- What Is BitMEX?
- Is BitMEX Regulated?
- Pros and Cons
- How to Get Started with BitMEX?
- How to Trade Using BitMEX?
- BitMEX Fees
- BitMEX Calculator
- BitMEX API
- BitMEX Bot
- BitMEX Insurance Fund
- Supported Cryptocurrencies
- BitMEX Supported Countries
- Leverage Available on BitMEX
- BitMEX Futures Contract
- What Is BitMEX Testnet?
- Is BitMEX Legit & Safe?
- BitMEX Security
- BitMEX Customer Support
- Our Verdict
Financial markets keep changing their movements, but investors stay put on the technologies and tools that help them earn instant profits. Trading platforms have become the newest means of executing financial decisions in the market. In cryptocurrency markets, these trading platforms are helping traders and investors make millions of dollars by enabling the best tools.
BitMEX is one of the most popular trading platforms in the crypto space today. Bitcoin loyalists around the world use it. The platform offers plenty of trading features to investors, helping them stay successful in the global financial markets.
|Listed Cryptocurrency||BTC, ETH, LTC, XRP, BCH, LINK, TRX, ADA|
|Supported Fiat Currencies||No|
|Supported Countries||Worldwide, except US|
|Minimum Deposit||Depends on the Initial Margin of products|
|Transaction Fees||Depends on the products|
|Withdrawal Fees||Free, but do take network fee|
|Customer Support||FAQ, Knowledge Base, & Submit form support|
In this BitMEX review, different aspects of the platform have been reviewed. Margin trading and leverage trading features of the platform have been evaluated.
This BitMEX review explains why investors and international business companies should use a reliable derivative trading platform like BitMEX to expand their global trading practices.
What Is BitMEX?
Registered under the International Business Companies Act, BitMEX is a trading platform designed for experienced traders in margin trading and leverage trading. The platform is used for building perpetual contracts on margin trading.
BitMEX is one of the most advanced peer-to-peer platforms for crypto trading. It runs best-in-class APIs to provide high-quality trading knowledge and boost investor confidence. BitMEX exchange offers precision to people by helping them create a million-dollar trading account.
Leveraged trade contracts by BitMEX help in delivering trades faster. The platform is reliable and provides liquidity to support Bitcoin trades. Despite cryptocurrency risks, the platform is backed by hedge funds from around the world.
On BitMEX, XBT-USD is one of the most traded perpetual swaps that changed the crypto industry for the better. The BitMEX team continues to innovate with robust trading engine security and new perpetual swaps.
Under the regulations of the Commodity Future Trading Commission, the BitMEX trading engine helps people in trading currency directly. It helps generate value for Bitcoin and other crypto coins, which are not the actual coins.
High-frequency algorithmic trading at BitMEX continues to help traders who sell contracts on Bitcoin swaps.
The success of BitMEX’s leverage trades comes from its product innovation. Most people trade cryptocurrencies on the BitMEX platform using the BitMEX leverage slider. In July 2020, BitMEX exchange established 100x leverage, where the risks involved were managed by HDR Global Trading Limited, a financial holding group for BitMEX users.
Is BitMEX Regulated?
Traders interested in fiat currency investments and crypto investments can both benefit from the BitMEX app. The platform is considered one of the safest exchanges for margin trading. It is a highly-rated platform for spot trading, BTC deposits, and maximum leverage trading.
However, in recent news, New York federal prosecutors had monitored the BitMEX platform and the three individuals associated with its operations. This wholly-owned trading platform has allegedly violated the trading rules of the US. Regulators such as the Commodity Futures Trading Commission. These violations hampered the reputation of BitMEX in terms of adhering to banking regulations.
BitMEX, a cryptocurrency trading platform, offers various tools and services for traders around the world. These services are segmented based on the liquidation price of the crypto assets. For example, using the BitMEX account for trading fiat currencies is a unique offering that other cryptocurrency exchanges overlook.
