Bitmax cryptocurrency market is the platform which got launched in Sinagpore, in July 2018. They allow registration and cryptocurrency trading for people from all around the world. Apart from the main TOP 10 cryptocurrencies, you can also buy and sell very rare cryptocurrencies here. Because of that, the market is also being used by people who don’t exclusively focus on leading cryptocurrencies in their trading and portfolio.
It is interesting that Bitmax.io, similarly to many other cryptocurrency markets, also has its own, internal token (BTMX). People who are in possession of BTMX tokens are able to use BTMX mining through the market. It means that they get BTMX every day, for holding a certain amount of them on the market without selling. It has nothing to do with actual mining, because BTMX is based on Ethereum blockchain, so it cannot be mined (I mean the traditional ways of mining cryptocurrency). To participate in, so called mining profits, all you have to do is click on ‘mining’ tab on the market’s site and purchase adequate number of these tokens.
Users of BitMax and/or holders of BTMX which did not actively participate will not receive any BTMX incentives.
More about this token: https://coinpaprika.com/coin/btmx-bitmax-token/
Attention: I wan unable to find any information of who is the owner of Bitmax, on the market’s official website. We know that BMXDM Technology Pte. Ltd. company (Singapore) is the founder, but there is nothing about the person who runs it. That’s why I think it’s important to take notice of that and to not to store all your fund on the market. It’s crucial! Admittedly, it is possible to find the interviews with Bitmax’s CEO (George CAO) on Youtube: https://www.youtube.com/watch?time_continue=8&v=TSmNzXGiW5M . However, it makes me wonder why his surname does not appear on the company’s official website.
The company’s official communication channels (that’s where you’ll find all the news):
Company Name: BMXDM Technology Pte. Ltd. ( Singapore )
Registration No. / Unique Entity Number: 201822565E
114 LAVENDER STREET
CT HUB 2
White Paper: https://bitmax.io/static/whitePaper_EN.pdf
How to create an account on Bitmax ?
Visit the www.bitmax.io website
You will then be directed to begin setting up your account. Fill in all required fields and accept Terms od Service.
After continuing, access your email and follow the verification link.
All other things you can set up after login.
Bitmax Referral Program. If you invite your friends to trade on Bitmax, you will receive 10% of their trading fees as a reward for recommendation.
Deposit options: Only cryptocurrencies. BitMax does not accept any deposits of fiat currency
Withdrawal options: only cryptocurrencies
Fees: The fee for regular trading is 0.04%, and there are no BTMX rewards or incentives. The only trade where users must use regular trading is in selling BTMX tokens, which is excluded from Transaction Mining and Reverse-Mining modes so users must pay the regular trading fee of 0.04%. More fees, check it out here: https://bitmaxhelp.zendesk.com/hc/en-us/articles/360007941073-Trading-Fees
Don’t forget about basic safety measures: cryptocurrency market, even the best one, is not a good place for storing large number of coins for a long time. Withdraw them regularly to your safe, cold wallets (like e.g. Ledger). In the past, it happened multiple times that a market collapsed and declared bankruptcy. In this case, people who stored large amount of coins in there, lost a lot. Do not take that risk – only store as much as you need on the market and withdraw the rest.
Take care about safety of your funds.
Conclusion: Bitmax review. Is it safe trading platform?
Yes, but you should never believe that it will stay this way forever and that possible losses (hacker’s don’t sleep!) will always be covered by the owners. Look after your own safety and do not hold large sums on any markets!
Bitmax is considered a safe exchange that allows user account protection via the use of Two Factor Authentication (2fa).