BitMEX Review: Is this broker legit, safe and trustworthy for UAE citizens and residents?
In 2014, Arthur Hayes, Ben Delo, and Samuel Reed established Bitmex, which has since become the most prominent leverage trading platform in the cryptocurrency market. This leveraged trading platform began to gather popularity in 2017 and maintained its development throughout 2018. By one point, it had achieved the highest daily trading volume of almost one million BTC. Visit BitMEX Website.
Update: In a federal courthouse in New York, former BitMEX CEO Arthur Hayes was given a sentence of two years of probation, including home confinement for six months and location monitoring. In February 2022, Hayes entered a guilty plea to the accusations that he had knowingly failed to develop an anti-money laundering (AML) policy at the exchange. (Source: CoinDesk).
We therefore recommend that you avoid this company as there are tons of other crypto trading brands already available.
Bitmex is a cryptocurrency exchange that focuses solely on digital assets and provides a variety of leverages for each of its trading choices.
In 2019, the platform continues to see an increase in the number of users on a daily basis, despite the fact that its daily volume is always increasing. Because it offers the highest possible internal liquidity, it is often regarded as the best venue for leverage trading.
As the most significant leverage exchange in the sector, Bitmex is always in the public eye, and despite its popularity, the company continues to draw both praise and criticism. There are investors that are committed to staying with Bitmex due to the company's reputation and the leadership of its CEO. You need to keep in mind that this is the platform with the highest level of internal liquidity, as well as the most users. It should come as no surprise that a large number of users would rather remain on Bitmex than experiment with other platforms.
To sign up for an account with Bitmex, all you have to do is complete out the short registration form, which is broken down into a few straightforward stages. Additionally, Bitmex does not need you to go through the KYC process, which is a time-consuming procedure that is necessary on some platforms in order to access even the most fundamental services. Do not be misled by the straightforward nature of the registration procedure; leverage platforms like as Bitmex offer a high degree of security, which will be discussed further down in this section. You actually have a lot more hidden away underneath the surface, including a lot of different choices for protecting your account.
If you are a resident of the United States and wish to trade on Bitmex, you
may run into some barriers since, due to the stringent rules, US residents are
not permitted. Bitmex avoids doing business with US traders as much as possible,
but it does not discriminate against traders from the majority of other
countries or regions.
Bitmex is recognized as a frontrunner in the field of crypto leveraging in terms of security. This is due to the fact that the company's wallet security is built on the first of its kind with multi-signature deposit and withdrawal methods. The system that is being utilized guarantees that even if there is a breach or breakdown in the internal systems, a hacker will not be able to discover enough keys to take a large quantity of money even if they try.
Tweets by BitMEX Before being delivered to the specified location, each withdrawal undergoes a manual review by a pair of members of staff, and the location of each withdrawal is checked by an independent auditing firm. The system will be instantly shut down and trade will be halted if it discovers anything that is out of order with the public keys.
The usage of a trading machine that is the first of its type, designed in the kdb+ programming language, which is utilized by huge corporations and institutions, assures a level of dependability and speed that has never been seen before.
Because Bitmex handles billions of dollars' worth of Bitcoin every day, such platforms have no choice but to rely on strong levels of security. Even the tiniest error may cost the platform a significant amount of money. Users are prone to panicking if there is a breach in the system's security, and as a result, they may hurry to withdraw their funds. As a result of this, the platform implements cutting-edge security procedures. When you control such a significant portion of the crypto space for leverage trading, there is an expectation that you would maintain the greatest possible degree of security.
Even the most robust security system does not come with a money-back guarantee that it can withstand the test of time. Because of this, you should never store all of your Bitcoins on an exchange, regardless of how safe the exchange may be. Even if using Hot and Cold Wallets becomes a required practice, you should never allow someone else control all of your Bitcoins. This is true even if you are required to use them. You should only keep what you want to use for trading, and you should move the rest of your money into a personal wallet where only you will have authority to the keys.
Unfortunately, Bitmex only supports Bitcoin for both deposits and withdrawals at this time (BTC). In this regard, the platform is fairly restricted because it does not support deposits in the form of fiat currency via WIRE or SEPA transfers. You have until 13:00 UTC to submit your withdrawal request in order for it to be included in the daily batch of withdrawals that are handled, since they are done in batches once a day.
Even though your sole deposit option is Bitcoin (BTC), you shouldn't be concerned about your security because Bitcoin uses the blockchain with the highest level of encryption. The good news is that Bitcoin does not have any limitations, and Bitmex does not impose any limits on the amount that users may withdraw.
It has been developed with a fully classic sense of the design style of the 1990s, but it does not imply that it is not functional because it is very adaptable and interactive. You may easily adjust the tabs, and the trading area can be customized to suit your needs and preferences. The default view is quite instructive since it has everything very well organized, and it is very simple to get the information that you need. In addition to the gray theme, the user interface is also offered in a white color option.
The designers have taken into account everything that is essential for a comprehensive review of the current situation in the markets, regardless of the appearance of the user interface.
Recent trades are displayed on the right, along with a depth chart and margin balances below, each of which provides a more in-depth picture of the respective balances in your account.
The Margin tab provides detailed information on the amount of available capital that is being used at any given time to fulfill open limit orders and open positions.
The entire amount of money in your account may be seen in both the Wallet Balance and the Unrealized NPV fields. The Margin Balance and Position Margin both display the overall amount of money held as well as the value of all contracts that are owned by the trader, together with any unrealized profit or loss.
Why does the UI include all the necessary features? If this is your first time trading on a platform of this sort, you may find that it is difficult to understand everything because it is all located in one location. Don't worry, though; after a few successful trades, you'll have the hang of it in no time. There is just one goal in mind while designing anything there. Every piece of information is important, and in order to have a successful trading session, you will require as much information as you can get your hands on. Because you will become more aware of how crucial knowledge is to successful trading as your level of expertise increases, you will want an increasing quantity of it.
The fact that leverage trading platforms like Bitmex construct everything with the single objective of being able to respond rapidly is one of the many benefits offered by such platforms. Because of the rapidity with which the market may shift, it is essential for a trader to be able to modify their positions in real time. In particular, a market like as Bitcoin's, which is the rarest asset in the world. The user interface of Bitmex is efficient enough for professional traders that engage in many trading sessions every day.
Bitmex's fee structure strikes a nice balance in that it is neither the lowest on the market nor anywhere near the highest, and it does not charge customers to withdraw or make deposits. This gives the exchange a competitive advantage. The costs that are charged to Maker and Taker are distinct from one another, and they vary from asset to asset. Funding fees are charged once every eight hours.
The maker fee is a negative 0.0250 percent.
Taker charge is 0.0750 percent of the total.
Funding over the long term: 0.0100 percent
Negative 0.01 percent for short funding
The maker fee is a negative 0.0250 percent.
Taker charge is 0.0750 percent of the total.
Funding over the long term: 0.1604 percent
Negative 0.1604 percent for short funding.
A person who places a high value on his knowledge will want to be aware of the precise amount that they will owe to Bitmex, therefore it is essential that you are familiar with the costs associated with the platform. Knowing how to calculate your profit and loss, especially if you play with a significant amount of cash, is a very crucial skill to have. This article may prove to be extremely helpful to you since it includes a comparison of our fees to those of other platforms.
There were instances in which certain merchants failed to make their inquiries regarding the fees and prices associated with financing. They were therefore perplexed as to why the actual profit was far less than what they had anticipated.
Bitmex is an exchange that focuses solely on providing tools for effective
trading in the cryptocurrency market. It does this by facilitating a variety of
leverage trading on the most important cryptocurrencies. Following after Bitcoin
(XBT) with the biggest internal liquidity on the platform and the highest
available leverage of 100x is Ethereum (ETH), followed by the remainder of the
other cryptocurrencies, each of which has a maximum leverage of 50x. But Bitmex
is lagging behind its competitors, such as Bybit and Binance, because those
other platforms provide more leverage on a greater number of cryptocurrency
pairs than Bitmex does.
The options are sufficient for you to have a significant exposure to a variety of assets, and they are adequate enough for the turbulent market for cryptocurrencies.
100 times the value of Ethereum (ETH), 50 times the value of Litecoin (LTC), 20 times the value of Tron (TRX), 20 times the value of Ripple (XRP), 20 times the value of Bitcoin Cash (BCH), and 20 times the value of EOS.
In addition to providing an extensive selection of advanced order kinds, it also features a number of extra sub-options. You can choose from the following standard order types:
Market Limit Stop-limit
Stop-and-go with trailing profit taking
The following are some extra sub-options that are available for the order types:
Only for the post: kill or fill
Hidden, Iceberg, Immediate-or-cancel
The fact that traders on Bitmex have access to so many different options grants them a significant amount of power. The leverage has been organized in a manner that makes sense. When you open a trade, you must have the necessary liquidity, and a predetermined sum of capital must be deducted from your margin. You have a liquidation price that can be prolonged, since you have the capacity to finance a position at the expense of the available cash in your wallet, and this allows you to extend the time during which the price can be extended.
What does Bitmex need to do to become an even more desirable platform? Increasing the number of cryptographic pair options will make additional choices available. Traditional assets, such as commodities, major stock indexes, and currencies, may almost always be added to an investment portfolio. The addition of more crypto pairs for BTC is the next most natural step; at the moment, crypto pairings are only available versus USD. Imagine you had the capacity to trade against the value of BTC, such as ETHBTC, with a large leverage. Because of this, the trading sessions on Bitmex will have a greater depth, which will result in a larger possible profit. Bitmex has to improve in this particular area, which is to expand the number of trading choices available.
The Bitmex affiliate program is incredibly easy to understand and use. The quantity of Bitcoins that are exchanged by your referrers can determine the proportion of commission that you receive, which means that it has the potential to provide a healthy stream of passive income for you. When customers sign up for the service using a referral link, they are eligible for a discount that is equal to ten percent off the regular price for a period of six months.
0-999 BTC – 10 percent
1000-9999 BTC – 15 percent beyond 10 000 BTC 20 percent
Many people market their affiliate links in order to potentially generate passive revenue from the trading activities of others. There are individuals that generate nearly one Bitcoin (BTC) in a matter of months through referral earnings. Simply said, you shouldn't discount the significance of the referral program's strength.
Is Bitmex a fraudulent site? Bitmex is not fraudulent in any way, shape, or form due to its massive internal liquidity and user base. Bitmex is the largest leveraged trading platform for Bitcoin and various other cryptocurrencies. It should come as no surprise that one may search the internet and come across allegations and postings made by random individuals. It is a trustworthy platform on which you may trade with confidence due to the high degree of security that it provides, while at the same time positioning itself as a frontrunner in the market for leverage trading.
You have many reasons to be doubtful, but if you become a bit more familiar with the platform, you will understand how serious the problem is. In general, there are numerous reasons for you to be cautious. Reading about your company's CEO and following him on Twitter might provide a sense of comfort. You'll quickly come to know that he's not your average Joe after watching a few interviews with him, which you can see here. Take a look at his long and successful history of developing trading systems for major corporations. People have a tendency to be shocked when they learn that a trading platform, such as Bitmex, provides such a remarkable instrument with 100 times the leverage. It seems impossible when you read about the achievements of traders who have achieved great success in their careers.
Bitmex is the largest and one of the fastest-growing leverage trading platforms, and it offers goods that are in great demand among those who are interested in attempting to benefit from the volatility of the cryptocurrency market. Therefore, beginning trading with this exchange may be thrilling since its leverage design follows a logical route, and it provides everything that more experienced traders require to engage in the transactions that will define the decade.
Because of the daily volume of billions of dollars, you can be certain that every deal, regardless of how significant it may be, will be filled and executed. On Bitmex, you may trade with comfort and excitement while having the sensation of being a professional trader who does not have to worry about liquidity issues.
Arthur Hayes, a veteran trader at Citibank, Samuel Reed, and Ben Delo were
the three individuals responsible for establishing BitMEX in 2014. The
headquarters of BitMEX may be found in Hong Kong, and its crew is also situated
The holding company is known as HDR Global trade Limited, and it has its headquarters in the Republic of the Seychelles. Because of the favorable tax implications, this organizational form is frequently used by Bitcoin-related enterprises and exchanges.
BitMEX is an exchange that facilitates margin trading. This indicates that you will engage in leveraged position trading using coins that have been margined. Margin trading is not suitable for all investors and might involve a high level of danger. This is especially relevant to consider in the context of BitMEX, where the margins might be as high as 100 times.
One of the most significant benefits of margin trading is that it gives traders the ability to make short bets against the price of cryptocurrencies. This indicates that they have the potential to profit from the decline in the price of the asset by engaging in short selling.
One further feature that sets BitMEX apart from a great number of other exchanges is the fact that it does not accept deposits of fiat currency. Bitcoin is the sole currency accepted for deposits and withdrawals.
The fact that all holdings on BitMEX are indicated in Bitcoin is another way in which it differentiates itself from other, larger cryptocurrency exchanges such as Binance. Even if you may open a margin position on altcoins and trade them, your profits will be paid out in Bitcoin, and you won't be able to get your hands on the altcoins themselves from the exchange.
Therefore, BitMEX is a trading platform for investors. Certainly not buyers and holders of investments.
Is BitMEX Safe? When selecting an exchange, the safety measures they have in place are, without a doubt, one of the most critical elements to take into consideration.
Is it safe to use BitMEX? To this day, BitMEX has not been the victim of any hacking attempts. It's possible that this is due to their highly developed security protocols, which you may learn more about on this page. They structure their monetary policy in accordance with the following functions:
The use of multiple signatures throughout the depositing and withdrawing processes makes the wallets more secure. Because of this, Bitcoins kept in the exchange's cold wallets cannot be spent unless the signatories, who are the BitMEX partners, give their authorization to withdraw the Bitcoins.
In addition to this, they make use of an outside service to check that any deposit addresses that are generated on the system are in fact ones that are owned by the original developers of the system. In the event that they do not, all trading will be suspended.
You have access to two-factor authentication in the event that you want to make use of it for your own personal safety. In the event that your account is ever compromised in any way, the fact that withdrawals are done by hand adds an additional degree of protection.
Amazon Web Services is in charge of providing protection for the server infrastructure. They demand a combination of several authentication methods in addition to the use of physical tokens.
In addition to the danger posed by outside adversaries, there is obviously a significant amount of risk involved in operating a trading platform that is as heavily leveraged and as comprehensive as this one.
As a result of this, BitMEX has a number of procedures that it follows in order to guarantee that each and every one of the orders will be fulfilled. They do a risk check after each and every transaction that takes place on the exchange, and if there is any inconsistency, trading is halted immediately.
BitMEX gives users the option to PGP-encrypt their automated email messages, which is useful for those users who are very concerned about maintaining the confidentiality of their communications.
If you think that this is something that you would be interested in doing, then you will need to go into your account and fill out the form that they provide with your PGP public key included. As soon as this is finished, any and all emails sent from support@BitMEX.com will be encoded before being sent.
