Bitmax just introduced XRP/BTC and XRP/ETH as viable pairs. Is this a gamechanger?

rhinoboy11 (60)in #bitmax • 6 years ago (edited)

Hey there, how's everybody doing - before i start i just need to mention that this post isn't sponsored by BitMax or any other affiliated company, it's all based off personal opinion and thus should not be considered as investment advice.
(Read disclaimer below)

Okay BitMax has made a lot of moves lately, let me put you on to some of them.

Trade fee reduction.

From 10th October 2018, they will be changing their trading fees from 0.1 to 0.04% for all the following pairs; BCH/BTC, BCH/BTC, ELF/BTC, ETC/BTC, ETH/BTC, IOST/BTC, LBA/BTC, LTC/BTC, OLT/BTC, XRP/BTC, ZIL/BTC. The same will apply to all Ethereum focused pairs.

You will notice that this is considerably cheaper as compared to what other exchanges are currently offering. Which is a win. For reference purposes, Bitfinex has fees as high as 0.2% - which doesn't sound as much until you realize you'd have to pay as much as $10,000 USD in trading fees if your monthly trade volume is $5 million or more.

Sweepstake program.

BitMax also made public their sweepstake program, which is purposed to allow the platform's users to earn points by conducting different activities on the platform, activities such as registering, logging in, depositing at least 0.5ETH, maintaining a minimum account balance, transacting and referring a friend. Points earned will vary based on activities with transaction and referral activities earning the most points. The highest-ranking user currently has over 500,000 points.

I'm the biggest fun of competition, which explains my #fortnite addiction, so i can tell you this, this sweepstake program is the best thing you could join today. The grand prize of 10 Bitcoins is still up for the taking, who knows they could be yours. Here's a link if you're interested in checking that out - Sweepstake Program

Introduction of XRP.

But my favorite announcement of late has been the introduction of #Ripple XRP as a new 'tradeable' currency.

Currently at position 3 as the most popular cryptocurrency according to market cap, integrating this awesome coin into the fold could be what converts many users into cryptocurrency trading and give the decentralized economy the boost it so rightly deserves.

We've seen in recent stories how banks are now turning to #XRP as a faster, more costly way to transfer money and with the introduction of xRapid a product that allows for international transactions within minutes. Therefore, giving users the option to trade in this token could have all the right outcomes both for BitMax and all the potential traders living inside the platform.

When South Korean based exchange platform bitthumb was hacked in this year and over $30 million dollars’ worth of cryptocurrency including XRP stolen. The platform decided to disable all deposits on the platform and transfer all the coins to offline wallets to fix the vulnerabilities their security protocols had.

BitMax is doing its best to prevent such an occurrence from ever happening to its customers, it has done this by setting up multi-level firewalls to examine the system and control the traffic that's coming into the network's devices with the aim of blocking any suspicious activity and unauthorised access.

BitMax has also implemented multi-signature requirements to help bolster the platform's security, this technology will require that users sign off on a transaction before it can be pushed on the blockchain. BitMax also understands that in order to build a secure platform, it can't just depend on its own in-house security team this is why it has partnered with an experienced security firm who will monitor and perform important checks all with the goal of safeguarding the customer's financial and personal information from hackers and considering people are using mobile more and more, which tend to be much riskier because of their newness and potential for attracting malware, this security firm will protect BitMax's users from breaches of privacy and financial losses.

So, with great security in place, all the groundwork is already laid out for brilliant trading.
Here's the thing though, decentralized exchanges like BitMax have long been associated with being difficult, difficult to trade with and basically difficult to understand, but BitMax is the exception, with BitMax you can start trading in less than three steps and with their real-time settlements functionalities. Users have no reason not to trade.

BitMax will be initiating a margin trading feature by the end of 2018, this feature is important because it allows any trader to borrow money against any funds they must trade in cryptocurrency. This is great for boosting buying power.

Conclusion.

XRP will feel right at home at BitMax and considering all the partners, BitMax has willing to participate in the platform to enhance liquidity, not investing your crypto in BitMax is not wise.

Try this links for information about BitMax and BTMX, the company's main token.

Bitmax Website
Bitmax Whitepaper
Bitmax on Twitter
Bitmax Official Telegram

Thank you for reading.

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All the views presented in this post are based off personal opinions and thus shouldn't be misconstrued as investment advice.