Let's learn about what BitMax is and besides IEO, what else does BitMax have!
- 1 What is BitMax platform?
- 2 Review BitMax floor
- 3 Instructions for using BitMax floor
- 4 Experience using other features on BitMax
- 5 How to use the stop-limit function on BitMax
- 6 How to get ref link to introduce BitMax floor
- 7 How to troubleshoot when losing 2FA on BitMax
- 8 How to contact BitMax support
- 9 Frequently asked questions when trading coin on BitMax
- 9.1 Should you trade on BitMax?
- 9.2 Is BitMax safe and reliable?
- 9.3 What is the transaction fee on BitMax?
- 9.4 Has BitMax been hacked yet?
- 9.5 What are the deposit / withdrawal fees on BitMax?
- 9.6 Does BitMax have frequent maintenance errors?
- 9.7 Is BitMax scam?
- 9.8 What country is BitMax exchange in?
- 9.9 What is BitMax Coin?
- 9.10 Does KYC need to be withdrawn from BitMax?
- 9.11 Does BitMax platform support Vietnam?
- 9.12 What is the deposit and withdrawal limit on BitMax?
- 9.13 Does BitMax have app on Android, iOS?
- 9.14 What trading markets does BitMax support?
- 10 Summary
- 11 Le Thanh
What is BitMax platform?
BitMax is a Singapore-based cryptocurrency exchange for customers ranging from retail investors to institutional investors.
BitMax launched in July 07, currently has 2018 trading pairs with a total volume ranked 91 above Coinmarketcap.
Review BitMax floor
- Support trade margin with max leverage x10.
- Novel transaction mining mechanism.
- Having floor coins (BTMX) offers many incentives.
- Transaction fee is 0,04% - quite cheap compared to the common ground.
- There is a 10% referral policy. You will have a fairly large passive income if you invite more people to participate.
- The development team does not have much experience in operating, managing floors.
- There are many competitors when the product provided on the floor is still too popular.
- Does not support Vietnamese.
- According to recent studies, BitMax is not in the group of real volume upload floors.
Instructions for using BitMax floor
Step 1: Register a trading account on BitMax
You access the link: https://coin98.net/go/bitmax
Enter your email, enter your invitation code (if applicable) and tick "I have read and agreed to Terms of Services".
Enter the "Verification Code" sent to the email address you have registered.
Enter the password and login to BitMax. Drag from left to right to match shapes.
With these simple steps, you already have an account and can conduct transactions on BitMax.
However, in order to raise your withdrawal limit and secure your account, you should perform identity verification (KYC).
Step 2: Verify your identity KYC
After logging in, on BitMax home page, click on your account, select "Account Verification".
Please fill in the information as required.
- Country or Region: Vietnam
- Last name: First name + Middle name for the brother (write without accents)
- First name: Your name (without accents)
- Card Type: Select Passport or National ID (ID)
- ID / Passport No: Passport number or ID card number
After filling all the above information, click "NEXT".
In this next step, the floor will ask you to provide two photos, including the front of the ID card and the photo you hold in your hand.
If in the step above you choose Passport, please provide a passport photo in this step.
Step 3: Activate 2-step 2FA security
Log in to BitMax, at your brother's account, select "Account".
Go to the "Security Setting" section, you will see the section "Google 2FA" is in "Unverified" mode.
This means the account has not enabled 2FA mode and it is time for you to activate it.
At this time, click "Setting".
Then open the Google Authenticator app on your phone and scan the QR Code or enter the Google Secret Key.
If you do not know how to use Google Authenticator, you can refer to the article What is Google Authenticator? Complete guide to Google Authenticator
It is important that you store the Google Secret Key.
Then you enter the Verify Code sent to the email and enter Google 2FA Code from the app into sections 3 and 4 in the picture. Finally select "Confirm".
So you have activated the two-layer security for BitMax account already.
Step 4: Transfer money to BitMax
You access the "My Asset" in the upper right corner of the screen.To transfer money to an account select "Deposits".
Here, you choose the coin you want to deposit. Then, you copy the wallet address or scan the QR code to load coins on the floor.Note: Please copy the correct wallet address of the coin you want to deposit into the wallet.
Step 5: Buy and sell Bitcoin & altcoin on BitMax
After logging into BitMax, you choose Exchange, the interface will display the transaction frame as shown below.
You choose the trading pair in the left corner. The middle pane is the price chart with TradingView in it.
Below is the order form with familiar sibling orders such as Limit Order, Market Order and Stop Limit Order.
Step 6: Withdraw money from BitMax platform
You access the "My Asset" in the upper right corner of the screen.
