A stop order makes sure that the order closes open positions on trigger price and does not add new contracts in the opposite direction if you had several orders. BitMEX has an intuitive and effectively designed dashboard that can be customized according to your preferences. It displays all the necessary options, including TradingView charts, order book, recent trades, and orders panel. It should be fine for a regular trader but might be a little overwhelming for a beginner. BitMEX was founded in 2014 by HDR Global Trading Limited, which is led by former bankers Arthur Hayes, Samuel Reed, and Ben Delo.

bitmex review

Each broker charges its own costs which entail commissions, spreads, and margins. Traders should be aware of exactly what their broker’s fees will involve before making the decision to trade with them. When it comes to deciding what broker to choose, a trader has to look at the broker’s stability and reputation over the years. Awards gained by a brokerage by esteemed organizations do provide much more confidence in the world of forex. Below is an in-depth review of Bitmex to help you make an informed decision before opening your account or trading on their platform. So if bitmex decides they need cash, they manipulate the market in one direction, deactivate trading except for thir dedicated profit trading desk and crush you.

Helpful Customer Service

The BitMEX trading experience is designed for more experienced traders, offering margin and futures trading and perpetual contracts. BitMEX has a pretty advanced trading platform that will benefit experienced crypto traders the most. BitMEX, a cryptocurrency trading platform, offers various tools and services for traders around the world. These services are segmented based on the liquidation price of the crypto assets. For example, using the BitMEX account for trading fiat currencies is a unique offering that other cryptocurrency exchanges overlook. However, as always, there are a few drawbacks that you should take into account.

The database also uses a tracker to protect the movement of private keys. They are kept in deep cold storage, along with encrypted crypto funds. Storage of user assets such as Bitcoin and the private keys is entirely offline.

You can use indicators on every single pair, select different time slots, draw, replace the candles, write, use patterns, and much more. You can download BitMEX’s mobile applications on your iOS or Android phone and have an advanced trading experience from wherever you want. The apps don’t require much space nor need high specifications to run, and they’re available in your phone’s app store. While the spot market is focused more on the popular crypto assets, BitMEX has an impressive variety when it comes to derivatives.

BitMex Review

This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed. BitMEX customer support is tasked to handle each query, from Bitcoin wallet concerns to every high risk involved when traders withdraw BTC. No deposit or withdrawal fees are charged for small Bitcoin transactions. The Bitcoin Network fee is also tiny and charged only for withdrawals made on the blockchain and not on the BitMEX ecosystem. However, it’s advised tocheck here to know the full fee structure of BitMEX exchange. Perpetual contracts by BitMEX do not impose any expiry on trading futures as they use margin-based spot trading practices on BTC index prices.

Users can also use the BitMEX mobile wallet to make deposits using barcodes. Although the BitMEX mobile app doesn’t have all of the exchange’s products and features, it allows users to manage their trading positions on the go seamlessly. 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.

Is BitMEX Easy To Use?

Let’s begin with the positive aspects of BitMEX exchange and focus on the strongest features of the platform. However, if you’re still interested in finding out more about the platform, then continue reading this BitMEX review. What happened afterward is something that wasn’t expected, to say the least. On October 1, 2022, the founders of BitMEX were all accused of the U.S. This was all due to the fact that they failed to implement the measures against money laundering. There’s a potential for large returns and, sadly, large losses.

BitMEX offers access to only 16 cryptocurrencies but supports many types of futures trading contracts for each. Offerings include Bitcoin , Ethereum , Cardano , Ripple , Avalanche , and Axie Infinity . You can view a full list of all supported assets on the trading platform. BitMEX supportBitMEX does not provide phone-based customer support or chat support. This is a drawback for users engaged in margin trading, or 100x leverage trading, etc., as the long waiting period can result in huge losses for them. As the number of BitMEX users has increased, user complaints have increased accordingly.

This means users need to provide multiple verification measures such as a password and unique mobile device code to successfully log in, confirm withdrawals and change account details. Advanced features, an intuitive user interface and a mobile trading app are important features on BitMEX. This comparison table lists other top cryptocurrency exchanges like BitMEX that offer world-class features. While cryptocurrency/fiat currency pairs can be traded on Bitmex, the exchange’s base currency is Bitcoin and it does not support fiat currency deposits or withdrawals. Profit or loss on trades, regardless of which fiat or cryptocurrencies make up the pair, are also always denominated in Bitcoin. Simply put,BitMEX is an exchange that combines margin trading and derivates of crypto assets for cryptocurrency traders.

bitmex review

Overall though, those who are looking for a professional contract-based trading platform will be hard pushed to find better than BitMEX, thanks to its extensive tools and features. Of course, another key facet of our BitMEX exchange review is a look at the fee structure. The good news is that BitMEX only operates with Bitcoin as a denomination, so there are no BitMEX withdrawal fees and only a nominal minimum deposit.

Currently, BitMEX only supports deposit of BTC cryptocurrencies though you may see different indices. An act of borrowing additional money or cryptocurrency by leveraging the number of cryptocurrencies that you already own to buy additional cryptocurrencies. 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. However, be aware that 2FA and biometric logins can be enabled and disabled at will, so the efficacy of these safety measures is entirely on you.

Key Features and Advantages of BitMEX

Besides that, BitMEX has an excellent layout and great content guides, making it easier for everyone to access and use their services. If you reside in one of their areas of service, you can sign up on the platform within a few short minutes and enjoy a next-gen crypto experience. BitMEX offers pretty much everything an everyday crypto user would require. Starting with trading, BitMEX offers spot markets and derivatives for diverse trading opportunities.

