BitMEX Beginners Guide & Exchange Review Updated 2022
All deposits in BitMEX earn are Insured by the BitMEX insurance fund. In October 2020, all three founders were indicted on charges of violating the U.S. Bank Secrecy Act and conspiracy to violate the law by failing to put in place the necessary anti-money laundering measures. All three pleaded guilty to the charges and agreed to pay $10 million each as criminal fines. Here are some of the issues that BitMEX has had over the years.
Is BitMEX better than Binance?
Binance vs BitMEX cryptocurrency exchange overall score comparison reveals that Binance has a higher overall score of 9.8, while BitMEX gathered an overall score of 7.6. If we look at the ease of use, it's clear that in this Binance vs BitMEX comparison, Binance has better & smoother user experience than BitMEX.
He started HedgewithCrypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world. BitMEX is one of the most popular trading platforms in the crypto space today. The platform offers plenty of trading features to investors, helping them stay successful in the global financial markets. With a trading volume of $ 791.94M and a market share of 0.22%, BitMEX is currently ranked 0 among all cryptocurrency exchanges. BitMEX currently lists 2 cryptocurrencies and 1 fiat currencies.
However, BitMEX was previously comprised, with attackers emptying over $150 million from the exchange. Another interesting feature we found when creating our BitMEX review is a simple interest-earning platform for Bitcoin or USDT holdings. Users can deposit tokens (or purchase through a third-party partner) into BitMEX and choose an Earn product. However, the Earn accounts have a required lockup period of 31 days, meaning users will only be able to withdraw their assets once the contract matures. Aside from email tickets and the “Trollbox” you can also contact BitMEX using their social media channels or through their discord server which has a dedicated support channel. The really nice aspect of the service is the website itself, which is packed full of useful information and features.
What is BitMEX?
During busy times the system overloads and you cannot trade at key times which makes it very difficult to make any profits. Have to be very smart where to set stop losses because Bitmex is good at triggering them to get Clients fee money. Experienced and professional traders looking to execute crypto derivatives trading strategies will find what they need on BitMEX. One area where BitMEX has received some criticism is in its user experience. The platform can be confusing for new users, and the advanced trading tools may not be suitable for those who are just starting out in crypto. Trade Bitcoin, Ethereum, USDT, and the top altcoins on the legendary crypto asset exchange.
Arthur Hayes, Ben Delo, and Samuel Reed launched the exchange in 2014, under their company HDR Global Trading Ltd. System Security, Trading Engine Security, and Communications Security are also all based on highly sophisticated technology and multiple defense layers. We’ve seen a marked increase in the number of both new and returning users trading on BitMEX.
If this is not your first BitMEX review, you’ve probably heard about BitMEX TestNet multiple times. It’s a simulation where you can practice trading without any risks. All things considered, if you were concerned about BitMEX exchange security, there’s completely nothing to be worried about. Of course, if you want to take additional security measures, you should definitely get yourself a hardware wallet. BitMEX features a multi-signature deposit and withdrawal system that will require you to undergo multiple verification methods to complete any of these actions.
BitMEX Deposit and Withdrawals
However, BitMEX remains one of the few marketplaces to offer negative maker fees and deserves the lowest-price margin trading platform title. BitMEX used to be one of the largest derivatives trading platforms in the market and was the first to offer Bitcoin perpetual futures contracts. With more competition coming into the crypto space, and the legal issues of its previous CEO, BitMEX has slowed its growth and volume of trading over the years. BitMEX is a highly-focused derivatives trading platform with 30 coins listed. However, it offers a very well-designed trading interface and access to advanced trading tools, and up to 100x leverage.
It should be noted these platforms charge processing fees, which can be very high. The costs can be compared side-by-side on the BitMEX “Buy Crypto” page to choose the best one. The purchased crypto will be deposited directly into a user’s BitMEX account and used for trading or earning interest. As you may know, BitMEX stands for Bitcoin Mercantile Exchange. BitMEX is a peer-to-peer trading platform that offers leveraged contracts to be bought and sold in bitcoin. Similar to Bybit exchange and Phemex exchange, leveraged contracts are often referred to as derivative and margin trading.
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.
As such, we can’t recommend BitMEX to users aiming to trade multiple altcoins. That said, the cryptocurrency exchange is primarily a Bitcoin and derivatives trading platform, and the coins offered by BITMEX are some of the most popular coins for trading with leverage. BitMEX is a very advanced derivatives trading platform focusing on a few popular coins, such as Bitcoin and Ethereum.
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 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 final aspect that should be mentioned is that BitMEX will never allow your balance to go below zero. The platform uses a smart margin and liquidation process that will automatically close all the open positions and will protect you from going bankrupt. If you want to use margin trading, you should make sure that the platform offers these features. BitMEX Margin trading is a type of trading method when you practice trading financial assets using the money that you borrowed from a broker. BitMEX offers margin trading with up to 100x leverage for its Bitcoin/USD Perpetual Contract.
