The cryptocurrency market is undergoing a period of exponential growth with no apparent end in sight. New currencies show up every day, while old and tested ones gain more users and uses. While they may not be a mainstream payment option yet, players from the mainstream financial world as well as beginner investors are progressively more interested in ICOs and token trading.
All of this adds up to a vast and constantly increasing demand for more and higher quality financial services. Existing cryptocurrency exchange sites struggle to keep up with it. They suffer from technical and security issues, resulting in considerable losses for traders. Transaction speed often leaves much to be desired, especially in such a highly volatile market where even minor delays can be deadly for one's profits and discouraging for would-be participants. Also, most exchanges only offer the most rudimentary services to their users, which are plainly not enough for the emerging market and the more sophisticated sort of trader that is drawn to it.
https://www.bitmillex.com/
Bitmillex is a new cryptocurrency exchange site that promises to do something more. In addition to providing a higher level of reliability and security, it also offers an array of advanced trading services. By focusing on flexibility, it hopes to outdo the existing exchange sites and help take cryptocurrency trading and investment to a new level.
How will Bitmillex operate?
In addition to the standard cryptocurrency trading functionality, Bitmillex promises to incorporate a number of stand-out features, beginning with a complex, multi-layered security system. The exchange is going to be hosted on an Amazon Web Services cloud server with the use of such options as the Relational Database Service and the Elastic Compute Cloud. The server will be integrated with hardware security modules. Constant vulnerability tests will be conducted with the help of the HackerOne platform. A self-balancing mechanism will be employed to ensure that no more than 2% of the cryptocurrencies on the exchange will be held online at any given moment, with the rest being stored in cold wallets. Taken together, these and the other measures taken by Bitmillex should minimise both the risk of failure and the damage done in the worst-case scenario.
The Bitmillex trading platform will use complex algorithms to match trading bids and offers based on the limits set by the users. Bitmillex plans to allow trading in both cryptocurrencies (which will eventually include all Ethereum-based tokens) and the leading fiat currencies on Forex. Accordingly, it will be possible to store funds in USD. MT4/MT5 charting software will be employed to present trading information in a fully customisable way. Users will be given access to analytical tools and to the platform's own bots for automated trading; they will also have the option of running their own programs. Bitmillex will enable peer-to-peer lending at daily rates generated by an algorithm and with the help of a similar matching engine to the trades. There will also be a peer-to-peer market where participants will be able to buy or sell Bitcoin or Ethereum using their preferred payment method. Bitmillex intends to roll out a debit card connected to the platform wallet and using a Drawing Against Unconfirmed Effect system to ensure swift and efficient transactions by preventing unnecessary top-ups.
Holders of the Bitmillex Token (BTML) will have free access to advanced features, which could also be used by others for a fee. Firstly, traders will be able to engage in copy trading by selecting another trader from a pool based on their transparent performance record and then automatically copying all of their trades within preset conditions (such as stop-loss orders and the amount of currency allocated to copied trades from the user's wallet, within platform limits). It will be possible to set aside separate amounts to copy different traders. Secondly, they will be eligible to receive trade signals generated with the help of both human and artificial intelligence. BTML could also be used by new startups to purchase ICO marketing services, which will allow certain carefully vetted ICOs to sell their tokens directly on the exchange.
https://www.bitmillex.com/
What makes Bitmillex a more attractive option?
The team working on Bitmillex includes experienced and credible traders who have performed the necessary research. They hope to compete with existing exchanges by providing a greater variety of services at a higher quality. Bitmillex firmly embraces the principles of redundancy, scalability and efficiency in its technical design. In particular, it pulls all stops to ensure that trading operations on the platform will be safe from both glitches and bad actors. Another principle it champions is that of versatility: by offering so many different options and allowing extensive customisation of one's participation in the platform, they make sure that they will be able to meet the needs of a highly varied customer base as well as to account for the volatility and diversity of the market (for instance, allowing Forex trading should give users an alternative for when cryptocurrencies are down).
While Bitmillex intends to get much of its profits from assorted transaction and advanced service fees, the team promises to keep those fees comparatively low and use a large part of the revenue on a buyback and burn program intended to maintain their token's value. BTML is intended to be fully tradeable on other exchanges. What's more, Bitmillex plans to arrange for its token to be available on two of the largest external exchange platforms from the stat. Paying with BTML will come at a considerable discount. 50% of the platform's annual income will be paid out as dividends to holders of at least 1000 BTML at the end of each year, starting with 2019.
Token sale details
A versatile offering in a crowded field
There are already many cryptocurrency exchanges, and more are on the way. While most are indeed fairly primitive or faced with significant problems, it is inevitable that Bitmillex will face serious competition from fellow sophisticated trading platforms. As already mentioned, it does not skimp on security features, which is bound to play in its favour in the light of the latest costly hacks and errors. But its main asset may well be its flexibility, which should allow both the platform and its users to adapt in the frequently adverse and unpredictable conditions of the cryptocurrency market.
Bitmillex stands to offer something for everyone interested in investing or trading in cryptocurrencies. Much hinges on its design living up to the promises. As well, it will need to win over investors, who will have many offers in this sphere to choose from. But if it takes off, it will have a chance to become a major cryptoindustry player, assisting the market's continued growth and helping traders reap the benefits.
Links:
Website: https://www.bitmillex.com/
WhitePaper: https://www.bitmillex.com/pdf/whitepaperv2.pdf
Telegram: http://t.me/bitmillexofficial
Facebook: https://www.facebook.com/Bitmillex/
Twitter: https://twitter.com/Bitmillex_ICO
Medium: https://medium.com/@Bitmillex/
ANN: https://bitcointalk.org/index.php?topic=3339622.msg34945116
Author: https://bitcointalk.org/index.php?action=profile;u=980049
Disclaimer
This review by Bonanza Kreep is all opinion and analysis, not investment advice.