BitMEX Cryptocurrency Exchange Review : Pros & Cons

About BitMEX

BitMEX is a peer-to-peer (P2P) cryptocurrency exchange and professional derivatives trading platform founded by HDR Global Trading Limited and registered in Seychelles under the International Business Companies Act. BitMEX stands for Bitcoin Mercantile Exchange. It focuses primarily on advanced investors and seasoned traders who are familiar with the concepts of leveraged tokens and margin trading.

The project was co-founded by banking experts Arthur Hayes (CEO), Samuel Reed (CTO), and Ben Delo (CSO). Arthur Hayes is an entrepreneur, derivatives trader, and crypto enthusiast. Hayes graduated from the University of Pennsylvania (Wharton School of Business) with a Bachelor of Science in economics and finance. He worked for Deutsche Bank and Citibank as a market maker, discovered an interest in Bitcoin in 2013, became part of BitMEX in 2014, and left the post of CEO of the company in 2020.

Information Table

How To Register At BitMEX Exchange ?

To register on BitMEX, click Register Now button at the top of the page. You can also start creating an account directly through the form on the main page.

You only need to enter your e-mail and come up with a password. If there is a referral code, it is also entered at this stage. Password requirements: at least 8 characters, numbers, upper and lower case.

Click ” Create Account ” then go to your email to verify it. Enter the code you received and registration is complete. You can start replenishing your account.

How To Verify Your BitMEX Cryptocurrency Account ?

There is no mandatory verification at BitMEX, but you can pass it if you wish. At the moment, the only restriction imposed on unverified users is the withdrawal limit of 0.0005 BTC.. In the future, depending on the actions of regulatory authorities, conditions may change.

For verification, you can use one of four documents to choose from: passport, driver’s license, identity card or residence permit. Artificial intelligence is used to evaluate the authenticity of documents. This service is provided by the Onfido online identification service, already used by the BitMEX, Revolut platforms.

How To Buy Crypto Or Deposit Crypto At BitMEX Crypto Exchange?

There are two main options for topping up your balance on Kraken. Firstly, you can buy cryptocurrency with a bank card – it’s fast and convenient. Go to the ” Buy crypto ” -> ” Buy crypto with a credit card ” section.

Choose a cryptocurrency (currently there are 13 coins available for purchase in this way). Enter the amount and select the fiat currency to be used for payment.

After that, you will need to select a payment channel: each of them has conditions. You can choose between Simplex, Mercuryo, Banxa and Moonpay. Click ” Buy ” next to the appropriate option.

Agree to the terms and confirm the transition to the site of the payment provider. Enter information about the card and its owner, confirm the transaction. Cryptocurrency will be credited to the exchange account within a few minutes.

Second Method

You can transfer digital assets to the balance of the exchange from any external crypto wallet. For this:

• Go to the “Deposit” section from the “Assets” menu.

• From the drop-down list, you can select the cryptocurrency you want to deposit into your account.
• The wallet address will appear. You need to copy it and send funds to it from another wallet or exchange. Please note that only bitcoin can be sent to bitcoin addresses, similarly with other coins.
• You can also click “Show QR code” – for transfers from a mobile wallet, this is a more convenient option.

How To Withdraw Crypto Asset From BitMEX Exchange ?

Having completed all the necessary trading operations, it’s time to withdraw the received assets to an external wallet. Go to ” Assets ” -> ” Withdraw “. Please note that the operation is only available after enabling two-factor authentication in the settings. This is for added security and requires less than a minute, so don’t neglect this measure.

Select a cryptocurrency and enter the withdrawal amount. Each coin has its own withdrawal fee, for example, for BTC it is 0.00057 BTC. Click ” Output “. By default, the exchange processes applications three times a day, however, hourly withdrawals are available for Premium users. Also, the time of receipt of the cryptocurrency is affected by the workload of the blockchain network.

How To Secure Your BitMEX Account ?

Also remember to go to the Security tab and activate two-factor authentication using the Google Authenticator app – this is the most reliable way to prevent unauthorized access to your account.

BitMEX Fees

The exchange uses the maker & taker model. The trading fee on BitMEX starts at 0.025%. For spot trading, the fees are 0.01% for makers and 0.075% for takers. As for derivatives, the trading fees are 0.075% for takers, and makers receive a 0.01% rebate. BitMEX accepts deposits in Bitcoin and doesn’t charge fees on withdrawals/deposits.

Margin Trading on BitMEX

The exchange presents to investors two types of margin trading: isolated and cross-margin. The derivatives trading platform offers up to 100x leverage on some of its products. Сustomers can use 20x to 100x leverage, depending on the asset, with BTC offering the highest ratios – up to 1:100.

What are the ADV trading fees?

Features Of BitMEX Crypto Exchange

Available At Android & IOS Store

BitMEX Cryptocurrency Exchange exchange application available on both world famous mobile store google play store and iOS store . You Can download App and start trading .

High leverage trading

BitMEX offers high leverage trading, with leverage ratios ranging up to 100x on some trading products.

Wide range of trading products

BitMEX offers a variety of trading products, including futures, swaps, and options trading for a wide range of crypto assets.

Fast and efficient trading engine

BitMEX has a fast and efficient trading engine, capable of processing a high volume of transactions with low latency.

Strong security measures

BitMEX implements strong security measures, including multi-tier and multi-cluster system architecture, SSL encryption, and 24/7 monitoring.

Advanced trading tools

BitMEX provides advanced trading tools, including customizable charting, real-time data, and various order types.

Anonymous trading

BitMEX allows for anonymous trading, with no requirement for KYC verification for most accounts.

24/7 trading

BitMEX offers 24/7 trading, allowing users to trade whenever they want.

High liquidity

BitMEX has high liquidity, making it easier for users to enter and exit positions.

24/7 Live Chat

If you’re awake, they are too. When you need help, your team of experts will work with you via 24/7 live chat to reach a quick and efficient resolution.

BitMEX Conclusion

BitMEX is a popular cryptocurrency derivatives exchange that offers high leverage trading for a wide range of crypto assets. It is known for its fast and efficient trading engine, which allows for high-frequency and low-latency trading. Additionally, BitMEX has strong security measures in place, including multi-tier and multi-cluster system architecture and SSL encryption.

However, BitMEX is not without its limitations. It is a complex platform that may not be suitable for new or inexperienced traders, as the high leverage offered can result in significant losses if not properly managed. Additionally, BitMEX has faced criticism for its lack of regulatory oversight, which may be a concern for some users.