This BitMEX review offers a comprehensive guide about this market maker, so keep reading to learn more about the crypto exchange and determine if it suits your cryptocurrency trading needs.
- Operating Since 2014
- Currencies Supported 18 cryptocurrencies
- Fees Varies
- Deposit Methods Cryptocurrencies (Bitcoin and Tether)
- Fiat Currencies No
- Verification Methods 2FA
- Margin Trading Yes
- Futures Trading Yes
- About BitMEX Trading
- Supported Cryptocurrencies
- Cryptocurrency, Leverage, and Margin Trading
- BitMEX User Interface
- What Is BitMEX Testnet?
- BitMEX Trading Fees
- Charges for the BitMEX Platform
- BitMEX Security
- Trader Privacy on BitMEX
- Customer Support for BitMEX Trading
- BitMEX Trading Pros
- BitMEX Trading Cons
- Frequently Asked Questions About BitMEX
- BitMEX Crypto Exchange Review for Australia
- BitMEX Crypto Exchange Review for Canada
- BitMEX Crypto Exchange Review for UK
- In Summary
BitMEX is a leading market exchange dealing in cryptocurrency derivatives. Founded in 2014 by Samuel Reed, Arthur Hayes, and Ben Delo, BitMEX serves as a peer-to-peer trading platform with highly leveraged contracts. This allows traders to sell and buy perpetual and futures contracts on several crypto assets, including Bitcoin. The platform’s headquarters are in the U.S., Hong Kong, and Republic of Seychelles.
BitMEX encounters substantial trading sums each day, often ranging in the billions. Though it has some of the best offerings in futures, margin, and leveraged trading, the platform’s lack of regulatory compliance and the founders’ criminal charges in the U.S. might make BitMEX less than ideal for some traders.
About BitMEX Trading
BitMEX is a cryptocurrency derivatives trading platform offering leverage contracts. It represents one of the world’s most widely used margin trading P2P platforms. People trading through BitMEX can buy and sell cryptocurrency contracts instead of physical coins with margin trading of up to 100 times without expiry date.
Though Bitcoin is the primary cryptocurrency on BitMEX, the platform supports 18 cryptocurrencies. However, BitMEX does not support fiat currency for deposits or withdrawals.
Any currencies sold or bought through the BitMEX exchange will convert into Bitcoin. As such, this makes an excellent platform for traders who want to increase their Bitcoin holdings through trading.
This crypto-only trading platform started as one of the world’s best crypto derivatives exchanges with a professional-grade dashboard for optimal user experience. BitMEX also offers deep liquidity, so it maintains a reasonable balance between sellers and buyers, which means trading prices remain relatively stable.
Beginners and experienced traders are welcome to start trading cryptocurrencies through BitMEX. However, the cryptocurrency exchange might not be the best for inexperienced traders who want a simple platform for trading and selling Bitcoin.
Due to the leveraged trading, it would be best for anyone using BitMEX to have sufficient assets to settle the margin levels. Otherwise, an account that cannot complete its deals will undergo liquidation to avoid unpayable debts.
Innovation is the key to BitMEX’s success in leverage trades. Most people trade cryptocurrency on BitMEX using the BitMEX leverage slider. BitMEX launched 100x leverage in July 2020. HDR Global Trading Limited was responsible for managing the risks.
The following are some of the supported different cryptocurrencies of BitMEX:
- Bitcoin (BTC)
- Ethereum (ETH)
- Cardano (ADA)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Ripple (XRP)
- EOS Token (EOS)
- Elastic Bitcoin (XBT)
Cryptocurrency, Leverage, and Margin Trading
Margin and leverage trading are the most prominent trading options on BitMEX, thanks to its 100x leverage for Bitcoin contracts. BitMEX has the market’s highest Bitcoin leverage, making the platform attractive to experienced cryptocurrency traders. Traders can increase the stakes of each Bitcoin they own to turn a single Bitcoin into 100 Bitcoin on the market.
BitMEX only accepts withdrawals and deposits in Bitcoin, but other cryptocurrencies, fiat, and altcoins are tradable. BitMEX offers the following leverages on other popular cryptocurrencies:
- Ethereum: 50x
- Litecoin: 33x
- Monero: 25x
- EOS: 20x
- Tron: 20x
- BCH: 20x
Leverage contracts through BitMEX are available in four varieties. They include traditional futures, perpetual contracts, upside profit contracts, and downside profit contracts.
