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: WEX, Coinbene, Triple Dice Exchange, Coinut, COSS, ExcambioRex, Coinhako, FYB-SG, UEX, Cointiger, Kryptono, DragonEX, Coinhub, Tokenomy, Bitrue, Bitbox, ABCC, CRXzone, Bytex, Kyber Network, Cryptology and Liquid.
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.
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 The withdrawal fee is usually fixed (regardless of the amount of cryptocurrency units withdrawn), and varies from cryptocurrency to cryptocurrency.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):