[ACCESSWIRE]
SINGAPORE / ACCESSWIRE / September 24, 2018 / BitMax.io is a new digital asset trading platform that provides cryptocurrency trading services to a wide range of clients, including professional traders, institutional investors, and private investors. The platform has almost 20,000 users globally with 16 active trading pairs and additional listings undergoing the approval process.
With many decentralized exchanges working in this space, BitMax sets itself apart from the competition in two fundamental ways: first, by providing users with features that they actually want, including high-performance trading, liquidity, easy-to-use interfaces, security from attacks, and stable services in terms of uptime and management of market volatility.
Secondly, BitMax provides users with an innovative feature known as the "trans-fee-mining" model, which does not just keep trading costs down but also offers the potential for traders to profit from trading activity. This is an innovative way of incentivizing use of the BitMax platform so that traders earn both investment and mining income.
Let's take a deeper look into how BitMax is attracting consumers and investors by helping them earn income from trading.
Traditional exchanges profit off of trades by charging fees on all stock, commodity, and cryptocurrency exchange transactions executed on the exchange by deducting a percentage of the asset being bought or sold and retaining it as a transaction fee. The more you trade, the more you pay to the exchange in the form of crypto deductions from your purchase or sale.
In contrast, BitMax uses its own native utility tokens, called BTMX tokens, which are credited to each user trading on the platform. The value of the credited tokens is equal to what the transaction fee would have been in traditional crypto form, so if someone conducts trades of X amount and has to pay 0.03% of X as trading fees, 0.03% of X will credited to the user’s account in the form of BTMX tokens. In this way, BTMX can not only be mined, created, and added to the BTMX pool, but also exchanged by users for the crypto asset of their choice on the BitMax.io platform. This reduces the costs of traditional mining, encourages users to spread the word about BitMax, and incentivizes them return to the platform so they can maximize the return on their trades.
If we look at the trajectories that various crypto projects have taken, many are high-cost and/or high-risk projects. Furthermore, it is quite difficult for the general population to understand this market, much less enter and participate in it. The high cost of participating can also be a barrier, in part because of the volatile nature of crypto prices.
The BitMax trans-fee-mining approach helps address these potential issues with private investment in the crypto market, encourages trading, and helps stabilize trading against high volatility by giving fallback earnings to traders in the form of BTMX tokens. This helps users mine new coins and add them to the trading pool at virtually no cost, in contrast to the exorbitantly expensive mining performed for the likes of Bitcoin and other cryptocurrencies.
In addition to trans-fee-mining, BitMax will initially support crypto-to-crypto spot trading. There is also the potential for future updates to provide support for other advanced order types and professional account management services for all clients. Once the platform reaches a predetermined level of liquidity, anonymous transactions similar to those executed by ShapeShift may also be considered.
Mining pools usually take a percentage of the earnings from miners as a service fee for allocating users and hashing resources to specific pools for mining cryptocurrencies of different types (using ASIC, FPGA, or GPU mining, depending on the underlying algorithm of the crypto asset in question). BitMax is redefining best-in-class practices for this aspect of crypto mining by returning mining proceeds to the individual miners.
In order to maintain its momentum of introducing innovative, high performance, user-friendly products for its client base, BitMax has brought together entrepreneurs, investors, technologists, developers, and advisors from a variety of fields including investment, fintech, and application development to guide the project. They are collaborating to ensure that investors and miners get the services they need at the lowest possible cost with the highest possible performance.
The core management includes Wall Street executives with experience in capital markets and regulation from the likes of Deutsche Bank, Morgan Stanley, Goldman Sachs, and Bloomberg. The tech team brings deep experience in financial research and development, expertise in quantitative trading, order management, and strategic planning, and academic credentials from top-tier institutions in the United States and China including Columbia University, the University of Chicago, Carnegie Mellon University, and New York University, as well as Peking University and Tsinghua University.
The BitMax exchange has gone beyond introducing a revolutionary new way to tackle the problems of user incentives and mining costs. Indeed, the company has redefined what openness and fairness in a cryptocurrency and mining context means, and is pushing the bar higher than previously set by other exchanges.
That said, BitMax will not stop here. The company understands that it takes more than a good idea to launch a successful venture. BitMax has the right teams and leaders in place to guide the projects and the benefits it will provide, because ultimately, the user base decides if BitMax will continue to operate in the future. BitMax is well-positioned to disrupt the crypto exchange industry, and we expect big things from this project going forward.
CONTACT:
To learn more about the project or become one of its pioneering users, visit https://bitmax.io/.
BitMax.io Telegram Official English Community: https://t.me/BitMaxioEnglishOfficial
BitMax.io Telegram Official Announcement Channel: https://t.me/BitMaxOfficialAnnouncement
BitMax.io Official Twitter: BitMax_Official
BitMax.io Official Reddit: https://www.reddit.com/r/BitMax/
Email: [email protected]
SOURCE: BitMax.io