Bitcoin is the sole asset that can be traded on the spot market because BitMEX is a futures exchange. When you look at the volume on Coinmarketcap, you will only see a number that corresponds to Bitcoin because of this reason.
However, if you are interested in trading cryptocurrency futures, BitMEX gives you the opportunity to do so with ten different cryptocurrencies. The following is a list of these:
Cardano (ADA), Bitcoin Cash (BCH), Dash (DASH), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), Monero (XMR), Ripple (XRP), Tezos (TEZ), Zcash (ZEC), and Tezos (TEZ) are some of the cryptocurrencies that are now available (ADA).
Despite the fact that this is a considerably smaller quantity of coins than what can be purchased on exchanges such as Bittrex and Poloniex, these are cryptocurrency margin transactions and not the acquisition of actual coins. It is possible that finding liquidity for the lower size cryptocurrency futures may be significantly more challenging.
You are able to trade two distinct categories of derivative assets on BitMEX. This refers to a financial product known as a "Perpetual Swap," as well as standard futures contracts.
What is meant by the term "perpetual swap"? Simply put, a future that does not have a specified termination date is referred to as a perpetual swap. Futures are financial instruments that are resolved at a point in time in the future, for the benefit of those who are unaware. These are typically settled on a quarterly basis and typically have an expiration price that is higher than the current market price.
A perpetual swap is essentially a future that is marked to market on a continuing basis on a daily basis. When seen from this angle, the operation of a perpetual swap is somewhat comparable to that of spread betting or a Contract for Difference (CFD).
Trading a perpetual swap is identical to trading the underlying physical item at the current price. The current market price of the asset will serve as the basis for the price that will be provided. Because of the leverage, any profits or losses you incur will, of course, be compounded.
Because you are able to engage in leveraged trading on BitMEX, it is the cryptocurrency exchange of choice for traders all over the world. For instance, in the case of their Bitcoin instruments, you have the ability to leverage up to a hundred times their initial investment.
Even if it is the most amount of leverage that can be used with Bitcoin, the maximum leverage that can be used with the other assets will be lower. The amount of initial margin that has to be put up will decide how much money needs to be put up for this. The following is a list of some of the other currencies' maximum leverage numbers:
Litecoin (LTC) is worth 33 times as much as Ethereum (ETH), which is worth 50 times as much. Bitcoin Cash (BCH) is worth 20 times as much as Cardano (ADA), which is worth 20 times as much as Ethereum Classic (ETC). Monero (XMR) is worth 25 times as much as ZCash (ZEC).
Isolated and cross-margin trading are the two forms of margin trading that are available to you when you engage in margin trading.
After you have made the order for Isolated, you will have the opportunity to make a selection regarding the amount of money from your wallet that will be utilized for a certain position. On the other hand, the cross margin will operate under the assumption that all of the funds that you now have in your account are available for leverage.
You shouldn't utilize large leverage or cross margin unless you're an experienced trader who knows what they're doing. This is something that should go without saying. When you are on the losing side of a transaction, the use of leverage can result in you losing everything very rapidly. This is because leverage works like a double-edged sword.
The infamous "margin calls" are to blame for this situation.
These margin calls in the instance of BitMEX are automated and will either make a withdrawal from the money that are currently in your account or they will liquidate the positions you currently have open. When your position falls to the level of the maintenance margin, this will take place.
Because you are trading leveraged instruments at BitMEX, the trading costs function a little bit differently than they do at other exchanges. You will be responsible for "maker" costs in addition to "taker" fees. In essence, these indicate whether you are placing an order or whether you are taking an order.
When you act in the capacity of a taker, you are essentially matching an order that has already been recorded on the order books. When you take an order that is already on their books, you are effectively cutting off their access to liquidity.
If you are acting as a maker, you are contributing liquidity to the order books whenever you place a limit order at a price that is different from the current price. This would be a limit order to purchase at a price lower than the current price or a limit order to sell at a price higher than the current price.
If you add liquidity to the books of BitMEX, the exchange will compensate you for your efforts. As a result of this, we refer to them as rebates. The fees charged by BitMEX are organized in a manner that is not overly complicated.
The following are the fees associated with Tezos and ZCash:
The maker fee (Rebate) is 0% of the purchase price.
0.25 percent is the taker charge.
Settlement fee: 0.25 percent
And for each and every other type of coin:
0.075 of a percent is the Maker charge (Rebate).
Taker charge is 0.025 percent of the total.
Settlement fee: 0.05 percent
The fees that you will be responsible for will vary significantly depending on whether or not the order was disguised (more on this below). After you have placed your secret order, you will not be required to pay the taker charge until your order is finished in its entirety. After that, once it has been carried out, the manufacturer rebate will be sent to you.
When it comes to other costs, you won't have to pay anything to BitMEX to deposit or withdraw money because there are no fees associated with such actions. Nevertheless, they will charge you a minimum network fee for your payments; hence, it is in your best interest to maintain your transaction in larger tranches.
You are need to register for an account with BitMEX before you are able to test out the platform. The registration procedure is not overly complicated, and the only information that is required from you is an email address.
Since BitMEX does not yet need KYC documentation from traders, it is possible to sign up for an account while maintaining your anonymity. Despite this, you are needed to provide a working email address because you will need it to confirm your account as well as any withdrawals or other transactions.
If you live in the United States, you have undoubtedly been wondering whether or not you are eligible to trade on BitMEX. The quick response is probably not, to put it another way. BitMEX is a foreign exchange for futures contracts that is not subject to any regulations and does not hold any licenses issued by the SEC to provide its services to US residents.
In addition, BitMEX is one of the few exchanges that still does not need its traders to complete KYC and identify themselves. This makes BitMEX particularly attractive. Because of this, they are unable to determine precisely who is using their platform for trading.
This has led to a significant increase in the number of customers residing in the United States who open accounts on BitMEX and engage in trading.
Yes, this is against their terms and conditions, and BitMEX has been preventing IP addresses residing in the United States from engaging in trading, but this is not really a solution that is very effective. We are all familiar with virtual private network (VPN) software that may conceal your location by masking your IP address.
BitMEX, on the other hand, has started closing accounts that are thought to be headquartered in the United States in light of the increasing attention that the SEC is exerting over other offshore brokerages and exchanges. These have been initiated by prominent cryptocurrency traders.
However, if BitMEX has reason to believe that you are located in the United States, it is possible that they will terminate your account. If you are still able to transact there while maintaining your anonymity, then you shouldn't expect them to act on it right away.
That refers to both the technology and the trading platform. Because the exchange was founded by individuals who had previously worked in investment banking and trading, it is widely acknowledged as having one of the "matching engines" that is among the most effective available.
After you have decided on a certain instrument, it will become available for purchase on that market. The interface that you are presented with is very standard fare for a bitcoin trading platform. You will get access to the order books, charts, and positions, as well as recent orders.
The complicated order form is one of the aspects that sets BitMEX apart from other similar platforms. In order to determine the ideal leverage and order specifications, it is clearly necessary to have this information.
You also have the option to enlarge the chart to fill the entire screen and make use of all of the analytical tools and charting options. The fact that BitMEX makes use of trading view charts ensures that you will have access to the vast majority of the necessary research and indicators.
In terms of the trading engine itself, BitMEX utilizes software that is utilized by high frequency trading businesses on Wall Street. This software is employed by BitMEX. It is composed of kdb+ code.
To give you an idea of how quickly the trading engine can execute orders, it is common knowledge that kdb+ has a throughput rate of up to 1,000,000 transactions per second. This is only to give you an idea of how quickly the trading engine can process orders.
As was just discussed, the various order types that are available to you at BitMEX are extensive.
The order form can be seen on the left in the screenshot that can be found below. BitMEX also provides a convenient calculator tool, which allows you to determine your profit or loss based on the entry and exit levels that you have targeted.
PnL Calculator (on the right) and the BitMEX Order form (on the left) (right)
If you have ever traded on any of the other more complex platforms for forex or stock trading, then you will be familiar with the many order types that are available on these platforms. The following is the order of things:
The term "market order" refers to an order that is carried out at the current market price.
Order will be executed at the price that you have chosen, as specified in the limit order.
This will generate a limit order that the trader may choose to execute after a predetermined stop level has been achieved.
With this type of stop order, the order will be executed at market the minute that the stop level is achieved. This is known as a stop market order.
You may also think of this as a moving stop market order. This is known as a trailing stop order. The stop level will automatically adjust itself to follow the price after a spread has been accounted for.
Take Profit Limit Order: This works in much the same way as a stop order, with the exception that it is executed to close out the position in order to lock in winnings.
Take Profit Market Order: This function is similar to that of the stop market order, but it is used to lock in profits through the use of a market order after a certain level has been achieved.
There are two more orders available through BitMEX's order form that you might not be familiar with if you've never used it before. These are the Hidden and Iceberg orders, which were discussed in greater detail before.
A hidden order is a limit order that is not put on the public order books and is referred to as a "hidden order." Traders who do not want other traders to know about the positions that they are planning to place on will do this when they wish to hide their intentions from other traders.
Iceberg Orders are a type of variation on the concealed order in which just a portion of the order is shown to the market at any given time. Some traders engage in this practice in order to "disguise" their concealed order from the view of other, more "smart merchants."
Naturally, these orders are very unlikely to ever be used by anybody other than the really huge cryptocurrency whales whose orders are quite likely to have a disproportionately strong influence on the order book at the moment.
Those who are familiar with BitMEX are fully aware of the perils of excessive leverage and liquidation due to the fact that they have experienced them before.
When you trade on BitMEX with up to 100 times the normal leverage, you expose yourself to a significant amount of risk because bitcoin is such a volatile asset. In point of fact, there is even a Twitter Bot that monitors the liquidations on the BitMEX exchange (it can get brutal)
When the price of your position hits the "liquidation" price level, the transaction known as "liquidation" will take place. BitMEX will take the Maintenance Margin that you have placed in order to close off your investment if you ever hit this liquidation threshold. If the price of the asset climbs higher than the liquidation price, your position will be cancelled automatically, even if you still have initial margin in your account to support it.
Because of this, maintaining such large leverage holdings on BitMEX might not be the best use of one's time. BitMEX enables your position to consume a higher part of your starting margin by using lower leverage transactions, so you may maximize your profit potential.
For instance, the author of this fascinating investigation determined that the Maintenance Margin Requirement (MMR) is over fifty percent of the original margin when trading at a leverage of one hundred times, while it is less than five percent when trading at a leverage of ten times.
As a result of this, the findings of the research indicate that the maximum leverage that you should trade with at BitMEX should not exceed 25 times. In addition, if you are just beginning your career on the exchange, you should, in any case, be extra cautious with the amount of danger that you expose yourself to.
As was previously stated, BitMEX is a crypto-only trading platform. There are no alternatives available for adding fiat currency to your account at this time.
Bitcoin is used nearly entirely for both the funding of the account and the maintenance of the collateral. Therefore, in order to fund your account, you will need to send bitcoin to the address associated with it. As was said previously, there is no charge for this.
There is a 0.001 Bitcoin (BTC) minimum deposit requirement, however there are no upper limitations on how much you may withdraw. If you want to begin the process of withdrawing funds from your BitMEX account, you will first need to pick the "balances" page from the platform. After that, you will need to select the amount, as well as the wallet address you wish to use.
While it is possible to automate the process of making deposits, withdrawals must still be processed manually. It's possible that this will make the procedure a little bit slower, but it's definitely the safer alternative because it provides the consumer more time to discover if there's something fishy about a withdrawal.
In compared to that of other exchanges, the customer service on BitMEX is of a respectable quality.
They offer service via email and support requests round the clock. The comments that we have been obtaining from other traders indicate that they are normally pretty responsive and take around an hour or so on average to complete their transactions.
Obviously, if you have a more broad query, searching their knowledge base is going to be the most helpful thing for you to do. This is rather straightforward to browse, and it appears that they have attended to all of the relevant aspects of the situation.
BitMEX provides a very sophisticated REST and Websocket API for traders who want to write their own bots and trading algorithms. These traders may take use of this.
In point of fact, the application programming interface (API) is possibly one of the most comprehensive on the market. The application programming interface (API) provides access to any function that is utilized on the website. When it comes to the creation of bots and other applications, this will provide the developers a significant amount of leeway and flexibility.
We will provide you with a high level instruction on how to use the BitMEX API, despite the fact that this review will not get into the particular mechanics of how to utilize the BitMEX API.
The websocket application programming interface (API), which is one of the most popular APIs for developers, makes use of the websocket protocol. It offers a great level of flexibility and is likely the most efficient choice for developers whose primary objective is to obtain live data from the exchange.
As a result, the websocket API is the one that would be most beneficial for software developers who are working on apps that would use market data from BitMEX. The majority of this information is also accessible via the exchange without the need for any sort of verification in most cases.
This data is also not subject to any rate limitations, which means that as soon as you are connected, you may retrieve the most recent information whenever you want to. You would, however, be required to gain authentication in order to access information that was unique to your account if you choose to do so.
In order for you to accomplish this, an API key would need to be generated within your account. After you have successfully logged in, you will need to browse to the key generating area. You will then be sent to the API key form that is located below.
You will be required to provide a name for the key, in addition to informing BitMEX of the rights that you would like associated with the key. You have the option of limiting connections made with this API key to a specific IP address of your choosing. In the event that anybody is able to get their hands on your key in some way, doing this could be a good idea. You may learn more about the common usage of keys by reading this.
Once everything is finished, you may click the "Create API Key" button, and a key will be generated for you automatically. You now have the ability to stream information that is account-specific across the websocket connection. However, you are unable to place any orders using the websocket at this time. The REST API provided by BitMEX comes into play at this point.
You can take use of their REST endpoints as a developer if you want to leverage the entire capabilities of the BitMEX API, and you can use those APIs if you want to. These include a wide variety of choices, such as the fulfillment of orders and the withdrawal of funds from wallets. The latter does not have an email confirmation, therefore you need to use extreme caution when dealing with it.
There are rate constraints that will be imposed on your connection if you make use of the REST API. You will be able to submit no more than 300 requests during the course of the next five minutes. This rate restriction is set to 150 per 5 minutes if you are not currently logged in to your account.
You can make a particular request by sending an email to the support staff at BitMEX using the support email address on their website (email@example.com). If you believe that these restrictions are too tight and you are running into them, then you have the option to make this request. Before asking this, however, your application must first satisfy a number of standards that have been established. You may learn more about them by reading this article.
You should also be aware that BitMEX has general restrictions on the quantity of ongoing orders as well as general order size. Additional information regarding these limits may be found in the API documentation for BitMEX.
Another feature that BitMEX possesses and that a significant number of FX platforms provide these days is the ability to participate in group chats.
You will be able to speak with other traders and gain insight into the market from their point of view by making use of this fairly cool method. The "trollbox" moniker has been given to this particular item by BitMEX. There are chat groups available in a variety of languages, including English, Spanish, Russian, Japanese, and Chinese.
