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AscendEx or BitMax (BTMX) is a cryptocurrency exchange registered in Singapore. It was launched in July 2018 and recently rebranded to AscendEx. It already has a generous list of 130+ trading pairs including BTC, ETH and XRP which continues to grow daily!
The CEO, George Cao has described the exchange as “the next third-generation digital asset trading platform” due to its reverse mining process which to summarise will provides fee rebates in the form of BTMX tokens to traders who buy assets using the platform.
The BTMX is a ERC20 token native to Bitmax that can be used by traders for payments and settlements within the BitMax ecosystem. However, in addition to being a secure settlements token, investors holding and locking the token on the exchange will receive a “data usage award” or a generous dividend that is paid daily.
Token holders will also be able to use the token to participate in exclusive IEO’s (Initial Exchange Offerings) and receive voting rights to the platform + more.
The introduction of BTMXP (Bitmax Private Sale) tokens had initially led to a lot of confusion from myself and the Bitmax speculators when introduced, especially as it was approximately 3x cheaper than the standard BTMX token.
However, to explain the difference in the nutshell, BTMXP is the pre-mined version of BTMP. In laymans terms it's like buying the “caterpillar” before the “butterfly” is fully developed.
BTMXP tokens are for the investor who believe in the project long term and are happy to hold before the token is developed (mined) into a fully fledged BTMX token. This mining process could take a month or a year + but the benefit is that you could get the token at a much cheaper price before it fully forms into a BTMX token. If inpatient, you can accelerate the mining output but the commissions fees will be drastically increased. For example, if you accelerate the BTMX private sale release by x5 then you will pay a 32.5% commission rate & x10 will cost you a commission rate of 50%.
It is important to note that BTMXP tokens do not qualify for daily dividends like BTMX tokens, until mined, hence why they are lower in price, so unless you are happy to wait until they are fully formed “butterflies” you will be unable to receive dividends on the BTMXP token.
Another important fact to note is that you don’t have to hold the BTMXP tokens until they are fully mined. You have the option to sell BTMXP at the market rate at any point if you need liquidity.
BitMax awards BTMX token holders with a “daily usage award” or dividend. The data usage reward awarded to token holders is 80% of net transaction fee revenues.
The reward/dividend is paid on a daily basis and returned to token holders in the form of the token which was used to pay the transaction fee. This could either be USDT, BTC or ETH etc and means you will be accumulating lots of different tokens each day.
If your worried about not having enough of one coin to meet the minimum trade or transfer limit, don’t worry, Bitmax has a dust collector feature which allows you to gather all the dust of each coin and compile them into BTMX tokens, which you can either sell or use to compound the interest.
It’s important to note that you must make sure you lock your tokens on the exchange to receive daily dividends, don’t screw up like I did. You should also be aware that it takes 24 hours to unlock the tokens once locked. However, if you need urgent access to the tokens and can’t wait 24 hours, you can pay the 10% quick unlock price.
I truly love the design and easy of use of the exchange. Im still astonished that the APR for investors is between the 35%-50% range which outshines saving accounts and other similar tokens models such as Kucoin and Bibox. Bitmax is definitely one of the top projects to watch in 2019 and beyond.
A few reasons why AscendEx (BTMX) could be the right investment for you?
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Welcome to Best Cryptocurrency Dividends, we intend to become the one stop shop for all crypto investments. Our objective is simple, we want to provide you with easy to understand and simple tools which allow you to know what investment is right for you. Whether its a fee share token, masternode payout or bonus, we want to share this with you.
We currently feature dividend calculators for KuCoin (Kucoin), Bibox (Bibox) and Coss (COSS), BitMax (BTMX), NEO, Ontology (ONT) but we plan to extend this in the future, based on the comments of our users.