Bitmax is a Chinese cryptocurrency exchange platform founded in 2018. The company’s goals are to build an autonomous platform suitable for investors of any level.

The company has strong foundations, the CEO of the company, George Cao has experience working with investment funds and boasts a Ph.D. from the University of Chicago in Computer Science.

In this Bitmax review, we will provide an overview of the platform, outlining its most notable features to help you decide if it is a suitable cryptocurrency exchange.

Bitmax offer the following services to its customers:

After making an account, you will be able to log in and deposit assets to your account; there’s no need to complete KYC; however, your account will be subject to lower limits. It’s recommended you complete the KYC process as it will give your account more flexibility and security.

The following table outlines the different levels of verification on the platform:

Level 1 verification requires you to submit a government-issued ID and proof of address.

Level 2 verification requires you to provide a selfie of yourself holding your ID.

Level 3 verification can be obtained through contacting customer support

Bitmax supports trading for over 200 different cryptocurrencies. For an extensive list of supported tokens see the Bitmax website.

Bitmax offers users two different types of trading; these are spot trading and margin trading.

Spot trading is the most basic type of investment available.

Spot trading is the most popular way to trade.

In the cryptocurrency space, a spot trade is a contract of buying or selling an asset for immediate settlement.

Margin trading allows investors to buy cryptocurrency with leverage. For example, say you want to invest 100$ into Bitcoin with no margin. If the price increases by 10%, you could sell for a $10 profit.

Say you made the same trade with 10x leverage, you would be able to sell for a $100 profit. This is known as margin trading.

Note: Margin trading is risky and not recommended for novice traders.

Bitmax allows traders to place 4 different kinds of orders; these are:

A limit order lets you buy or sell a security at a set price

A Market order lets you buy or sell an asset at the current market price.

A stop-limit order triggers the submission of a limit order, once the stock reaches, a specified price.

A stop-market order is a type of stop-loss designed to limit the amount of money you can lose on a single trade. It can be a buy or sell order, and it will only trigger if the market price hits the specified level.

The following table outlines trading fees based on VIP level:

The fees charged by BitMax are competitive. For a long time, the industry average was around 0.25% per trade; however, many exchanges now offer fees of around 0.05%-0.15%. In comparison to other popular exchanges, BitMax offers a competitive rate.

There are no fees for making a deposit on Bitmax

Withdrawal fees vary depending on the asset, a full list of withdrawal fees can be seen here.

Bitmax.io has a great overall design; both the desktop and application versions have a great user interface, allowing investors to access their account on any device.

In terms of support, Bitmax offers a few options.

The easiest way to contact support is to submit a ticket via the onsite form. They aim to reply within 1-3 business days

If you wish to live chat with customer support, you can do so through telegram where Bitmax has support agents online 24/7.

As with any exchange platform, security is key. Bitmax incorporates a few different security protocols to protect customer funds.

Notable Features Include:

The Bitmax token or BTMX is a utility token used by the Bitmax platform. Anyone who holds BTMX is eligible for rewards on the platform; these include discounted trading fees. 

Bitmax is available for most of the world, excluded countries are:

AscendEx is a Chinese exchange platform that supports trading for all of the most popular cryptocurrencies, such as Bitcoin and Ethereum. BitMax also offers trading for an extensive list of over 200 alt-coins, making it an excellent choice for anyone interested in trading lesser-known coins.

The platform runs on a modern and easy to use UI, which offers easy access for novice traders whilst also offering more advanced features such as margin trading. The fees are reasonable and can be made even better through holding BitMax’s native cryptocurrency, BTMX.

Bitmax does not support fiat deposits or withdrawals, however customers can buy cryptocurrency directly with a credit or debit card, this will then be available to trade with on the platform.

BitMax is a trustworthy exchange, it has a good reputation in the cryptocurrency space and reviews tend to be positive.

In case you are not swayed into registering on AscendEx, you might be interesting in learning more about its direct competitors like 

You can trade crypto CFDs with a leverage on forex and other derivatives platforms like Libertex, eToro, Plus500, IQ Options, City Index, AvaTrade.

The post AscendEx (former Bitmax) Review: Fees, Supported Coins, Security appeared first on CaptainAltcoin.

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