The troll box is more for, you guessed it, trolling when it comes to the quality of the talks that take place in it. You may join the IRC conversations if you want to have more meaningful communication with the traders, which you can do if you want to. You are given the opportunity to accomplish it through BitMEX as well.
If you have had a positive experience trading on BitMEX and would like to tell your friends and family about it, you can take advantage of the referral program offered by BitMEX. BitMEX provides you with the chance to earn a commission depending on the traders that you may refer via the use of this feature.
This is also of special use to those traders who command a somewhat large following on the internet. You will receive a share of the trading commissions made by the individual that you referred to BitMEX if that individual uses your referral link. This will be different for each referral based on the total amount that they trade.
The people that you recommend can also benefit from the referral program in a number of ways. After they have been a member for a period of six months, BitMEX will provide them with a reduction on their trading costs equal to ten percent of the original amount.
Trader's Tip: If you already have a following, you may market your affiliate tracking link on Facebook and Twitter if you have access to those platforms. You'll get commissions, and they'll get discounts.
If you wanted to obtain your referral link, all you would need to do is navigate to "Account & Security" and then click on the "Affiliate Status" option. In this section, you will find your affiliate dashboard, which will display not only your link but also other essential information such as the total quantity of commissions and the number of individuals who have signed up for the service.
However, there is a catch to this, and that is that after the affiliate has been recommended, they have only seven days to finish registering for the program in order for the commissions to be properly gathered. The whole terms and regulations of their affiliate program may be found on this page for your perusal.
Although there is no question that BitMEX is amazing, we believe that there are a few areas in which it might use some enhancement.
To begin, despite the platform's advancements, the user interface seems fairly archaic, and the organization of the components should be improved. It is possible that those traders who have not previously utilized complicated FX and trading platforms would find the interface to be fairly challenging to use initially.
There is also no option for mobile trading, which is a significant limitation.
Even if you are not interested in mobile trading, having the ability to rapidly check your positions when you are away from your computer is a convenient feature to have. It goes without saying that creating a mobile application for a platform such as BitMEX's is not a simple task.
The fact that it is inaccessible to traders from the United States is, of course, another drawback.
A trader from the United States may now access BitMEX without any problems by using a virtual private network (VPN). Because they do not require any identifying information from you, this should not be difficult for you to accomplish.
Is it prudent to do so? Almost certainly not.
It is a violation of BitMEX's terms and conditions, and if there ever comes a time when you will need to engage with them and they discover that you are a resident of the United States, it may only lead to additional complications.
This evaluation has shown one thing very clearly, and that is the fact that BitMEX is a sophisticated trading platform that not everyone should use.
Trading highly volatile assets with BitMEX enables you to take advantage of leverage that may go up to 100 times. Those who are just getting started with cryptocurrency should probably steer clear of this form of trading.
In addition to this, you need to be aware that you are not actually purchasing the underlying asset but rather engaging in a deal with a derivative instead. You won't utilize this platform for any kind of "buy and hold" strategy because it's not designed for that.
In light of the aforementioned, one of the most viable choices is BitMEX for those investors who have prior experience with trading on margin and conducting technical analysis.
They offer cutting-edge protection, top-notch assistance for customers, and a trading platform that is virtually unrivaled in the industry.
If you are going to utilize BitMEX, you should make sure that you are aware of the hazards that are associated with trading on margin, and you should never risk more money than you can afford to lose.
Since customers are able to buy futures as well as perpetual contracts on
BitMEX, the platform operates more similarly to that of a futures trading
platform than an exchange. As a result of the fact that it only provides
sophisticated trading alternatives, such as margin trading with 100 times the
leverage, it is not a popular choice among inexperienced traders. BitMEX caters
to experienced traders and financial professionals.
In order to offer you with a comprehensive perspective, this review of BitMEX will focus on analyzing the most significant components of the platform. Although Cryptimi tries its best to give you with correct information and updates it on a regular basis, we highly urge that you check BitMEX for any updates which could occur after the fact. This is because Cryptimi does not have control over when these updates might occur.
It is widely acknowledged that BitMEX is a reliable platform for trading cryptocurrencies. Hackers and fraudsters will have an extremely difficult time stealing information since their accounts are protected by 2FA (Two Factor Authentication), which stands for two separate authentication methods. In addition, BitMEX gives users the option to pin their IP addresses, which notifies the user if a login is done from a device that the user is not familiar with. Users also have the option of utilizing the PGP encryption in order to avoid receiving spam emails.
Even after an embarrassing privacy breach that occurred when an internal email was accidentally copied with 1,000 user addresses, the platform has remained secure. The breach was created when an internal email was accidentally copied with the user emails. The network brags that it conducts 100 audits per second and that it has not suffered even a single loss of BTC due to an incursion.
BitMEX places all user funds in a cold storage multi-signature wallet in order to provide the highest level of security possible. When a customer submits a request to withdraw funds, that request must pass manual inspection by two members of the BitMEX staff before it can be processed. In addition, the cloud-based servers that the BitMEX exchange uses are never used to hold any private keys.
BitMEX, which stands for Bitcoin Mercantile Exchange in its complete form, is a platform for peer-to-peer cryptocurrency trading. Users are only able to purchase digital currencies with Bitcoins, as the name of the service would imply. It provides a variety of trade contracts, such as perpetual, future, and up and down contracts, among others.
Because it needs numerous signatures before processing a withdrawal request, the BitMEX wallet is widely regarded as one of the most secure ways to store digital currency. Due to the fact that client money are kept offline on hardware wallets, even if an effort is made to attack the exchange, it will be nearly impossible for the hacker to steal those cash.
Since 2014, the website has been providing its services, with Hong Kong serving as the location of its headquarters. We have been unable to verify the actual address of the website; nevertheless, we have been able to validate the main personalities behind this profitable cryptocurrency trading platform. In the driver's seat is Arthur Hayes, the Chief Executive Officer of BitMEX. Hayes is a veteran of the derivatives trading and banking industries. Alongside him in leadership roles are Chief Technology Officer Samuel Reed and Chief Security Officer Ben Delo. Samuel Reed is a guru when it comes to the development of lightning-quick, real-time web apps that are ideal for the dynamic specialty of trading website content. Ben Delo, on the other hand, is an authority in the development of high-frequency trading systems. He serves as the unifying force for the three brilliant minds who are responsible for creating this incredible website.
Since we've already spent some time discussing the website, why don't we see if we can sign up for an account there? The first thing that we are going to have to do is go to their website, which can be found at www.bitmex.com, and sign up for an account there. If you prefer trading on your mobile device, you may also utilize their app. To sign up for an account with them, all you need is a working email address that you can use to confirm the registration, and you're good to go. Creating an account with them is a breeze. After you have provided the website with an active email address, you will be asked to specify the nation in which you now reside so that the website may assess whether or not you are permitted to register an account with them.
Although players from some countries are unable to make deposits, those players can still sign up for an account on the website. If you are one of the people who are unable to create an account with BitMEX.com, then we strongly advise you to create an account under their test website, which is quite awesome, to be honest. If you are unable to create an account with BitMEX.com, then you are one of the people who are unable to create an account with Bit
The "Make Order" tab can be found in the column on the left side of the screen; all you have to do to place an order is head over to that column. Simply select the type of order placement that you would like to use and click the "Place Order" button to proceed with the process. They offer seven different sorts of orders from which you can pick, and we will go through each one in turn below:
Any cryptocurrency trader worth their salt is familiar with the "Limit" order type, sometimes known as a "Limit" order or just "Limit." This order type is available in the vast majority of online cryptocurrency trading websites available in the modern era. In addition, the feature enables the trader to purchase or sell at the specified price, or at a significantly higher price that results in a bigger profit.
Market Orders are the type of orders that are most effective when placed or utilized when connected to the internet via a reliable connection. This is due to the fact that market orders involve the use of micro trades, which enable you to execute the best price available on the market in a matter of seconds. If the trader is experiencing latency issues, then we do not advise utilizing this order type.
Stop Market - A Stop Market order or Stop Order is an order that is made when it reaches a specified entered quantity on the order page. The trigger price is what establishes the stop market order, which then transitions into a market order after the stop price has been achieved.
Similar to the stop order described above, the stop limit order also enables the trader to determine the price at which the order will be executed after the specified price has been reached. Your position will stay open until it is filled if the trigger amount that you specified does not match any orders that are already on the book.
Trailing Stop: A Trailing Stop Order places the stop price at a predetermined amount lower than the current market price and also includes a trailing amount in its instructions. What is the mechanism behind this? When the price of the selected market goes up, the stop price also goes up by the trail amount; however, if the price of the market goes down, the stop loss price does not change, and a market order is placed when the stop price is attained.
Take Profit Limit/Market – Take Profit Limit operates in the same way as a stop order, but its triggers are set in the opposite direction. Market - This order simply takes profits at a certain price. Traders will have the ability to utilize this order option to either set up an exit position or use it in the future as an entry for a new position.
You only need to click on the quantity and the choice that correspond with the order that you are going to place once you have selected an order option. After providing the necessary information on the quantity, the following step is to select whether you want to purchase or sell cryptocurrency from the market.
The leverage option, which may be employed by experienced traders to engage in margin transactions, can be found in the lower area of the order tab. We placed a strong emphasis on "professional traders" since leverage trading is a highly high-risk alternative that should not be utilized by novice investors.
This section of the order tab will be of great use to you if you are an experienced trader and if you have a comprehensive understanding of the dangers that are associated with trading with leverage.
The platform offers a maximum leverage of 1:100 for users to take advantage of. This indicates that the website will be able to provide a maximum leverage of $100 for each and every $1 trade. This also indicates that the trader will be required to put up 1% of the trade, which is a very large amount in comparison to the majority of the cryptocurrency trading websites available today.
BTC, ADA, BCH, EOS, ETH, LTC, and XRP are some of the cryptocurrencies that may be traded on BitMEX.
The various currencies that may be exchanged on the website are described in the previous paragraph. This website, on the other hand, exclusively accepts deposits in the form of bitcoin, which will be discussed further down in this section. Other websites online today offer means for depositing fiat currency. Trading on the internet provides novice traders with an opportunity to gain experience while also providing them with new insights. Simply creating an account and getting started is a process that requires little to no effort at all. The trading component and the exploration of the website go hand in hand so nicely that even an experienced trader will find it astounding how well they complement one another.
Now that we've covered the website, how to set up an account, and, of course, how to trade, the issue that still needs to be answered is: how do you get money into and out of the website? As was said previously, the website does not provide any choices for deposits using fiat currency and will only take cryptocurrency payments.
To add money to your account, go to the top of the page and select the option labeled "Account." From there, follow the on-screen instructions. The website does not charge any fees for monies that you wish to deposit; nevertheless, there are expenses associated with withdrawing cash from the service.
When it comes to making withdrawals, consumers will have the ability to select from a selection of network costs that they are willing to pay. You will be required to pay a higher network charge in order to make faster withdrawals from your account if you want to get your money more quickly. The transaction cost ranges from 0.001 BTC up to 0.05 BTC, with 0.001 BTC being the lowest. The preceding screenshot demonstrates the dynamic nature of this function.
Because withdrawals are only done manually once a day, you must submit your request to withdraw funds before 13:00 UTC in order for it to be included in the batch of withdrawal requests that are processed on that day. It's possible that this approach is more time-consuming than automated withdrawal methods, but BitMEX takes the safety of its customers' withdrawals very seriously, thus the processes involve manual verifying and certifying.
The following is a list of the fees that can be viewed on their website under the tab labeled "fees," which can be located toward the bottom of their page.
Perpetual Contracts — The fee for BTC with a leverage of 1:100 for perpetual contracts would be -0.0250 percent for the Maker and 0.0750 percent for the Taker. These percentages correspond to -0.0250 percent and 0.0750 percent, respectively. There is a funding interval of once every eight hours, and the long funding rate is 0.0100 percent while the short funding rate is -0.0100 percent.
The maker fee, the taker fee, and the settlement cost are all waived in Upside Profit Contracts for Bitcoin when the leverage is set to 1. There is no charge for the settlement fee, either.
Contracts with a Downside Profit - The same logic applies to contracts with a downside profit that have a leverage of 1x. The creator charge, as well as the taker fee, and the settlement fee, are all completely free.
At this point, we have a broad understanding of how to register an account, navigate their website, and investigate their trading platform. We would like to draw your attention to the fact that the layout of their site is really amazing. It does not appear cluttered while having a large number of essential tabs! If you have visited more than ten other websites that offer the same services as BitMEX does, then you will understand what we mean by this statement. It is most certainly not "Simple," considering that all of the essential elements are consolidated in one location and the charts are kept up to date on a millisecond-by-millisecond basis. This provides the trader with a sense of "control" and instills confidence in you to trade successfully and benefit from the moves that you are going to make.
The BitMEX software that they are utilizing is the primary reason for this situation. Python is the programming language used in the widely used software Liquidbot, which has been modified to create the BitMEX market maker. The bot gives traders access to two-sided markets and supports permanent API keys, making it an excellent choice for seasoned traders who wish to execute their own trading methods. Traders may get a grasp of the markets by using the bot.
In each and every one of our assessments, we have constantly emphasized how vital it is to possess an exceptional customer support team. This is due to the fact that the secret to running a successful internet business in this day and age is having a reliable channel that you can latch onto in the event that things become chaotic. It seems inconceivable that an internet business could survive for more than a year without providing enough help to its customers. The website has been live since 2014, which means that it has been around for a solid four years; if they do not receive adequate support, do you think that they will be able to surpass two years?
The Frequently Asked Questions page is the beginning of the customer assistance process. The Frequently Asked Questions page that can be found on BitMEX.com provides all of the necessary answers to questions that are most frequently asked by new traders. These questions include: what are the different contracts that are being offered online, what are the available leverage and what does leverage do, how to get liquidation, and all of the essential things that new traders ask about.
They also have pages on Weibo, WeChat, Telegram, Twitter, and Reddit for their additional methods of communication. Customers will be able to file a ticket and will receive a response to the registered email address used within twenty-four hours of posting a ticket; however, the website does not include a phone number that they may contact. In addition to the English language as the primary option, support is provided for a number of other languages, including Chinese, French, Korean, and Japanese.
Countries in Which Bitmex Operates Every nation on earth, with the sole exception of the United States of America
Québec in Canada
The regions of Crimea and Sevastopol
North Korea (DPRK)
Any state, nation, or other jurisdiction that the United States of America has placed an embargo against.
Simple passwords, which you are required to supply when creating an account, are frequently misunderstood as constituting enough security. A straightforward password that is linked to your registered email address is vulnerable to being cracked. Because of this, the majority of companies online nowadays provide features known as Two-Factor Authentication, which give an extra layer of protection to the accounts of their consumers.
To access the security tab, all you need to do is click your account name, which is located in the upper left hand corner of the website, and select the "Account & Security" tab. This will then reroute you to a page on which you will be able to change your personal information and contact information, as well as choose which type of two-factor authentication (2FA) you want to use. BitMEX.com gives customers the choice of using Google Authenticator or Yubikey, according on their individual preferences.