Leading cryptocurrencies such as BTC, XRP, ETH, BCH, LTC, BCH, and LINK can be traded easily on BitMEX. For most users, BitMEX is the only exchange to offer low fees on deposits and withdrawals. The platform is one of the best crypto exchanges to provide leverage up to 100x. The trading fee on BitMEX starts at 0.025% and goes up to 0.0075% of the trading amount.
The deposits and withdrawals on the BitMEX cryptocurrency exchange can be executed with the mobile app. The platform also offers various Bitcoin swap contracts such as:-
- BitMEX futures contract helps with trading Bitcoin derivatives as a commodity at predetermined prices.
- Perpetual contracts by BitMEX do not impose any expiry on trading futures as they use margin-based spot trading practices on BTC index prices.
- BitMEX Upside Profit is a smart contract that allows traders to participate during the potential upsides of financial instruments such as BTC.
- BitMEX Downside Profit is a smart contract that allows traders to participate during the potential downside of Bitcoin.
BitMEX Review: Pros and Cons
|BitMEX is a popular crypto exchange for BTC perpetual contracts and upside profit contracts.||BitMEX supports Bitcoin and other related cryptocurrencies only.|
|The platform also has a generous affiliate program supported by Amazon Web Services.|
|The trading fees are low on all transactions.|
|BitMEX offers high liquidity on traditional futures. It is a leading exchange to trade crypto with a perpetual contract via cold storage.|
|Trading crypto pairs on BitMEX gains up to 100x leverage.|
How to Get Started with BitMEX?
The process of registration and login/signing up at BitMEX is simple. The website takes a couple of minutes to complete this process from start to finish. Users can choose to undertake or skip the KYC process, which is a bit complicated. Seasoned traders can scan and upload their identification documents with valid email addresses. This process ensures that one can deposit Bitcoin and start BitMEX trading immediately.
Steps to Create a Bitmex Account
- Visit the Bitmex website, and click on the ‘Register’ tab in the top right corner of the page.
- Fill in details and enter the email address to generate an account password.
- Select the country of residence, complete the form, and click on the ‘Register’ button.
- Verify the email address by clicking on the link sent by BitMEX to the registered email.
- Click on the ‘Verify My Email’ link and complete this registration process.
- Now, a new account is created on BitMEX.
Depositing Funds on BitMEX
Registered account holders on BitMEX can sign in and make Bitcoin deposits instantly by following the below steps:-
- Click on the ‘Account,’ placed at the top left corner of the page.
- Go to the BitMEX wallet page.
- Click on the Deposit button and enter the deposit address link.
- Use the Bitcoin address and click on “Send Bitcoin to”.
- Copy the address from a best crypto hardware wallet and enter it in the “Withdrawal from” field.
- The BitMEX mobile web wallet can also be used to make deposits with barcodes.
How to Trade Using BitMEX?
BitMEX exchange is a platform with an intuitive interface for making the most critical considerations in crypto trading. The trading interface of this website is appropriately laid out. The top trading bar has a static display and provides easy navigation throughout the ‘Trade’ window. The view of the ‘Accounts’ page and ‘Contract’ information is easy to comprehend. The UI also appears essential but has all the features of popular exchanges like Bybit.
TradingView supports the BitMEX charting package. These responsive charts help traders leverage the power of advanced trading tools. TradingView enables refined trading activities. It can maximize profits and minimize risk when used under the required time frames and market indicators.
Traders can draw chart patterns and time their trade order perfectly, helping them issue the market order, limit order, and stop order accurately.
Active positions for trading are displayed at the bottom bar. This information shows position size, margin, entry price, and pending orders. Under the ‘Active Orders’ tab, all upcoming orders are available for review, where users can modify or delete the order quickly.
More experienced traders use this platform for its market depth chart. The order book on the left also has the BitMEX margin calculator, which is quite helpful for risk management.
BitMEX exchange issues a settlement fee on leveraged contracts and perpetual swaps. According to former banking experts, this fee is mandatory based on recent crypto banking regulations. BitMEX also provides a complete fee break-up depending on the cryptocurrency used for trading.