To transfer funds to an account, select "Withdrawals". Choose the coin you want to withdraw from the floor.
You paste your wallet address into the box “Address”, enter the amount of coin to withdraw in the “Amount” box.
Finally, you enter the 2FA code from the app on the phone and select "Withdraw".After that, you will receive a mail requesting a confirmation of the withdrawal transaction. This email is valid for 30 minutes only. Therefore, if you do not confirm within that period of time, the transaction will be canceled.
Experience using other features on BitMax
How to trade margin on BitMax
Regulate trade margin on BitMax
- Collateral must be over 100 USDT.
- Fee on each margin transaction is 0,04%
- Daily loan interest rate is 0.01%
- Interest rate for 8 hours is free
When the margin position exceeds "Margin Asset", the excess is margin loan.
Margin trading positions must be within the lending limit (Maximum Trading Power).
- Available Margin Asset Available: 10 BTC
- Applied with 3x leverage, the Maximum Trading Power limit is: 30 BTC
- Actual Transaction Amount is only 25 BTC
- Loan Amount (Loan Amount) to hit is 25 - 10 = 15 BTC
The interest on the margin loan is calculated and updated on your account page every 8 hours. At 0:00 UTC / 8: 00 UTC / 16: 00 UTC / 24: 00 UTC
How to trade margin on BitMax
Log into your Bitmax.io account and select "Margin" in the left corner of the screen.
The margin trading interface will appear as shown below.
The left corner is the margin trading pair.
- Total assets: Total assets in the "Margin Account" in USDT
- Net Asset = Total assets - Loan assets - Interest
- Init. Margin Req .: The minimum amount of capital you can borrow
- Min Margin Req .: The minimum capital you must maintain to avoid account burn
- Current Leverage: Leverage you are using
- Maximum Leverage: The largest lever you can use (including 3x, 5x, 10x)
- Cushion Rate = Net Asset / Min Margin Req. (0 - 10000%). When the Cushion Rate drops to 120%, you will receive a "margin" message about the email. When the Cushion Rate drops 100%, the margin account will immediately be liquidated.
You place your trade orders in the box below.
BitMax.io allows repayment of loans in two ways:
- Asset trading from regular accounts (Asset Account)
- Transfer assets from cash account (Cash Account) into.
Also you guys want margin trading with greater leverage can refer to the floor as Snapex, FTX, ..
How to use the stop-limit function on BitMax
If the price increase is predicted
Stop-limit order is used to place buy orders during an up-market period.
For example: The current BTC price is 3.000 USDT and the resistance is around 3.200 USDT. If you want to buy when BTC price crosses resistance, the Stop-limit order can be set as follows:
- Stop price: 3.200 USDT
- Limit price: 3.250 USDT
That is, when the BTC price reaches 3.200 USDT, an order to buy BTC is at 3.250 USDT or lower.
If the predicted price drops
Stop-limit order is used to place a sell order in a time when the market goes down.
For example: The current BTC price is 3.000 USDT and the support is about 2.800 USDT. If you want to sell when the BTC price drops below the support level, the Stop-limit order can be set as below:
- Stop price: 2.800 USDT
- Limit price: 2.750 USDT
That is, when the price of BTC fell below 2.800 USDT, an order to sell BTC at 2.750 USDT or more.
Like some other exchanges, BitMax also allows users to share ref links and get commissions.
To get referral ref, from your account, please click "Account".
Go to "Referral History", you will have information as shown below.
There are two ways for you to send referrals to others:
- One is that you send "Invite Code" for them to enter when creating an account.
- Second, you send the "Invitation link" when you click on the invitation code will automatically appear.
How to troubleshoot when losing 2FA on BitMax
If you still have a Google Secret Key when you register 2FA for your account, then enter the Key into the Google Authenticator app to recreate 2FA.
If you no longer hold the Key, then you send a support request here: https://bitmaxhelp.zendesk.com/hc/en-us/requests/new
Or via the Telegram channel: https://t.me/BitMaxioEnglishOfficial
BitMax will require some information such as account registration email, latest transaction information and the largest account balance. The exchange will return the 2FA code via email to you.
How to contact BitMax support
When having problems and need support from BitMax, please contact here: https://bitmaxhelp.zendesk.com/hc/en-us/requests/new
Or via the Telegram channel of BitMax: https://t.me/BitMaxioEnglishOfficial
Frequently asked questions when trading coin on BitMax
Should you trade on BitMax?
BitMax is currently among the top 50 regulated volume exchanges and the top 1 by the self-reported volume on Coinmarketcap.
According to my observation, the orders to buy and sell BTC on BitMax floor range from 0.x BTC to about 20 BTC.