The website also provides rigorous IP pinning, safe session duration (which automatically logs out the account for a specified period if it is not active), and of course, PGP Key for added extra security for users who choose to have this feature switched on. All of these features are optional. Under the option labeled "Account," you'll discover all of these different security features, each of which is straightforward and simple to navigate.
The most intriguing portion of my analysis is about to begin: I want to know what other people think of the website BitMEX.com. There are a lot of reviews that are contradictory about the website, but fortunately for us, there are very few reviews that are unfavorable about the service that they provide. One that drew our notice was the problem with a user who was experiencing problems with his or her finances. This problem may be tracked through the website that the user specifically built because of this problem. Simply clicking on this link will take you to the desired website.
Before committing to using any website that is accessible online in the modern day, we need to be aware of issues such as these first. This reassures us that it is incredibly necessary to read about the website ahead and learn more about them first in order to be appropriately educated on the user experiences of other people.
BitMex is widely regarded as one of the best online exchanges for trading
bitcoin and other cryptocurrencies. This analysis provides information on the
fees, the TestNet demo account, the information regarding all mobile apps, as
well as the leverage and margin levels that are offered. Continue reading to
learn about the advantages and disadvantages of using the Bitmex exchange.
BitMEX was established by HDR Global Trading Limited in 2014, and since that time it has seen a stratospheric ascent to become one of the most prominent Bitcoin trading platforms that is now available anywhere in the globe.
Samuel Reed, Arthur Hayes, and Ben Delo were all formerly employed in the banking industry prior to the establishment of HDR Global Trading Ltd. The firm got off to a solid start by moving into derivative trading, more especially margin trading. It is registered in the Seychelles and operates everywhere else in the world.
According to reports, Ben Delo, one of the founders of BitMEX, is the first person in the UK to become a billionaire as a result of their investment in bitcoin.
As of the year 2019, the firm is now being investigated by the CFTC (Commodity Futures Trading Commission) to determine whether or not BitMEX is engaging in behavior that is against the law based on the requirements of American trading.
At this time, no decision has been reached on the basis of these allegations, and the platform continues to trade as usual; nevertheless, traders who are situated in the United States are unable to use the site.
BitMEX is a platform for trading derivatives that is available to the worldwide market. The new manner of trading might be somewhat perplexing for people who are more accustomed to trading cryptocurrencies in its traditional form.
Contract trading, which is done by traders instead of exchanging currencies directly, may be a substantial amount riskier than more typical trading. As a consequence of this, the system is geared mostly for users who are experienced and skilled, and it offers very little assistance or direction to newcomers.
The process of registering for a BitMEX account is rather uncomplicated and uncomplicated, and there are no trading limitations incorporated after registration has been accomplished.
The only requirements are that the user must be above the age of 18, possess an email address, and provide verification that they are not located in the United States owing to ongoing legal difficulties.
The user interface of the BitMEX trading platform is crowded and appears to be a bit out of date, but it is still functional. The user has access to a number of widgets that can be freely altered based on the preferences that they have for how they like to view the information.
Charting is offered as a basic feature, and TradingView is utilized to provide crystal-clear visibility that is unrivaled by the majority of other platforms.
Once trades have been executed, they can be examined through Active Transactions. This makes it possible for continuing orders to be managed and cancelled in a brisk and uncomplicated manner.
Because of the intricacy of the screens that are currently in front of you, the platform is only meant for usage on desktop computers. This makes perfect sense.
Even if it is neither cutting edge or user-friendly for newcomers, the BitMEX platform will be useful and straightforward to some degree for individuals who have experience operating in marketplaces that are comparable.
BitMEX is a platform that is solely devoted to the business of trading cryptocurrencies, both in the form of derivative trading, as was discussed before, and in the form of specialized trading, such as margin trading.
In spite of the fact that Bitcoin is the only acceptable form of deposit for trading, this service makes it possible to trade a wide variety of cryptocurrencies against fiat currencies such as the Japanese yen, the US dollar, and the Chinese yuan. When a Bitcoin has been placed, it can later be converted into another cryptocurrency or used as a payment mechanism to buy other cryptocurrencies. These are the following:
Zcash, Bitcoin, Bitcoin Cash, Dash, Ethereum, Ethereum Classic, Litecoin, Ripple, Tezos, and Zcash are all cryptocurrencies.
BitMEX is not like other, more complete trading platforms, which offer a wide variety of trading methods, choices, and assets for users to choose from. Instead, BitMEX concentrates primarily on these areas of trade.
If you are seeking for a platform that caters to a very narrow market niche and enables leverage on transactions, then this platform may be the best option for you.
Those who are interested in a broader variety of options, on the other hand, would be well to explore elsewhere.
BitMEX does not provide a significant lot of variation in their spreads, commissions, or fees due to the fact that they are a platform that focuses on only one item.
Instead, they employ the standard charge structure that is associated with more conventional forms of futures trading.
On the other hand, in addition to the usual costs, the platform also offers up to 100 times leverage on certain of its bitcoin transactions. This feature is targeted for professional investors and those who have a greater level of experience with this type of high-risk trading.
Bitcoin, for example, has fees of 1 percent for the initial margin and 0.5 percent for maintenance. These fees are deducted from each transaction.
After this, the maker, taker, and settlement costs are the identical for every cryptocurrency, and they are, respectively, -0.25 percent,.075 percent, and.05 percent of the transaction amount. The one and only deviation from these standard costs is a different price structure for both Tezos and Zcash, which both have no maker charge but a more substantial take and settlement fee of 0.25 percent. This fee structure is the single deviation from these standard rates.
It is also important to note that BitMEX levies extra costs, which it refers to as 'iceberg' orders or hidden orders. In situations like this, the taker fee is paid right up to the moment it's time to carry out the execution.
At this stage, the manufacturer discount will be applied to the order before it is changed over to its usual status. The utilization of leverage is the primary factor that differentiates BitMEX from other exchanges; the fees that are imposed by BitMEX are very typical.
For seasoned traders who are comfortable with speculative trading and are ready to assume the associated risks, leverage is an essential component of the attraction that we provide as specialists in margin trading and other comparable trading choices.
BitMEX makes leverage a prominent aspect in the design of their platform, including a leverage slider in the sidebar of their trading layout. This allows users to adjust the amount of leverage they are using.
Each type of cryptocurrency has its own unique maximum leverage, with Bitcoin having the most favorable choice with a maximum leverage of 1:100, which is also matched by Bitcoin Cash. Other cryptocurrencies have lower maximum leverages.
Traders are able to specify the desired level of leverage, which can range anywhere from 1:1 to 1:100, according to their individual risk profiles.
Tezos provides the lowest leverage available, which is simply a modest x2 in compared to other cryptocurrencies.
BitMEX does not now offer any type of mobile use for its platform and instead encourages users to trade from a desktop computer.
This is in part because to the large quantity of information that is readily available on the screen, and in part due to the fact that this specialized style of trading is most suited to being done on a desktop.
It is important to point out that an unofficial app for Android can be downloaded, but other than that, the platform is not responsive for usage on mobile devices and tablets, and there is no app for iOS that can be downloaded.
When you choose BitMEX, you won't have to pay any fees to make Bitcoin deposits or withdrawals, which is one of the most major advantages of going with this exchange.
This is especially beneficial considering that the only type of payment that can be made through the site is Bitcoin. As a result, the only fees related are dependent on the Network charge, which is computed by the load on the blockchain.
Although there is no upper restriction on the amount of Bitcoin that may be withdrawn from an account, the smallest amount that can be placed into a trading account is 0.001 BTC.
Receiving money is a pretty simple process that features a user interface that is both quick and easy to navigate. While deposits may be made quickly and at any time of day or night, all withdrawals must be handled in person at a predetermined time. This adds an extra layer of protection to the process and makes it possible to refuse false requests and cut down on the number of fraudulent requests.
At this time, it is not possible to use fiat currencies for any sort of payment, including making deposits or withdrawing funds.
You will do all of your trading on Bitmex within the Place Order box. You are able to trade at the current prices of the market when you select the 'At Market' tab. You have the ability, through the use of the Limit and Stop options, to purchase or sell at levels that you determine, presuming that the market hits those levels.
Buying and selling at the current market price is referred to as "market deals." Initially, there are three primary aspects that need to be kept in mind:
The monetary quantity that you wish to put into your investment is referred to as the "Quantity." (The price of the deal is also displayed in XBT just below the trade buttons.)
The 'Order Value' displays the total amount of crypto currency that may be purchased with the dollar amount that you provided. In this illustration, one thousand dollars may purchase 0.1339 bitcoins. This will be affected by the leverage level that you employ; further discussion on this topic may be found below.
To speculate on the direction in which you believe the market will go, select either the Buy or Sell option. (Purchase if you believe the value will increase in the future, and sell if you believe it will decrease.)
The leverage gauge may be found beneath the part labeled "put order." Since this is set to zero by default, it follows that if you invest $1000 in cryptocurrencies and the price subsequently doubles, the value of your holdings will increase to $2,000. In the event that the value reaches zero, the holding you have will be worth nothing.
However, leverage magnifies both the dangers and the potential profits. If you set your leverage to 10x, it will be equivalent to purchasing $10,000 worth of cryptocurrency. Small shifts in price will result in bigger swings in the value of your holdings. For example, if you have only put $1,000 in your account, a minor shift in price against you might result in the loss of all of that money.
It is preferable to leave the leverage at zero or at a very low level if you are unclear of the potential advantages and hazards associated with using leverage. A demo account is an excellent teaching tool for leverage, which takes us to the next topic...
BitMEX offers a fully functional demo version of its platform that is referred to as BitMEX Testnet. In order to have access to this version, users must first register separately.
This'sandbox' version of the platform is referred to as the demo account, and it gives consumers the opportunity to test out the service without the added dangers that are connected with actual trading.
Users are able to identify which version of BitMEX they are working with at any given time thanks to the usage of a green variant of the original BitMEX logo.
Aside from this differentiation, the majority of the site has the same non-live features as the BitMEX Exchange. These functionalities include the opportunity to simulate fund your account from a variety of sources and practice trading before attempting the real thing.
Although we wouldn't suggest the platform to novices because to the high amount of risk involved, more experienced traders who are interested in testing out different platforms would benefit greatly from using BitMEX Testnet. Despite this, we still wouldn't recommend the site to beginners.
Although BitMEX appears to prefer to leave customers to their own devices when it comes to their education and understanding of the platform, the trading service does on occasion present a variety of different discounts and offers to potential users in an effort to persuade them to sign up for an account.
The majority of promotions provide a discount incentive of up to 10 percent, which is unquestionably beneficial for new customers. Additionally, the BitMEX website features affiliate marketing opportunities for users to take advantage of.
The founders of HDR Global Trading Limited are the only owners of BitMEX, which is a fully licensed and regulated business.
As required by the International Business Companies Act of 1994, the business has been granted a license to operate in the Republic of Seychelles. Their business number is 148707, if you were wondering.
This indicates that BitMEX is a viable choice for traders all over the world, despite the fact that traders from the United States are not accepted at this time in accordance with their terms of service.
At the moment, BitMEX is being investigated for its business practices by both the UK Watchdogs and the US CFTC to see whether or not they comply with the legal standards that are in place.
Despite the fact that this has caused a decrease in confidence for the brand, the convenience of the company's access to margin trading keeps it a leading option for a specialized trading audience.
BitMEX has gone above and beyond to give a variety of order types in order to appeal to a larger audience. These order types are in addition to the normal offers that are available on an online trading platform.
Iceberg orders, fill or kill orders, immediate or cancel orders, and post-only orders are all included here. BitMEX is an excellent choice as a trading venue for investors searching for a high-risk, high-reward environment.
When an account is created, users are given the option to begin utilizing leverage almost immediately, which is another one of the greatest supplementary benefits offered by the site.
An excellent perk of the platform is that traders who are interested in this option may use the leverage slider to quickly and easily gain access to it from the trading page. In addition, employing this feature is completely free. However, the use of leverage should be avoided by beginners since it might pose a risk and can be difficult to control.
BitMEX is a firm that places a strong emphasis on assistance, and the company ensures that it lives up to this promise by populating its website with a wealth of helpful material, tutorials, and generalized practical knowledge for traders who are just beginning to utilize their platform.
This includes a help center that has been thoughtfully built, as well as live updates on the platform that provide information about any difficulties or upcoming changes. Another helpful feature of the site is a built-in chat area where users may discuss trading strategies with one another.
BitMEX, in contrast to other trading platforms available on the market that are quite similar to it, only offers one type of account to its customers.
This indicates that there are no more benefits, discounts, or incentives available to traders who have reached a given level.
On the other hand, this also signifies that newbies to the platform are on an equal footing as those trading for longer, allowing for a fairer playing field in comparison to some of the platforms available that are more focused on account level.
Traders who are thinking about using BitMEX should know that this one-of-a-kind trading platform has a number of advantages, some of which are listed below:
When compared to a platform that handles many functions, the user experience on one that is tailored just to bitcoin trading is far more streamlined and straightforward.
Access to a significant quantity of information that originates straight from BitMEX and is openly accessible on their website
Trading on a global scale and the ability to communicate with other traders located anywhere in the globe through a built-in chat feature are both available.
Exceptionally high levels of security, ensuring that all transactions carried out on this platform are completely risk-free seven days a week, twenty-four hours a day
Excellent personalizability with the integration of widgets into the desktop platform, which makes it much simpler to view exactly what one desires when launching the service.
In addition to broad trade, offering a service that is eventually specialized draws a clientele that is more narrowly focused than that of many other platforms now available.
A wide variety of various cryptocurrencies that are all open for trade.
In spite of the many advantages that come with using BitMEX, there are a few negatives to using this platform, including the following:
Because there is no an app nor a mobile-responsive version of the platform, users may only view it in desktop format.
A minimum deposit amount for all traders
On this site, Bitcoin is the only cryptocurrency that is accepted for deposits and withdrawals.
Only certain times of the day are allotted for cash withdrawals to be processed.
The system is not quite as cutting-edge, fashionable, or original as some of the other available choices on the market.
aimed towards audiences who are not novices, with nothing in the way of direction to imply that people who are just starting out in trading shouldn't utilize the publicly available leverage slider.
Investigations now underway in the United Kingdom and the United States may make some consumers nervous about utilizing this platform.
Since BitMEX is a trading platform that is available around the clock, traders may utilize the service whenever it is convenient for them to do so. Each and every eight hours, a financing rate is applied to contracts that are permanent.
In addition to this, there are no limitations on how or when traders may use the platform, which makes it the ideal solution for those who wish to have continuous access to the service of their choice.
In addition to the vast amount of information and direction that is made available by BitMEX, as mentioned in the section devoted to additional features, the platform also provides the type of customer service that is customary for the sector in the form of support that is made available through email and a ticketing system. Additionally, live channels may be accessed on Weibo, Wechat, Telegram, and other platforms.
In addition to this, the service also maintains an active presence on social media sites such as Twitter. Because of this, answers to problems and difficulties may be made very quickly, and the corporation appears to place a strong emphasis on reducing the severity of platform defects and problems to the greatest extent possible by addressing them internally.
