AscendEx former Bitmax Review 2022 Is This Still A Legit Exchange?

Depending on the network traffic and fees, BTC transactions can run faster or slower . Ascendex supports payments in fiat currency through debit and credit card, since the platform is licensed by the EU. BitMax uses a 3-story KYC system, and employees track artificial intelligence trading trends concerning its security. As it needs to be an intuitively available trading site, it’s fast and convenient to register with Bitmax. Upon opening the account, users may make an initial deposit or show the ID documents. All consumers have a regular account with all trading resources and software available.

BitMax’s BitTreasure financial products require additional personal verification before purchasing. X-Content-Type-Options — stops a browser from trying to MIME-sniff the content type and forces it to stick with the declared content-type. And through the periods of high trading activity trade history of the pair looks even more exciting (see Figs. 7 and 8). Currently bitmax has changed its name to ascendeX, so you can find it by both names the same platform until the final change is made. Learn to speak, read, and write Thai and Thai script with our easy and fun online course.

  • 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%.
  • As emphasized in the announcement, Bitmax is different from Line’s Singapore-based crypto exchange Bitbox, which operates globally, excluding Japan and the United States.
  • For an extensive list of supported tokens see the Bitmax website.
  • Thus, considering the USDC balance on the exchange’s wallets through the period, those funds were flipped hundreds and even thousands of times.

In comparison to other popular exchanges, BitMax offers a competitive rate. 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.

You can find all of the biggest ones here, and the platform has 190+ trading pairs and 40 different margin trading pairs. Prime Trust is a US regulated trust and custodian supporting AscendEX, which helps provide an OTC trading solution to AscendEX’s customers. The supported assets are Bitcoin, Ethereum, and Tether , and a minimum of $100,000 is required for a transaction. As emphasized in the announcement, Bitmax is different from Line’s Singapore-based crypto exchange Bitbox, which operates globally, excluding Japan and the United States. Launched in July 2018, Bitbox is not accessible for Japanese traders due to Japan’s crypto exchange license requirements, as previously reported.

Ki Chong first discovered Bitcoin in 2013 and has been hooked on the decentralized dream ever since. Originally from Los Angeles, he spent 4 years in Cambodia as the founder of the first 3D printing business in the country. Since leaving his business, he has devoted himself fulltime to blockchain technology in general and Ethereum in particular. We rarely run ads, but sometimes earn a small commission when you purchase a product or service via a link on our site. There is a 10 billion token limit with 49% of the tokens pre-distributed and 51% of the total tokens allocated for user incentives. BTMX tokens are initially issued and sold by the “Distributor,” which is managed by the BitMax Foundation.

Other Centralized Exchanges

Use our Exchange Finder to find an appropriate exchange accepting US-investors. Concerning its security, BitMax uses a 3-level KYC system and employees monitor trading patterns with artificial intelligence algorithms. There are several security options on AscendEX that users can utilize to keep their account safe. The first is a password, which users will need to create an account; it is important to choose a unique password with a variety of different numbers and characters. The ASD Investment Multiple Card is available to users as an additional incentive, which can be purchased with the ASD token. In July 2019, Nouriel Roubini, a critic of cryptocurrencies, suggested that the exchange is involved in illegal activities, allowing traders to take on too much risk and by trading against clients.

what is bitmax

The only downside is that certain forms of commands and settings for more automatic trading could skip experienced margin traders. Although traders with the majority of big trading brands have access to a few cryptocurrencies such as Bitcoin or Ether, coverage of hundreds of various tokens is offered for the Bitmax network. There are several options to exchange, including Bitcoin Currency, Cardano, Polkadot, Binance Coin, Stellar, Bitcoin SV, EOS, and more. Bitmax wants consumers to benefit from all the possibilities that a skilled trader wants with various trading instruments. If the invited users engage in transaction mining or reverse-mining, then the original user receives 10% of the BTMX token rewards.

CMC Crypto 200

This is extremely good news for people who cannot make big deposits to profit like those with larger accounts. Both consumers are allocated, assisted, and helped with a personal account manager each time. HDR Global Trading Limited is incorporated in Seychelles and has offices worldwide. BitMax is a crypto-exchange based in Singapore that began in July 2018. We publish guides, reviews and news on tech, cryptocurrency, Bitcoin, blockchain & privacy.

  • Combining minimalist design and modern functionality, the Nordace Siena is perfect for travel and daily use.
  • Once you have chosen the standard or professional mode, you can start placing orders.
  • It is not an offer to buy or sell any security, product, service or investment.
  • Other aspects that stand out meaningfully are related to the trading technology used for the WebTrader and security measures in place to ensure that customer funds and personal data are protected all the time.
  • Bitmax stepped up and provided superior service; their insight and expertise throughout the process made all the difference.

All content on CaptainAltcoin is provided solely for informational purposes. It is not an offer to buy or sell any security, product, service or investment. Bitmax incorporates a few different security protocols to protect customer funds. Ascendex withdrawal fee vary depending on the asset, a full list of withdrawal fees can be seen here. 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.

