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Bitmex Review & Exchange Guide 2021 Update

As noted previously, BitMEX only accepts deposits in Bitcoin and therefore Bitcoin serves as collateral on trading contracts, regardless of whether or not the trade involves Bitcoin. Although the BitMEX platform is optimized for mobile, it only has an Android app . However, it is recommended that users use it on the desktop if possible. Founded by HDR Global Trading Limited in 2014, BitMEX is a trading platform operating around the world and registered in the Seychelles.

We’ll cover everything from how the platform works, what you can trade, supported cryptocurrencies, fees, and security. BitMex takes security very seriously, and you can quickly find out who owns the exchange and how they’re keeping funds secure. BitMex also has a system for risk checks, email notifications, and PGP encryption is used for all communication. Generally, it seems like customer support at BitMex is amongst the most knowledgeable in the market. Their team is polite, courteous, speak English well, and they try to cater to the expanding market and attempt to take the pressure off their customer service. A hidden order is used to pay the taker fee until the entire hidden quantity is executed.

Futures Contracts

For users looking for more in depth analysis, the BitMEX blog produces high level descriptions of a number of subjects and has garnered a good reputation among the cryptocurrency community. In addition, BitMEX provides a variety of educational resources including an FAQ section, Futures guides, Perpetual Contracts guides, and further resources in the “References” account tab. BitMEX does not demand payments from traders with negative account balances. BitMEX does not have clearing members with large balance sheets and traders are directly exposed to each other.

You’ll then need to head over to your external Bitcoin wallet, paste the BitMEX wallet address in, and transfer the funds. As noted earlier, the entire BitMEX platform operates on Bitcoin, meaning that you can only deposit and withdraw BTC. The deposit process subsequently works in the same way as any other cryptocurrency exchange. The fee system employed by BitMEX is arguably just as complex as the derivative products it offers.

bitmex review

This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. Nevertheless, the main channel to contact BitMEX is by raising an online support ticket. Alternatively, the platform also has a preference on Wechat, Telegram , Weibo, Twitter, and Reddit. It should be noted that the platform’s CEO – Arthur Hayes, often makes appearances on mainstream media platforms such as Bloomberg and CNBC. This at the very least illustrates that the CEO is happy to answer questions in the public domain, and present the company as a transparent entity.

How To Complete Your Verification At Bitmex?

The exchange has partnered with Testnet to enable users to practice placing trades, executing them, and canceling orders of different types and sizes. In addition, BitMEX also offers Negative Balance Protection. That is, if a position goes wrong, only your account balance will be used to cover any potential losses. You might lose all the money you have deposited, but it will not go under zero – thus safeguarding you from going into debt. For those unaware – in cryptocurrency markets, liquidation occurs when the exchange has to forcefully close a leveraged position due to a partial or complete loss of the initial margin.

bitmex review

It is owned by HDR Global Trading Limited, registered in Seychelles, although its offices are located worldwide. On the other hand, Bybit exchange is a new platform that has over 100,000 traders in a short time. The Promissory Note platform offers unique featuresthat are very attractive such as trading competitors, price manipulation control, fast trade speed and low latency, insurance fund and up to 100 times leverage on Ethereum contracts.

BitMEX exchange is well-known for having some of the market’s lowest trading fees. The fee schedule is different for each of the exchange’s main products, these being perpetual contracts, traditional futures, and quanto futures. Each of the supported cryptocurrencies entails a different leverage margin and slightly differentiating maker, taker, and settlement fees. Compared with other margin trading platforms like Bitfinex or eToro, BitMEX offers the highest leverage for the lowest price for small volume XBT traders. On the other hand, Bitfinex charges at least 0.05% less in taker fees when trading altcoin contracts. The same applies to other margin trading platforms like Poloniex and Kraken, which offer lower altcoin taker fees.

BitMEX is not a typical crypto-to-crypto or crypto-to-fiat exchange and is not meant for beginners. If you’re not an experienced trader, you’ll have to step up your game and learn a lot about how to use it and what risks to take. First, you won’t trade cryptocurrencies but their futures contracts and swaps. Second, the platform accepts Bitcoin only, so you won’t be able to use fiat currencies nor altcoins.

