In this post we will see the Bitmax platform, with a complete analysis of this exchange.
With the popularity that ECOMI has had, Bitmax has become very popular as one of the two exchanges where you could only get this cryptocurrency. So many people have used this Exchange or have heard about it. Let’s see if it is really a good Exchange and if it is worth using it compared to others.
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.
What is BitMax (AscendEX)?
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.
So let’s get started. 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. Currently the standard commissions found on major exchanges is 0.10% and you will rarely see lower. This is a really small percentage if you have bought shares or other types of assets on other platforms. So the commissions on this platform are fine, but they have room for improvement.
Security is another very relevant factor when you have your money on the platform. This platform has a 2/3 on cybersecurity accredited by certified, which is something positive even though it is not perfect. The team and workers are public, so it is another aspect to be able to trust the platform. In terms of regulation, bitmax is regulated by coinfirm and AMLT, which gives it more security as it is backed by these two companies.
Bitmax in security aspects, if you create an account you will be able to see that you can activate the authentication with the google authentificator app, which makes it more difficult to hack into your account.
Deposits and withdrawals
Depositing and withdrawing funds from your account is also another important factor to look at. At bitmax, to deposit, you can buy 12 different cryptocurrencies including bitcoin, ethereum or tether in Piat Payment, Bank card payment with your credit card or by bank transfer and have it instantly. The only negative aspect is the commission of the payment method which is external to bitmax, although it is not very high. As you can see, around 2% in Banxa and 5% if you decide to use Simplex. The best option is to use Banxa with a 2% commission which is really low if we compare with other platforms to deposit funds. To do this, follow the steps that will indicate you once you have selected the amount, the cryptocurrency and the service provider.
Another way you can use, is to buy cryptocurrencies in another Exchange, in my case I use Binance, which is very easy to deposit funds, and withdraw them from binance to deposit them in your Bitmax wallet. So you can also have the cryptocurrencies in Bitmax to buy and sell the one you want. To do this, simply go to deposit the cryptocurrency you want to move from binance to bitmax and copy the address. Keep in mind the network you use, the best option is to use the TRC-20 tron network in case of USDT because of the low commission it has.
To withdraw funds, bitmax works in the same way as all platforms, and without extra fees. 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.
Regarding the usability of the platform, it is very similar to most of the big exchanges, which all work and have a very similar interface. In the case of bitmax you have your cryptocurrencies usually in your cash account, to buy cryptocurrencies go to cash trading, select the pair you want to buy, scroll down and click on the green button. Bitmax has other markets, such as futures, and margin trading, where you will have to transfer your cryptocurrencies to that account by clicking on transfer, select the amount and in which account you want to transfer it and you will have it instantly to use your cryptocurrencies in these two other markets.
Other aspects that Bitmax has, are copy trading, staking within their platform and bittreasure, where it is blocked staking, although there are not many offers at the moment and they run out pretty fast, it is a good way to earn a high % with your cryptocurrencies in a short period of time. They also have their own mobile app to operate and do any aspect from your mobile.
Is the platform worth it?
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. On coingecko, the platform has received a 9 out of 10 trust score.
When to use Bitmax?
From my point of view, Bitmax is very interesting to use when there are cryptocurrencies listed that are not found on other major exchanges. In the world of cryptocurrencies, it is common for projects to start appearing on this type of exchange before going to the top 3. 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.
We have been able to use it, and it has surprised us quite well. With a very good help to any problem, ease of use, and no noticeable problems in the period that we have given it use.
In order to have more ratings, I recommend that you read through several expert reviews to see if they have encountered any difficulties that we have not encountered.
The best alternative if you are looking for the best cryptocurrency exchange is Binance. With commissions of 0.10%, in case you have their cryptocurrency in your account (Binance coin), they are reduced to 0.075% and a great amount of cryptocurrencies that you do not find in other exchanges.
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. The number 1 Exchange, with more customers and volume of cryptocurrencies. If you do not have an account with Binance, in the description you will also find a link to create your account.