Ranked 8th in Coinmarketcap Bitmax.io is determined to take on the fiercest of the competition. It has successfully reached a daily volume of more than 300 million with a positive 24 hours change of 18.23%. Their 30-day volume has impressively hit the 13 billion. I remember not long ago ZB and Lbanks exchanges where way ahead and now they are below bitmax.io in CMC ranking. Now several factors could attribute to this success some of which could be the Margin Trading, The Fees or even the frequent announcements of different features.
Let us explore the possible factore:
Margin Trading: Which is the process that allows the traders to take more funds than what they own. It is basically borrowing money to trade. This allows users to trade with higher asset value. I personally think that this feature might be handy to some experienced folks and to some it might backfire; because of the volatility of the market. That is why Bitmax in their announcement clearly mentions that the users should be aware of those risks and should trade with caution. In order to opt for the Margin Trading the user has to open what is called in Bitmax the Margin account.
The user simply moves his/her funds from their cash account to their margin account and start trading. There is no request needed to apply for a given fund. Within the margin account the system automatically applies amount based on balance; accounts should have a minimum balance of 100USDT though.
Trading fees: The other possible reason why the exchange is doing so well could be attributed to the trading fee. The trading fee for most pairs is about 0.04% which is reasonably cheap compared to other exchanges. Now there is a plus here; You also get what is called trans-fee trading which we talked about in other posts. Which basically means you get the trading fees back in form of Bitmax tokens.
Promotional deals: With every listing, Bitmax announces a (in almost all cases) promotional campaigns for traders where they get some rewards. Take for example LTONetwork listing that began at 8:00 am EST on Jan 17th, 2019. The listing was accompanied by an exclusive LTO airdrop to BTMX holders. The giveaway was around 1000 LTO to the top 1500 users with BTMX tokens; that is not all there was also another event which was the trading competition where the top LTO trader was awarded 300 000 LTO tokens.
Feature Release: Since the launch of Bitmax; various announcement were made that added to the exchange; like what I've mentioned earlier with trans-fee trading. There is also the unique reverse-mining; as of late they have also announced new features like what is called the Stop Limit Orders. With Stop Limit Orders you should be able to stop your losses if a price drops below a given level (support level) you set that order at. At that limit the order will trigger preventing further losses; Similarly with buy orders; you can set a limit price for when resistance is broken the order is triggered. This last addition is something I am quite excited about because I think it is quite handy for novice day traders like me.
Those were few reasons why I think the exchange has been performing really well; before ending this piece I would like to add that the exchange has been doing quite well with the community and keep us all in the loop of what is happening with their progress. There was an AMA last month with the CEO and I think such AMAs are a great opportunity to talk to the higher ups and ask them different questions about the progress and the exchange. They are constantly active and their support is available 24/7. Here is a list of resources you could use to learn more about them; as always this is a mere personal opinion and I hope the resources below will help you know more.
Resources:
BitMax Official Website: https://bitmax.io
Twitter: https://twitter.com/BitMax_Official
Reddit: https://www.reddit.com/r/BitMax
Telegram English Official: https://t.me/BitMaxioEnglishOfficial
Telegram Official Announcement Channel: https://t.me/BitMaxOfficialAnnouncement