BitMEX Review 2023: Is It Trustworthy & Legit?

As such, while BitMEX will likely be easy to use for experienced traders, those looking for a more simplistic platform will be better off using an exchange like Coinbase. 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 top trading bar has a static display and provides easy navigation throughout the ‘Trade’ window. The view of the ‘Accounts’ page and ‘Contract’ information is easy to comprehend. The UI also appears essential but has all the features of popular exchanges like Bybit. BitMEX bitmex review is one of the most advanced peer-to-peer platforms for crypto trading. It runs best-in-class APIs to provide high-quality trading knowledge and boost investor confidence. BitMEX exchange offers precision to people by helping them create a million-dollar trading account.

The exchange is well-known and respected in the industry for having played a large role in the formation of the crypto derivatives industry as a whole. The BitMEX trading experience is designed for more experienced traders, offering margin and futures trading and perpetual contracts. BitMEX offers an institutional-grade crypto derivatives trading experience built by experienced traders. Its contracts list can be found here, with over 20 coins’ contracts offered for derivatives trading, at a max of 100X leverage. There are both perpetual contracts offered that do not have a settlement date, as well as traditional and quanto futures contracts that do have a settlement date. Price Takers have to pay only 0.075 percent commission on their trades, while Price Makers get a 0.01 percent rebate on each trade.

BitMEX is still a popular exchange for leverage trading, how does it compare to the other options on the market? In this BitMEX review, we’ll carefully go over the platform’s features, fees, and security to determine whether BitMEX is worth using. Firstly, while the platform is advanced, the user interface is quite dated and things could be better laid out.

Below, we’ve summarized our ratings for each section of the cryptocurrency exchange. While slightly confusing, the interface contains all Bitmex services, making finding a specific area quick and simple. Placing a trade is simple for anyone familiar with the commonly-used order book-style screen, thanks to the green and red color scheme highlighting important areas. However, United States residents cannot use the platform due to regulatory requirements largely outside of BitMEX’s control. The Coin Bureau Editorial Team are your dedicated guides through the dynamic world of cryptocurrency.

  1. The trading platform has a 24/7 support on multiple channels, including email, ticket systems and social media.
  2. For a period of 6 months after they have signed up, BitMEX will offer them a 10% discount on their trading fees.
  3. You probably aren’t going to find this type of dedication to security with other crypto exchanges.
  4. That said, many users believe that KuCoin is one of the simpler exchanges on the current market.
  5. Furthermore, the BitMEX app has full charting capabilities built-in, making it a great trading platform for mobile users.
  6. However, it can have server overload issues, which can be frustrating.

The exchange charges a market-competitive trading fee and provides top-notch security to your assets. If you’re looking for a platform providing margin trading services at high leverage, then BitMEX might be your perfect destination. BitMEX, a cryptocurrency trading platform, offers various tools and services for traders around the world. These services are segmented based on the liquidation price of the crypto assets. For example, using the BitMEX account for trading fiat currencies is a unique offering that other cryptocurrency exchanges overlook. BitMEX is a leading crypto derivatives exchange that enables traders and investors to buy futures and perpetual swap contracts on a wide range of cryptocurrencies.

Customer Support

Our Website may link to external sites or content not controlled by us. Such links don’t imply our endorsement, and we aren’t liable for the content, products, or services of these third-party entities. To withdraw from BitMEX, you need to log into your account, navigate to the ‘Withdraw’ tab, enter the amount and the destination wallet address, and then confirm the withdrawal with two-factor authentication. By embracing the volatility and potential of cryptocurrencies, it has cemented its position as a go-to platform for those seeking to capitalise on rapid market movements. Recently, BitMEX launched live chat support, allowing users to chat with a customer support representative.

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This platform is designed for maximizing the exposure to margin trading. What started as a margin trading platform, now also offers a spot trading platform. Despite few glitches in the past, traders still love BitMEX for it’s simplicity and transparent pricing. They also have a mobile app, that makes it easier for you to trade on the move. BitMEX pioneered Bitcoin’s perpetual futures contracts, establishing itself early as one of the leading Bitcoin derivatives trading platforms in the crypto market. However, the exchange’s initial lack of KYC procedures and the ability to take highly leveraged positions gave BitMEX a reputation as more of a casino than an exchange.

