UPDATE 22 March 2021: BitMax has rebranded into AscendEX. Please see our review of AscendEX here.
Accordingly, we have marked this exchange as "dead" and moved it into our Exchange Graveyard.
A crypto exchange guide must provide reviews of all of the crypto exchanges out there, so that you can find the right one for you. This review of BitMax consists of four parts: general info, fees, deposit methods and security.
BitMax is – like so many other exchanges – from Singapore. The platform launched in August 2018 and is available at two different domains: BitMax.io and BTMX.com.
The team behind the exchange is spear-headed by three individuals: George Cao (Co-founder and CEO of BitMax.io) , Ariel Ling (Co-founder and COO of BitMax.io), and Shane Molidor (Global Head of Business Development at BitMax.io). These individuals all have experience from asset management, banking and finance.
BitMax today supports trading in a quite decent number of cryptocurrencies. You can find all of the biggest ones here, and the platform has 190+ trading pairs and 40 different margin trading pairs.
BitMax also offers leveraged trading to its users. This means that you can borrow money from the exchange in order to buy crypto. The interest rate depends on the trade but can apparently be as low as 3.65% per year (0.01% daily). As you can imagine, leveraged trading can lead to great profit but also to great losses.
For instance, let’s say that you have 10,000 USD on your trading account and bet 100 USD on BTC going long (i.e., increasing in value). You do so with 100x leverage. If BTC then increases in value with 10%, if you had only bet 100 USD, you would have earned 10 USD if you simply held Bitcoin. Now, as you bet 100 USD with 100x leverage, you have instead earned an additional 1,000 USD (990 USD more than if you had not leveraged your deal). On the other hand, if BTC decreases in value with 10%, you have lost 1,000 USD (990 USD more than if you had not leveraged your deal). So, there is clearly potential for huge upside but also for huge downside…
In an email sent to its users on 14 June 2019, BitMax announced the launch of a new product: The Turtle Card and The Bunny Card. These cards are – in spite of funny names – serious products, that allow you to benefit from betting on the volatility of a certain cryptocurrency during a certain time period. The time period could be anything from 10 minutes up to 1 day. If you believe that the relevant cryptocurrency will show volatility exceeding 1% during the time period, you purchase the Bunny Card. If you believe the movements will be slow and show volatility less than 1%, then the Turtle Card is the right bet for you. You can’t buy a card more than 250 times though.
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 base fee starting at 0.10% per trade for large market cap assets (0.20% for "altcoins"). 0.10% is for the users with the lowest VIP-level (VIP 0). Users at higher VIP tiers will be eligible for even lower trading fees, as further set out in the picture below:
The fees charged by BitMax are competitive. Industry average has for a long time been 0.25% but we now see many exchanges moving towards lower trading fees (0.05%-0.15%). Regardless of which exchange you compare BitMax's fees to, they are competitive.
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.io has partnered with Simplex, an EU-licensed payment processing company to provide credit/debit card payment solution on its platform. Through Simplex, users can now easily buy digital assets with just a credit or debit card (both VISA and Mastercard accepted). Deposits through Simplex are normally quite fast (10-30 minutes), but there are fees involved with this service. To our knowledge, you need to pay 3.50% on the deposited amount to use the Simplex service. Minimum purchase amount is USD 50.