Therefore, if you need to buy less than 20 BTC, it will be easy to execute orders on this floor.
In addition, if the coin / token you want to trade is having a good volume on BitMax, you can participate.
Is BitMax safe and reliable?
BitMax has no signs of scam and has not been hacked. However, as I mentioned in the downside, this floor may be displaying virtual volumes.
Therefore, you should only trade some coins with large volumes on this and distribute assets on other large and popular exchanges.
Important, no matter which floor you play on, be careful in your account security steps.
What is the transaction fee on BitMax?
BitMax charges 0,04% on each order. As I said in the advantages, this is a relatively cheap fee compared to the current common ground.
Has BitMax been hacked yet?
Since opening, BitMax has not been hacked. Therefore, you can feel somewhat secure when trading on this platform.
What are the deposit / withdrawal fees on BitMax?
In addition to the transaction fee on each order, the charge to withdraw / withdraw coins is also an issue that many brothers pay attention to.
At this point, BitMax is using the same policy as some other exchanges:
Deposit fee: free
Withdraw fee: Depending on the coin / token type, the exchange will apply different fees.
For more information about deposit / withdrawal fees on BitMax, please refer to the fee schedule here.
Does BitMax have frequent maintenance errors?
One of the unpleasant situations that you have encountered is that the exchange you are using is suddenly undergoing maintenance, not loading / withdrawing coins, right?
Incidents like these often confuse you. Because, at that time, the floor may have been hacked, or you could lose the opportunity due to the inability to buy / sell.
The bright spot is that BitMax floor does not often have maintenance errors. If there is maintenance, the floor will notify users on the media before this activity takes place.
You should follow the official channels of Bitmax to always be proactive with your assets. Here are the popular media channels of BitMax:
Is BitMax scam?
With the situation of many cryptocurrency exchanges being hacked, or suddenly closing and stealing the property of users, the question of whether or not BitMax is fraudulent is really interesting.
According to my research, there is no sign that Bitmax floor cheats users. At the same time, there have been no reports, or "scam" from Bitmax floor being "peeled" off.
What country is BitMax exchange in?
BitMax.io is headquartered in Singapore, operating in Southeast Asia.
According to the White paper, in 2019, BitMax will have plans to expand to South America.
Trivia is that the Crypto community is in doubt that Bitmain is behind backing BitMax to compete directly with Binance and BitMEX.
What is BitMax Coin?
The BitMax floor coin is BitMax Token (BTMX) is built according to the ERC20 standard of Ethereum.
In order to encourage users to buy and hold exchange floors, BitMax exchanges preferential policies for users when using BTMX.
Specifically, you will be reduced transaction fees, incentives when playing margin. In particular, BTMX will be a tool for you to buy IEO on BitMax.
Does KYC need to be withdrawn from BitMax?
You do not need KYC can withdraw money from the floor. However, the maximum withdrawal limit for non-KYC users is 2 BTC.
In my opinion, you should fully KYC so you can comfortably trade and withdraw money. KYC is also an essential requirement when you want to buy IEO on this floor.
Does BitMax platform support Vietnam?
Currently, BitMax is supporting 03 languages: English, Korean, Chinese and not yet supporting Vietnamese.
BitMax also has not announced that it will update Vietnamese support in the future.
Therefore, this can be a minus point of the floor for those who are not good at those languages.
However, with the ability to read and understand basic English, or know how to use Google Translate, I believe that you can still use this floor.
What is the deposit and withdrawal limit on BitMax?
- No KYC: limit of 2 BTC per day.
- KYC level 2: limit of 100 BTC per day.
- KYC level 3: higher limit.
Does BitMax have app on Android, iOS?
For the convenience of users, BitMax has apps on both Android and iOS operating systems. You can scan the QR code of the app according to the image below.
What trading markets does BitMax support?
Currently, BitMax is supporting spot trading, margin trade and OTC.
However, the OTC market of BitMax is not open to the public.
To access this market, you need to join the WeChat group by scanning the QR code below and follow the instructions of BitMax.
BitMax.io is not a very popular platform for the Vietnamese Crypto community.
As a new floor, there are still many developments but BitMax's products are still quite popular. The product does not compete with the floors with higher volume and liquidity.
So if you choose BitMax, I think you should only experiment with a small amount of capital first.
Through a few posts What is BitMax platform? Instruction to register and use BitMax floor from AZ Do you have any questions not found in this article? If yes, please tell Coin98 know!
I also like the brothers in Coin98 will always be willing to answer and discuss with you. Therefore, do not hesitate to share all ideas so that we can get better together. Okay?
Hello and see you again in the upcoming article!