AscendEx former Bitmax Review 2023 Is This Still A Legit Exchange?

bitmax exchange review

Regardless of which exchange you compare BitMax’s fees to, they are competitive. 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 and futures trading fee.

First, you’ll need to provide your email address and a password. Additionally, BitMEX deploys a multi-party computation (MPC) system that lets two or more parties complete a function on encrypted data without any information leaving the encrypted domain, except for the desired outcome. BitMEX claims that the MPC prevents an attacker from stealing funds even if all of BitMEX’s systems are compromised. Please note that your feedback may be crucial for the user when choosing a product, so try to avoid inaccuracies and unreasonable criticism.

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According to the company announcement, the new name reflects the team’s belief in the bright future of cryptocurrencies. The name and the new logo must make us think of the ascending trend on the market. The change of the name helps to avoid confusion with Bitmex, a different crypto exchange founded in 2014. Essentially packages of certain high-risk tokens such as BOLT can be bought and held for a certain minimum time frame, and users will receive a rate of return of as much as 48%. Reverse-mining is only available to market makers, and instead of having to pay fees, you get money back in the form of a rebate. The market maker engaging in reverse-mining must also have BTMX tokens in their account.

bitmax exchange review

Another trans-fee mining pair XRP/BTC also showed pieces of evidence of unnatural trading activity. Considering all these facts we can conclude that most part of BitMax trade volume is manipulated. The exchange sells 36 coins in 72 pairs and three markets for crypto-to-crypt trade. The site has more than 190 trading pairs and 40 trading margin pairs. 2021 © All rights reserved

Each of these platforms offers similar tools and features to BitMEX, and it may be worth considering if you’re interested in trading crypto. While the BitMEX mobile app doesn’t have all of the exchange’s products and features, it allows users to seamlessly manage their trading positions on the go. Moreover, due to the exchange’s incorporation in Seychelles, BitMEX was able to operate without having to verify the identity of its users or requiring licenses in the jurisdictions where many of its customers were based. We independently evaluate all recommended products and services.

Earned rewards are automatically reinvested in order to create a compounding return to increase the overall ROI – this is optional and can be switched on/off as desired. Moreover, the platform offers a very unique instant unbonding feature that allows for the improved liquidity management of staked tokens, even when tokens are being delegated to a network with a long bonding period. Also, you can use staked token as collateral for margin trading. The futures contracts that AscendEX offers are called “perpetual contracts,” which are available for 15 trading pairs with collateral in BTC, ETH, USDT, USDC, or PAX. AscendEX perpetual contracts do not expire, so you can hold longs or shorts for any period of time you desire as long as you have enough margin.

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For example, say you want to invest 100$ into Bitcoin with no margin. Bitmax supports trading for over 200 different cryptocurrencies and a wide range of trading pair. For an extensive list of supported tokens see the Bitmax website. Bitmax is a Chinese cryptocurrency exchange platform founded in 2018 so it has been around for some period of time now. The company’s goals are to build an autonomous platform suitable for investors of any level. BitMEX is the only exchange right now in the market that provides 100x leverage.

bitmax exchange review

However, to make withdrawals and participate in auctions you will have to come through a KYC procedure. Labeled Verified, they’re about genuine experiences.Learn more about other kinds of reviews. People who write reviews have ownership to edit or delete them at any time, and they’ll be displayed as long as an account is active.

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This puts brands like Bitmax in a favorable position since their services are crypto-oriented. With this crypto trading platform, you have the unique opportunity to take advantage of the price movements in tens of different Altcoins, using margin and tight trading costs. Although BitMax does not deal with fiat money, in order to withdraw funds from the platform you need to verify yourself with ID documents even if you just withdraw crypto.

  • For an extensive list of supported tokens see the Bitmax website.
  • The prices are expressed in USDT stablecoin, note that BitMax does not accept fiat currencies.
  • Through Simplex, users can now easily buy digital assets with just a credit or debit card (both VISA and Mastercard accepted).
  • The range of creative and modern trading tools designed to help consumers become acquainted with crypto-currency trading ensures stability, clarity, and reliability.
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