Overall, the fees make for an appealing read on BitMex, when compared to the most cryptocurrency exchange. For now, BitMex only has adequate liquidity on Bitcoin trading, while the liquidity of altcoins isn’t always reliable. The support team also helps traders with minimum amount details when they don’t have enough funds to trade. 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. With up to 100x leverage on some of these BitMEX contracts, the denominated Bitcoin helps traders speculate the future value quickly and precisely.
- You are required to give a valid email, however, as you will need this to confirm your account and all the withdrawals etc.
- The exchange has implemented multiple protection layers, including multi-sig withdrawals and Two-Factor Authentication (2FA).
- It’s worth mentioning that I received this support without being a member or user of BitMEX.
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Supported Cryptocurrencies on BitMex
In case you are an US resident (or you are on vacation in America), it isn’t possible to trade on this platform. This is applies for when you are registering, but also when you are trading on the platform. Your account will get blocked (temporarily) when you accidentally log in on your account from the United States.
On the same note, I would like to recommend getting secure hardware (cold) wallet and transfer at least part of your assets to it. It’s always a better idea to keep at least some of your crypto separately. As for the most recommended hardware wallets, you should definitely check out Ledger Nano X and Trezor Model T, users really appreciate them, not only due to security but also usability and design. A few days after this happened, Bloomberg reported that BitMEX is now being investigated by the Commodity Futures Trading Commission (CFTC), which regulates all the US crypto derivatives markets.
BitMEX leverage and leverage slider
BitMEX derivative instruments allow users to go long or short on 45+ different pairs. BitMEX does not charge fees on Bitcoin deposits; deposits of Ether, Tether, and other ERC-20 coins are also free. We want to make it possible for everyone to easily enter the world of cryptocurrency. On our website you will find guides and tutorials for both beginners and advanced traders.
BitMEX (Bitcoin Mercantile Exchange) was founded in 2014 by Arthur Hayes (CEO), Ben Delo (CSO) and Samuel Reed (CTO). The headquarter is located in Hong Kong and the entire company is being operated from here. BitMEX is not just a normal exchange, like Binance or Bitvavo, it is a Margin trading exchange.
So now that we’ve covered the main derivatives that you can trade at BitMEX, in the next section we are going to discuss the specific cryptocurrencies that can be speculated on. The BitMEX DOWN (Downside Profit) Contract works in exactly the same way as the UP contract, albeit in the exact reverse. Ultimately, by engaging in this particular derivative, you are speculating that the underlying cryptocurrency will go down in value before a pre-defined time period.
BitMEX Review Conclusion
Alternatively, you can set stop-loss and take-profits when opening the position to automatically close the order when desired. The firm features an order book to ensure that its users make well-informed decisions when trading. Our review and testing found the charting system to be provided by TradingView and boast 16 timeframes, seven chart types, 104 built-in indicators, 82 graphical tools, eight widgets and comparison overlays. Each widget can be added, removed and moved around to build a custom interface for each client. Moreover, the widgets can be expanded into a full-screen view in a separate tab for increased functionality.
How Do I Delete My Account With BitMEX?
Opening a long position, called a ‘Buy/Long’ on BitMEX, means that traders expect the price of the underlying asset to increase over time. On BitMEX, investors who aren’t interested in owning the underlying asset itself, such as Bitcoin, can still speculate and profit from positive price movements. BitMEX has a number of contracts available, for a wide range of cryptographic assets. These include eight of the top 10 cryptocurrencies by market cap; however, the most traded contract by far on BitMEX is Bitcoin (XBT). Before we dive in, let’s examine what trading with leverage is, and specifically, what this means for users of the BitMEX trading platform. Find out in Blokt’s complete BitMEX exchange review for 2023, where we’ll cover going long and selling short on BitMEX, closing positions, platform security, customer service, and more.
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. It offers users a quick view of their accounts, including balances and trade history, as well as the ability to deposit or withdraw crypto directly in the app. Derivatives trading offers a simplified fee schedule, with a BitMEX market Maker rebate of -0.01% available on all trades and a Taker fee of 0.075% for all transactions. Taker fee discounts are available to traders with over $1 million in 30-day trading volume, with a maximum fee discount of 66.67% for trading $50 million (or more).
As noted, in terms of leverage offered, BitMEX offers up to 100% leverage, with the amount off leverage varying from product to product. The only Binary series betting instrument currently available is related to the next 1mb block on the Bitcoin blockchain. Binary series contracts are traded with no leverage, a 0% maker fee, a 0.25% taker fee and 0.25% settlement fee. A futures contract is an agreement to buy or sell a given asset in the future at a predetermined price. Firstly, BitMEX has a much larger daily volume to boast with, commands significantly more users, and has an established reputation in the market. However, it can have server overload issues, which can be frustrating.
Who Founded BitMEX?
The futures pairs offerings are slightly more limited with only around 30 pairs, leaving a lot of selection to be desired if compared to Binance Futures’ selections, which is known for being the first to list new coins. BitMEX regularly advertises new and exciting deals to allow existing customers to continue to earn free BMEX and entice new bitmex review customers to join the leading crypto broker. As BitMEX is not FCA-regulated, this advertisement is permitted in the UK. You can close your position at any time by clicking on the ‘Positions’ tab, found at the bottom of the trading page. Here you can see the PNL and choose whether to close your position as either a limit or market order.
However, some US customers have worked out their ways to BitMEX via VPN setups, which I should inform you, is prohibited by BitMEX. The company does take measures about the same but those are simply not enough for the impersonators to get in. BitMex is a winning house for the owners, they have accumulated billions though their loosing customers.
System Security
Moreover, it’s recommended to choose BitMEX crypto exchange for its security. The platform seems to be very reliable when it comes to wallet, system, trading and communication security. That includes multi-signature deposit and withdrawal systems, multiple verification methods, a cold wallet instead of a hot one, and even more https://broker-review.org/ safety measurements. The BitMEX app allows you to access real-time market data, make deposits and withdrawals easily, increase your security through multiple authentications and login notifications, and so much more. So if you decide that BitMEX is a suitable platform for your needs, you should download the app as well.
Here, you will find all the exact functions and features as you would on the real-time BitMEX exchange. From there on, the UI is quite intuitive, provided you are well versed with the margin and derivate trading lingo. Labeled Verified, they’re about genuine experiences.Learn more about other kinds of reviews.