What is AscendEX (BitMax)
AscendEX, formerly known as BitMax, is a cryptocurrency exchange. The exchange was founded in 2018 and is headquartered in Singapore.
In addition to trading features, AscendEX offers several other services including staking, lending and borrowing. The exchange has its own token, called the BTMX token, which is used to pay trading fees and can also be used for various rewards and incentives.
The history of AscendEX
BitMax launched its platform in July 2018 and quickly gained popularity among crypto traders.
In 2019, BitMax launched its own native token called BTMX token. The token is designed to provide BitMax users with many benefits, including reduced transaction fees and access to exclusive bonuses and bonuses.
In 2020, BitMax was renamed AscendEX, reflecting its ambition to become the world’s leading cryptocurrency exchange. The rebranding comes with some new features
and services, including staking, margin trading and perpetual contracts, allowing users to trade cryptocurrencies with leverage.
When a user places an order to buy or sell a particular cryptocurrency, the AscendEX algorithm looks for a matching order from another user on the exchange.
The exchange’s algorithm considers a number of factors when matching orders, including price, order quantity, and order type. For example, if a user places a limit order to buy Bitcoin at a certain price, the algorithm looks for a matching sell order at or below that price.
Once a matching order is found, the exchange’s algorithm executes the transaction and the corresponding cryptocurrencies are transferred between the two user accounts on the exchange. AscendEX charges a fee for each transaction, which is deducted from the user’s account balance.
In addition to matching buy and sell orders, the AscendEX algorithm performs other tasks such as maintaining order books, monitoring market conditions, and updating prices in real time. The algorithm of the exchange is designed to ensure fast and accurate execution of trades with minimal delays and downtime.
Overall, the AscendEX algorithm is a key component of the exchange, allowing users to quickly and efficiently trade a wide range of digital assets.
Does AscendEX (BitMax) charge a fee
Yes, AscendEX (formerly BitMax) charges transaction fees on its platform. The transaction fee structure on AscendEX varies depending on the user’s order type and trading volume.
The commission rate for orders by creators and receivers on AscendEX ranges from 0.02% to 0.04% depending on the user’s trading volume. The exchange also offers a fee discount for users who hold and use their own BTMX tokens.
In addition to transaction fees, AscendEX charges a withdrawal fee for transferring cryptocurrencies from the exchange. These fees vary depending on the cryptocurrency being withdrawn.
Overall, AscendEX’s fee structure is competitive with other cryptocurrency exchanges and is designed to be transparent and fair to users. The exchange provides details of fees on its website, allowing users to understand the costs associated with trading on the platform.
How to use AscendEX (BitMax)
If you are new to AscendEX (formerly BitMax) and want to start using a cryptocurrency trading platform, follow these steps:
- Create an account: Go to the AscendEX website and click the “Sign Up” button to create an account. Follow the instructions to provide personal information and complete the registration process.
- Verify your account: In order to start trading on AscendEX, you may be required to verify your account by providing additional documents such as government-issued ID or proof of address.
- Deposit: Once your account is verified, you can deposit money into your AscendEX account. The exchange supports multiple cryptocurrencies, so you can choose the one you want to deposit.
- Start trading: With funds in your account, you can start trading cryptocurrencies on AscendEX. The exchange offers a wide variety of trading pairs and order types, so you can choose the ones that suit your trading strategy.
- Withdrawals: If you would like to withdraw your funds from AscendEX, you can do so by clicking the Withdraw button and following the instructions. Withdrawals will incur a fee, so be sure to check the fee table before withdrawing.
In general, using AscendEX to trade cryptocurrencies is quite simple. The exchange offers a user-friendly interface and provides detailed information on its website to help users navigate the platform.
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