BitMEX also provide a regularly updated blog with a large number of articles relating to trading, business, financial announcements, and even reviews of bitcoin mining technology. Users of the BitMEX mobile app will also be able to leverage Two-Factor Authorization to further protect access to their account. One of the founders of BitMEX crypto is the UK’s very first bitcoin billionaire. In 2019, it was suggested this exchange was involved in illegal activity and in 2020, all three founders were indicted on U.S Bank Secrecy Act charges. While deposits are unlimited, you can only make one withdrawal per day, owing to the way BitMEX conducts withdrawal processing manually for security purposes.
Therefore, unless user terms specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors. CoinSutra does not recommend or endorse specific cryptocurrencies, projects, platforms, products, exchanges, wallets, or other offerings. Opinions shared by CoinSutra writers are their personal views only and should not be relied upon for financial choices. It is a peer-to-peer trading platform that offers leveraged contracts that are bought and sold in Bitcoin.
- BitMEX is still a popular exchange for leverage trading, how does it compare to the other options on the market?
- Binary series contracts are traded with no leverage, a 0% maker fee, a 0.25% taker fee and 0.25% settlement fee.
- BitMEX is favoured by cryptocurrency traders worldwide because of the leveraged trading that you can employ.
- Such features include futures contracts, perpetual contracts, margin trading with up to 100x leverage, and even more.
- You should also be aware of the fact that BitMEX only handles Bitcoin, meaning that all the provided information, including profits and losses, is presented in Bitcoin.
Discounted fees are based on a user’s 30-day Average Daily Volume (ADV). BitMEX, which stands for Bitcoin Mercantile Exchange, was launched in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed to provide a professional-grade bitmex review Bitcoin derivatives trading platform. Owned and operated by HDR Global Trading Limited out of Seychelles, BitMEX quickly established itself as the preferred leveraged trading platform for Bitcoin traders.
What are the trading costs at BitMEX?
BitMEX also offers 100x leverage – higher than any other cryptocurrency exchange offering bitcoin trading. Our deep dive into BitMEX uncovered some past promotions – it turns out BitMEX regularly runs bonuses and promotions such as 10% discounts to attract new registrations. Every currency pair traded on BitMex offers a chart section ensuring traders has a graphical analysis. Placing orders once the deposit is confirmed offers a variety of options, including limit, market, trailing stop, take profit limit, stop limit, and take profit market. In summary, BitMEX is now one of the most popular cryptocurrency exchanges in the industry – especially in terms of trading volumes. This includes the likes of perpetual contracts, futures contracts, margin trading, and the platform’s proprietary BitMEX UP and DOWN contracts.
Similar to the one above, these holdings are only for bitcoin, unlike some of the other exchanges that also show proofs for ETH and other assets. According to Glassnode, Proof of Reserves (PoR) displays the assets held on-chain and matching liabilities held both on and off-chain. A number of exchanges have disclosed their on-chain addresses (but not liabilities) to Glassnode, including BitMEX.
Trading Volume & Liquidity
Having said that, it is only a matter of time before it becomes impossible for US-based traders to use it on an ongoing basis. Exchanges are gradually moving to a more transparent status quo and many think that the days of anonymous exchange accounts are numbered. Moreover, BitMEX is one of the few remaining exchanges that does not require their traders to complete KYC and identify themselves. This means that they cannot verify exactly who is trading on their platform. The trading fees at BitMEX work a little bit different given that you are trading leveraged instruments.
BitMEX is not just a normal exchange, like Binance or Bitvavo, it is a Margin trading exchange. DayTrading.com is committed to helping traders of all levels make informed decisions about which broker to trade with. If you have experience trading with BitMEX please share your personal review of the broker and what you think are strong and weak points. Compare BitMEX with the top 3 similar brokers that accept traders from your location. The headquarters are in the Seychelles, however, other virtual locations such as the Hong Kong office, or in India and other regions are available for easier customer support. Make sure you use an online liquidation calculator to see what level of leverage is suitable for your risk style.
It is highly flexible and perhaps the fastest option for those developers who merely want to get live data from the exchange. If you are a US-based person with a BitMEX account, then you should exercise caution. 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.
Users can deposit tokens (or purchase through a third-party partner) into BitMEX and choose an Earn product. However, the Earn accounts have a required lockup period of 31 days, meaning users will only be able to withdraw their assets once the contract matures. The asset, position size, entry price, margin, and unrealized P&L are all shown and updated in real-time. In addition, pending orders can be displayed by clicking on the ‘Active Orders’ tab, which provides the option to review, modify or delete the order.
Even though the names of these two exchanges look similar, they differ in their functionality. As a US-based cryptocurrency exchange, Bittrex accepts US residents whereas BitMEX accepts members from almost all countries in the world except the US. When compared with Bittrex, BitMEX only supports a limited number of cryptocurrencies. Regarding the payment methods, BitMEX currently accepts Bitcoins only, whereas Bittrex allows its verified customers to buy cryptocurrencies using fiat currencies.
BitMEX is a cryptocurrency exchange focusing primarily on derivatives products. It allows users to speculate on the price of cryptos with high leverage. Although it also provides spot markets, the range of supported assets is currently small compared to competitors. Welcome to our comprehensive review of BitMEX, a trailblazer in the cryptocurrency exchange landscape. Famed for its leveraged contracts and advanced trading options, this platform caters to the needs of traders who are looking to delve into the depths of the crypto trading world.
Overall, BitMEX is the number one trading platform for cryptocurrency futures and derivatives. This comes as a little surprise, as apart from being first to market, BitMEX has excelled in customer service, fund security, and ease of access. Our CryptoParrot BitMEX exchange review took careful note of the fee structure. BitMEX charges a variable taker fee depending on the specific contract taken. For example, our reviewers were charged a fee of 0.075% for a Bitcoin traditional futures contract.
Beyond this, there are no requirements on how or when investors can use the platform, making it the ideal choice for those that prefer continual access to the service. BitMEX is also a company that is big on support and packs its website full of useful information, guides and general practical knowledge to support traders using their platform for the first time. This includes a well-designed support center, as well as live updates on the platform concerning issues.
Users can also use the BitMEX mobile wallet to make deposits using barcodes. To sum up, BitMEX lets users trade cryptocurrencies with one of the lowest trading fees in the entire crypto space. This ultimate BitMEX review will reveal everything you need to know about the BitMEX exchange, its features, services, trading fees, etc., to help you decide if it’s a suitable exchange for you. In fact, regardless of your experience in the derivative marketplace, you can obtain leverage of upto 100x on the platform’s hallmark BTC/USD perpetual contracts. None of its content should be treated as financial or investment advice. While we may receive compensation from some of the products we review, you do not incur any extra charge whatsoever for using our content and clicking external links.
To evaluate brokers, we test the accounts, trading tools and services provided. Over 100 data points are considered, from minimum deposits and trading fees to the platforms and apps available. Our broker ratings are also informed by the experience of our researchers during the evaluation process. So instead of trading digital currencies directly, investors buy contracts on underlying tokens and coins, which can be more volatile than traditional trading. Compared to other exchanges that offer perpetual swap contracts, BitMEX has very low fees.
This is further amplified by the fact that all deposits and balances are expressed in terms of Bitcoin, meaning that it can be difficult to know exactly what you are paying and when. The BitMEX UP (Upside Profit) Contract is offered as a way to speculate on a particular cryptocurrency increasing in value by a certain date. In layman terms, they operate in a very similar nature to traditional options contracts. Notably, the BitMEX UP (Upside Profit) Contract will have both an expiry date and strike price.