Bitmex For Beginners: Complete Review

The support center gives a slick rundown of the exchange and helps to educate users on complex trades. Bitcoin and Ethereum trades have both spot and futures trading options, while all other currencies have only futures markets. If all this sounds very confusing to you, it probably means you shouldn’t use BitMEX since this type of leveraged derivative trading is aimed mostly for experienced traders. While it supplies contracts for different cryptocurrencies, it works with Bitcoin only . These protection measures are taken during working with account details, withdrawals, logins, or trading cryptocurrencies.

  • However, there is a minimum deposit you must make to trade.
  • Firstly, BitMEX offers leverage on all of its crypto-centric derivative products apart from its UP and DOWN contracts.
  • The Trading Platform and all calculations are currently denominated in bitcoin or USD Tether .
  • BitMex has been around for significantly longer than Bex500 which is more battle-tested.

BitMEX has also launched its API interface, allowing users access to real-time market data across other websites. BitMEX’s API service has been dubbed as one of the best world currencies and most unique within the derivatives exchange market. API deployment is relatively easy and shouldn’t pose much challenge to someone who’s accustomed to API usage.

How Does The Bitmex Platform Work?

None of its content should be treated as financial or investment advice. While we may receive compensation from some of the products we review, you do not incur any extra charge whatsoever for using our content and clicking external links. Except for the network fee, it doesn’t deduct any withdrawal fee either. The network is a fee based on the blockchain Pair trading on forex load and is a fee charged whenever a transaction occurs on the Bitcoin blockchain. This ad promotes cryptocurrency within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA ; which is highly volatile, unregulated in some EU countries and the UK., no EU consumer protection. Investments are subject to market risk, including the loss of principal.

You should conduct your own due diligence and consult an independent adviser where appropriate. If you need to contact BitMEX, you can do so by raising a support ticket via your account. The minimum deposit to start investing with eToro is only $50 and you do not have to pay any deposit fees when using US dollars.

Exchange Cons

The company has included a slider in the sidebar to set the level of leverage you want for your position. BitMEX’s fees consist of deposit fees, trading fees and withdrawal fees. So, if you’re an investor based in bitmex review the US and you’re looking for a crypto exchange, use our Exchange Finder to find out which alternatives you have. But concerning reviews related to margin trading, it is no doubt BitMEX is the best in business.

User Interface

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. What is more, BitMEX keeps all the addresses in a cold wallet. If you’re not aware yet, cold wallets are considered to be among the most secure storage for your cryptocurrencies. The reason for that is because your private keys are stored offline, so even if your personal information is compromised, a hacker won’t be able to access your wallet. Let’s begin with the positive aspects of BitMEX exchange and focus on the strongest features of the platform.

Bitmex Minimum Deposits

BitMEX operates out of Hong Kong, but is registered as a company in the Seychelles. Users are able to buy and sell contracts for cryptocurrencies combined with margin trading up to 100 times. This means only Bitcoin deposits and withdrawals are permitted. It is a great platform for cryptocurrency digital traders looking to increase their BTC holdings by trading the market.

While these are the main countries that are not supported by BitMEX, you should also make sure to check out the laws of individual countries to ensure that there are no laws against crypto and trading. Before deciding which cryptocurrency exchange to use, it’s crucial to make sure that it’s supported in your country. When having troubles or simply some questions whilst using BitMEX, you can contact their customer support via email by pressing the “Contact” button on their main page.

This means that if you have a leverage of 100x you will need to put up a margin of 1% of the initial notional amount of the trade. So, if the notional on a 10 Bitcoin contract is $10,000, you will have to put up $100 in initial margin. Check the registered email and click the ‘Verify My Email’ link. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

This is because the former aims to trade as close to the reference index price as possible, while the latter is exclusively focused on demand and supply. In its most basic form, a perpetual contract is very similar in nature to a conventional futures contract – albeit with one key difference. Unlike futures contracts, which typically have a maximum expiry date of three months, perpetual contracts never expire. The main concept of BitMEX is that users have direct access to the global cryptocurrency trading industry via sophisticated financial vehicles that you would typically find in the traditional investment space. With that being said, it is important to note that BitMEX is not your typical cryptocurrency exchange.

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