BitMake Review: Is it the Best Crypto Exchange?
Cryptocurrency trading platforms are a key component of the digital asset ecosystem, providing individuals and institutions access to the global cryptocurrency market.
Hence, it’s significant that you choose a platform that provides you with features that are unique and distinctive and provide the finest trading experience, as we will discuss in this BitMake Review.
- BitMake is a cryptocurrency trading platform that aims to provide a safe, reliable, fair, and transparent trading experience.
- They offer high-speed digital currency trading services with a proprietary technological architecture for professional investors and investment institutions.
- BitMake simplifies the trading process with a unified margin mechanism that allows users to trade in multiple currencies within a single trading account.
- They also offer a cross-margin model that eliminates the need to manage multiple wallets, currencies, and clearings.
- BitMake has a tiered fee structure and offers a referral program that benefits both parties.
- They prioritize user security by offering dual authentication, anti-phishing passwords, and address management.
- BitMake’s customer service is available 24/7 through various platforms, and their mobile application offers advanced charting tools, real-time market data, and strong security measures.
What is BitMake?
The core philosophy of BitMake aims to give cryptocurrency traders throughout the world the safest, most reliable, fairest, and most transparent trading experience possible.
In order to provide customers with high-speed digital currency trading services BitMake uses an industry-leading proprietary technological architecture. Further, the platform has a sizable customer care team dedicated to providing users with the best trading service possible.
- BitMake makes the trading experience convenient through a unified margin mechanism.
- It allows users to trade in multiple currencies for spot trading, leveraged spot trading, futures trading, and lending and finance businesses within a single trading account. This simplifies the trading process and enhances the user experience.
- Additionally, BitMake’s unified trading account supports trading in multiple currencies, providing users with more trading options and increasing the efficiency of fund utilization.
- The unified trading account mechanism also reduces liquidation risk by allowing for the offsetting of profits and losses between different business lines.
- Furthermore, the unrealized profits and losses from perpetual futures contract positions can be used as a margin, increasing asset utilization and providing users with more options for fund management.
- With BitMake’s Cross Margin Model, you can trade all contract products without segregating funds. Your entire margin will support all positions, and profits and losses will be automatically counted.
- The model eliminates the need to manage multiple wallets, currencies, and clearings, as your portfolio is automatically managed.
BitMake Review: Products
- BitMake futures are unique because of the settled stablecoin: your PNL is settled in stablecoins, and you deposit stablecoins as collateral for all futures.
- Additionally, there are three metrics worth looking into: Pnl, Average Open Price, and Break-Even Price.
- The risk of an investment in BitMake Futures is determined mainly by the risk rate and margin ratio.
- Risk rate is calculated as follows: Margin fraction = Total collateral / (borrowed + notional value).
- Max(mmf/2, mmf-0.06) is the system takeover margin fraction.
Spot Margin Trading
- By borrowing money from other BitMake users (lenders), who are trying to earn a yield on their assets, users can go short on spot markets and trade with leverage.
- Lenders on the platform set the rates, which are paid hourly.
- At any time, lenders can call back their loans and receive their money within an hour.
- Spot margin positions are subject to liquidation regulations and collateral requirements, just like futures.
- There is no separate spot margin requirement that you need to keep track of; your spot margin positions are cross-margined with your futures positions.
- The entire process is abstracted into net balances rather than requiring separate steps to request borrows, get them, shift the funds, open/close positions, etc.
- You can borrow spot tokens by spending more than your account’s balance as long as you have enough margin.
- As long as your account has adequate total collateral to back the necessary borrows, the commands (buy/sell/deposit/withdraw) can function normally.
- When you lend money, you must be specific about how much and at what interest rate. You will get paid the marginal interest rate hourly if this loan is ultimately borrowed (i.e. if your interest rate is lower than the marginal rate).
- By default, the settings you specify (the amount to try to lend and the minimum interest rate) will remain constant during the hour.
- BitMake ensures interest payments for however long your money is borrowed, even if the borrower is liquidated, so lenders don’t have to worry about counterparty risk.
- Additionally, BitMake doesn’t charge lenders any fees. Borrowers fully remit interest payments to lenders.
- Essentially locked, your lending assets cannot be withdrawn, sold, used as security, staked, etc. However, to avoid liquidations, they might be employed as maintenance margins.
BitMake Review: Fees
BitMake has a tiered fee structure for all futures markets, as follows:
BitMake Review: Referral Code
Inviting friends will benefit both parties. Get a transaction refund of up to 30%. Six months after a referred user registers, referral fees may end. The platform provides you with a referral ID, Referral code, referral link, and even a QR code too.
You may examine your Total Bonus, Invited friends, Receiving Rates, and other details on the invitation data page after successfully inviting friends and getting their registration on BitMake.
Is BitMake Safe or Legit?
- The most significant feature is that dual authentication will be made available for your account.
- Although email is also an option, they advise using Authy/Google Authenticator (Google Authentication).
- The secret key for your dual authentication will be sent to you as both a QR code and a string of 16 characters, both of which are identical.
- You will receive the QR code when logging into any popular double verification program (such as Google double verification).
- Further, you may modify your password and other security preferences on your profile page.
- It is advised that you finish setting up the anti-phishing passwords as soon as feasible for the security of your account.
- Address Management is a protection tool available in your BitMake account. You can restrict the cryptocurrency accounts to which you can make withdrawals.
- Under the API Management page, you may generate and manage your API keys.
BitMake Customer Service
BitMake provides a chatbox to support customer service. Further, you can also reach out to them on various platforms like Telegram, Discord, Twitter, and Medium.
A separate section is provided for submitting any request from the given list. In addition, the BitMake Help Center provides you with all the information you may need.
BitMake Review: Mobile Application
With the mobile app, users can trade cryptocurrencies, access real-time market data, and manage their accounts from the palm of their hand. The app is available for iOS and Android devices and offers a user-friendly interface with intuitive navigation.
BitMake Review: Conclusion
BitMake is a reliable cryptocurrency trading platform that prioritizes user safety and transparency. Its unified margin mechanism simplifies trading, supports multiple currencies, and lowers liquidation risk.
In addition, the platform boasts strong security measures, 24/7 customer support via chat, and a mobile app with advanced charting tools and news updates. In conclusion, BitMake is a trustworthy platform for trading cryptocurrencies.
- Website: https://www.bitmake.com/
- Twitter: https://twitter.com/BitMakeOfficial
- Telegram: https://t.me/BitMakeEN
Frequently Asked Questions
What is the best trading platform for cryptocurrency?
Here is our selection of the top few sites for trading and investing in cryptocurrencies that include:
How to withdraw on BitMake?
Step 1: Browse the official BitMake website and register.
Step 2: In the top right corner, click “Assets” and choose the “Withdraw” option.
Step 3: Choose the currency for the withdrawal, Enter the location for the withdrawal, Choose the network for the withdrawal, Enter the withdrawal number, Type any Meme/Tag remarks (optional).
Step 4: Select “Withdraw.”, Input the fund password and the Google verification code (if applicable) or the email verification code (if applicable), Validate the withdrawal information and Wait for the transaction to be completed.
How do I fund my BitMake account?
A. Step 1: Access and register on the BitMake website.
Step 2: Select “Deposit” under “Assets” in the top right area.
Step 3: Decide on the money and network for the deposit and get the deposit location.
Step 4: To finish the transaction, copy the deposit address or save the deposit QR code, then enter the address or scan the code on the withdrawal platform.
The article is from CoinCodeCap.