Go to my assets, cash account, search for the cryptocurrency you want and click withdraw. Here you can select the network you prefer depending on the cryptocurrency and withdraw to your metmask wallet or to another platform. The bitmax commissions are 0.10% when you buy and 0.10% when you sell in spot the most important cryptocurrencies, and 0.20% in cryptocurrencies with less capitalization. These are actually somewhat high for altcoins compared to other exchanges.

So in case you want to buy a cryptocurrency that can only be found in Bitmax or in a few exchanges and not in the main ones, as has happened with OMI, it is a great alternative. In addition to seeing new cryptocurrencies that may have potential before appearing on the main exchanges. As we have seen, the platform has low commissions, although they can be improved, a medium-high security and reliability, and a fairly intuitive use. Still, I think there is a better alternative if you are looking for the best Exchange to buy and sell cryptocurrencies. Before we look at the best alternative, though, let’s see when Bitmax is worth using.

The different trading modes are Regular Trading, Transaction Mining, and Reverse-Mining. Essentially, these different modes determine the fee users pay or rewards they can receive when trades are executed. As of April 1st, it is only the number forty-sixth exchange by adjusted trading volume on CoinMarketCap, but if “transaction mining” is factored in, BitMax is the number one exchange on the website. This “transaction mining” is one of the many features that make BitMax stand apart from the crowd.

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Like many exchanges, it has a wide variety of options within its platform, but we will focus on those aspects that almost everyone uses and are most relevant. As are the commissions it has, the usability of the platform, its security and the ease of depositing and withdrawing our funds. I leave you with a video if you want to see in more detail the review of this platform. « This new brand name is inspired by the rapid rise of both our industry, and that of the many people taking part in it, » said AscendEX CEO George Cao.

At traders can find a well-rounded concept – the latest trading technology, a great variety of cryptos, and individual professional advice provided by a team of professionals. Everything circles around the platform, as the brand integrated multiple functionalities, including deposit/withdrawal requests, account management, and asset alerts. 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.

  • You’ll soon be able to trade ETH against XBT on our spot exchange.
  • If the price increases by 10%, you could sell for a $10 profit.
  • However, it relatively safe in terms of Cybersecurity, thus, the final choice depends on your personal decision only.
  • Depositing and withdrawing funds from your account is also another important factor to look at.

AscendEX has emerged as a leading platform by ROI on its “initial exchange offerings” by supporting some of the industry’s most innovative projects from the DeFi ecosystem such as Thorchain, xDai Stake, and Serum. AscendEX users receive exclusive access to token airdrops and the ability to purchase tokens at the earliest possible stage. In its trading path, Bitmax uses state-of-the-art technologies. Many who plan to use this provider for cryptography will benefit from an integrated network with a simple and modern user interface.

AscendEX Fees

BitMax – “BTMX & HT & BNB 10x Margin Trading”Like many popular crypto asset exchanges, BitMax offers margin trading where users can use loans to increase their leverage on investments. The exchange offers crypto-to-crypto trading of 36 coins in 72 pairs with three markets . Following the latest trend, BitMax employs a transaction mining model providing 100% of trading fee reimbursement in BTMX . Plus a really easy deposit and withdrawal using your credit card for instant balance. And a great variety of options to earn money with your cryptocurrencies by staking with them.

what is bitmax 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. Once you are logged in, go to the “Home” section and search for “Security settings” in the menu of your personal account. Enter your email and confirm the procedure with the code you will receive.

BitMax Data Usage Reward DistributionOnly BTMX that is manually locked up is eligible for the daily distribution. The locked tokens can be unlocked at any time but may take up to 24 hours to be usable again or can be unlocked instantly for a fee of 10%. The BTMX token is how BitMax is able to structure its different “Trading Modes.” By using or holding the BTMX token, users are able to uhive token price prediction gain special rewards or discounts when they trade. It will hardly be possible to achieve the maturity of the crypto market if exchanges do not stop conducting trade manipulations and continue use unethical marketing techniques. Kraken also provides 24/7 Support Service in a chat format, thus, their Support Specialists are available all the time and are ready to assist their customers.

Cybersecurity comprises technologies, processes, and controls designed to protect systems, networks, and data from cyber-attacks. Effective cybersecurity for exchanges reduces the risk of cyber-attacks and protects the exchange’s customers from money thefts. In our research, we investigate this exchange through various aspects such as Liquidity and Cyber Security indexes based on the CER unique scoring models. And finally, we will provide a complete Marketing analysis along with traffic sources investigation, media activity examination and much more. We found this a bit suspicious and decided to check whether BitMax exchange really possesses its reported daily trading volumes.

It should be noted that withdrawals will be disabled for 24 hours after restarting/suspending 2FA. Although there are many differences in factors such as volume of transactions and availability of cryptocurrencies, the operation of Ascendex is very similar to that of platforms such as those of Binance and Kraken. You can search for the application from your AppStore or Google Play account under the name “Ascendex” or you can download it from the web platform, which has both versions for its users.

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