BitMEX is one of the best websites for online exchanges of Bitcoin and cryptocurrency trading. HDR Global Trading Limited founded BitMEX in 2014. The company has since risen to become one of the most trusted Bitcoin trading platforms globally. Samuel Reed, Arthur Hayes, and Ben Delo founded HDR Global Trading Limited. BitMEX is registered in Seychelles and operates globally. It provides specific services to its clients.
This company has earned a decent repute worldwide and is considered good for the online trading of bitcoin. It chose to diversify into derivative trading and margin trading. BitMEX is an efficient cryptocurrency trading platform on the web. The platform offers a variety of cryptocurrencies to choose from.
However, the company is under review by the CFTC (Commodity Future Trading Commission). The inquiry is as to whether BitMEX is involved in illegal activities based on US trade requirements. There is no evidence or explanation to support these claims. Thus, the platform is functioning normally. However, US traders cannot use the platform to trade.
Co-Founder Ben Delo is reportedly the first UK billionaire to make their fortune using Bitcoin Trading. The company offers a Peer-to-Peer Trading Platform. It includes leveraged contracts that are purchased and sold only in Bitcoin. All profits and losses are in Bitcoin. Fiat currency is not accepted on BitMEX. The company offers high leverages in trades.
BitMEX provides its clients with a derivative trading platform. BitMEX does not trade currency directly. The platform may come across as ambiguous to some clients. BitMEX enables its clients to trade in contracts. The platform offered by BitMEX is slightly complicated. It is better for use by professional traders. The company does not provide much support for amateurs. Clients usually have to figure their way around the platform.
Account creation is very easy on the BitMEX platform. It imposes no trading limits after registration is complete. Accounts require an email address, a minimum user age of 18 years old, and confirmation of the user’s location. US-based clients are not allowed to register due to compliance issues.
BitMEX is popular for its Margin Trading. It can offer 100x leverage on some of its products. This means that clients can trade 100 Bitcoin of contracts with only 1 Bitcoin. However, high leverage gives way to high profits as well as losses. BitMEX has an Auto Deleveraging feature, which means that sometimes leverages in profit may reduce if liquidity rates are low in the market.
BitMEX is a platform that uses cryptocurrencies to trade. Trades take place in the form of derivative trading and margin trading. All trading deposits need to be made in Bitcoin. BitMEX allows clients to trade cryptocurrencies against some fiat currencies.
Clients can purchase different cryptocurrencies after depositing the Bitcoin amount. Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Monero, Ripple, and Tezos are some of the cryptocurrencies available on BitMEX. BitMEX is thus a specific platform that provides leverages on trades. However, clients should check other forex brokers for more variety of assets.
BitMEX does not offer a wide range of fees, commissions, or spreads. It charges standard trading fees and provides high leverages. The trades offered by BitMEX are quite often risky. This platform is more suited for professional traders who are accustomed to risky trading. BitMEX charges a 1% fee for the initial margin and an additional 0.5% for maintenance. However, Tezos and Zcash have slight fee differences. The fees charged by BitMEX are thus usually standard.
BitMEX uses margin trading and derivative trading options to trade. Leverages are essential for professional traders since they are used for trading risks. Leverage is a vital feature of the platform. It constitutes a leverage slider in the BitMEX trading layout.
Leverage differs according to the types of cryptocurrency. Bitcoin and Bitcoin Cash have the highest leverage with a maximum leverage of 1:100. Clients can fix the amount of leverage (from 1:1 to 1:100) based on the risk they are willing to take. Tezos offers the lowest leverage of x2.
BitMEX does not offer any mobile application services, so the payment must be made using a secure web browser. BitMEX does not charge any fees for deposit or withdrawal. It only accepts BitCoin as a form of payment. The minimum deposit amount is 0.001 BTC. There is no withdrawal limit on BitMEX.
The withdrawal process is easy with a user-friendly interface. Deposits have a quick execution speed. There are no specific trading hours since the webpage is open to trade for all 24 hours. Fiat currencies are not allowed in any form of payment, whether it’s a deposit or withdrawal.
BitMEX provides clients access to a demo version of its platform called BitMEX Testnet. This requires separate account registration. This demo account allows users to try out the platform without facing any risks that come with live trading.
BitMEX Testnet has various non-live features. It allows clients to virtually fund their accounts from various sources and experience trading before going live. The live platform is still quite risky for amateurs, but the demo account is a boon for professional traders. This allows pro-traders to check out the platform before actually investing in it.
BitMEX offers bonuses of up to 10%, which is beneficial for traders. Clients can also access affiliate deals through the official website.
● High Leverages- BitMEX offers very high leverages, sometimes up to 100x on its selected products. This makes it an attractive offer for professional traders.
● Great for Professional Traders- This platform allows trades with high leverage that come with high risks. Professional traders are used to taking trade risks, so this platform can give them the opportunity to earn big profits.
● High chances of Profit- The high leverages offered by BitMEX guarantees high chances of profit-making due to the risks involved.
● Secure Platform- BitMEX offers in-person withdrawals so as to reduce fraudulent transactions and make the platform secure.
● Wide Range of Cryptocurrencies- The platform offers many options to choose from while purchasing cryptocurrencies. This is great for traders as they are always looking to buy new currencies.
BitMEX has definitely established a reputation in the trading industry. However, whether or not it is an ideal platform depends on the clients’ trading experience. It is a great trading platform for professional traders. Amateurs can find it slightly difficult to navigate around the page.
BitMEX offers high leverages. Traders with a history of high-risk trading can find this platform beneficial. It is a platform that does what it promises. If a client is looking for the exact specifications, as mentioned on BitMEX’s website, this is their go-to platform.
The only major loophole that the platform appears to have is the absence of a mobile application. This comes as a handicap for clients since it’s easier to have software that is accessible on the go. However, the platform otherwise offers high-quality services to its clients.
Yes, BitMEX offers a very secure interface. There is a high degree of wallet security. BitMEX also has a two-point human verification to ensure that no transactions are fraudulent. There has been no history of loss of funds through fraud or hacking.
No, BitMEX has not yet released any official mobile application. However, with the growing market demand, one can expect an app in the near future. There have been rumors of unofficial apps, but it is not advisable to use them.
Yes, BitMEX accepts traders from countries like Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, and Hong Kong. It is acceptable in most countries. US traders are not allowed to trade for the time being due to some pending legal issues.
BitMEX offers high leverages on its products. However, it may vary from product to product. It is calculated by the Initial Margin and Maintenance Margin rates. These specify the minimum equity clients have to hold in their accounts. It is not a fixed multiplier. The website mentions the minimum Initial Margin and Maintenance Margin rates for all BitMEX products.
BitMEX charges no fees for deposits or withdrawals on its platform. Fees are only applied to trades. These fees vary based on the currency being traded and the rate of leverage. Fees are charged between 0% and 7%. These charges are quite affordable and normally vary according to the market.
Yes, BitMEX is a registered and licensed company. The company is run by HDR Global Trading Limited. HDR Global Ltd is registered in Seychelles. It is a secure platform for traders.
Yes, BitMEX provides perpetual contracts as well as various fixed-date expiries. Clients can look up the official website for more information (https://www.bitmex.com/app/tradingOverview).