Reddit also includes a community that is rather active, catering to users who are searching for guidance and assistance from a more widespread audience.
The BitMEX contact information is not readily available online; however, there is a form on the website that may be used for inquiries of a more general nature and for information.
BitMEX is a platform that places a high priority on the safety of its users. This can be seen, for example, in the fact that they utilize in-house hand-checked withdrawal management and that they use severe security methods for deposits. In short, BitMEX is committed to the protection of its users.
The platform makes use of Amazon Web Services to ensure that its servers are well-protected with two-factor authentication. Additionally, a variety of functionalities are included in the platform, such as trading engine security that will shut down the system in the event that a deposit address and key do not match.
In addition, the platform was developed with kdb+, which is a sort of code that is commonly utilized in the process of developing trading apps for some of the largest institutions in the world.
There is no evidence to suggest that BitMEX has ever been the victim of a security breach, and the implementation of such severe security criteria assures that traders will remain protected while using the service throughout the course of the long term.
Is it worthwhile to do research on BitMEX for people who are interested in expanding the kinds of trading platforms they use? Our take is that the answer lies somewhere in between.
BitMEX may be the ideal, specialized solution to simplify margin trading for more experienced traders who have a solid grasp of leverage and the hazards associated with it.
However, if you are new to the world of trading or are seeking for a bit more guidance along the road, this platform might not be the ideal option for you.
BitMEX is able to fulfill all of its promises as a worldwide trading platform with a specific objective, and it offers all of the information and tools that are necessary for successful transactions to be performed.
However, the fact that the platform is not optimized for mobile usage is a significant drawback for many current traders. As a consequence, the platform can only be utilized by a market that is continuously contracting.
In general, BitMEX does exactly the functions that are advertised, and it performs those functions very capably. If you are seeking for a platform that can fulfill a number of specific needs, then this one could be the best option for you. However, if you are a trader searching for success, you will find that exploring elsewhere will give you the best opportunity.
BitMex welcomes traders from most countries, including the United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, and Qatar, as well as Australia, Thailand, Canada, the United States of America, the United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, and most of the rest of the world.
If you are interested in finding other cryptocurrency exchanges to use besides BitMex, we have included a list of the top 5 brokers that are most comparable to BitMex below. This list of other brokers that are similar to BitMex is arranged in order of resemblance, and it only contains businesses who are willing to work with traders from your region.
Bitfinex is one of the top cryptocurrency exchanges for experienced traders since it provides a free mobile trading software and has cheap trading costs.
OKX is a digital exchange that allows users to trade on hundreds of cryptocurrencies using desktop and mobile applications at minimal cost. OKX is known as OKEx.
Bybit is a well-established cryptocurrency exchange that caters to active traders operating online.
Is it safe to use Bitmex? Yes. BitMex protects customer cash and business transactions with a number of different protocols. Multisignature deposits and two layers of human auditing of each transaction are included in the security features of a wallet. Each of the three components—the system, the trading engine, and the communication—has its own set of security procedures. Because of a hacking attempt or an intrusion, 0coins have been stolen.
Is there an app for trading on Bitmex? At this time, the BitMex platform is not accessible through its mobile app.
Where is Bitmex's primary office located? HDR Global Trading Limited is the company that runs the BMEX and also owns it. HDR Global Ltd. is a company that was formed in the Republic of Seychelles.
Does Bitmex demand users to verify their identities? No. An email address and a password are required to complete the registration process.
What are the costs for using BitMex? Both deposits and withdrawals are completely free of charge. All trades are subject to fees. The cryptocurrency that is being traded and the degree of leverage that is being employed both have an impact on these. The fees range anywhere from 0 percent to 7 percent of the total amount.
The BitMex website provides information that is both comprehensive and clear on the associated expenses.
BitMEX is a cryptocurrency exchange that offers leverage of up to 100 times
for your cryptocurrency trading transactions.
Bitcoin is the only currency that may be used to make payments on this site. Therefore, even if you want to purchase and sell other cryptocurrencies such as Ethereum, Ripple, and Litecoin, you have to start by depositing Bitcoin. This is because Bitcoin is the most widely used cryptocurrency. Users exchange contracts with one another rather than simply exchanging dollars. Due to the normally higher level of volatility associated with this kind, the BitMEX exchange is best suited for more seasoned traders.
Arthur Hayes, Ben Delo, and Samuel Reed were all formerly employed in the financial industry when they established the platform in 2014. HDR Global Trading Limited is the owner and operator of this business.
Since then, there has been a meteoric surge in the exchange's level of popularity. It has quickly become one of the most important marketplaces for trading digital currencies due to its rapid expansion.
Ben Delo, one of the company's founders, is the first person in the United Kingdom to become a billionaire through the use of bitcoin.
The Commodity Futures Trading Commission (CFTC) filed a complaint against BitMEX in the year 2020 alleging that the company ran an unregistered trading platform and violated a number of their laws.
Is it really worthwhile to investigate the platform, taking into account all of the legal difficulties that are involved? And is it the best location to be at if you are interested in trading cryptocurrencies?
BitMEX is an exchange that focuses on margin trading (the term is used interchangeably with leverage trading).
It enables you to trade digital currencies while simultaneously borrowing money against your existing funds so that you can do so. This indicates that you are able to increase the value of the digital currency you currently possess by borrowing money from BitMEX.
For certain cryptocurrencies, the platform provides a leverage of up to x100. If you make a deposit of 0.005 Bitcoin, for instance, you will be eligible to get up to 0.5 Bitcoin to use for trading.
This is one of the most noticeable characteristics of it. The firm has included a slider that can be found in the sidebar so that you may choose the desired degree of leverage for your position.
The use of leverage is one of the primary selling points for experienced traders who are aware of what they are doing. Since BitMEX's goes as high as x100, it is most often directed against them because of this. Trading with a leverage of more over 5x on BitMEX is not recommended for people just starting out.
It is essential to keep in mind that the maximum does not equal 100x for all items. The answer is going to change based on the digital currency and the contract that you choose.
Besides Bitcoin, BitMEX allows you trade many other digital currencies. For instance, it provides access to Cardano, which is another another public and decentralized blockchain project. Ethereum, Litecoin, and Ripple are some of the other cryptocurrencies that may be used.
On the site, users have the ability to trade a wide variety of cryptocurrencies with a leverage of 20x. You have a 100-to-1 leverage when trading with Bitcoin. There is a cryptocurrency called Tezos that has the lowest leverage, since it only goes up to a 2x multiplier.
Additionally, there is something called an initial margin, and it is the least amount of bitcoin that you need to deposit in order to begin a trade.
You can get inside the practice environment if you want to gain a better understanding of how the leverage system on BitMEX works. It has an extremely lifelike texture and resemblance.
BitMEX provides a total of four distinct derivative products, which are as follows:
Traditional Contracts or Futures: A contract in which you commit to purchase or sell a digital currency on a previously agreed upon date. These types of contracts are also known as "futures."
Traditional futures contracts do not have an expiration date or a settlement date, but perpetual contracts do.
You are able to participate in the possible profit that might be made from the underlying instrument by using BitMEX Upside Profit Contracts.
You have the ability to participate in the possible loss of value of the underlying instrument through the use of BitMEX Downside Profit Contracts.
There are zero fees associated with adding funds to your account. Withdrawals from BitMEX are also completely free of charge.
You will not be able to make a deposit immediately after registering an account.
Before you may add digital currency to your BitMEX account, you will first need to provide proof of your identity so that we can ensure your protection.
You will need to demonstrate that you can successfully pass each of the following stages of security in order to have your identity confirmed:
Definition of (A photograph of your ID)
Presence (A selfie or video)
Whereabouts (By using your web browser or uploading a document)
How you'll finance your account is referred to as the "funding."
Bitcoin is the only currency accepted for making deposits at BitMEX. Users that transact using Litecoin, Tether, Dogecoin, and any number of other forms of digital currency run the danger of losing all they have placed.
The least amount of Bitcoin that may be deposited into your account is 0.0001 BTC (10,000 Satoshi).
Because BitMEX utilizes multi-signature cold wallet addresses, you may be certain that no internet-connected devices will be able to access the contents of your bitcoin wallet.
The procedure of making a withdrawal from BitMEX is not overly complicated. You are free to use whichever Bitcoin wallet you choose, and you decide how much Bitcoin you want to take with you.
There is a minimum need of 0.001 BTC, which is encouraged.
BitMEX's trading costs are among the most competitive in the industry and vary depending on the currency being traded. The fees for making perpetual swaps and some future swaps are now set at -0.025 percent, while the fees for taking perpetual swaps are set at 0.075 percent.
You are not trading against the platform when you engage in trading on a derivative marketplace such as BitMEX. Instead, it only acts as a medium through which you and another person may communicate and conduct business with one another.
You are able to acquire contracts with a significant amount of additional bitcoin than you have placed on your account thanks to the leverage that goes up to 100x.
It is only natural that in the event that you were to lose, you would not have the margin to pay the victor.
The BitMEX cryptocurrency exchange and others like it are unable to provide successful traders with the same level of safety that the CME offers.
Because of this, it is possible that there will not always be sufficient cash available inside the systems for winners to get the money that they are entitled.
This issue is helped to a certain extent by the BitMEX insurance fund, which also makes certain that all winners receive precisely what they anticipate receiving. In addition to this, it assists in reducing the other trader's exposure to potential losses.
This is how it operates:
BitMEX will automatically close your position if your maintenance margin falls below a certain threshold. To put it another way, it closes out your position by selling the Bitcoin contained within it.
This leads to payments being made to the insurance fund, which enables the fund to continue to expand at a consistent rate.
According to information that was made public on the organization's official website in 2019, the insurance fund contained around 21,000 BTC. This is more than the CME has in its coffers when you take into consideration the yearly trading volume of the company.
In order to provide you with an accurate BitMEX review, I have to spend a significant amount of time utilizing the platform and delving deeply into the user interface.
The good news is that everything is easy to understand.
The staff members at BitMEX have organized the various settings and information in a way that makes sense. On the left side of the screen is where the menus are located, while trade data is shown in windows on the right.
Keep in mind, however, that just because BitMEX has a straightforward design does not mean it is user-friendly for novices. As I've already stated, the site is mostly geared for traders who are either semi-professional or professional in nature.
BitMEX may be user-friendly, but it lacks the aesthetic appeal of other cryptocurrency exchanges that are currently available.
It appears to be a standard spreadsheet application that can be used on a personal computer.
The platform is lacking in color, and the addition of a few more props would unquestionably improve how it appears.
Nevertheless, it does what it set out to achieve. If you like things to be straightforward, you're going to really dig the structure of this whole website.
The trading of cryptocurrencies is advancing at a breakneck speed, which means that customers expect more from exchanges. Customers of BitMEX had been wanting a mobile app for quite some time, and in the year 2020, they finally got their wish. There was an unauthorized app available to customers before the BitMEX app was released, but the firm recommended that they stick with the desktop version.
The mobile application includes a wide variety of functions and is quite similar to the desktop version. The features that BitMEX has incorporated in its mobile app are listed below for your convenience.
The administration of vacant posts
Charts using candlesticks and data in real time
Transactions for deposits and withdrawals
Authentication based on biometric features
Even if there are certain aspects of the website that aren't there, none of them are really necessary for the trading process. For instance, you won't be able to use the app to access the chat widget, which is also referred to as the "trollbox."
I gave the BitMEX app for Android a try, and I think it's really decent. Users have full control over their accounts and are able to easily navigate between displays by swiping between them.
You may also access the app from as many different accounts as you like, and you can customize the price alerts to meet your specific requirements. It also has some unique features that can be customized to make trading while traveling that much more fun. For instance, when you first open the app, it will be set to a night mode, but you have the option to switch it off throughout the day.
The BitMEX app for iOS may be downloaded from the Apple App Store, while the app for Android can be obtained from the Google Play Store. Obtaining the APK file straight from the BitMEX website is yet another method that may be used to install it on your smartphone.
More than 140 nations throughout the world are represented within its user base.
The exchange has disclosed that in the near future, it intends to extend the app's availability to further nations and add additional functions.
Every cryptocurrency trader is aware of how crucial security is. Therefore, you can be certain that the level of security offered by BitMEX is unmatched.
Before processing a withdrawal, the workers of the firm perform at least two manual inspections on each one. Additionally, BitMEX operates a one-of-a-kind multi-signature deposit and withdrawal system.
Every single one of the company's e-mail addresses has support for multiple signatures, and offline storage is used for everything.
When one considers the cumulative daily volume that BitMEX has achieved throughout the course of its existence, the magnitude of this accomplishment becomes even more astonishing.
There have been no complaints of the website being hacked over the platform's entire existence, which spans a period of seven years. In addition, when I was reading through evaluations submitted by customers of BitMEX, I did not come across any mentions of the loss of data or virtual money.
Even more, the corporation offers a bug bounty program on HackerOne, via which users may earn payments for disclosing vulnerabilities in the system.
But that's not the end of it.
The trading apps that some of the largest financial institutions in the world use are built with kdb+, the kind of code that was used to construct the platform during its development.
It is without a doubt one of the most secure cryptocurrency exchanges that is currently accessible.
You will see in a bit that despite the fact that the corporation has been involved in a few issues, none of them entail data breaches on the company's part.
As a result, it is reasonable to assume that the information you submit is being handled appropriately.
Is BitMEX Legit? Now we are at the point in this evaluation of BitMEX that things start to get complicated. One of the largest cryptocurrency exchanges that you will come across is BitMEX, which has a trading volume of over $3 billion each twenty-four hour period.
When seen from this angle, the platform is legitimate, and there is nothing that should prevent you from trading on it.
In spite of this, BitMEX has been embroiled in a number of controversies over the past few years.
First, in 2018, the corporation acknowledged that it had given insiders an unfair advantage and had participated in trading that was not lucrative in order to increase the volume of trade.
The next year, BitMEX exposed over 30,000 client email addresses through an unfortunate breach of security. It planned to send an email to a large number of recipients, but inadvertently included all of their addresses in the "to" box.
Right after the leak occurred, malicious actors gained access to the BitMEX Twitter account. As if that wasn't bad enough.
After then, the Commodity Futures Trading Commission filed a lawsuit, as I stated at the opening of this BitMEX review. In the year 2020, all three of the company's founders and the first employee were arrested on suspicion of failing to prevent the laundering of funds. The accusations were the culmination of a campaign that had been going on for years in the United States to crack down on the cryptocurrency industry and begin to regulate it.
At first, police only detained one of the proprietors, and his name was Reed. Hayes has made the assertion that he will also turn himself in to the police in the United States, just like Delo did in the end.
In the interim, BitMEX has formed a partnership with Eventus Systems, a business that specializes in regulatory technology and can assist it in improving its compliance with anti-money laundering regulations. When it comes to crypto-asset compliance, the firm intends to establish itself as a front-runner in the market.
