The whole process only takes a few minutes, while the verification on their end can take between a few hours and a few days. 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.

This type of contract is typically used for commodities, such as oil and wheat that have a long-term supply and demand. A perpetual contract allows traders to buy and sell the commodity at any time, similar to a spot market. BitMEX is a platform that allows traders to get access to an exclusive range of cryptocurrencies. This is done by providing them with access to the price charts, indicators, and various technical analysis tools. The platform allows you to trade more than 18 cryptocurrencies.

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.

  • If you’re new to cryptocurrency, you will find this platform quite complex, given that it deals with leverage trading.
  • One of the biggest platforms for trading digital currencies.
  • You cannot buy and sell cryptocurrencies using the platform directly.
  • An announcement box keeps users up to date with any updates and issues.

BitMEX is a cryptocurrency exchange and derivatives trading platform that has become hugely popular with those interested in the market. It is owned by HDR Global Trading Limited, registered in Seychelles, although its offices are located worldwide. BitMEX has a profit and loss calculator which tells exactly what risks are involved in the traders. When the platform offers leveraged contracts to other traders, withdrawing Bitcoin becomes practical with this calculator. These responsive charts help traders leverage the power of advanced trading tools.

While we were trading, there were hundreds of situations where the system was overloaded and sometimes for multiple minutes. An announcement box keeps users up to date with any updates and issues. In October 2020, all three founders were indicted on charges of violating the U.S.

Through the testnet, users can seamlessly place, execute, and cancel different types of orders. The testnet functions as a separate entity, so its usage entails the creation of a separate account. It functions exactly as the main interface, so it’s also suitable for those who are new to BitMEX, but not to derivatives trading. Perpetuals are relatively similar to futures, with the only noticeable difference being that there is no expiration date for the contracts.

Bitmex Accounts

You will also need to enter the price you are willing to pay for the asset. Once you have entered all of the information, click on the buy button. If the order is filled, you will receive the asset at the price you specified. If the order is not filled, it will remain open until it is either filled or canceled. Perpetual contracts allow each party to be confident in the stability of the relationship and can help to avoid misunderstandings or disputes that could disrupt the business.

bitmex reviews

It is safe to say that BitMex is legit as it is one of the safest margin trading exchanges. The customer service of BitMex is better than other digital platforms. BitMex provides 24/7 customer support through different communication channels like Support Ticketing System, Wechat, Weibo, etc. The company didn’t introduce its coin, one has to deposit BTC in it to trade.

Trader Privacy on BitMEX

The minimum amount that can be deposited into a trading account is 0.001 BTC, while there is no limit to withdrawing Bitcoin. Even though the platform has been around for more than 7 years and still looks very updated as they always add new features. We must mention that BitMEX is probably the most transparent company out there. BitMEX uses SSL encryption to encrypt all financial transactions. Traders are assured that their funds will be safe and secure on the platform.

bitmex reviews

It also uses the underlying index price for margin calculations instead of the most recently traded price. This helps ensure that the system is more secure, as it prevents malicious traders from manipulating the order book and causing erroneous liquidations. This crypto coin was one of the big names in the field in its early days but has slipped behind some of the newer coins in recent years.

BitMEX Trading and Features

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. 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.

Trading leveraged products such as Forex and CFDs may not be suitable for all investors as they carry a high degree of risk to your capital. Ethereum is the second major cryptocurrency after Bitcoin and provides developers to create smart contracts on a platform. Forex brokers can also provide services to not just individual traders, but also provide for institutional clients and large businesses, for example, investment banks. This feature shows the price history over time in a line graph as well as a table at the bottom of the chart for those who don’t like to see just the line. It also shows the total amount of bitcoin being exchanged as well as the sum of all trades done since the beginning of time. If a trade goes through in minutes, you will be able to close your position at any time during that window.

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. Does not support fiat currency such as USD for deposits or withdrawals. Despite the ease with which users can navigate the BitMEX dashboard, some customers mention the interface’s dated appearance in their BitMEX reviews. Innovation is the key to BitMEX’s success in leverage trades.

bitmex reviews

Users can speculate on Bitcoin price at a particular settlement date and receive or pay the difference for guessing right or wrong. UP and DOWN Contracts cannot be shorted, and they expire early if the price touches or falls below the predetermined KO barrier price. One is BitMEX market maker, an adaptation of Liquidbot and allows its users to quote two-sides market. The other is FMZ which is known as the largest algorithmic trading platform in China.

How to get started with BitMEX

However, other fees and costs are competitive and based on currency type and perpetual and futures contracts. BitMEX exchange is not a fiat trading platform, so the only method of funding one’s account is via cryptocurrency. The platform only supports bitcoin-based deposits, but exchanging to other supported coins bitmex review is easy via the built-in exchange. When depositing, BitMEX uses a multi-signature address for optimal fund security. Deposits are confirmed after receiving one confirmation from the network of miners. Leading cryptocurrencies such as BTC, XRP, ETH, BCH, LTC, BCH, and LINK can be traded easily on BitMEX.

All widgets in the dashboard can be moved the way you like. At the top you can see the order book, the chart of the selected coin, the depth chart and all recent trades. When you made a trade, it’s possible to view and edit the position you opened at the bottom of the page. You can also view your closed positions, active orders, stops, fills and your order history.

Deposits and Witdrawals

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 enables millions of users to trade over a dozen cryptocurrencies, but it is a fully Bitcoin-denominated exchange.

BitMEX team have used their financial and web-development experience to create a slick platform that allows smooth trading while keeping users informed. BitMEX isn’t the only exchange built around supplying futures trading options. Exchanges like Bitfinex and OKCoin are considered as worthy alternatives. However, there are some differences between these exchanges and BitMEX. Support is offered via an email ticket, which is pretty standard for the industry.


Comments are closed