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Hackernoon logoDid You See the Two Bitmax Exchanges Yet? Don't Worry. It's OK. by@heygeorge

Did You See the Two Bitmax Exchanges Yet? Don't Worry. It's OK.

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@heygeorgeG

A Free Spirit Person

If you have been paying attention to the global crypto space, you might have spotted two Bitmax exchanges. What is the confusion about and how to differentiate between them?

We live in a world where you will not surprise anyone with the word “cryptocurrency” anymore. Having been around for more than 10 years, the very first cryptocurrency, Bitcoin, is the most popular and the most expensive cryptocurrency as of today.

However, besides Bitcoin, there are thousands of other altcoins that were created to fulfill a particular mission, such as Ethereum, Litecoin, Ripple and others. 

Yet, none of these cryptocurrencies, including Bitcoin, would become popular as they are today if there were no cryptocurrency exchanges. In fact, the majority of impact on cryptocurrencies’ price is coming from the supply and demand that is set out by these exchanges. 

Today, we will talk about two specific exchanges – BITMAX and BitMax.io. Yes, they share the name, almost. We want to draw your attention to the differences between these two exchanges.

BITMAX Japan

In September 2019, the most popular messaging platform in Japan, dubbed LINE, announced the launch of the cryptocurrency exchange for the Japanese market. The exchange is available via the Wallet tab on the LINE application. 

This exchange is presented by LINE as a simple and secure cryptocurrency platform that is even suitable for beginners.  At the moment, the platform is offering trading services in five cryptocurrencies, including Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin. 

LINE’s BITMAX is a new player in cryptocurrency space; nevertheless, it combines a myriad of features that contribute to its robustness. 

Advanced security measures

One of the key features of LINE’s BITMAX is its strong stance on security standards. The exchange claims to have security as the number one priority, which allows for stable trading service. 

Compatibility and flexibility

BITMAX is compatible with LINE Pay, LINE’s mobile money transfer and payment service. This feature is valued by the users of the LINE app, as the verification process is also simplified through the app. 

User-friendliness

BITMAX features simple and intuitive UX and UI design, which allows beginners to get started pretty easily. In addition, users can start trading with as little as a few hundred Yens. 

BitMax Singapore

Singapore-based BitMax.io is also a cryptocurrency exchange. This cryptocurrency trading platform was established back in August 2018 by Airel Ling and Dr. George Cao with a mission to

“support financial market innovation and advancement of crypto economy through building upon a series of open and fair market rules to the liquidity of the overall market, enhance market depth, and support blockchain structural optimization.”

Check out the interview with Airel Ling:

The platform is a global cryptocurrency exchange that offers trading for a wide range of clients, such as institutions, private investors, and professional traders. The exchange is mainly focused on the trading of Bitcoin and altcoins. 

Yet, this exchange is taking innovation very seriously – they offer a wide array of unique services to their users. For instance, BitMax is based on the in-house token called BTMX. The token is mined on the platform and is then transferred to traders as a reward. Check out this article to find out how it works.

Back in September, BitMax announced its plans to list Wanchain (WAN) under the trading pairs of WAN/USDT and WAN/BTC. To mark the listing, the exchange has hosted two promotional events at that time. 

Following this, at the end of November, BitMax rolled out the listing of yet another coin, Nervos (CKB) under the trading pair of CKB/USDT. Just as in the case with WAN coin, to celebrate the listing, BitMax announced the CKB trading rebate for the traders. 

The latest listing that was made public by the BitMax exchange was the listing of Tokoin (TOKO) token under the trading pair of TOKO/USDT. On December 25th at 10:00 p.m. EST, the exchange was open for deposit and withdrawal orders. The trading commenced at 10:00 a.m. EST on Dec 27th, 2019.

Following the tradition of celebration of the listing event, BitMax planned to launch three different promotional events: Airdrop, Net-Buy Contest, and BitTreasure, where users will get a chance to share rewards. Check out all the details in this post by BitMax.

A third Bitmax?

Funny enough, the above two Bitmaxes might not be the only ones. 

When browsing for Bitmax on Google, I’ve stumbled upon yet another Bitmax, a company that is claiming to be operating from Switzerland. Besides having the official website, there is not much information available online about this platform. 

The Swiss Bitmax claims to provide services for institutional and private investors, as well as to operate in ICO support space. However, the lack of information about the exchange can be seen as one of the warning signs.

Final Words

Having looked through three Bitmaxes today, we were able to draw clear differences between these cryptocurrency exchanges. While the first exchange is a young and ambitious platform that originates in Japan, the BitMax.io is a more of an established player with countless of pioneering features for its users. 

Lastly, Bitmax.ch is a platform that would definitely need a bit more research in case someone wants to consider opening an account with them.

Safe trading!


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