BitMEX User Interface
One of the advantages of trading through BitMEX is its user-friendly interface. The platform lays everything out nicely to create an intuitive dashboard. The static top menu bar allows you to quickly return to the “Trade” window, where you can view your “Accounts” and “Contract” information.
Despite the ease with which users can navigate the BitMEX dashboard, some customers mention the interface’s dated appearance in their BitMEX reviews.
One of the positives of the BitMEX interface lies in its charting package, which has a reputation for producing responsive and intuitive charts. BitMEX traders can use the dashboard’s advanced trading tools and charting data to maximize their trading potential while reducing risk. The charts provide various time frames and tools to visualize trend lines, draw chart patterns, and perfectly add indicators to time trades.
What Is BitMEX Testnet?
BitMEX testnet simulates trades in a virtual environment. It allows users to test the results of their trades with concrete outcomes. This testnet was created for users new to BitMEX.
You can see how leverage changes while they place trade orders, execute them, or cancel some orders. BitMEX testnet offers a variety of order types and sizes.
BitMEX Testnet, an independent product, requires a separate registration. BitMEX.com accounts must be registered to create a new account for BitMEX Testnet. Users must also deposit “Testnet Bitcoin” to trade on this testnet. These are virtual versions of real Bitcoin crypto coins.
They are distributed freely via faucets on the Internet and have no monetary value. BitMEX Testnet is free to trade and deposit on BitMEX Testnet. There are no risks of affecting the user’s digital wealth or actual trades.
BitMEX Trading Fees
BitMEX charges a settlement fee for perpetual swaps and leveraged contracts. Ex-bank experts claim that this fee is mandatory due to recent crypto banking regulations. BitMEX offers a fee break-up depending on the cryptocurrency that is used to trade.
When choosing a cryptocurrency trading platform, it is important to take into account the BitMEX fees associated with trading. BitMEX users must be aware that there are fees for trading larger positions. The futures exchange allows you to pay fees for favorable market positions where the margin is higher.
The maker and taker model is used by BitMEX’s crypto exchange and BitMEX mobile application. A small 0.025% fee is charged for trading applications. This low fee helps the platform rank high in comparisons like BitMEX Vs. Bybit, BitMEX Vs. Binance, etc.
For small Bitcoin transactions, there are no withdrawal fees or deposit fees. A small fee for Bitcoin Network withdrawals is also charged, but it’s only for transactions made on the blockchain, and not the BitMEX ecosystem.
Charges for the BitMEX Platform
Because all deposits and withdrawals automatically convert to Bitcoin as soon as the funds enter and exit the crypto exchange, BitMEX does not charge fees for these transactions. Bitcoin network fees will apply to withdrawals. However, other fees and costs are competitive and based on currency type and perpetual and futures contracts.
Since BitMEX is a P2P trading platform, its fee structure resembles other crypto exchanges. It includes maker, taker, and settlement fees. Expenses for taker fees and maker fees link to order type and cryptocurrency choice.
BitMEX has some of the lowest fees among crypto exchanges. Price taker fees include a 0.05% commission. However, price makers can receive a 0.01% rebate on every trade.
Despite BitMEX’s global popularity and superior user experience, it still has its share of trouble. Since its founding, BitMEX has experienced numerous lawsuits from former customers with allegations on various issues, from non-adherence to international compliance laws to trading against its customers.
In 2020, the Commodity Futures Trading Commission charged the company’s founders for illegal virtual currency exchange operations. Other charges include breaking anti-money laundering laws.
BitMEX continues to make strides in correcting its past operational and legal errors because its mission is to become the world’s biggest regulated crypto derivatives exchange. Their recent efforts to increase the platform’s privacy and security include identity verification and KYC for all traders.
BitMEX also uses multi-signature wallets for traders and holds all physical funds in cold storage. The company keeps its Bitcoin private keys offline instead of a cloud server. A minimum of two employees audit every withdrawal for security and accuracy.
The platform also uses a multi-party computation system (MPC system) so that multiple people can use encryption to complete functions without sharing sensitive information outside of the encrypted domain. Utilizing an MPC system significantly reduces the risk of a hacker stealing money from traders, regardless of whether BitMEX’s web servers, database, and trading engine are compromised.
Trader Privacy on BitMEX
BitMEX strives to protect its traders with world-class security measures while maintaining the anonymity of its users. The platform has never experienced a data breach.
