BitMEX Exchange Guide & Review

If you are using the REST API, there are rate limits that will apply to your connection. You will be limited to a total of 300 requests per 5 minute period. If you are not logged in then this rate limit is set to 150 per 5 minutes. Once complete, you can hit the “Create API Key” button and a key will be generated for you. You can now stream account specific information through the websocket connection.

  • Under the “Account” tab, you will find buttons clearly labelled for depositing and withdrawing.
  • BitMEX specialises in sophisticated financial operations such as margin trading, which is trading with leverage.
  • This means that there is no settlement date on the perpetual contracts purchased via BitMEX.
  • For dated futures contracts instead of perpetuals, at the time of settlement, any open position in contracts will attract the settlement fee.
  • This means that of the three individuals that have access to the wallet, at least two of them must sign the transaction for the wallet to release the funds.

Considering that they are more geared towards leveraged trading and derivatives, BitMEX is mostly suited for experienced traders. 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. User reviews suggest that while a telephone line would be appreciated for more pressing issues, response times to inquiries are good. BitMex fees depend on the cryptocurrency that you are trading in and the type of the contract.

Trader Privacy on BitMEX

As for the trading engine, full risk checks are done after every order placement, trade, settlement, deposit, and withdrawal. All accounts in the system must sum to zero at any time, else trading is halted for everyone. 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. If you do have an interest in crypto-centric futures contracts, BitMEX also facilitates this.

bitmex exchange review

The website takes a couple of minutes to complete this process from start to finish. Users can choose to undertake or skip the KYC process, which is a bit complicated. Seasoned traders can scan and upload their identification documents with valid email addresses. This process ensures that one can deposit Bitcoin and start BitMEX trading immediately. The Initial Margin and Maintenance Margin levels determine leverage. These levels establish the minimum amount of equity you need to have in your account to begin and maintain positions.

To trade on the exchange, you will need to use a spot exchange to buy BTC with fiat currency. You must then transfer it to your address before you can begin trading. Top traders prefer using BitMEX to trade crypto, and it has a trading volume bitmex review of over $3 billion per day. The company understands the criticality of having the right security measures in place. With this platform, users can gain access to the best resources and experience a one-of-a-kind trading experience.

It is a highly-rated platform for spot trading, BTC deposits, and maximum leverage trading. BitMEX is a trading platform built for active traders in margin trading and leverage trading. The platform is utilized to construct perpetual contracts based on margin trading.

Taker Fees

They are totally unregulated, they can bet against their customers, they can do what ever they want to manipulate BTC and other prices. If you think you want to play their game better put your money in a roulette. BitMex is a major reason for crashing BTC prices by shorting and dumping. If you want to loose your precious coins go ahead and loose them all at BitMex. Make sure you contact the real Bitmex company to check if they are real. Everything looked real except lwhen they wanted tax money and kept asking me to up my funds I got wise and started to ask questions.

bitmex exchange review

It is hardly coincidental that these enormous wins tend to be showcased on BitMEX more frequently than other exchanges. After seven years of being one of the most popular exchanges, you create a particular reputation and trust that is hard to forge quickly, which causes a real competitive advantage. This is along with the deep order books is one of the reasons substantial traders tend to trust BitMEX more than others. It can be a rough learning curve as a beginner to understand the mechanism of liquidations and leverage. So whether you are a complete beginner or an experienced trader, the BitMEX Academy is the perfect place to expand your knowledge and take your crypto career to the next level.

Security on BitMEX Exchange

Unlike other crypto exchanges, BitMEX does not offer a wide range of spot markets. The BitMEX contracts are exclusively focused on leverage trading. The platform allows you to trade over a dozen cryptocurrencies, but no fiat currencies are accepted, andyou can only deposit and withdraw Bitcoins.When trading Bitcoin, you can use up to 100x leverage. However, leverage is limited to 50x when trading Ethereum and 33.3x when trading Litecoin. However, with high leverage, you can lose a lot of money quickly. BitMEX is focused on cryptocurrencies derivatives trading such as futures and margin trading.

I don’t want to have all my eggs in one basket, meaning I want to reduce my exchange risk. The two fastest-growing alternatives to BitMEX areByBit and FTX,you can click the link in their names to get taken to their respective reviews. Overall, the general feedback is that this app is more buggy and crashes more frequently than the apps launched by BitMEX’s closest competitors. However, one could argue that this is to be expected with an app that is brand new. The testnet is isolated from the real exchange which means even if you have BitMEX account you will still need to sign up for a testnet account.

BitMEX only accepts Bitcoin and other related cryptocurrencies. From there on, the UI is quite intuitive, provided you are well versed with the margin and derivate trading lingo. You need your email to get started, plus, you can also secure your funds using the 2-FA authentication feature that BitMEX provides. But that’s expected because there are very few people in the cryptosphere who fully understand the workings of theBitMEX exchange. Investopedia requires writers to use primary sources to support their work.

No verification procedure is required, and BitMEX is one of the only exchanges that enable you to trade anonymously. You can find your BTC address by clicking on the “Deposit” button on the homepage. You must wire some Bitcoin to this address so you can begin trading. As mentioned earlier, BitMEX does not require any verification, and there are no account levels, either.

BitMEX Trading Platform – Usability, Look & Feel

Traders are always shown where they sit in the auto-deleveraging queue, if such is needed. The trading fees for takers charged by this exchange are 0.15%. The industry average is arguably around 0.25%, but we are currently seeing a lot of exchanges lowering the trading fees. The industry averages are therefore slowly moving towards 0.15% and 0.10%. The types of contracts available on the Bitcoin exchange include traditional contracts or futures, perpetual contracts, BitMEX Upside Profit Contracts, and BitMEX Downside Profit Contracts. The Bitcoin conversion of all currency going into and out of BitMEX is both an advantage and a drawback.

As noted previously, withdrawals are all individually hand-checked by employees, and private keys are never stored in the cloud. Deposit addresses are externally verified to make sure that they contain matching keys. BitMEX generates high Bitcoin trading levels, and also attracts good levels of volume across other crypto-to-crypto transfers. This helps to maintain a buzz around the exchange, and BitMEX also employs relatively low trading fees, and is available round the world . Given the inherent volatility of the cryptocurrency market, there remains some possibility that the fund gets drained down to zero despite its current size. This may result in more successful traders lacking confidence in the platform and choosing to limit their exposure in the event of BitMEX being unable to compensate winning traders.

BitMEX Trading Fees

Once you have created your account, you will need to deposit funds into your account in order to trade. Once you have deposited funds into your account, you can start trading. They have lowered the Taker fee to 0.05% on all the products while the maker rebate is 0.01% throughout the platform. A perpetual contract is a type of derivative that never expires. When a futures contract is set to expire, a new one is created with the same terms, and then the old one will be liquidated. However, with a perpetual contract, no new contract is written after its initial inception.

BitMEX, a trading platform for experienced traders in margin and leverage trading, is registered under the International Business Companies Act. This platform can be used to build perpetual contracts for margin trading. Bitcoin Mercantile Exchange, or BitMEX, is a cryptocurrency exchange that is best-known for its derivatives products and high leverage.

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