BitMax.io is an innovative community based digital exchange platform that has products and services that can serve both individual and institutional needs.
Quality of service and client satisfaction is at the core of their driving force. These motivating factors and the need to provide reliable services that have led to BitMax.io being among the leading exchanges in the world. Their services are unrivaled with innovative features and products being added on to their already established platform. This focus on growth and service delivery for their clients maintains BitMax.io’s status as a top exchange in the digital asset exchange sphere.
Why BitMax.io Over Traditional Exchanges
Most business ventures are usually profit-oriented. Either they want to satisfy their shareholders or their board members at the expense of the users of their products. Within the digital asset exchange industry, most established and upcoming exchanges are looking to make good money out of the trading that occurs on their platform. This money is mostly made through transaction charges where anything between 0.2% and 0.05% is charged per transaction, according to Cointelegraph.
Making profits from a business is not wrong, however, serving the client should always be the priority for any company. BitMax.io is driven by their customer satisfaction hence the significant difference between BitMax.io and traditional exchanges. While traditional exchanges charge high percentages for transactions carried out, BitMax charges the lowest rate in the industry of 0.04% per transaction. This low rate encourages traders to participate more in exchanges on BitMax.io depending on their needs.
Customer satisfaction is also expressed by what is arguably the most notable factor of BitMax.io, Trans-fee-mining. Trans-fee-mining rewards users of the platform whenever they transact on BitMax.io. Simply put, users get BitMax.io tokens, BTMX, whenever they carry out exchanges on the platform excluding transactions involving BTMX. This happens regardless of prevailing market conditions such as volatility which usually leads to high trading volumes.
How Trans-Fee-Mining Works
As aforementioned, BitMax.io rewards its users for carrying out exchange activities on their platform. Instead of merely deducting a percentage of the transaction being carried out, BitMax.io equates what could have been charged to its value in BTMX and credits both takers and makers on the platform. This action relates to mining as seen in other blockchain platforms. It is however different from mining activities as seen in other platforms.
Mining is synonymous with high energy consumption. This model adopted by BitMax.io makes it more environmentally friendly by consuming far much less energy while still rewarding traders on the platform.
Trans-fee-mining is therefore advantageous for those who trade frequently and during market volatility. This is where its value can be fully exploited by users.
Once accumulated, BTMX can be traded within BitMax.io for other cryptocurrencies listed as long as BTMX is cited as eligible to trade with those specific digital assets. Thus, users can gain from two fronts, the cheapest exchange rates globally and gains made from BTMX tokens.
Mining Specifications
There are rules governing mining within BitMax.io. These rules touch on takers and makers plus the type of mining featured on BitMax. These rules and guidelines are essential to promote fairness and transparency while trading within BitMax.io. Without such instructions, users may take advantage of the services of BitMax.io.
The guidelines include:
Participants:
A Taker is one who takes liquidity away. One is categorized as a taker whenever they place an order which is quickly filled up wholly or partially before it gets into the order book. This form of trading is categorized as taker trading.
A Maker is a user who causes an increase in liquidity in the platform through their trading. This happens when an order is placed and does not fill up immediately thus making it to the order book where it waits to be matched to an appropriate bid.
Types of mining:
Mining is defined by the guidelines as the act of paying transaction fees while transacting in BitMax and receiving BTMX as a reward for trading on BitMax.io.
Users can opt out of the mining process by selecting to trade regularly which bars them from receiving BTMX whenever they trade on the platform.
Reverse trading is restricted to Maker traders in the BitMax.io platform. Reverse trading is where BitMax.io pays a percentage of the transaction fees for maker traders. In return, BitMax.io receives BTMX of equivalent value to the transaction fees paid that the Maker trader holds in their account.
Mining Design Protocols
Apart from the stated guidelines to provide some control on how users will interact with the BitMax.io platform, there are other protocols that BitMax have in place to ensure that its services and products remain as efficient and as client-based as possible. These protocols include the following:
Token supply has been limited, and output via mining is also being controlled. This is to maintain a sustainable mining rate within the platform. This also prevents dilution of the value of the BMTX tokens.
Liquidity is managed via features that support Makers such as Reverse Mining. This helps keep the platform in good shape regarding its liquidity.
The use of BTMX is also guaranteed in the platform as it can be used to pay for various transactions or even traded with supporting cryptocurrencies thus BTMX is not just accumulated with nowhere to use them.
To prevent exploitation of BitMax services, large sales usually attract a mandatory lock-up period thus fair trading is encouraged.
To Conclude
BitMax.io is continually cementing its status as a different type of exchange through the various features it adds on top of the underlying trading of cryptocurrencies and digital assets on its platform. Its primary concern is its user base and how they can serve them. This helps them develop innovative features that are meant for making trading better for users in BitMax.io. Trans-fee-mining is just an example of some of the exciting innovations that BitMax.io may have in store for its users.
In order to find further information on BitMax.io’s mining features, please follow this link.
Disclaimer: Please only take this information as my OWN opinion and should not be regarded as financial advise in any situation. Please remember to DYOR before making any decisions??
♂️ Hi, my name’s Sal.
If you found this article useful and would like to view my other work please be sure to comment and follow me on:
Congratulations @salmanmiah! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :
Click here to view your Board of Honor
If you no longer want to receive notifications, reply to this comment with the word
STOPDo not miss the last post from @steemitboard: