A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of BitMax consists of four parts: general information, fees, deposit methods and security.
BitMax is – like so many other exchanges – registered in Singapore. In addition to this exchange, the following exchanges all are registered or headquartered in Singapore: Coinbene, Triple Dice Exchange, Coinut, COSS, ExcambioRex, Coinhako, UEX, Cointiger, Kryptono, DragonEX, Coinhub, Tokenomy, Bitrue, Bitbox, ABCC, CRXzone, Bytex, Kyber Network, Cryptology and Liquid.
BiMax markets itself as architected by Wall Street quant trading veterans. It is allegedly the leading next-generation digital asset exchange with the industry’s first-ever transaction mining and reverse mining mechanism. The platform provides you with multiple trading products across a broad range of digital assets, including mining, reverse-mining for maker trades, margin trading, etc.
BitMax also launched an ICO in the second half of 2018. In the ICO, the presented time line detailed that the launch of the “exchange public chain” is to occur in April 2019. Earlier than that, in February 2019, incubator investments and ecosystem buildouts are the main happenings according to the timeline.
The team behind the exchange is spear-headed by three individuals: Han Liu, Ariel Ling and George Cao (George being founder and CEO). These individuals all have experience from asset management, banking and finance.
BitMax supports trading in a decent number of cryptocurrencies. You can find all of the biggest ones here.
As many other exchanges, BitMax does not accept US-investors on its platform. If you’re from the US and you’re looking for the trading platform that is just right for you, don’t worry. Use our Exchange Finder to find an appropriate exchange accepting US-investors.
BitMax Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the trading views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at BitMax:
BitMax Trading fees
Many exchanges charge what we call taker fees, from the takers, and what we call maker fees, from the makers. The main alternative to this is to simply charge “flat” fees. Flat fees mean that the exchange charges the taker and the maker the same fee.
This exchange charges a flat fee of 0.04% per trade. This is a very competitive fee, especially considering that the global industry average is arguably around 0.25% (more than 6 times higher).
BitMax Withdrawal fees
Another fee to consider before choosing which exchange to trade at is the withdrawal fee. The withdrawal fee is usually fixed (regardless of the amount of cryptocurrency units withdrawn), and varies from cryptocurrency to cryptocurrency. For BTC-withdrawals, this exchange charges 0.0005 BTC. This is also slightly below the industry average. Global industry average BTC-withdrawal fee is approx. 0.0008 BTC.
All in all, with respect to the fees, BitMax has a truly competitive offering.
BitMax does not accept any deposits of fiat currency. This means that new cryptocurrency investors (i.e., investors without any previous holdings of cryptocurrencies) can’t trade here. In order to purchase your first cryptocurrencies, you need a so called entry-level exchange, which is an exchange accepting deposits of fiat currency. Find one by using our Exchange Finder!
We run all exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/). The score in such test is one of many indicators of the exchange’s security. BitMax received a score of D+ in this test. D+ is not great, but roughly in line with industry average. And, as mentioned above, there are naturally a number of other aspects to consider when determining an exchange’s overall security.
Low trading fees are indeed very important for any prospective cryptocurrency investor. All of the following exchanges also – like the above exchange – have very low trading fees (some of them don’t even charge trading fees at all):