Another problem with the site is that it is inaccessible to anyone living in the United States. Customers in the United States who used BitMEX had access to it until the middle of 2017, when cryptocurrencies fell out of the regulatory limelight.
It is recommended that you keep these conflicts in mind, despite the fact that the site is widely recognized to be authentic.
When it comes to providing assistance for customers, BitMEX is successful.
You may get in touch with the customer support team by email by using a ticketing system, which is pretty much normal operating procedure in the sector. You may submit the ticket through their website, and a response will be sent to your email address when it has been processed.
Using this approach, I contacted the customer care employees with a number of queries, and only a few hours later, they emailed me a comprehensive response to all of my inquiries.
My own experience as well as the evaluations of other BitMEX customers that I've read online lead me to believe that the ticketing system functions without a single glitch.
You are able to obtain assistance in the following languages: English, Chinese, Russian, Korean, and Japanese.
You can try contacting the BitMEX staff through their social media channels in the event that you are seeking for an alternative method of communication. They may be found on a number of different platforms, including Twitter, Facebook, and LinkedIn.
Depending on the specifics of the information that you want, it's even possible that you won't need to engage in conversation with the agents at all. Before sending a message or email, you may want to look through the site's helpful Frequently Asked Questions and Knowledge Base sections first.
In addition, the BitMEX margin trading instructions may be found in the references section. Whether you are an experienced trader or a newcomer to the world of digital currency, you will discover that using them to your advantage.
BitMEX and Bybit are two cryptocurrency exchanges that are comparable to one another. Both do not accept consumers from the United States, and the methods for liquidating their businesses are quite same.
There is a take charge of 0.075 percent and a maker fee of -0.025 percent included in the trading costs on both platforms. When it comes to making bitcoin withdrawals, Bybit is far quicker than its competitors. It performs withdrawal processing continuously around the clock. BitMEX does this action once every 24 hours.
Since their respective debuts, neither of these systems has been subjected to a successful hacking attempt by an unauthorized third party. Bear in mind that BitMEX has been operating for a far longer period of time than Bybit and that its security has been through more rigorous testing.
According to the evaluations left by BitMEX customers, more experienced traders like BitMEX, whereas Bybit is better suited for newcomers.
In general, both platforms are really powerful, and you won't make a mistake regardless of which one of the two you choose to use. It all boils down to individual choice and the amount of relevant experience one possesses.
BitMEX against Binance: How, therefore, are the two cryptocurrency exchanges, which both claim to be the most popular, comparable?
Both of them enable you to trade several digital currencies in a single location, which means that you do not have to use different cryptocurrency wallets for each currency that you trade.
The costs on BitMEX and Binance are structured differently, thus comparing the two is not as straightforward as it may first appear. Binance is known for having some of the lowest affordable transaction fees in the industry. As you can see from our assessment of Binance, the trading fee is set at 0.1 percent of the total value of each deal. Because BitMEX deals in futures, the costs are not as clear as they are at other exchanges. Furthermore, the fees differ based on the currency that is being traded.
When it comes to withdrawing cryptocurrency, Binance is significantly faster than other exchanges because it processes withdrawal requests every 30 minutes.
One of the key distinctions between these two platforms is that Binance offers a trading platform for users in the United States (binance.us), which is accessible in 41 of the 50 states, whereas BitMEX users in the United States are prohibited from engaging in any kind of trading activity.
Although Binance isn't quite as user-friendly for novice investors as Bybit, it's still a better choice than BitMEX in this regard.
Even though these two systems are quite comparable, Binance appears to have a number of advantages. The vast majority of customer evaluations compliment its cutting-edge design and user-friendliness. Additionally, there are activities that are designed to keep the community interested, which is not something that receives a lot of attention from BitMEX.
After conducting extensive study on the topic, I can confidently conclude that BitMEX is an excellent cryptocurrency exchange. The fact that its daily trade volume is $3 billion points to the same conclusion.
The staff members at BitMEX place a strong emphasis on safety. Another important fact to bear in mind is that in the wake of recent controversies, BitMEX is taking steps toward controlling money laundering to the greatest extent feasible.
Because you have to be familiar with the procedure in order to utilize their interface, BitMEX trading is a very suitable alternative for experienced traders who are looking for a trading platform. If, on the other hand, you're just starting off, you might want to look in a different direction.
The job of selecting a bitcoin leverage trading platform that meets your
needs might be difficult. There are several factors to take into account, some
of which include the features of the platform, the interface for charting, the
trading pairs, costs, security, and customer service. BitMEX is one of the top
leverage exchanges in the world, and we are going to go into depth about it in
BitMEX was one of the largest and most extensively utilized margin trading platforms in the world. It is a peer-to-peer platform for trading bitcoin futures and offers leveraged contracts.
Users have the ability to purchase and sell contracts for cryptocurrencies (not the real coins themselves) paired with margin trading up to 100 times. These contracts may be leveraged up to 100 times. This implies that the only currency that can be deposited and withdrawn is Bitcoin. It is an excellent site for bitcoin digital traders who are wanting to raise the amount of BTC they possess by trading on the market.
On BitMEX, some of the most crucial features include advanced functionality, an easy-to-navigate user interface, and a mobile trading app. This table provides a comparison of various leading cryptocurrency exchanges, similar to BitMEX, that provide features of the highest caliber.
BitMEX employs security protocols similar to those used by banks to provide the best possible level of protection for clients' assets that are held on the trading exchange. Multiple levels of protection, such as multi-sig withdrawals and two-factor authentication, have been put into place (2FA). In order for customers to successfully log in, confirm withdrawals, and modify account data, they will need to give additional verification methods such as a password and a unique code generated by their mobile device.
Which Countries Do We Provide Assistance To? With the exception of the United States, individuals from anywhere around the world may register with BitMEX and immediately begin trading. This is a result of restrictions in the United States, which are mainly outside the control of BitMEX. It has been reported that clients in the United States can get past this restriction by utilizing a virtual private network (VPN). Please be aware that this is against the terms of service of BitMEX, and we do not advocate selecting this option. We strongly suggest that you look for another bitcoin exchange in the United States to utilize.
The entire process of registering for an account with BitMEX may be completed in a matter of minutes, beginning to end. Users are not forced to go through a difficult Know Your Customer procedure, snap selfies, or scan identity papers. You may start trading as soon as you deposit any Bitcoin; all you need is a working email account to get started with the platform.
Create an account on BitMEX by following these steps:
Visit the Bitmex website and look for the button labeled "Register" in the upper right corner of the page.
After providing your e-mail address, password, and selecting your country of residency, click the Register button when you are finished.
It will be necessary for you to validate the e-mail address. Check the email address that was used to register and then click the link that says "Verify My Email." The registration procedure will be finished when you do this. That wraps it up! You may now log in to the BitMEX exchange using the account that you just established.
After you have created an account and logged in, the next step, which is required to begin trading on BitMEX, is to make a deposit in the form of bitcoin. You make a deposit, please sure to follow these instructions:
If you navigate to the top left of the website and click on the word "Account," you will be sent to your BitMEX wallet.
To reveal the link to the deposit address, you will need to click the green button that is labeled "Deposit."
The Bitcoin address will be displayed on the screen that displays deposits. This is the Bitcoin address that bitcoin payments should be sent to. Make a copy of the address, and then paste it into your software or hardware wallet, or anywhere else you will be carrying out the withdrawal. If you are making use of a mobile online wallet, you will be able to obtain the deposit address by scanning the barcode.
Keep in mind that this is an exchange for trading cryptocurrencies only, and it does not enable the depositing of fiat currency. Make sure that you only transfer Bitcoin (BTC) to the deposit address associated with your BitMEX account.
What Is the Amount of Leverage? BitMEX provides leveraged products for the following cryptocurrencies: Bitcoin, Ethereum, Cardano, Tron, Ripple, Litecoin, and EOS. Bitcoin Cash is also supported. The amount of leverage that may be utilized varies from product to product. Due to the fact that this is a cryptocurrency-only service, the only acceptable kind of collateral to trade with is bitcoin.
Therefore, if you have a leverage of 100x, you will be required to put up a margin equal to 1 percent of the trade's original notional amount. This is the case even if you have other financial advantages. Therefore, if the notional value of a contract for 10 Bitcoins is $10,000, you will be required to put up an initial margin of $100.
User Interface: When it comes to trading cryptocurrencies, the user interface is one of the most crucial factors to take into account. When you first log in to your BitMEX account, you will see that the trading interface has been meticulously designed to be as user-friendly as possible. The top bar is fixed and offers an easy method to get back to the 'Trade' window, examine information about 'Accounts,' and view information related to 'Contracts,' among other options. When compared to the interfaces of more modern exchanges, such as Bybit, this one seems to be a little bit behind the times.
Tradingview, which is well-known for having charts that are easy to understand and responsive, is the company that provides the charting package. Traders will have access to advanced trading tools made available by TradingView, which they can utilize to hone their trading edge and improve their ability to maximize earnings while minimizing risk. BitMEX charts provide users with a broad variety of time frames and tools to draw trend lines, add indicators, and design chart patterns. These features may be utilized to precisely schedule trading orders using a market, limit, or stop order.
The user interface for trading on Bitmex: The active positions are shown at the bottom of the screen and can be tracked quite quickly. Every aspect of the trade, including the asset, position size, entry price, margin, and unrealized profit and loss, is shown and updated in real time. Clicking on the 'Active Orders' page will list any pending orders, at which point you will have the ability to examine the order, make changes to it, or cancel it altogether.
The order book and market depth chart can be helpful tools for more experienced traders, which can be seen on the left. The margin calculator tool of BitMEX is also very helpful for risk management.
Order Types The BitMEX ordering system enables traders to build up limit orders for their take profit and stop loss, including the following examples:
Limit Order (an order is fulfilled if the specified price is reached)
Market Order (an order is executed at current market price)
Stop Limit Order (an order is filled once the Stop Price is triggered) (an order is filled once the Stop Price is triggered)
Stop Market Order (an order that is not visible in the order book until the market reaches a specified price)
Order to Stop in Trailing Position (an order that has a specified trailing value that is used to trigger a market order)
Take Profit Limit Order (an order is fulfilled if the specified take profit price is reached)
Take Profit Market Order (an order is fulfilled if the specified take profit at market price is reached)
When choosing a cryptocurrency trading exchange, the fees associated with trading should be one of your top priorities. When trading greater position sizes and on a futures market, where you are paying fees on positions that are considerably larger than your margin, this becomes an even more crucial consideration.
The BitMEX exchange operates using a concept known as "maker and taker," which means that the trading costs are determined both by the kind of order (such as futures or contracts) and the digital coin being traded. Users who place orders for conventional Bitcoin futures will receive a tiny compensation from BitMEX. The maker trader will receive a refund of 0.025 percent, while the taker trader will be charged 0.075 percent. The costs associated with trading on BitMEX are comparable to those on other platforms like as FTX, Bingbon, and BaseFEX.
There are no transaction fees applied to deposits or withdrawals. When users withdraw funds from their BitMEX accounts, they will be subject to a nominal fee that is levied by the Bitcoin Network and not by BitMEX.
BitMEX is the first cryptocurrency exchange of its kind to include a multi-signature deposit and withdrawal method. This ensures that customers' BitMEX addresses are protected by multiple signatures, and that offline storage is used for all assets, including Bitcoin private keys. Even if an adversary had access to the entire system, which would include web servers, trading engines, and databases, they would not be able to steal enough money since there are not enough keys accessible. No private keys are ever stored on any cloud server, and the vast majority of cash are maintained in extremely secure cold storage.
Every deposit address that is given out by the BitMEX system is checked by a third-party service to guarantee that it contains keys that are under the ownership of the company's original creators. In the event that the public keys do not match, the system will be instantly shut down, and trading will come to a standstill.
The customer support team at BitMEX may be reached using a ticketing system. To report a problem with the website's functionality, go to the menu on the left and select the 'Contact' option. This will open the contact box when you click it. Simply provide the customer support team at BitMEX with an email address, a topic, and the main content of your message, and then click the "Submit" button to submit it. BitMEX's customer service representatives are fluent in English, Chinese, Russian, Korean, and Japanese, among other languages.
The other option is to go through the guidelines and articles that are located in the "Knowledge Base" part of the website. This section includes subjects such as frequently asked questions about general trading, deposits and withdrawals, identification verification, and security.
BitMEX and Binance are two heavyweights in the cryptocurrency trading industry that mainly specialize on distinct cryptocurrency trading products. The battle between these two companies is known as the BitMEX vs. Binance. In order to better compete with BitMEX, the cryptocurrency exchange Binance has only lately added margin and futures trading.
Binance, as most people are aware, allows users to trade a broad variety of alternative cryptocurrencies and stablecoins, whereas BitMEX exclusively takes Bitcoin. BitMEX has long been the cryptocurrency exchange of choice for experienced traders looking to optimize their Bitcoin earnings through the utilization of up to 100 times leverage and other cutting-edge trading tools. We do anticipate that there will be more competition in the not too distant future as a result of Binance's ongoing efforts to reinvent the trading experience and launch new trading products and services in order to attract more customers.
Both BitMEX and Bybit are competing in the market for trading Bitcoin futures, and the two exchanges are frequently pitted against one another in this regard. Although the two transactions share certain parallels, we will concentrate on the most significant distinctions between them.
To begin, BitMEX can brag about a substantially higher daily volume than its competitors can, as well as a significantly greater number of users and an established reputation in the industry. It does have several problems, one of which is an overloaded server, which may be really aggravating. In addition, there are not many new features or innovations being launched, which makes it difficult to maintain the attention of traders.
On the other hand, the Bybit exchange is a relatively young platform that already boasts more than 100,000 traders despite having only been around for a short while. The platform provides users with one-of-a-kind features that are extremely appealing, such as trading competitors, a control over price manipulation, rapid trade speed with low latency, an insurance fund, and up to 100 times the leverage on Ethereum contracts. In a nutshell, Bybit is in the driver's seat and is quickly establishing itself as a leading trading platform for day traders.
Is There A Mobile App Available For BitMEX? BitMEX provides customers with the ability to trade cryptocurrencies through the use of an app that can be downloaded from either the Google Play Store or the Apple App Store. Please visit the website if you would like more information on BitMEX Mobile. There you will find additional specifics.
Does BitMEX Offer a Demo Trading Platform? Users of BitMEX have the opportunity to engage in risk-free practice trading of cryptocurrencies via the platform's testnet. Using the paper trading account provided by BitMEX, newcomers are able to quickly become comfortable with the exchange's interface and learn how to trade cryptocurrencies while utilizing leverage.
We are able to claim that the exchange provides sophisticated methods of trading, which are appropriate for expert traders who are experienced in trading volatile risk assets and having exposure to margin trading.
The platform for speculating on the market in order to earn Bitcoin at the exchange has become the largest cryptocurrency derivatives platform in the world thanks to a number of things that the exchange has done well.
