settlement fees.
The minimum fee is set by BitMEX dynamically based on what activity the network has at that time. These fees also vary depending on position (buyer/seller) and funding rate.
All future contracts have a settlement fee of 0.0500% on every position that is open when the settlement is performed excluding XTZ (Tezos Series) /ZEC (Zcash Series) that have a settlement fee of 0.2500%. The prediction market settlement fee is 0.2500%.
BitMax Оrder Тypes
BitMex is offering a variety of order types which are accessible from the trade dashboard located under Trade.
- Market Orders;
- Limit Orders;
- Stop Orders;
- Take Profit Orders;
- Hidden, Post only & Iceberg orders
BitMax has its own token BTMX designed to be a main component of the trading exchange. BTMX is an ERC 20 typical token meant to be a utility unit of payment and exchange for BitMax fees and among the exchange users.
The BTMX limit is 10 billion with 49% already distributed and 51 % allocated for customers incentives. BitMax tokens are issued by Distributor which is run by BitMax Foundation.
Modes of trading
In order to structure the different trade modes, BitMax uses its BTMX token. With the use of this token users can get different rewards and discounts when trading.
BitMax offers 3 trading modes – the Regular trade mode, Transaction mining and Reverse mining. These modes are what essentially determines the fees users need to pay or the rewards they receive when trading.
Setting – BitMax mining
The fees you will need to pay depend on the mode you choose and also the position you are have in the market – maker/ taker.
Takers are traders who place a given order which is instantly filled before it is placed on the order book.
Makers are traders who place an order which does not fill instantly and stays on the order book waiting for a match.
Transaction Mining Mode
This mode gives makers and takers chance to trade with a fee of 0.01% instead of a fee of 0.04% which is the case with regular trade mode. Besides this low fee users who use the transaction mining mode also receive as a reward a fixed amount of BTMX tokens for each performed trade.
Reverse Mining mode
With the reverse mining, the company claims it has invented a new and special innovation.
Reverse mining feature is available only to Makers and as opposed to paying fees you can get money back as a rebate. In order to engage in reverse mining you have to have tokens BTMX in your account.
So how does reverse mining work:
- The Maker places a trade to the order book
- BitMax takes BTMX tokens for the requested fee amount from his account
- The Taker fills out the trade
- BitMax takes the fee amount from the taker’s account in the form of tokens
- The taker fee goes to the Maker’s account
Regular Trading mode
Regular trading fee is 0.04% and there are no incentives or rewards. The trade where traders have to utilize regular trading in the selling of BTMX tokens only – this is excluded from Reverse mining and Transaction mining modes so traders have to pay the 0.04% regular trade fee.
- Up to 10X Leverage
- Cross-assets Margin Modes
- Borrow/ Repay function directly via trading
- No interest within every eight hours
Based on your net asset, BitMax will apply the leverage levels
|Net Asset of Margin Account|
|Net Asset of Margin Account<2,000 USDT||3X|
|2,000 USDT ≤ Net asset of Margin Account <10,000 USDT||5X|
|Net Asset of Margin Account ⩾10,000 USDT||10X|
The margin trading attribute of BitMax is further encouraged by the so called Point Cards. These cards give traders a discount of 50 % for repayment of margin interest.
Bit Treasure is a BitMax investment product with unique features. Certain packages of high risk type of tokens like BOLT may be bought and kept for a certain time frame and traders can receive ROR /rate of return/ of up to 48%. This BitMax product requires going through additional verification process before purchase.
- Step 1: Go to www.bitmax.io and click the Sign up button at the upper right corner of the screen.
- Step2: Enter your email, country or region and a verification code if you have one. Then click Sign up. You will be sent a verification email containing a verification code that you need to enter before you proceed.
- Step 3: Once you do that, you have to set up your password. Click Sign up and you already have an account with BitMax.
How to perform KYC verification /veirfy your account/
KYC verification is not obligatory but we strongly suggest you do it. If in case you forget your username of password, you there is a personal information leakage, the KYC verified information can help you to quickly recover your account.
Also traders who do the KYC verification can participate in Token sale /IEO/ which is provided by BItMax. Higher withdrawal daily limit is also one of the perks of KYC verification.
|Verified accounts||Withdraw 100 BTC/ 24 hours|
|Unverified accounts||Withdraw 2 BTC/ 24 hours|
- Step 1: Log in to your BitMax account and click the Account Security tab located under your Account. You will see the following screen:
- Step 2: Submit country, name, ID number and then click Next
- Step 3: Upload photo ID and wait for review. Normally this audit can be done in 24 hours.
BitMax deposits and Withdrawals
You cannot make a deposit via credit card. However, you can make a bank wire deposit by following the next steps:
- Under My Account, click on My Asset and then Deposit.
- Choose deposit via bank account
- Use the information provided to transfer funds from your bank account
The same process appeals to withdrawals as well. Under My Asset, find Withdraw and follow the steps.
BitMax Referral Program
BitMax has its own referral program for rewarding users inviting others to the exchange. They receive a reward of 10% which depends on how the invited new users trade on BitMax.
If the users invited engage in reverse or transaction mining, then the user who invited them gets 10 % of BTMX token reward. If the users invited engage in just regular crypto trading, the user who invited them gets 10 % of trading fees.
|Mining||Reverse Mining||Regular Trading|
|User referring others||10 % of BTMX invited |
users mine out
|10 % of BTMX |
invited users are returning
to the platform
of transaction fees
BitMax has mobile app for both Android and iOS users. It offers uninterrupted trading and the same services that you will find with the desktop version.
You can contact BitMax via an email ticket when you click Submit request at the bottom right section of the website. Usually customer service will get back to you within 1 hour. In the table below you can find other methods of contacting BitMax
Advantages and Disadvantages
|🙂 Pros||🙁 Cons|
|✓ Highly competitive fees||✘ More suited for experienced traders|
|✓ Margin trading||✘ No fiat for depositing or withdrawing|
|✓ High Liquidity|
|✓ Generous referral program|
|✓ BTMX token rewards for traders|
|✓ Quick customer service|
Leverage uses borrowed funds to increase ROI.
BitMax offers 10X leverage
Base trade fees are 0.085% for Large Market Cap Assets and 0.100% for Altcoins
BitMax Token (BTMX) is a crypto token operating on the ETH platform. Its current supply is 780,615,274.
Yes, there is an app available for both iOS and Android devices