For seasoned professional traders who would like to trade cryptocurrency futures and swaps, BitMex is a great option. On the other hand, the BitMex interface will pose a steep learning curve for the casual trader. For $10 worth of Bitcoin I can buy $100 worth of Bitcoin at 10xs leverage.
- BitMex as a platform and their product itself are definitely not aimed at newbie users but rather at experienced, semi-professional, and professional traders.
- Signing up takes just seconds and funding goes through after a single confirmation on the Bitcoin network.
- US Persons are prohibited from accessing the services of the BitMEX trading platform.
- This will be determined by market forces, and you’ll know what you are going to pay before the funding round takes place.
- These black swan events led many in the industry (us included) to make tough decisions – from reorganising our teams to shifting our strategy, to one with a greater product focus on derivatives.
- It also has a built in feature that provides for TradingView charting.
Unfortunately, these three, plus Gregory Dwyer – who joined the company later – were subject to allegations of violating the United States Secrecy Act. This was a direct result of the company’s failure to implement AML (anti-money laundering) protections. The exchange launched in 2014 with Ben Delo, Arthur Hayes, and Samuel Reed running the show. The three work well together since they share backgrounds in trading, web development, and finance. Why we’ve seen a marked increase in the number of both new and returning traders. The fees charged to you for transactions at BitMEX are as follows.
Industry Leading Security
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. BitMEX Margin trading is a type of trading method when you practice trading financial assets using the money that you borrowed from a broker.
For novices and multi-asset investors, other brokers, including eToro and PrimeXBT, might be a better choice. Following FTX’s liquidity crisis in late 2022, BitMEX was among the first crypto exchanges to publish proof of reserve details. Whilst competitors without this information scramble to pull together Merkle-tree data, BitMEX opted for a much simpler approach. The exchange published a basic list of reserve funds, containing all the Bitcoin held in custodial accounts.
Beginner’s Guide to BitMEX: Complete Review
You have a list of all the instruments that you can trade at the top of the platform. BitMEX is an offshore unregulated futures exchange that does not have any licences from the SEC to offer these kind of services to US citizens. These are an instrument termed a “Perpetual Swap” and the plain vanilla futures.
If you want to initiate a withdrawal on BitMEX, you will just select the “balances” tab from the platform and then choose the amount and the chosen wallet address. https://forex-reviews.org/bitmex/ Once you select a particular instrument, then it will open up on that market. What you are presented with is pretty typical for a cryptocurrency exchange.
BitMEX Fee 2023
In terms of the quality of the conversations, the troll box is more for well… If you wanted to get more meaningful conversations with the traders then you can join the IRC chats. If you are using the REST API, there are rate limits that will apply to your connection.
You probably know that the US is very strict when it comes to cryptocurrencies and trading platforms, especially when it comes to decentralized/not regulated ones. That’s why it might be difficult for US citizens to find a truly good crypto exchange platform that would allow them to trade without worrying about legalities. The final aspect that should be mentioned is that BitMEX will never allow your balance to go below zero. The platform uses a smart margin and liquidation process that will automatically close all the open positions and will protect you from going bankrupt.
How BitMEX Compares to Other Cryptocurrency Companies
Hence, to go short, you just have to enter all the details on the trading tab and hit the Short/ sell/ red button on the screen. 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.
- Plus, you’re not going to be subject to any hidden costs when you’re ready to withdraw your funds for the day.
- One of the benefits of choosing BitMEX is that it does not charge fees for the deposit or withdrawal of Bitcoin (BTC).
- If you refer someone to BitMEX then you will earn a percentage of the trading commissions from that individual.
One important note is that there are additional fees for hidden / iceberg orders. A hidden order is used to pay the taker fee until the entire hidden quantity is executed. Once the quantity is complete, the order will become normal, and the user will receive the maker rebate for the non-hidden amount.
Supported Crypto and Trading Pairs
While users can purchase crypto using fiat via a third party, there are typically high fees assisted with this payment method. As such, users wishing to deposit using their local currency should check out our article discussing the best fiat-to-crypto platforms. To summarize our BitMEX review, the exchange doesn’t offer many beginner-centric features, but it’s a good margin platform for derivative crypto trading. On the other hand, the maker fee for futures trading is 0.01% and the taker fee is 0.05%. Please note that these fees are for regular users, and the higher your membership level within BitMEX, the lower the fees. Customer support is provided through both a rich resource of information available on the trading platform and company website itself as well as via email ticket.
BitMEX provides industry-standard support via email and an online ticketing system. Live channels are also available on social media such as Discord, Twitter, and Telegram. This allows for relatively speedy responses to problems and issues, and the company focuses on keeping bugs and platform problems to a minimum by managing issues in-house. Reddit also has a reasonably active community for those looking for advice and help from a wider audience.
Spot, Derivatives and More
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. BitMEX Testnet is an independent product that needs a separate registration process. Users with a registered BitMEX.com account must also register a new account on the BitMEX Testnet. To trade on this testnet, users also need to deposit “Testnet Bitcoin,” which are simulated versions of actual Bitcoin crypto coins.