Because of its fiat currency bypass, BitMEX offers excellent anonymity for its traders. As a result, the platform does not adhere to national or international finance regulations. People can create accounts with BitMEX without revealing their identity and participate in trades without geographical restrictions.
Customer Support for BitMEX Trading
BitMEX customer support offers its users a reasonable level of customer support. The platform uses an email ticket system to help users access an intricate knowledge library containing details on various subjects, including cryptocurrency trading and dashboard troubleshooting. They can also use the email ticket system to connect with BitMEX support staff who speak English, Russian, Japanese, Korean, and Chinese.
Submitting a ticket for customer support is relatively straightforward. If a user experiences technical issues on the dashboard, they can submit a ticket by selecting “Contact” on the left menu. When a contact box pops up, they can input their email address, subject, and message before tapping “Submit” to send the email to the BitMEX support team.
If users prefer to receive assistance from the BitMEX community, the platform has a chat feature through WeChat. Other chat rooms include IRC, Telegram, Weibo. However, Telegram is limited to Russian language support.
Unfortunately, BitMEX does not offer telephone support. It follows a similar model for customer support as many other crypto exchange providers, but users could benefit from telephone support to receive immediate assistance.
BitMEX Trading Pros
- A leading crypto derivative platform with global popularity
- Expanded cryptocurrency market for trading
- The platform is relatively safe and secure to use
- Transparent fee structure
- High leverage. Up to 100x Bitcoin and Ethereum leverage depending on the asset
- BitMEX has a generous affiliate program supported by Amazon Web Services
- BitMEX ‘s leveraged trade contracts help in delivering trades faster
- It is one of the cryptocurrency exchanges with the highest trading volume
BitMEX Trading Cons
- Only supports crypto-to-crypto trading in a limited capacity
- Little regulatory compliance prompting concerns among experienced traders
- Does not support fiat currency such as USD for deposits or withdrawals.
- Poor mobile app experiences
- Limited trading pairs compared to other well-known exchanges
Frequently Asked Questions About BitMEX
Is Trading Possible With a BitMEX Trading Mobile App?
BitMEX recently created a mobile app so that users can trade from anywhere in the world at their convenience. The app is available in Google Play and Apple’s App Stores for download in more than 140 countries.
Trading is possible through the BitMEX app. The mobile platform proves highly secure and includes many features, such as:
- Open Positions Management: You can swipe up from any page to reveal a summary of all open positions.
- Order Builder: The order builder feature allows active traders to easily create, limit, stop, and receive profit orders.
- Deposits and Withdrawals: You can seamlessly deposit and withdraw funds using the BitMEX app.
- Real-Time Data: The platform provides access to real-time candlestick charts and market data.
- Biometric Authentication: For optimal security, the BitMEX app offers exceptional protection for its users, including biometric authentication and login notifications.
How Can You Deposit and Withdraw Money Into and out of BitMEX?
Before you can deposit or withdraw money from BitMEX, you must register a trading account with the platform using your email address and unique password. After registering, you must verify your identity by submitting a copy of your photo ID, a presence capture video or photo, location, and a declaration of your citizenship.
Businesses can create corporate BitMEX accounts as well as individual accounts. Unfortunately, the crypto exchange is not available to users in the U.S., Iran, Cuba, North Korea, Crimea, Sudan, or Sevastopol.
If you are eligible to register a BitMEX account and complete the verification process, you can easily deposit funds by selecting “Deposit” under the Account tab. The deposit link provides addresses where you can deposit cryptocurrency. The funds will go into your account after completing the required network confirmation.
The minimum deposit amount to trade on BitMEX depends on the initial margin. Select “Withdraw” on the Account tab when you wish to withdraw funds. Type your Bitcoin wallet address under the “Destination Address” or deposit address section to remove coins from your BitMEX wallet.
After typing the address in the input field, you can select the number of coins you want to withdraw from the platform. BitMEX requires a two-factor authentication key from the Google Authenticator app for added security. The following section will summarize your transaction, but the withdrawal will not complete until you select “Submit” to transfer the coins to an external wallet.
BitMEX Crypto Exchange Review for Australia
If you’re one of those Australian traders looking for the best crypto exchanges, then you’re in the right place!
BitMEX, a trading platform for experienced traders in margin and leverage trading, is registered under the International Business Companies Act. This platform can be used to build perpetual contracts for margin trading.
BitMEX is a peer-to-peer platform for crypto trading. It has the best APIs in order to offer high-quality trading information and increase investor confidence. BitMEX allows people to create a multimillion-dollar trading account with precision.