Even if the movements of the financial markets are always shifting, investors
continue to focus on the technology and instruments that enable them to make
rapid gains. Trading platforms have recently emerged as one of the most
cutting-edge methods for carrying out financial judgments in the market. By
offering the most effective trading tools, these trading platforms are assisting
traders and investors in the cryptocurrency markets in generating millions of
dollars in profits.
BitMEX is now one of the most well-known trading platforms available in the cryptocurrency sector. It is utilized by Bitcoin believers all around the world. The platform provides investors with a wide variety of trading tools, which assists them in maintaining their performance in the international financial markets.
In this analysis of the BitMEX platform, a number of its components have been analyzed in detail. The aspects of the platform pertaining to margin trading and leverage trading have been analyzed.
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This review of BitMEX illustrates why investors and international business enterprises should utilize a trustworthy derivative trading platform like BitMEX to grow their worldwide trading operations. Specifically, this study focuses on the benefits of BitMEX's trading platform.
BitMEX is a trading platform that is registered under the International Business Companies Act. This platform is aimed for experienced traders who are interested in margin trading and leverage trading. Building perpetual contracts on margin trading is accomplished through the usage of this platform.
One of the most sophisticated peer-to-peer systems for cryptocurrency trading is called BitMEX. It utilizes best-in-class application programming interfaces (APIs) to deliver superior trading expertise and increase investor trust. The BitMEX exchange provides individuals with accuracy by assisting them in the creation of trading accounts worth one million dollars.
BitMEX's leveraged trade contracts contribute to the exchange platform's ability to execute transactions more quickly. The platform can be trusted and has sufficient liquidity to facilitate Bitcoin exchanges. In spite of the dangers associated with cryptocurrencies, the platform has the support of hedge funds from all around the world.
One of the permanent swaps that has had the greatest positive impact on the cryptocurrency market is XBT-USD, which is traded on BitMEX. The BitMEX team is always pushing the boundaries of innovation with novel perpetual swaps and a powerful trading engine security system.
People are able to engage in direct currency trading with the assistance of the BitMEX trading engine, which complies with the laws set out by the Commodity Futures Trading Commission. It contributes to the growth of value for Bitcoin and other crypto currencies, even if they are not the real coins themselves.
High-frequency algorithmic trading continues to be beneficial for traders at BitMEX who are selling contracts on Bitcoin swaps.
The constant development of new products is the driving force behind BitMEX's unparalleled success in the leverage trading market. The BitMEX leverage slider is used by the vast majority of traders on the BitMEX platform to facilitate cryptocurrency transactions. The BitMEX exchange launched its 100x leverage in July 2020. HDR Global Trading Limited, a financial holding organization for BitMEX customers, was responsible for managing the associated risks during this period.
Traders who are interested in investing in both traditional currencies and cryptocurrencies may reap the benefits of using the BitMEX app. It is widely acknowledged that the platform is among the most reliable exchanges for margin trading. This platform is well regarded for spot trading, deposits in Bitcoin, and trading with the highest possible leverage.
However, according to recent reports, federal authorities in New York have been keeping an eye on the BitMEX platform as well as the three people who are linked with its activities. It has been suggested that this trading platform, which is entirely owned, has broken the trading rules of the United States. authorities charged with regulating markets, such as the Commodity Futures Trading Commission. The reputation of BitMEX as an organization that adheres to banking standards was damaged as a result of these infractions.
BitMEX is a bitcoin trading platform that provides traders from all over the world with access to a variety of tools and services. These services are categorized according to the price at which the cryptocurrency assets can be liquidated. Other cryptocurrency exchanges, for instance, don't provide the same kind of flexibility that you have with a BitMEX account, which allows you to trade fiat currencies.
BitMEX makes it simple to trade prominent cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and Link (LINK). BitMEX is the only exchange that offers cheap fees on deposits and withdrawals, making it the most attractive option for customers. The site is regarded as one of the most reliable cryptocurrency exchanges since it offers leverage of up to 100 times. The commission rate for trading on BitMEX ranges from 0.025 percent all the way down to 0.0075 percent of the total amount traded.
The BitMEX cryptocurrency exchange now allows its mobile app to be used to process deposits and withdrawals made on the platform. Additionally, the site provides a variety of swap contracts for Bitcoin, including:
The BitMEX futures contract enables the trading of Bitcoin derivatives as a commodity at prices that have been fixed in advance.
Since BitMEX uses margin-based spot trading methods based on BTC index prices, the perpetual contracts that it offers do not impose any expiration on the trading of futures contracts.
BitMEX Upside Profit is an intelligent contract that enables traders to participate during the possible upsides of financial assets such as Bitcoin (BTC).
A smart contract known as BitMEX Downside Profit gives traders the opportunity to profit on any potential decline in the price of bitcoin.
At BitMEX, registering and logging in or signing up for an account is a straightforward process. The entirety of this process, beginning to end, may be completed on the website in a matter of a few minutes. Users have the option of going through the Know Your Customer (KYC) procedure or skipping it altogether. Traders with experience can scan and submit their identity papers using email accounts that are still active. This procedure assures that a user may instantly begin trading on BitMEX after depositing Bitcoin into their account.
Create an Account on Bitmex by Following These Steps:
Visit the Bitmex website, and at the upper right hand corner of the page, click on the link labeled "Register."
To generate a password for the account, you will need to fill in the data and enter the email address.
Choose the nation in which you now reside, then fill out the form, and finally click the "Register" button.
Click on the link that was supplied by BitMEX to the registered email account in order to validate the email address.
Follow the on-screen instructions to finish registering for this event by clicking the link that says "Verify My Email."
At this time, a brand-new account will be established on BitMEX.
By following the steps outlined below, BitMEX account users may quickly login in to their accounts and make Bitcoin deposits without any delay.
To access your account, navigate to the top left of the screen and click on the word "Account."
Proceed to the wallet page on BitMEX.
To make a deposit, select the Deposit button and then input the link to the deposit address.
Make use of the Bitcoin address, then choose "Send Bitcoin to" from the drop-down menu.
Simply input the address that can be found on the "Withdrawal from" column once you have copied it from the best crypto hardware wallet.
The BitMEX mobile online wallet also supports the usage of barcodes for the purpose of making deposits.
The BitMEX exchange is a platform that features a user-friendly layout, allowing users to easily examine the most important factors in cryptocurrency trading. The user interface for conducting business on this website is organized in a suitable manner. The top trading bar features a stationary display and facilitates straightforward navigating over the entirety of the 'Trade' window. The 'Accounts' page view and the information found on the 'Contract' page are both simple to understand. The user interface seems quite basic, yet it offers all of the functions that are seen on famous exchanges like Bybit.
The BitMEX charting package may be accessed using TradingView. Traders are able to better harness the power of modern trading tools with the assistance of these responsive charts. TradingView makes it possible to engage in sophisticated trading activity. When used within the proper time periods and market indications, it has the potential to both increase earnings and limit risk.
Traders have the ability to construct chart patterns and correctly timing their trade orders, which assists them in accurately issuing market orders, limit orders, and stop orders.
Active positions that are available for trading are shown at the bottom of the bar. Position size, margin, entry price, and pending orders are all shown here for your perusal. All forthcoming orders are displayed in the page labeled "Active Orders," where users have the ability to rapidly make changes to the purchase or even cancel it altogether.
This platform is utilized by more seasoned traders because of the market depth chart it provides. The order book on the left side of the screen also includes the BitMEX margin calculator, which is an extremely useful tool for risk management.
The leveraged contracts and perpetual swaps that are traded on the BitMEX exchange are subject to a settlement charge. This charge is required to be paid in accordance with new legislation governing crypto banking, as former banking industry professionals have stated. BitMEX also offers a comprehensive cost breakdown, however it differs according on the type of bitcoin that is being traded.
When choosing between several cryptocurrency trading exchanges, the costs associated with trading should be a primary consideration. The user of BitMEX has to be informed of the costs that are incurred when trading greater position sizes before they can begin trading on the platform. This futures exchange assists in the payment of fees with advantageous market positions, which often have a significantly higher margin.
The maker and taker concept is utilized by the BitMEX cryptocurrency exchange as well as its mobile app. A negligible remuneration of 0.025 percent is denoted by the maker charge that is associated with trading programs. The platform receives a good score in comparisons such as BitMEX against Bybit or BitMEX versus Binance, etc. because to the minimal costs that are charged.
For transactions involving a modest amount of bitcoin, neither the deposit nor the withdrawal fees are levied. The fee imposed by the Bitcoin Network is likewise quite low, and it is only levied on withdrawals that are processed on the blockchain itself, rather than the BitMEX ecosystem. However, if you want to learn the complete pricing structure of the BitMEX exchange, you should visit this page.
BitMEX provides traders with a profit and loss calculator that details the risks that are associated with trading on the platform. This calculator is only able to be used for calculating Bitcoin transactions. When the site starts offering leveraged contracts to other traders, using this calculator to withdraw Bitcoin will become a lot more feasible.
Calculating may be done with the BitMEX tool using:
Price paid to exit is more than the price paid to enter.
The entry price is significantly less than the departure price.
A short trade was closed out at a cheap price.
Application Programming Interface, or API, is a feature that allows for advanced trading capabilities on BitMEX. The security information on high-leverage trades may be brought into alignment by using this feature-rich REST API.
It is a strong streaming tool that organizes and analyzes markets based on user data by making use of the WebSocket API. The BitMEX website is transformed into a sophisticated trading application for the industry's most experienced crypto traders thanks to the API functionalities.
BitMEX makes use of an automated trading engine that is analogous to the well-known HamsterBot. Python was used as the language of development for this automated trading system. Traders may get fast and ongoing aid quoting in two-sided marketplaces with the assistance of BitMEX bot.
The BitMEX Market Maker is a trading bot that also supports numerous API Keys. This is done to give a suitable starting point for trading and the implementation of new trading plans and tactics.
It would not be possible for BitMEX to function without the support of its insurance fund. Both regular markets and the cryptocurrency market are seeing unprecedented levels of volatility, which is causing confusion among traders. By providing help through this fund, BitMEX hopes to bring some order to this chaotic situation.
It serves as the very last line of defense, stopping traders from automatically deleveraging (ADL) their assets. Profitable traders may be adversely affected by the automated deleveraging of their holdings, which may result in the liquidated jobs being forced into bankruptcy. The existence of this fund prevents occurrences of this nature from taking place.
Deposits can only be accepted in Bitcoin on BitMEX. The platform, which allows users to make trades using a variety of indices, supports Bitcoin in addition to a number of the most prominent alternative cryptocurrencies. There is no support for deposits in USD or any other fiat currency. Despite the fact that the following list of cryptocurrencies is supported: -
Bitcoin (BTC) (BTC)
Bitcoin Cash in Full (BCH)
EOS Token (EOS)
BitMEX is a company that is officially recognized by the government of the Republic of Seychelles. With the exception of individuals located in the United States, practically anybody may sign up for a BitMEX account and begin trading immediately from anywhere in the globe. This is largely due to the fact that BitMEX does not have control over the rules that govern the United States. It has been reported that clients in the United States can get past this restriction by utilizing a virtual private network (VPN). However, this is against the policies of BitMEX, and the exchange does not advise using this particular choice. BitMEX advises customers to utilize or trade on another cryptocurrency exchange located in the United States.
Ethereum, Bitcoin, Cardano, Ripple, Tron, and Litecoin are some of the cryptocurrencies that may be leveraged through the use of products offered by BitMEX. On the other hand, it offers the least amount of leverage on EOS and Bitcoin Cash. The level of leverage required varies greatly depending on the product. The only cryptocurrency that may be used as collateral for leveraged trades is tradable by users.
When using leverage of 100x, traders need to put down only one percent of the total value of their original deal in Bitcoin. The leverage would be set at 100 percent of the original margin for a ten Bitcoin contract with a value of ten thousand dollars.
The BitMEX Futures Contract is a type of agreement that may be used in the trading industry as a derivative product. Traders are able to purchase or sell an instrument at a price that has been established thanks to this arrangement. They are even able to earn an early payment if they want to designate a period in the future.
Cash or cryptocurrency may be used to pay the contract. Additionally, other trading products can be integrated into the Futures Contracts on BitMEX. The payment for these contracts is sent to the user's BitMEX wallet.
Futures contracts on BitMEX do not require a 100 percent collateral margin. Traders are able to bet on the future value of Bitcoin in a speedy and accurate manner because to the Bitcoin-denominated BitMEX contracts, which provide leverage of up to 100 times.
The BitMEX testnet is a simulator that creates an environment in which trades may be mirrored and their results tested against actual consequences. The testnet was designed specifically for novice users so that they could become accustomed to the trading experience offered by BitMEX.
They can gain experience with the many facets of leverage by making trading orders, carrying them out, and then canceling part of the orders. On the BitMEX testnet, there is a wide variety of order types and sizes accessible.
Since BitMEX Testnet is a standalone product, a separate registration process is required to use it. Users who already have an account registered on BitMEX.com are need to also register for a new account on the BitMEX Testnet. Users are required to make a deposit of "Testnet Bitcoin" in order to trade on this testnet. These "Testnet Bitcoin" are simulated representations of genuine Bitcoin crypto currencies.
They are not redeemable for cash and may be obtained for free from many faucets located all over the internet. Every deposit and transaction that takes place on BitMEX Testnet does not run the danger of having an effect on the user's actual digital riches or trades.
BitMEX provides users with a number of secure trading tools. It employs extensive data protection methods together with security protocols similar to those used by banks. This contributes to ensuring that BitMEX and its clients continue to enjoy the greatest possible level of business safety.
The assets belonging to the customers are likewise kept in cold wallets. During the course of the trade exchange, the platform employs numerous levels of security in order to encrypt the user's data. This implementation is validated with the Two Factor Authentication (also known as 2FA) method, and it is utilized in multi-sig withdrawals.
Users are able to safely confirm withdrawals and alter account data on the platform provided by adhering to these various verification processes.
The security of BitMEX is strengthened with a one-of-a-kind multi-signature method that is used for deposits and withdrawals. Users are able to utilize multi-signature protection for their BitMEX addresses thanks to this method.
The storage of user assets, including Bitcoin and private keys, takes place totally outside of the network. Any assets that are stored on BitMEX's web servers will remain safe in the event that the entire system is compromised.
In addition, the database makes use of a tracker to safeguard the circulation of private keys. The private keys are never kept on any cloud servers under any circumstances. They are held in extremely cold storage, along with other crypto monies that have been encrypted.
It is not simple to ensure the safety of Bitcoin and other cryptocurrencies. The customer support team at BitMEX is responsible for handling any inquiry, from issues regarding Bitcoin wallets to every significant risk that is involved when traders withdraw BTC.
The support staff assists traders in efficiently managing their various cryptocurrencies and provides this information for educational reasons. It separates assets held in BTC from those held in other cryptocurrencies. The platform's primary characteristics have been described in sufficient detail.
When traders don't have enough money to trade, the support service also assists them with the specifics regarding the minimum quantity required. A list of nations that are supported may be found in the support section.
For access to this information, the platform does not collect any fees. Traders can reach the customer support service by clicking on the Contact page on the platform.
