AscendEx (former Bitmax) Review: Fees, Supported Coins, Security
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.
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 while Co-Founder and COO Ariel Ling is based in New York, US.
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.
Services Offered on Bitmax
Bitmax offer the following services to its customers:
Getting Started on Bitmax
After making an account, you will be able to log in and deposit a digital asset 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 Ascendex 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||Daily Ascendex Withdrawal Limit|
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 and a wide range of trading pair. For an extensive list of supported tokens see the Bitmax website.
Trading on AscendEx
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 crypto 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.
Fees on BitMax
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.
Deposit and Withdrawal Fees
There are no fees for making a deposit on Bitmax
Ascendex withdrawal fee vary depending on the asset, a full list of withdrawal fees can be seen here.
User Experience and Support on AscendEx
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.
Security on Bitmax
As with any crypto exchange platform, security is key. Bitmax incorporates a few different security protocols to protect customer funds.
Notable Features Include:
- The majority of customer funds reside in cold storage
- 2-factor Authentication
- Emails to confirm withdrawals
Bitmax Token (BTMX)
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.
Bitmax is available for most of the world, excluded countries are:
- The Balkans
- Ivory Coast
- Democratic Republic of the Congo
- North Korea
Conclusion of Ascendex Review
AscendEx is a Chinese cryptocurrency 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. AscendEx also holds a large portion of its digital assets in cold wallets and some are kept in a hot wallet to support the liquidity of its trading ecosystem. Moreover, it supports advanced trading features such as margin or futures trading.
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 for professional traders. The fees are reasonable and can be made even better through holding BitMax’s native token, BTMX.
In case you are not swayed into registering on AscendEx, you might be interesting in learning more about its direct competitors like
- Great UI
- Allows anonymous accounts
- Allows for Margin trading
- Reduced fees using BTMX
- Low Limits without KYC
- Not available for US customers
- Cannot deposit Fiat directly
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