Trading fees are an essential factor to consider while selecting a cryptocurrency trading exchange. To start trading on BitMEX, the user must be aware of the fees imposed while trading larger position sizes. This futures exchange helps in paying fees with favorable market positions, where the margin is much larger.
BitMEX crypto exchange and mobile app use the maker & taker model. The maker fee on trading applications is a small compensation of 0.025%. These low fees help the platform score high in comparisons such as BitMEX vs. Bybit or BitMEX vs. Binance, etc.
No deposit or withdrawal fees are charged for small Bitcoin transactions. The Bitcoin Network fee is also tiny and charged only for withdrawals made on the blockchain and not on the BitMEX ecosystem. However, it’s advised to check here to know the full fee structure of BitMEX exchange.
BitMEX has a profit and loss calculator which tells exactly what risks are involved in the traders. Only Bitcoin trades can be calculated with this tool. When the platform offers leveraged contracts to other traders, withdrawing Bitcoin becomes practical with this calculator.
BitMEX calculator is used for checking:-
- Exit price higher than the entry price.
- Entry price is lower than exit price.
- Short position at low exit price.
BitMEX has an Application Programming Interface (API) used for powerful trading features. This featured-packed REST API aligns the security information on high leverage trades.
It is a powerful streaming tool that uses WebSocket API to sort and analyze markets based on user data. The API functions make the BitMEX website an advanced trading application for top-tier crypto traders.
BitMEX uses an automated trading engine similar to the popular HamsterBot. This trading bot is developed with Python programming. BitMEX bot helps traders in quoting instantly and continuously in two-sided markets.
As a trading bot, the BitMEX Market Maker also supports several API Keys to provide a good starting point for trading implementing new plans and trading strategies.
BitMEX Insurance Fund
The role of the BitMEX insurance fund is critical in its success. In traditional and cryptocurrency markets, unprecedented volatility creates a stir among traders. BitMEX aims to ease this chaos by offering support with this fund.
It is the last line of defense, preventing traders from Auto Deleveraging (ADL) their assets. The automatic deleveraging of positions can impact profitable traders and drop their liquidated jobs into bankruptcy. This fund prevents such scenarios from happening.
Supported Cryptocurrencies at BitMEX
BitMEX supports Bitcoin deposits only. BTC and other top cryptocurrencies are also supported on the platform, where traders can use different indices for trades. USD or other fiat deposits are not supported. Although the supported cryptos are given below:-
- Cardano (ADA)
- Bitcoin (BTC)
- Ethereum (ETH)
- Bitcoin Cash (BCH)
- EOS Token (EOS)
- Litecoin (LTC)
- Ripple (XRP)
BitMEX Supported Countries
BitMEX is a registered firm in the Republic of Seychelles. BitMEX is available for almost all users to register and start trading all around the world, but apart from the United States. This is because of regulations in the United States and primarily outside of BitMEX’s control. There are reportedly ways around this for US customers using a secure VPN. But, this is prohibited by BitMEX policy, and BitMEX does not recommend this option. BitMEX is recommending finding another crypto exchange in the USA to use or trade.
Leverage Available on BitMEX
BitMEX offers a wide range of leveraged products for Ethereum, Bitcoin, Cardano, Ripple, Tron, and Litecoin. However, it provides the lowest leverage on EOS and Bitcoin Cash. The degree of leverage depends on the product. Users can trade the only cryptocurrency as collateral for leveraged trades.
With leverage of 100x, traders need to put Bitcoin worth 1% of the initial trade amount. For a 10 Bitcoin contract worth $10,000, the leverage would be put up at $100 of the initial margin.
BitMEX Futures Contract
BitMEX Futures Contract is an agreement that works as a derivative product in trading. This agreement helps traders buy or sell an instrument at a predetermined price. They can specify the time in the future and even get an early settlement.
The contract is settled in cash or crypto. BitMEX also integrates other trading products into the Futures Contracts. These contracts are paid in cash on the BitMEX wallet.