Every crypto fan knows how important it is to have the ability to keep track of the assets and trade cryptocurrencies on the go. However, that would be difficult without a mobile app that the majority of top-rated crypto exchanges have. If you want to maximize your earnings, you have to minimize your spendings – that’s pretty simple. Now, if you want to gain as much as you can from a trading platform, you should always take a look at the fees. They might seem almost unnoticeable, however, when you’re making multiple trades, you’ll notice the difference. The final aspect that should be mentioned is that BitMEX will never allow your balance to go below zero.

How much are BitMEX fees?

Alex is a banker-turned-bitcoiner who ditched the bond trading desk for working remotely from all corners of the world, creating engaging and educational content for Bitcoin startups and crypto media publications. BitMex is a winning house for the owners, they have accumulated billions though their loosing customers. They are totally unregulated, they can bet against their customers, they can do what ever they want to manipulate BTC and other prices. If you think you want to play their game better put your money in a roulette. BitMex is a major reason for crashing BTC prices by shorting and dumping. If you want to loose your precious coins go ahead and loose them all at BitMex.

Bitmex Review – Can BitMEX be trusted in 2024?

The transfer is executed after two separate employee audits on BitMEX’s end, however the banking system might need a few additional days to credit the funds to the user’s bank account. Binance requires full KYC now to trade even spot products, and BitMEX also requires full KYC to use its exchange services. Coinbase is a public US company and offers transparency into its industry-leading security along with its brand reputation, while BitMEX is not US compliant and only for international users. The only advantage BitMEX offers over Coinbase is its extensive offering of futures trading instruments, whereas Coinbase is a spot-only exchange.

The account is funded and collateral is maintained almost exclusively in Bitcoin. Hence, you will have to send Bitcoin to your account if you want to fund it. In terms of the trading engine itself, BitMEX uses software that is being used on Wall Street by high-frequency trading firms. You can also expand the chart to full screen and make use of all the charting tools and analysis.

BitMex has very competitive fees and most users will find them almost negligible relative to the chunky profits to be made if you’re a savvy operator. In the last couple of years, Bitmex got some competition to deal with – primarily from Bitfinex and PrimeXBT but also “regular” exchanges like Binance and Kraken adding leverage trading to chop away from Bitmex’s pie. This works to stabilize the potential for returns as there is no guarantee that healthy market conditions can continue, especially during periods of heightened price volatility. During these periods, it’s actually possible that the insurance fund can be used up than it is built up. In the event that the mark price of Bitcoin falls to $3,980 (by 0.5%), then the position gets liquidated with the 100 Bitcoin position needing to be sold on the market.

How to create an account on BitMEX?

This exchange made a name for itself by allowing traders to take 100x leveraged positions on bitcoin and providing a highly professional crypto-to-crypto trading experience. BitMEX is a trading platform based in Seychelles and founded in 2014 that offers investors access to the global financial markets using only Bitcoin. BitMEX is known for derivatives trading and for the creation of the popular “perpetual contract” used today in the crypto markets. BitMEX used to be one of the largest derivatives trading platforms in the market and was the first to offer Bitcoin perpetual futures contracts.

As a result of the amounts of leverage involved, it’s possible that the losers may not have enough margin in their positions to pay the winners. Bitmex is the 9th largest derivatives exchange for cryptocurrencies with a current 24-hour trading volume of 879 million across its trading pairs. To ensure that our BitMEX review provides the most value to our readers, we’ve drawn comparisons between the exchange and other platforms that provide access to cryptocurrency markets. In contrast to many trading mobile apps, BitMEX offers all of its desktop features to mobile users. The home screen features an overview of the user’s wallet balance, quick links to buy/sell/convert, and basic information on the user’s favorite assets. Another interesting feature we found when creating our BitMEX review is a simple interest-earning platform for Bitcoin or USDT holdings.

This futures exchange helps in paying fees with favorable market positions, where the margin is much larger. BitMEX exchange issues a settlement fee on leveraged contracts and perpetual swaps. According to former banking experts, this fee is mandatory based on recent crypto banking regulations. BitMEX also provides a complete fee break-up depending on the cryptocurrency used for trading. The exact amount of leverage that you are able to get is specified by the underlying derivative. Each derivative product will have its own margin and maintenance levels, so it’s best to check this out before you get started.

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