BitMax Quarterly Round-up: 2020 Q2
The BitMax exchange is one of the Top-10 crypto exchanges in terms of CryptoRank.io’s adjusted trading volumes. BitMax provides services for spot, margin and futures trading, as well as a number of investment products such as staking and BitTreasure.From April to June 2020, BitMax users couldn’t help but notice the increase of the investment services offered on the exchange. By participating in staking various tokens, users not only received a stable income, but also were generously rewarded with various bonuses.
Further in support of users’ investment and trading needs, Bitmax launched a copy-trading service for futures product, also known as a mirror or social trading. Besides, we’ve seen increasing primary listings of projects and auctions for the token sale on the BitMax exchange in Q2 of 2020.
BitMax Staking Progress for 3 Months
BitMax launched its innovative staking product on April 2nd, 2020. Since then, it has already achieved significant results.
Throughout the second quarter of 2020, the Bitmax exchange had been actively expanding the number of tokens available for staking on the platform. So, within 3 months BitMax users were able to stake 5 new tokens: Kava, Harmony, Band Protocol, LTO Network and ThorChain. Additionally, two Pre-Staking programs were launched, one for xDai, which is valid till August 6th, and one event for Harmony valid till June 19th. The key differentiation of Pre-Staking is a higher reward for staking and limited validity. And last but not least, BitMax keeps on introducing more flexible conditions for staking. Recently, instant unbonding of ONE with ZERO fees was launched.A full overview of BitMax Staking and Pre-Staking conditions is summarized below:BitTreasure Products
In addition to Staking, during Q2 2020, BitMax users were able to receive income for a certain period using another fixed deposit investment product called BitTreasure. Unlike the instant unbonding feature for staking tokens, the BiTreasure service doesn’t permit withdrawals before the due date.
The tokens presented in the table were available in BitTreasure to a limited extent, while it was possible to get the subscription to the BTMX exchange token at any time, with 29.75 Est. APR as of now.Auction on the BitMax Platform
In Q2 2020, BitMax held an auction for the sale of Stake Tokens (xDai project). In addition to other requirements for participation, users had to have a BTMX Position ≥ 2,500 in a cash account (includes unlocked BTMX in the cash account, and BTMX with a pending unlock status from private sale). xDai Chain auction on BitMax was successfully completed in just 15 seconds. After STAKE trading started on April 29, its price went up to 9x time from auction price, with current trading at 6.38x.It is also worth noting that BitMax is among the top 3 exchanges with the highest current and ATH average returns since IEO (ROI) by exchange platforms. That is to say, on average, all Bitmax projects show positive profitability. This means that the exchange has carefully selected quality projects for listing.
Current and ATH Average Returns since IEO (ROI) by Exchange Platforms in USDExclusive Listings and Their Profitability
As at 9 July 2020, both projects have been showing excellent profitability since their listing: 601% and 413%.New Service for Traders
On June 4, 2020, BitMax launched a copy trading service, becoming the first mover among crypto exchange to offer social trading. This service allows a trader (follower) to monitor strategies of other successful traders (master). One of the advantages over the rest of the market players is that BitMax copy trading service has its own liquidity from the exchange and doesn’t need services from 3d party market makers. Among other benefits that BitMax offer to the followers are:
- the absence of a minimum deposit;
- direct liquidity from its own exchange;
- automated order placement for copy instructions;
- low-latency processing.
The main benefits for master traders are:
- VIP fee discount;
- trading commissions from referrals;
- monthly reward pool;
- the ability to set a custom price for the follower subscription.
For subscribers, the possibility of a 5-day free trial period, as well as the functions of proportional copying of transactions and automatic renewal of the subscription, look especially attractive.
As for traders, a large number of rewards are provided for them: VIP fee discounts, trading commissions from referrals, bonus credit, and monthly reward pool.
In addition to the new Copy Trading Service, BitMax organized a competition among traders — Trading Regatta Competition. Based on the results of this competition, 9 winners were selected on July 19. They received exclusive privileges worth $ 1M, 100% commissions from referrals and other 12 bonuses.
Regular Rewards for Active Users
Throughout the second quarter, BitMax generously encouraged users to actively trade new tokens listed on the exchange, or participate in staking new products.
An overview of the BitMax Events, where users received awards, is presented below.Final Thoughts
In general, the BitMax exchange has shown itself to be very active in the second quarter of 2020, launching a number of new products and services. Q2 2020 was also mainly marked by the key development of investment products. Obviously, further development of the staking trend will continue in Q3 2020. As at the beginning of July, BitMax added a new token, Insolar (XNS), for its pre-staking program.
And also, BitMax did not forget about the support of the community, making us happy with a lot of events and rewards. The BitMax exchange and its products look promising. And it is becoming the choice of an increasing number of crypto investors and traders.