Futures contracts on BitMEX do not require a 100% collateral margin. With up to 100x leverage on some of these BitMEX contracts, the denominated Bitcoin helps traders speculate the future value quickly and precisely.
What Is BitMEX Testnet?
BitMEX testnet is a simulator that creates an environment to mirror trades and test their results with tangible outcomes. The testnet is developed for new users who can gain familiarity with the BitMEX trading experience.
They can practice how the leverage varies while placing trade orders, executing them, and canceling some orders. Various order types and sizes are available on BitMEX testnet.
BitMEX Testnet is an independent product that needs a separate registration process. Users with a registered BitMEX.com account must also register a new account on the BitMEX Testnet. To trade on this testnet, users also need to deposit “Testnet Bitcoin,” which are simulated versions of actual Bitcoin crypto coins.
They have no monetary value and are freely distributed via faucets across the Internet. Every deposit and trade on BitMEX Testnet has no risk of impacting the user’s digital wealth and actual trades.
Is BitMEX Legit & Safe?
BitMEX has several safe trading features. It uses bank-like security with advanced data protection measures. This helps in maintaining the highest standard of business safety for BitMEX and its customers.
The customer assets are also stored in cold wallets. During the trading exchange, the platform uses multiple protection layers for encrypting data. This implementation is used in multi-sig withdrawals and validated with the Two Factor Authentication (2FA) process.
By following these multiple verification measures, users can confirm withdrawals and change account details securely on BitMEX.
BitMEX security is fortified with a unique multi-signature system for deposit and withdrawal. This system enables users to protect their BitMEX addresses with multi-signature.
Storage of user assets such as Bitcoin and the private keys is entirely offline. When there is a complete system compromise, BitMEX will not lose any assets via web servers.
The database also uses a tracker to protect the movement of private keys. Private keys are strictly stored away from cloud servers. They are kept in deep cold storage, along with encrypted crypto funds.
BitMEX Customer Support
Protecting Bitcoin and other currencies is not easy. BitMEX customer support is tasked to handle each query, from Bitcoin wallet concerns to every high risk involved when traders withdraw BTC.
For informational purposes, the support team helps traders manage their different cryptocurrencies effectively. It sorts other cryptocurrencies from BTC assets. The key features of the platform are adequately explained.
The support team also helps traders with minimum amount details when they don’t have enough funds to trade. The support section has a list of supported countries.
The platform does not charge fees for this information. To access the customer support service, traders can go to the Contact tab.
BitMEX Review: Our Verdict
To conclude this BitMEX review, one can access the best tools and experience a unique trading service with this platform. It is safe to say that this exchange enables advanced trading techniques for its users. It is suited for professional traders and those who are ready to trade volatile risk assets and that makes it the best crypto exchange. This platform is designed for maximizing the exposure to margin trading.
People will visit BitMEX and use this exchange platform extensively for trading derivatives of the largest cryptocurrency – Bitcoin. This app also helps in speculating the market to earn Bitcoin profits assuredly.
To summarize, you can trade with BitMEX for large daily volumes of derivatives exchange. It is an overall popular exchange in the crypto space.
Is BitMEX Safe?
Yes, BitMEX is safe for crypto investors. It uses multi-signature access, 2FA verification, and cold storage for protecting assets and trades.
Is BitMEX a Good Trading Platform?
BitMEX is a great trading platform for professional investors and hard-core crypto enthusiasts. BitMEX margin trading is quite profitable for the users.
Why Is BitMEX Banned in the US?
BitMEX failed to follow the regulations of theCommodity Future Trading Commission, which banned it from the US.
Does BitMEX Provide Mobile Apps?
Yes, BitMEX mobile app and APIs are available on iOS and Android devices.
How long does it take to withdraw from BitMEX?
BitMEX processes withdrawals daily because of security reasons. It advises users/customers to submit their withdrawals by 13:00 UTC if they want them to be included in the day’s batch.
Is BitMEX available in my language?
BitMEX offers support in Japanese, English, Russian, Korean, and Chinese. Select your language from the list below to see if the service is available to you.