In fact, most users will find them almost negligible relative to the chunky profits to be made if you’re a savvy operator. All derivatives contracts on BitMEX are collateralized and settled in BTC or USDT, depending on the instrument at hand. The minimum deposit is 0.001 BTC and there are no limits on withdrawals, which can also be in bitcoin only. Back in October 2019, Bitmex made what could arguably be considered a fatal error where it revealed all of its registered users to anyone with an internet connection.
The support center gives a slick rundown of the exchange and helps educate users on complex trades. It is also important to consider the funding rate on perpetual swap contracts, which is a variable fee which is designed to keep the contract price in line with the underlying asset. This can be positive or negative depending on whether you have taken a long or short position, as well as whether the contract price is above or below the spot price of the underlying asset. All content on Bitcoinsensus.com is provided for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any product, service or investment.
Can’t tell what the issue is and crypto were not helpful for the most part, recovery is done but with legit sites that are quick and reliable. This was my approach and capitaltungate made mine possible with an earlier charge back request that almost failed but pulled it through effectively which is a solution many are unaware of. Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy.
However, that would be difficult without a mobile app that the majority of top-rated crypto exchanges have. Users can trade spot and derivatives with access to advanced mobile charting and up to 100x BitMEX leverage. The BitMEX app is relatively new but has been downloaded over 10,000 times on the IOS store, with the BitMEX reviews having an average rating of 5 stars. To find out which apps are best for crypto, read this article.
Are BitMEX legit?
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.
The interface on BitMEX, while clearly signposted, leaves a lot to be desired. There is no centralized homepage, with the default page after logging in being the order book. Furthermore, bitmex review this screen throws a lot of information at the user, making it difficult for beginners to get comfortable. An announcement box keeps users up to date with any updates and issues.
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. Active positions for https://forex-reviews.org/ 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.
How to Deposit and Withdraw on BitMEX
So, if the price of BTC (a.k.a XBT for BitMEX perpetual futures) reaches $19295.5, this will trigger the stop-limit order and put a limit order that will get executed if the price reaches $19196. That’s pretty much everything there is to using the spot exchange – it’s a straightforward process that doesn’t require any previous experience or knowledge. Now that you have funds in your account let’s see how to trade, starting with the spot exchange. Select the cryptocurrency you want to deposit, and you will be given both a QR code that you can scan and an address that you should send the funds to. Before you can start trading, you need to register an account. BitMEX supports only US Dollar fiat with $ 791.94M trading volume over the last 24 hours.
As such, our BitMEX exchange review concludes that there are probably more suitable platforms out there than BitMEX. Those interested in using BitMEX can check out the full list of contracts available on the website. The platform offers leveraged trading on all contracts, but we found that the amount of leverage differs between available currencies.
Plus, there have been no major talks on public forums about its hack or inconsistencies yet. And that’s because very few people know how to margin trade cryptocurrencies and not many reviews are available for the same. Verified users can now buy, sell and trade their cryptocurrencies via a fully-fledged orderbook on BitMEX Spot. It uses multi-signature access, 2FA verification, and cold storage for protecting assets and trades. To summarize, you can trade with BitMEX for large daily volumes of derivatives exchange. BitMEX Testnet is an independent product that needs a separate registration process.
- BitMEX has also stood the test of time, having stayed resilient through numerous bull and bear cycles since its founding many years ago.
- Bank Secrecy Act and conspiracy to violate that law, arising from allegations that the four failed to implement anti-money laundering measures.
- CaptainAltcoin.com does not offer any sort of financial or investment advice.
- When the platform offers leveraged contracts to other traders, withdrawing Bitcoin becomes practical with this calculator.
BitMEX is a highly professional crypto derivatives exchange with deep liquidity. When it comes to fees, BitMEX is known for having some of the lowest in the industry. The exchange charges a 0.075% taker fee and a 0.025% maker fee for most trades, with discounts available for high-volume traders. BitMex as a platform and their product itself are definitely not aimed at newbie users but rather at experienced, semi-professional, and professional traders. Customer support is offered via an email ticket, and the support even responds to social media messages. The exchange has a great website that is packed full of useful information and features.
Moreover, you can visit the company’s FAQ section where you’ll be able to find information about liquidation, contracts, leverage, fees, deposit, security, and even more. All the answers to generic questions can be found in the FAQ section, however, if you have more specific ones, you should contact them via email. Sounds like a dream come true, however, that’s not what happened afterward. In 2019, cryptocurrency critic, Nouriel Roubini, framed the company of illegal activities, such as the fact that there was too much risk involved for customers when trading.
BitMEX is known for its robust set of trading options designed to support seasoned traders who want greater exposure to crypto markets. If you don’t own any Bitcoins yet, then it’s recommended to create an account on Coinbase and purchase Bitcoins using fiat currencies, then transfer them to the generated BitMEX wallet address. The majority of the customers claim that they haven’t experienced any technical issues while using this app. What is more, the app has a clear interface and is easy-to-use, if you know what you’re doing.