Bitmax is a cryptocurrency exchange that launched in November 2018. The Bitmax exchange is unique and has its own mining model that has not been adopted by any other exchanges. The company has it's own crypto token $BTMX that is vital to the ecosystem of the platform. The tokens are mined through a process called transaction-fee mining. This means when fees are deducted from traders on the platform the traders will be reimbursed with Bitmax's utility token. This is a massive incentive to trade and it has seen Bitmax gain a lot of users and volume over the last couple of months. Considering how markets have performed at the end of this year it is great that Bitmax has been able to start up amidst a lot of adversity and still have success. It's a testament to the team and the technology they have developed.

The exchange is currently ranked 14th on the Coinmarketcap list of top 100 exchanges (reported trading volume). Over the past 24 hours, Bitmax has reported nearly $300m trading volume on their exchange. Over the past 30 days, they have reported over $1bn in trading volume. Admittedly the majority of the trading volume is made up by BTMX miners in the USDC/USDT market. Due to transaction fee mining and reverse mining, miners can mine BTMX tokens without exposing their positions to volatility. Consequently, Bitmax adjust the variable mining fee when they see selling pressure approaching a certain threshold. It really caught me off guard when I first saw it and did have suspicions that it could be wash trading. However, after speaking to Bitmax team and looking through previous questions asked to the team on Telegram. The trades are legitimate and the traders/bots are acting within the rules of the exchange. The only problem is the traders are taking a massive risk because if the market makes a big move then they will lose out on a lot of money.

Two new tokens were listed on Bitmax at the end of December; COVA ($COVA) and Lambda ($LAMB). COVA & Lambda also signed strategic partnerships with Bitmax which shows they have researched the projects and are interested in pooling their expertise and resources to help all parties develop and to also provide support to each other.

COVA has approximately $400,000 24-hour trading volume across its three different trading pairs $BTC, $ETH and $USDT which makes up about 0.13% of total volume on the exchange. This doesn't look like a high percentage but if you take out of the equation the mining that's taking place in Bitmax's USDC/USDT market it would probably look a lot more respectable. Lambda is not listed on Coinmarketcap yet so I cannot get any estimates from their website but if you take the live figures from the exchange it looks like the 24-hour trading volume in the USDT market was approximately $483,000. The LAMB/BTC market had approximately $434,000 24-hour trading volume and the LAMB/ETH market had approximately $350,000 24-hour trading volume. Therefore, the combined trading volume over the last 24 hours on the Bitmax exchange for all Lambda markets was in the range of $1.267m.

To learn more about Bitmax, I recommend checking out their website: www.bitmax.io 

Video explaining transaction fee mining: 


Social Links:

Twitter: https://twitter.com/BitMax_Official 

Reddit: https://www.reddit.com/r/BitMax/ 

Telegram: https://t.me/BitMaxioEnglishOfficial 

Medium: https://medium.com/bitmax-io 

Coinmarketcap: https://coinmarketcap.com/exchanges/bitmax/