They can specify the time in the future and even get an early settlement. It is the last line of defense, preventing traders from Auto Deleveraging their assets. The automatic deleveraging of positions can impact profitable traders and drop their liquidated jobs into bankruptcy.

How much are BitMEX fees?

The BitMEX platform operates a standard trading fee structure across all products for simplicity. Our Maker Rebate is 0.01%, and our Taker Fee is 0.075%.

BitMEX Upside Profit is a smart contract that allows traders to participate during the potential upsides of financial instruments such as BTC. On BitMEX, XBT-USD is one of the most traded perpetual swaps that changed the crypto industry for the better. The BitMEX team continues to innovate with robust tenkofx review trading engine security and new perpetual swaps. Instead, they have a typical fee schedule for use with traditional future trading. Bitmex customer services support team can be reached through email via a ticketing system. Live channels are also available on Weibo, We Chat, Telegram, and more.

Unlike most businesses in the space, BitMEX offers several 24/7 customer support channels. In addition to a support ticketing system and comprehensive knowledge base, the help desk can be reached via Weibo, Wechat, IRC, Twitter, and Reddit. The agreements to buy or sell cryptocurrencies at a predetermined price on a specific date in the future. As for the benefits, you can stake BMEX tokens and earn interest. BMEX holders on BitMEX also get trading fee discounts and even get free withdrawals.

CME, the world’s largest derivatives exchange, has roughly $22 billion in itssafeguard system. And in cases where the safeguard fund isn’t sufficient to cover the defaulted amount, the exchange can exert its power to ask participating clearing members to dowmarkets help finance the defaulting members. And in extreme situations, the government could issue a bailout to the defaulting institutions, especially when the event threatens economic stability. Here are some of the issues that BitMEX has had over the years.

BitMEX Review: Is It Still Safe in 2022? Do not signup before reading this

That being said, our BitMEX exchange review found plenty of options to allow users to change, add or remove widgets based on their individual preferences. BitMEX also uses TradingView for its charting, an industry mainstay that offers clear dowmarkets and easy to read information. BitMEX is a web-based platform allowing users to trade crypto and crypto futures contracts. There is no BitMEX mobile app, but the website is mobile-responsive, allowing traders to manage accounts on the go.

The entry value of all your contracts divided by the selected leverage plus unrealized PNL. You can do so by heading to the account section and selecting a green “Deposit” button. Manual checks of withdrawals from the platform performed by at least two employees.

Here you will not find spot trading but one still has to deposit BTC in it, and that’s why they have stringent security measures in place. Bitbuy Review + $50 Signup Bonus Bitbuy is one of the top crypto exchanges in Canada thanks to its low fees, great customer support, and impressive platform security. BitMEX also has a well-designed mobile app that will let you do everything that you can do on the desktop platform, complete with the multiple order types, leveraged trading, and derivatives trading as well.

bitmex review

That’s why, in theory, there may not always be enough funds within the systems for winners to get the money they’re owed. So, for example, if you deposit 0.005 BTC, you can get up to 0.5 BTC to trade with. If you decide to use BitMEX, you’ll probably need a step-by-step guide on how to do that. Below you’ll find information on how to register on BitMEX and make a deposit. 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.

In 2016, the platform added their XBTUSD perpetual swap, and it has become their most traded asset since then. BitMEX is a cryptocurrency exchange that allows users to trade cryptocurrency and crypto futures with up to 100x leverage. This exchange only supports a small number of cryptocurrencies, but it’s a popular platform for derivatives trading.

This feature is not handled by BitMEX itself, but rather third-party payment processors. In May 2022, BitMEX expanded its platform to include spot trading services, in an effort to compete with major competitors such as Binance and FTX. Speaking of the market price, it’s determined by buyers and sellers at the exchange. Also, BitMEX uses its market index, reflecting the combined average market price of Bistamp, Coinbase Pro, and Kraken exchanges. Agreements are like futures contracts, except they do not have a predetermined expiry date, so you can hold them as long as you like or until your position is liquidated. Despite having a robust trading exchange, BitMEX fails when it comes to efficient customer support.

Drilling down into any of the charts or trading sections brings up more information, but it is poorly organized. To help you pick the right trading platform that suits your needs, CoinStats regularly reviews the leading platforms and presents their advantages and drawbacks. Live updates fill the site too, and an announcement box keeps users up to date with any updates and issues. However, it’s still really cool to be able to interact with other Bitcoin traders from within the exchange. BitMex itself is a registered company in the Republic of Seychelles but is available worldwide. Thanks to the cryptocurrency nature of the site, the exchange doesn’t limit access to any locations.

Deposit funds

BitMEX also integrates other trading products into the Futures Contracts. This information shows position size, margin, entry price, and pending orders. Under the ‘Active Orders’ tab, all upcoming orders are available for review, where users can modify or delete the order quickly. The process of registration and login/signing up at BitMEX is simple. The website takes a couple of minutes to complete this process from start to finish.

You have the diagrams in the middle, the history to the right, and the current order book to the left. The picture above is the standard setting but you can also activate the “night mode” if that is more soothing to your eyes or your experience. BitMEX is one of the world’s biggest derivatives exchanges with a strong and secure platform. It has been active since 2014 and its place of registration is the Seychelles.

When considering cryptocurrency exchange rankings, though, both of these types of businesses are usually just thrown under the umbrella term – exchange. If you’re looking for a reliable crypto exchange platform that would support fiat currencies and allow you to purchase Bitcoins without much trouble, you should check out Coinbase, Binance and Coinmama. The final aspect that should be mentioned is that BitMEX will never allow your balance to go below zero.