BitMEX Review: Can You Really Trust This Crypto Exchange?

BitMEX Review: Can You Really Trust This Crypto Exchange?

bitmex review

Read on to find out the strengths and weaknesses of the BitMEX exchange. BitMEX provides a web-based trading platform and a mobile app for Android and iOS. While the BitMEX mobile app doesn’t have all of the exchange’s products and features, it allows users to seamlessly manage their trading positions on the go.

BitMex is a popular crypto exchange and derivatives exchange that enables traders to buy and sell futures and perpetuals on a range of crypto assets. Decentralized Finance (DeFi) is one of the biggest trends in the blockchain industry, and the global cryptocurrency market cap soared to an all-time high, reaching a market cap of $3 trillion. Everyone seems interested in cryptocurrency, from financial institutions to individual investors these days. BitMEX charges a 0.075% trading fee and offers a 0.025% maker’s rebate. You can have a look at the trading fees for perpetual contracts in the table below.

Who should use Bitmex?

The contact details for BitMEX are not freely accessible online, but a form is available on the website for general queries such as ‘delete account’ and other information. Make sure you use an online liquidation calculator to see what level of leverage is suitable for your risk style. Once trades have been made, they can be viewed through Active Orders, allowing for the quick and easy management and cancellation of ongoing orders.

bitmex review

All futures contracts are settled on a cash-basis, and depending on the underlying cryptocurrency it is tied to, comes with an expiry period of 7 days, 1 month, or 4 months . This means that there is no settlement date on the perpetual contracts purchased via BitMEX. In other words, they are only settled when you decide to exit the trade. Although the platform was only formed in 2014, BitMEX is responsible for some of the largest trading volumes in the cryptocurrency arena. is a renowned cryptocurrency…

Of course, if you want to take additional security measures, you should definitely get yourself a hardware wallet. Live update features, such as the announcement tab and the live chat function, provide that little extra bonus in making sure you never miss out on crucial news. The fees round things off to make the exchange an attractive all-around package.

  • Taking into account the high-risk nature of the crypto-centric products that BitMEX offers, we would suggest reading our comprehensive review prior to opening an account.
  • Imagine that you make a deal with another person to purchase 1BTC for $20,000 on the 1st of January.
  • Then, the order will become normal, and the user will receive the maker rebate for the non-hidden amount.
  • “Peer-to-peer crypto contract trading platform BitMEX has notional daily trading volume of more than $US1 billion.” BitMEX charges fees of 0.05% for trades placed on its platform.
  • The site educates its users to evolve into non-compromising and go-getting traders.

The BitMEX CEO and owner made sure a straightforward fee schedule is in place. For spot, the maker and taker fees are set at 0.1% and for derivates, the maker rebate is 0.01% and the taker fee is 0.075%. Other privileges include early product access, VIP services for large token holders, tickets to events and BitMEX SWAG. Importantly, signing up to BitMEX is straightforward, with no trading limits once registration has been completed. All that is required is an email address, being over 18 years old, and confirmation that the user is not in the US. On top of its huge trading volumes and 24/7 high-frequency capabilities, BitMEX is best known for its ability to provide leverage at the click of a button.

BitMEX Review: Advanced Crypto Derivatives Trading Exchange

Traders that execute market orders will be charged slightly higher fees than the top platforms. Traditionally, BitMEX has been the preferred exchange for professional traders to maximize their returns using up to 100 times leverage and its advanced trading tools. However, we expect the competition to increase in the near future as Binance continues to innovate and introduce new trading experiences and products to attract new users. Two heavyweights in the cryptocurrency trading arena, Binance, and BitMEX, generally focus on different cryptocurrency trading products. Binance has recently introduced margin and futures trading to its exchange to compete with BitMEX. Most will know that Binance offers a wide selection of altcoins and stablecoins to trade, whereas BitMEX accepts far fewer.

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Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. He started HedgewithCrypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world. The exchange offers margin trading in all of the cryptocurrencies displayed on the website. This means that you will trade leveraged positions with coins placed on margin.

BitMEX Compared

If you wanted to get more meaningful conversations with the traders then you can join the IRC chats. Something else that BitMEX has that is being offered by a great deal of FX platforms these days is the group chat options. Just to give you an idea of how fast the trading engine can execute orders, it is well known that kdb+ has a throughput rate of up to 1,000,000 trades per second. If you are a US-based person with a BitMEX account, then you should exercise caution.

  • BitMEX provides a web-based trading platform and a mobile app for Android and iOS.
  • You can easily calculate your Profit/ Loss, target price, and liquidation price by entering all the required details of the position you wish to open.
  • Trading on the BitMEX exchange is complex and suitable for experienced professional traders ready to trade volatile risk assets.
  • However, BitMEX does allow users to fully customize the interface, with the ability to rearrange trading windows and hide trading tools they no longer wish to see.
  • Registration only requires an email address, the email address must be a genuine address as users will receive an email to confirm registration in order to verify the account.

Of course, the display on your phone may make it difficult to reach the charts, so be sure of what you’re doing while you’re on your mobile device. CFDs and other derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how an investment works and whether you can afford to take the high risk of losing your money. When you enter into a Perpetual Contracts, such as XBTUSD, the funding is exchanged between longs and shorts over discrete Funding Intervals. In your Trade History a positive amount means you paid funding for that Funding Interval; a negative amount means you received funding. It is also worth noting that the Mark Price is lower or higher than the current price of Bitcoin.