BitMEX leveraged trade contracts help to deliver trades quicker. The platform is reliable and offers liquidity to facilitate Bitcoin trades. The platform is supported by hedge funds around the globe, despite cryptocurrency risks.
BitMEX’s most traded perpetual swap, XBTUSD, has made a significant impact on the cryptocurrency industry. BitMEX continues to innovate, with a robust trading engine security and the creation of new perpetual swaps.
The BitMEX trading engine allows people to trade currency directly under the rules of the Commodity Future Trading Commission. It generates value for Bitcoin and other cryptocurrency coins.
BitMEX’s high-frequency algorithmic trading continues to support traders who trade Bitcoin swap contracts.
Innovation is the key to BitMEX’s success in leverage trades. Most people trade cryptocurrency on BitMEX using the BitMEX leverage slider. BitMEX launched 100x leverage in July 2020. HDR Global Trading Limited was responsible for managing the risks.
BitMEX is an exchange that provides intuitive interfaces for crypto trading. This website’s trading interface is well-designed. The trading interface’s top bar is a static display that allows for easy navigation through the ‘Trade” window. It is easy to understand the view of the Accounts’ page as well as the Contract’ information. Although the UI appears to be essential, it has all of the features found on popular exchanges likeBybit.
TradingView is compatible with BitMEX’s charting package. These responsive charts allow traders to leverage the power and potential of advanced trading tools. TradingView allows for more sophisticated trading. When used within the specified time frames and market indicators, it can maximize profits and minimize risks.
Traders are able to draw chart patterns and accurately time their trade orders, which allows them to issue the limit order, market order and stop order.
The bottom bar displays active positions for trading. This information includes position size, margin, entry prices, and pending order. All upcoming orders can be viewed under the “Active Orders” tab. Users can quickly modify or delete them.
This platform is used by more experienced traders for its market depth chart. You can also find the BitMEX margin calculator in the order book to the left. This is very helpful for risk management.
This platform allows users to access the most advanced tools and enjoy a unique trading experience. This exchange allows advanced trading techniques. This exchange is ideal for professionals traders who can trade high-risk assets. It’s the best crypto exchange. This platform was designed to maximize margin trading exposure.
BitMEX will be visited by many people who will use it extensively to trade derivatives of Bitcoin. The app is also useful for speculating on the market and ensuring Bitcoin profits. BitMEX can be used to trade large volumes of derivatives daily.
If BitMEX looks like it won’t suffice your trading needs, you can check this article about the best crypto exchange for Australian traders.
BitMEX Crypto Exchange Review for Canada
BitMEX was registered under International Business Companies Act. BitMEX is a trading platform for experienced traders involved in margin trading or leverage trading. The platform can be used for creating perpetual contracts in margin trades.
BitMEX, a peer to peer platform for crypto trading, is among the most advanced. It uses best-in-class APIs, which provide high-quality trading knowledge to increase investor confidence and help boost investor confidence. BitMEX exchange provides precision for people by helping them to open a million-dollar trading accounts.
BitMEX offers leveraged trade contracts that make it easier to deliver trades sooner. It is reliable and has liquidity that can be used to support Bitcoin trades. Hedge funds from around the globe back the platform, despite the cryptocurrency risks.
BitMEX’s most-traded perpetual swap, XBT USD, is a key component of the industry’s transformation. BitMEX is constantly innovating with new perpetual Swaps and robust trading engine security.
The BitMEX Trading Engine allows individuals to trade currency in direct accordance with the Commodity Future Trading Commission. It generates value in Bitcoin and other crypto currencies, but it is not the actual coins.
BitMEX is continuing to offer high-frequency algorithmic forex trading that will help traders who want to sell Bitcoin swaps contracts.
Innovation is key to the success of BitMEX leverage trades. A majority of cryptocurrency traders use the BitMEX leverage slide to trade on the BitMEX platform. BitMEX introduced 100x leverage in July 2020. HDR Global Trading Limited, a financial holding company for BitMEX users, managed the risks.
BitMEX is a platform for trading cryptocurrency. It has an intuitive interface that allows you to quickly and easily navigate through the various aspects of crypto trading. The website’s trading interface has been designed well. The top trading bar features a static display which allows easy navigation to the Trade’ window. The view of the “Accounts” page and the “Contract” information is simple to understand. The UI is simple and intuitive, yet it includes all the features of popular exchanges likeBybit.
