BitMake Review — My final verdict about Crypto Exchange | by Harshita Katiyar | Coinmonks | May, 2023
BitMake, a specialized trading platform, has the potential to have a significant impact on the competitive market for trading cryptocurrency derivatives. BitMake has a good chance of becoming a significant player, given that the market estimate for 2023 shows an upward trend.
Because of its superior design and distinctive trading features like its Unified Trading Account (UTA), BitMake exchange is a powerful cryptocurrency trading platform that gives its users a major advantage over rivals.
Besides, BitMake’s goal from the beginning of 2022 was to give users quick, secure, and transparent trading experiences. Since then, BitMake has become more well-liked among both relatively inexperienced and seasoned traders alike because of its user-friendly UI and cutting-edge capabilities.
To offer customers high-speed services for trading digital currencies BitMake employs a patented technological architecture that is the best in its field. The platform also features a substantial customer service team that is committed to giving users the greatest trading experience possible.
1. BitMake Unified Trading Account
A variety of trading instruments are available through BitMake, The Unified Trading Account (UTA), however, is the feature that commands attention. By using the Unified Trading Account (UTA), traders no longer need to switch between various accounts in order to manage risks, tailor their trading experiences, and manage their finances.
Furthermore, BitMake’s Unified Trading Account enables users to use several currencies as trading collateral, allowing traders to make the most of their cash. By turning other currencies into a derivative of the US Dollar (such as the USDT), several currencies can be utilized as collateral for both spot and futures trading.
Bitmake’s UTA feature can help you enhance portfolio management, maximize capital efficiency, and change the way you trade by giving you one-click access to a variety of other trading tools.
2. Futures Trading
Using a futures contract, a buyer and a seller can buy and/or sell a certain underlying asset, like cryptocurrency, at a preset future time and price. At the end of the contract, the seller must deliver the asset and get payment for it, while the buyer is required to receive and pay for the asset.
Because of the settled stable coin, BitMake futures are distinct: all futures require stable coin deposits as security, and your PNL is settled in stable coins. Additionally, Pnl, Average Open Price, and Break-Even Price are three indicators that are important to consider. The risk rate and margin ratio play a large role in determining the risk of an investment in BitMake Futures.
You must be clear about the amount and interest rate of any loans you make. If this loan is finally borrowed (i.e. if your interest rate is lower than the marginal rate), you will be paid the marginal interest rate hourly.
Lenders don’t have to be concerned about counterparty risk because BitMake lending option guarantees interest payments for however long your money is loaned, even if the borrower is liquidated.
Furthermore, BitMake doesn’t charge any costs to lenders. Lenders receive complete interest payments from borrowers.
Instead of working your out of different procedures to seek borrows, acquire them, shift the money, open/close positions, etc., BitMake borrow allows borrowing where the entire process is abstracted into net balances.
As long as you have enough margin, you can borrow spot tokens by making purchases that are greater than the amount of your account. Besides, the instructions (buy/sell/deposit/withdraw) can operate regularly as long as your account has enough total collateral to support the required borrows.
5. Spot Trading
Spot trading involves buying or selling assets at the current market price, as opposed to futures or options trading, where contracts are agreed upon for future delivery. Spot trading allows traders to take immediate ownership of the assets they’re trading.
Further, users can go short on spot markets and trade with leverage by borrowing money from other BitMake users (lenders), who are looking to earn a yield on their assets.
The platform’s lenders determine the rates, which are paid hourly and lenders can call back their loans at any time and get their money in an hour.
Like futures, spot margin positions are subject to liquidation rules and collateral requirements.Because your spot margin holdings are cross-margined with your futures contracts, there is no separate spot margin requirement that you need to be aware of.
Yes, Bitmake is safe to use. The most important feature is that your account will be able to use dual authentication. The platform suggests utilyzing Authy/Google Authenticator (Google Authentication), even though email is an alternative. Besides, for the sake of your account’s security, it is essential that you complete setting up the anti-phishing passwords as soon as you can. In your BitMake account, you may access the protection feature known as Address Management.
For all futures markets, BitMake has a tiered charge structure that looks like this:
Spot Trading Fees
Both Taker fees and Maker fees (buy/sell) is 0.1%
Futures Trading Fees
In order to support customer service, BitMake offers a chatbox. Additionally, you may connect with them on a number of sites like Twitter, Medium, Telegram, and Discord. Any request from the mentioned list should be submitted in the separate space provided. You may find all the information you require on the BitMake Help Center as well.
Users of the BitMake mobile app may manage their accounts, trade cryptocurrencies, and get real-time market data all from the palm of their hands. The software features an intuitive user interface and is accessible on both iOS and Android smartphones.
BitMake is a trustworthy cryptocurrency trading platform that places an emphasis on user security and openness. Trading is made easier, different currencies are supported, and liquidation risk is reduced thanks to its unified margin structure.
Besides, BitMake’s Unified Trading Account feature is something commendable. The site also offers robust security features, live chat assistance every single day, and a mobile app with cutting-edge charting tools and news alerts. In conclusion, BitMake is a reliable cryptocurrency trading platform.
How to reset my BitMake account password?
- On the left side, select [Security Center], and then [Modify] next to Login Password.
- To send a verification code to your registered email, first input your old password, then enter the new password and confirm it once again. To finish the password reset, click “Confirm” after providing the security verification code.
How to get other BitMake users to recharge me?
- On the [Deposits] page, select the [Internal Transfer] tag.
- Click [OK] after carefully reading the [Internal Transfer] deposit information.
- Copy the deposit address or scan the QR code by moving your mouse over the [copy] or [QR Code] icons.
How to withdraw funds from BitMake?
- Register on the official BitMake website.
- Click “Assets” in the upper right corner and select “Withdraw” from the menu.
- Select the withdrawal currency Put in the withdrawal location, selecting the withdrawal network Type the withdrawal number and any optional meme or tag comments.
- Choose “Withdraw.” Enter the fund’s password and the verification code from Google, if necessary, or the verification code from email, if necessary. Verify the withdrawal data, then watch for the transaction to finish.
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