As a conclusion to this study of BitMEX, it should be mentioned that users have access to the most advanced trading tools and are provided with an unparalleled level of customer support while using this platform. It is reasonable to assume that this exchange makes it possible for its customers to engage in complex trading tactics. Because it caters to experienced traders as well as those who are prepared to trade assets that are subject to high levels of volatility, it is the finest cryptocurrency exchange. This platform was developed with the goal of providing the maximum possible exposure to margin trading.
People will go to BitMEX and make full use of this exchange platform in order to trade derivatives on Bitcoin, which is the most popular cryptocurrency. Additionally, using this program to speculate on the market helps increase the likelihood of earning Bitcoin gains.
In a nutshell, you have the opportunity to engage in enormous daily volumes of derivatives exchange if you trade with BitMEX. It is a very well-known exchange within the cryptocurrency community.
Cryptocurrency investors may trade on BitMEX without risk. The protection of assets and transactions is accomplished by the utilization of multi-signature access, two-factor authentication, and cold storage.
Can BitMEX Be Considered a Reliable Trading Platform? BitMEX is an excellent trading platform that caters to the needs of institutional investors and crypto fans of the highest caliber. Trading on margin with BitMEX might provide a good profit for users.
Why Can You Not Use BitMEX in the United States? As a result of BitMEX's failure to comply with the standards imposed by the Commodity Futures Trading Commission, the exchange was denied entry into the United States.
Does BitMEX Provide Mobile Apps? Yes, BitMEX mobile app and APIs are accessible on iOS and Android smartphones.
When making a withdrawal from BitMEX, how long does the process take? Because of our commitment to your safety, BitMEX handles withdrawal requests on a daily basis. It recommends that users and customers submit their withdrawal requests by 13:00 UTC each day in order to ensure that they are included in the batch that is processed each day.
Is the BitMEX platform available in my native tongue? BitMEX provides customer service in a number of languages, including Japanese, English, Russian, Korean, and Chinese. To determine whether or not you have access to the service, select your language from the drop-down menu that follows.
BitMEX offers an institutional-grade crypto derivatives trading experience
that was designed by seasoned traders. This is one of the many advantages
offered by BitMEX, which is a professional derivatives trading platform.
BitMEX users can utilize 20x to 100x leverage, depending on the asset they are trading. This leverage is available for Bitcoin and Ethereum trading.
BitMEX has some of the market's deepest liquidity for Bitcoin perpetual futures contracts, making it one of the best places to trade these products.
BitMEX's trading costs are among the lowest in the industry, and the exchange also gives a refund on maker fees.
Only trading between cryptocurrencies is allowed on BitMEX, and customers are unable to add fiat cash to their trading accounts.
This cryptocurrency exchange, which is domiciled in the Seychelles, does not comply with any regulations, and its founders are currently facing criminal accusations in the United States for breaking the Bank Secrecy Act.
BitMEX is not regulated in the United States, hence it is not available to clients in that country. Consequently, BitMEX does not accept customers from the United States.
BitMEX is a prominent cryptocurrency derivatives exchange that provides traders and investors with the opportunity to acquire futures and perpetual swap contracts on a variety of cryptocurrencies.
The crypto-only trading platform, which was established in 2014 and is situated in the Republic of Seychelles, has managed to establish itself as a prominent crypto derivatives exchange. It is well-known for its deep liquidity and its professional trading dashboard.
On BitMEX, experienced and professional traders who are eager to execute trading strategies including crypto derivatives will discover everything they require to do so.
Speculative investments, such as those made in cryptocurrencies, Decentralized Finance (DeFi), and other Initial Coin Offerings (ICOs), come with a high degree of risk, and the markets itself may be very unpredictable. Before making any decisions about your finances, you should discuss your options with a knowledgeable expert. This article does not constitute a recommendation to invest in cryptocurrencies on the part of Investopedia or the author, nor can the accuracy or timeliness of the information included herein be guaranteed.
BitMEX is an acronym that stands for Bitcoin Mercantile Exchange. It was founded in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed with the intention of providing a trading platform for Bitcoin derivatives that was suitable for professionals.
BitMEX immediately became the go-to leveraged trading platform for Bitcoin dealers when it was launched in Seychelles by HDR Global Trading Limited. HDR Global Trading Limited is based in the Seychelles.
The year 2016 marked the creation and implementation of perpetual leveraged swap contracts on Bitcoin by BitMEX. These contracts allow traders to trade Bitcoin futures with up to 100 times their initial investment and have no expiration date. BitMEX was able to become one of the Bitcoin exchanges with the greatest volume in the world with the aid of an innovative new cryptocurrency derivative.
BitMEX has been the subject of debate, despite the fact that the trading platform provides users with a sophisticated experience and offers a variety of products.
Former clients of BitMEX have filed many lawsuits against the company, saying that the company violated international compliance rules, manipulated the market, laundered money, traded against its consumers, and participated in other illegal activities. The Commodity Futures Trading Commission (CFTC) filed charges against BitMEX in 2020 for illegally operating a virtual currency exchange and breaking anti-money laundering laws while conducting business out of the United States and allowing customers from the United States to trade on the platform. These charges stemmed from the fact that BitMEX allowed customers from the United States to trade on the platform.
Today, BitMEX is working hard to overcome its poor past image and has set its sights on being the largest regulated cryptocurrency derivatives exchange in the world. The year 2020 marked the beginning of BitMEX's transition towards its new path when the company implemented identity verification for all of its customers.
The cryptocurrency derivatives exchange now supports a total of eighteen different digital currencies and tokens. These include, but are not limited to the following:
Bitcoin (BTC) (XBT)
Bitcoin Cash in Full (BCH)
Coin of Binance (BNB) (BNB)
Shiba Inu (SHIB) Avalanche (AVAX)
The cryptocurrency asset class is known to be volatile. Before investing in any form of digital money or token, you should always undertake extensive research.
BitMEX is well-known for catering to advanced users by providing them with an institutional-grade trading platform.
While inexperienced traders may have difficulty navigating the sophisticated layout of the site, more seasoned investors will most likely find all of the capabilities necessary to carry out a diverse range of crypto derivatives trading techniques.
The following are some of the most notable features offered by the trading platform:
The capability of trading bitcoin with a leverage of 100 times.
Low lag times for market data as well as trade execution
APIs for trading and pricing cryptocurrencies that are state-of-the-art
The opportunity to invest unused funds through BitMEX You can get up to a 10 percent annual percentage rate discount.
BitMEX has some of the most competitively cheap fees of any cryptocurrency exchange we looked into. Price takers are responsible for a commission of only 0.05 percent, while price makers are entitled to a refund of 0.01 percent on each exchange.
Traders who do a high volume of business are eligible for price taker fee reductions, as shown in the table below. Fee reductions are calculated according to an individual user's 30-day average daily volume (ADV).
Bitcoin deposits and withdrawals made through BitMEX are free of charge at this exchange. Withdrawals are subject only to the costs associated with the Bitcoin network.
Additionally, there is no fee associated with depositing Tether USD. Despite this, BitMEX does impose withdrawal fees for USDT, the amount of which varies based on the costs charged by the Ethereum network.
BitMEX uses multi-signature wallets, stores all customer cash in cold storage, and requires at least two staff to review and approve each withdrawal request.
Additionally, BitMEX implements a multi-party computation (MPC) system that allows two or more parties to carry out a function on encrypted data without any information, with the exception of the intended conclusion, leaving the encrypted domain. Even if all of BitMEX's systems are breached, an attacker will not be able to steal money, according to the exchange's assertions regarding the MPC.
The process of creating an account on BitMEX is not overly complicated. To begin, you will be prompted to provide a password and provide your email address.
Following that, you will finish the process of confirming your identity. You will need to supply a photo of your identification document, a presence capture video or selfie, your location, a statement that you are a citizen of the country, and information about how you will pay your account in order to get verified.
On BitMEX, companies also have the option of creating corporate accounts for their commercial transactions.
Users in the United States are unable to access BitMEX, which is a crucial fact to keep in mind. Clients in Cuba, Crimea and Sevastopol, Iran, Syria, North Korea, and Sudan are unable to get services from the exchange. Neither are customers in Sudan.
In addition, individuals who are physically located in the countries of Seychelles, Bermuda, the Hong Kong Special Administrative Region of the People's Republic of China, Japan, Ontario Canada, Quebec Canada, Burundi, the Central African Republic, the Democratic Republic of the Congo, Eritrea, Guinea-Bissau, Libya, Mali, Palestine, Somalia, South Sudan, Western Sahara, and Yemen are not permitted to use BitMEX.
Email and support tickets are the two primary means by which BitMEX assists customers. It does not offer phone service, similar to the majority of other cryptocurrency exchanges.
In the early days of cryptocurrency, when high-quality trading platforms were few and far between, experienced traders complimented BitMEX's professional trading experience. However, as the years passed, the list of BitMEX customer complaints became larger and longer.
On Trustpilot, BitMEX only scores two out of a possible five stars across roughly 60 customer evaluations. Although some of the evaluations appear to be fraudulent, a number of customers have voiced concerns about market manipulation, difficulties in withdrawing funds, and a convoluted user experience. Some former users have even taken the exchange to court, saying that it participates in market manipulation and trades against its customers. The complaints allege that BitMEX trades against its customers.
Additionally, because BitMEX was incorporated in the Republic of Seychelles, it was exempt from having to verify the identities of its users or requiring licensing in the jurisdictions in which many of its clients were domiciled. This allowed BitMEX to conduct business without any restrictions.
Because of this, the exchange that is based in the Seychelles was issued a fine of one hundred million dollars in 2021 from the Commodity Futures Trading Commission (CFTC) and the U.S. Financial Crimes Enforcement Network (FinCEN) for willfully violating the Bank Secrecy Act (BSA) and the regulations of FinCEN.
In addition, all three of the exchange's founders entered guilty pleas in the Southern District of New York to charges of breaking the Bank Secrecy Act and conspiracy to violate the Bank Secrecy Act. These accusations were brought against them in the Southern District. They are no longer associated with the exchange in any capacity.
BitMEX offers a trading platform that is accessible through the web as well as a mobile app for devices running Android and iOS.
Users are able to smoothly manage their trading positions wherever they are with the BitMEX mobile app, despite the fact that it does not contain all of the products and features that the exchange offers.
BitMEX allows both individual customer accounts and corporate customer accounts, in addition to both types of accounts for businesses. Individualized solutions, such as round-the-clock customer service, consultation, or institutional cryptocurrency strategies, are available for the benefit of corporate customers.
How BitMEX Stacks Up Against Competitors in the Cryptocurrency Market: BitMEX was an early innovator of Bitcoin's perpetual futures contracts, and it quickly rose to prominence in the cryptocurrency sector as one of the most important trading platforms for Bitcoin derivatives. The fact that the exchange did not initially implement KYC processes and that users were able to hold highly leveraged positions contributed to BitMEX's image as being more similar to a casino than a traditional exchange.
While the company based in the Seychelles has been working hard in recent years to improve its image by, among other things, implementing an identity verification process in 2020 and severing ties with its founders who are currently facing criminal charges, other cryptocurrency exchanges have been successful in seizing a significant portion of the market for crypto derivatives.
Binance, ByBit, FTX, and Huobi Global are among of BitMEX's primary rivals in this industry. If you are interested in trading cryptocurrencies, each of these platforms offers tools and features that are comparable to those offered by BitMEX, and you should give them some thought.
The use of derivatives, which are high-risk investment vehicles, may significantly magnify both trading earnings and losses.
BitMEX quickly established itself as the premier platform for trading Bitcoin derivatives among institutional investors in the early days of the cryptocurrency market. This exchange created a reputation for itself by enabling traders to take positions on bitcoin with a leverage factor of 100x and by delivering a trading experience that was both highly professional and focused on exchanging crypto for crypto.
However, in recent years it has received more media attention owing to a failure to comply with regulatory requirements, and its founders are currently facing criminal charges in the United States for breaking the Bank Secrecy Act. Despite this, BitMEX has been successful in maintaining its position as a top cryptocurrency derivatives exchange as well as an institutional-grade trading platform.
The complex trading platform and advanced financial instruments offered by BitMEX are likely to be too much for novice crypto purchasers to handle, so inexperienced investors would be wise to avoid the exchange altogether.
Sites like BitMEX in the UAE
Here is a list of quality Forex, CFD, Stock and Crypto Brokers for new and professional traders living in the UAE:
- Olymp Trade - People simply love this one (Olymp Trade Review)
- Binance - World's largest cryptocurrency e-wallet and exchange that also has an online trading platform, where their members can invest or trade in virtually hundreds of cryptocurrencies and new tokens. (Binance Review)
- IG Markets UAE - UK broker located at Tower 2, Level 27, Al Fattan Currency House, DIFC. (IG Markets UAE Review)
- City Index Middle East - London-city broker with a branch in the UAE. (City Index Middle East Review)
- eToro - Social trading platform, but much better options are available out there. (eToro Review)
- Swissquote - It's a Swiss bank that offers an online trading platform for forex and CFD trading. (Swissquote Review)
- easyMarkets - Israeli brand that is big all over. (easyMarkets Review)
- Forex.com - Google ranks them in the top 10 for the term "forex". (Forex.com Review)
- Plus500 - UK brand that has its own platform, OK for CFDs, with mediocre reviews. (Plus500 Review)
- AvaTrade - Regulated by ADGM's Financial Services Regulatory Authority (FSRA) in Abu Dhabi. (AvaTrade Review)
- FXCM.com - Oldest brand when it comes to retail online forex trading. (FXCM.com Review)
- Mashreq Neo - An online trading platform provided by Mashreq Bank. (Mashreq Neo Review)
- ForexTime (FXTM) - Owned by Andrey Dashin from the Alpari broker fame. (ForexTime FXTM Review)
- Noor Capital - Licensed and Regulated by the UAE Central Bank and SCA. (Noor Capital Review)
- XM.com - XM broker is big in Africa and South East Asia, and now promoting themselves hard in the UAE. (XM.com Review)
- Saxo Bank - Danish Investment Bank with a long history of catering for premium forex investors. It also provides crypto trading facility. (Saxo Bank Review)
- Pepperstone - Originally Australian, but licensed locally by Dubai Financial Services Authority. (Pepperstone Review)
- CMC Markets - UK-based broker that is popular among CFD traders. (CMC Markets Review)
- ETX Capital - UK broker that has a decent reputation among Arab investors. (ETX Capital Review)
- Interactive Brokers - American online-trading broker that is expanding into Asian and Arab markets nowadays. (Interactive Brokers Review)
- Rakuten Securities - Japanese broker that usually looks out for large institutional investors. (Rakuten Securities Review)
- Dukascopy Bank SA - Swiss bank that offers online forex trading on its own proprietary platform. (Dukascopy Bank SA Review)
- IQ Option - It's a below-average broker with no Dubai office, but does have a toll-free virtual number for UAE: 800 032 0891 -> No Arabic, English only. (IQ Option Review)
Reviewed by Arpita Singh
Arpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.