Bitmax.Io Offers a Great Alternative for Margin Traders

The cryptocurrency market has been slow this past month. There have been days where the price of Bitcoin has moved less than 1%, unusual for the typically volatile asset. With such little movement, major trading opportunities are few and far between and margin trading has become a popular means to turn a profit.

Many traders now rely on margin trading to make ends meet, and most of the volume has gone to BitMEX. However, BitMEX may not be the best option for margin trading. The volume of shorts is on the rise, and BitMEX uses BTC as its key currency. Moreover, BitMEX relies on pre-mature liquidations in order to support its insurance fund, which continues to grow daily.

So what alternatives are there? Deribit does not have sufficient volume to compete. OKEx is not a good option either. They failed to manage their market risks, and as a result, took profits from traders to manage the shortfall of their insurance fund. Just two months later, they pulled another alarming stunt when they closing user contracts prematurely without warning; positions that were in a loss but nowhere close to their liquidation point were suddenly closed, leaving traders with huge losses

Thankfully, there is a new margin trading platform with a name coincidentally close to BitMEX. BitMax opened their doors a few months ago as a spot exchange. They recently introduced margin trading, allowing users up to 6x leverage. While this is far from the 100x margin trading offered by BitMEX, this sort of leverage is incredibly risky and many who use it are quickly burned.

The initial feedback on BitMax’s margin trading platform has been positive. The familiar spot trading interface has been merged with margin features, providing a user friendly experience. At this time, margin trading only exist for BTC, ETH, and XRP, however all three offer trading against USDT pairs. This is a good option for short traders who want to collect profits in Tether over a volatile cryptocurrency like Bitcoin. However, bullish traders can still trade using the BTC margin pairs.

BitMax, with its friendly UI and Tether trading pairs, offers a great alternative for margin traders. The BitMax platform has an excellent track record for their spot exchange and customer service. If volume picks up, BitMax may become the top alternative to BitMEX.

This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release.