BitMEX Review Crypto Exchange and Leverage Trading

To make such predictions you have to perform thorough research, analyze the market, and invest an amount of money that wouldn’t be too afraid of losing. 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. 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. The support is available in English, Chinese, Russian, Korean, and Japanese.

• The Bitcoin leveraged swap contracts on the BitMEX exchange enabled trading with up to 100x leverage and had no expiry date.
• On the other hand, the BitMex interface will pose a steep learning curve for the casual trader.
• While using the broker, our experts found the interface of the BitMEX platform is cluttered and a little outdated.

For BMEX holders, typical promotions include a discount bonus of up to 15% on taker fees, which is worthwhile for newcomers. This includes the likes of perpetual contracts, futures contracts, margin trading, and the platform’s proprietary BitMEX UP and DOWN contracts. Don’t worry, well explain the ins and outs of how these asset classes work in more detail further down. With that being said, it is important to note that BitMEX is not your typical cryptocurrency exchange. On the contrary, the platform specializes exclusively in derivative-style financial instruments.

BitMEX Review: Find Out More About the Company

When using a limit order, a trader is dictating the minimum or maximum price at which they want to buy or sell. Traders will make use of limit orders to minimize costs while trading. Of course, if the order is placed too high or too low, there’s a good chance the order will ever be executed. The immutability of the blockchain have made it possible for people to own digital asset. Leveraging digital asset is only possible because we can tie them to private keys, but cryptocurrency’s popularity and the confidence in Bitcoin’s price are just as important in this kind of game.

• 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.
• After you make an order, trade, deposit or withdrawal, BitMEX makes a full risk assessment on each of them.
• Also, BitMEX fees are very low, so it’s definitely recommended for those who are into daily trading.
• This exchange has a trading desk that ptotects the exchange from risk.
• This allowed BitMEX to rank among Bitcoin exchanges with the highest volume worldwide.

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 team at CaptainAltcoin.com only recommends products and services that we would use ourselves and that we believe will provide value to our readers.

MEXC Exchange Review 2023: Is it Safe or Scam?

Each of these platforms offers similar tools and features to BitMEX, and it may be worth considering if you’re interested in trading crypto. However, BitMEX does charge withdrawal fees for USDT, which vary depending on Ethereum network fees. As of 2023, BitMEX is trying to shake off its bad reputation and aims to become the world’s largest regulated crypto derivatives exchange. In 2020, BitMEX introduced identity verification for all users, marking the first step in the exchange’s new direction. Investing in cryptocurrencies, Decentralized Finance (DeFi), and other Initial Coin Offerings (ICOs) is highly risky and speculative, and the markets can be extremely volatile. Consult with a qualified professional before making any financial decisions.

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. All content on CaptainAltcoin https://forex-reviews.org/blackbull-markets/ is provided solely for informational purposes. It is not an offer to buy or sell any security, product, service or investment. Generally, it seems like customer support at BitMex is amongst the most knowledgeable in the market.

Can US Citizens Use BitMEX?

Now, there is nothing stopping a US trader from accessing BitMEX through the use of a VPN. Given that they do not ask for any identifying information, you can do easily do this. Another disadvantage, of course, is the fact that it is not open to US traders. In terms of the quality of the conversations, the troll box is more for well…

If you are going to use BitMEX, make sure that you are aware of the risks that come with margin trading and of course, never risk more than you can afford to lose. For a period of 6 months after they have signed up, BitMEX will offer them a 10% discount on their trading fees. For those traders who like to code their own bots and trading algorithms, BitMEX has a really advanced REST and Websocket API. The customer support on BitMEX is reasonable in comparison to other exchanges.

BitMEX Customer Support

The trading fees at BitMEX work a little bit different given that you are trading leveraged instruments. These essentially imply whether you are making an order or taking an order. In the case of BitMEX, these margin calls are automatic and will either draw on the funds that are in your account or they will liquidate your positions.

In addition to the support system, Bitmex also regularly updates the site and uses an announcement box to make sure users are aware of any issues or updates coming down the pipe. While there is no live chat with support, traders can chat with one another to discuss trades, cryptocurrencies, and anything else that comes to mind. BitMEX has a testnet that allows its users to demo trade cryptocurrency without risk. Beginners are able to become familiar with using the exchange and learn how to trade cryptocurrency with leverage using the BitMEX paper trading account. Unfortunately, BitMEX does not offer the ability to deposit using fiat directly.

You never know if there could come a day when the exchange institutes compulsory KYC and will request your docs. Well, BitMEX is only likely to shut down your account if they do suspect you of being based in the US. So if you are still able to trade there anonymously, then they are unlikely to jump on it immediately. This has resulted in numerous US-based clients creating accounts and trading on BitMEX. In the case of hidden orders (more below) the fees that you will encounter differ slightly.

Several users complain of market manipulation, problems withdrawing assets, and a complicated user experience. Although the customer support is there to clear out any query or misunderstanding, the exchange has faced numerous charges that have been accused of market manipulation, etc. They accept no fiat deposits and use Bitcoin as the engine for their platform, which means that profits and losses are shown in Bitcoin even when you’re working with altcoin contracts. It’s important to take this into account when you choose your trading platform. BitMEX is committed to the platform and its users’ security and implements a series of measures to make sure funds, trading engines, and systems are protected. BitMEX offers some of the lowest trading fees in the industry, with maker and taker fees starting at just 0.1% and rebates available for high-volume traders.

In India, Margin Trading is also known as Intraday Trading, something that various stockbrokers provide in the country. What happens in Margin Trading is that securities are bought and sold within one session. We write product reviews and comparison articles in the field of cryptocurrency. Wouldn’t it be nice if you could first test all the features of an exchange platform before directly jumping into the market? Well, this is where BitMEX testnet comes in; it allows you to try all the exchange’s features without really placing an order in the real market. If the underlying asset’s price moves in the other direction in inverse perpetual, then you suffer a higher loss due to the contract’s non-linear and inverse nature.

How to short on BitMEX?

On the other hand, the BitMex interface will pose a steep learning curve for the casual trader. With Future Contracts, once the contract settles, any users who have a position are settled at the settlement price of the contract itself. Bitmex allows traders to long or short Futures and Perpetual Contracts by selling or purchasing them.

The fund has experienced a 50.7% increase in its holdings since the beginning of 2019. Bitmex also uses a multi-signature withdrawal and deposit method and has a manual Bitcoin withdrawal process that requires the supervision of two employees. There’s also a deposit address verification, and all funds not in use are kept in a cold storage wallet.