TradingView supports BitMEX Charting Package. These responsive charts are a great way for traders to make the most of advanced trading tools. TradingView allows you to perform sophisticated trading activities. It is able to maximize profits and reduce risk when used in accordance with market indicators and time frames.
Traders have the ability to create chart patterns, time their trade orders perfectly and issue market, limit, and stop orders accurately.
You will see active trading positions at the bottom. This information contains position size and margin as well entry price and pending orders. The ‘Active Orders tab allows users to quickly review all pending orders and modify or delete them.
For the market depth chart, this platform is preferred by more experienced traders. The BitMEX Margin Calculator is available on the left side of the order book. This calculator can be very useful in risk management.
The platform offers the best tools, and an exclusive trading service. It is clear that this exchange provides advanced trading capabilities for its users. It is suitable for professional traders and people who are comfortable trading volatile assets. That makes it one of the the top cryptocurrency exchange providers to trade Bitcoin. This platform maximizes margin trading exposure.
BitMEX Crypto Exchange Review for UK
BitMEX is an international trading platform that was registered under the International Business Companies Act. It is designed for experienced traders who trade margin trading and leverage. It is used to create perpetual contracts in margin trading.
BitMEX is the best peer-to–peer platform for cryptocurrency trading. It offers best-in class APIs that provide trading knowledge and investor confidence. BitMEX offers precision and helps people create a million dollar trading account.
BitMEX’s leveraged trade contract allows for faster delivery of trades. The platform is reliable, and it provides liquidity for Bitcoin trades. Hedge funds from all over the world back the platform, which is subject to cryptocurrency risks.
BitMEX’s most popular perpetual swap, XBTUSD has changed the crypto market for the better. BitMEX’s team continues to innovate by introducing new perpetual swaps and strong trading engine security.
The BitMEX trading platform allows users to trade currency directly according to the Commodity Future Trading Commission. It creates value for Bitcoins and other crypto-coins, but not the actual coins.
BitMEX traders who are selling Bitcoin swaps contracts continue to benefit from high-frequency algorithmic trades.
Product innovation is what has made BitMEX’s leverage trades so successful. The BitMEX leverage slider is used by the majority of users to trade cryptocurrencies via BitMEX. BitMEX’s exchange was established with 100x leverage in July 2020. The risks were managed by HDR Global Trading Limited. This financial holding group is for BitMEX users.
BitMEX Exchange is a platform that makes it easy to make the most important considerations when trading crypto. This website has a well-designed trading interface. The top trading bar displays a static display, which makes it easy to navigate the ‘Trade window. It’s easy to see the ‘Accounts page’ and ‘Contract information. It is also easy to understand, but the UI has all the features that are found in popular exchanges likeBybit.
TradingView supports BitMEX charting. These responsive charts enable traders to harness the power of advanced trading instruments. TradingView facilitates sophisticated trading activities. It maximizes profits and minimizes risk when used in the right timeframes and with the correct market indicators.
Traders can create chart patterns and precisely time trade orders. This allows them to issue market orders, limit orders and stop orders.
At the bottom of the page are active trading positions. This information displays the position size, margin and entry price as well as pending orders. You can view all future orders under the tab ‘Active Orders’. Here you can quickly modify and delete an order.
For its market depth chart, more experienced traders use this platform. The BitMEX margin calculation is also available in the order book. It’s very useful for risk management.
With this platform, you can get the best tools and a unique trading environment. It’s safe to say this exchange offers advanced trading options for its users. It is ideal for professional traders, as well as those who are willing to trade volatile assets. This makes it the best cryptocurrency exchange. This platform is optimized to maximize your exposure to margin trading.
BitMEX users will visit the exchange and make extensive use of this platform to trade derivatives for Bitcoin. It also allows you to speculate the market and earn Bitcoin profits.
Don’t forget to have a quick look at our best Bitcoin exchanges in UK guide if you’re looking for more options.
Though this BitMEX review acknowledges this crypto exchange’s impressive features and popularity, it is safe to say the platform is not suitable for all traders. For experienced traders who value affordable fees, high anonymity, and a user-friendly interface that focuses primarily on Bitcoin, BitMEX is the ideal platform.
The Bitcoin conversion of all currency going into and out of BitMEX is both an advantage and a drawback. However, the way you perceive how the crypto exchange handles the world’s most popular cryptocurrency will determine whether BitMEX trading will be right for you. Don’t forget to visit BitMEX.com for more info.
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