BitMEX Review: Is It Still Safe In 2023? Do Not Signup Before Reading This

bitmex review

This in itself has put the crypto-centric exchange on the rader of key US regulators for some time now. We’ll cover everything from how the platform works, what you can trade, supported cryptocurrencies, fees, and security. Lost 1.5 BTC due to their platform not responding to trades when it was needed with no help given by their support team.

  • When the platform offers leveraged contracts to other traders, withdrawing Bitcoin becomes practical with this calculator.
  • There are no fees for depositing crypto, though users may need to pay network fees to transfer crypto from their wallet to BitMEX.
  • The most important features for our BitMEX review are listed below.
  • With this in mind, there is a narrower range of tokens versus competitors, such as Binance or Coinbase.
  • Yes, BitMEX mobile app and APIs are available on iOS and Android devices.

This app also helps in speculating the market to earn Bitcoin profits assuredly. BitMEX offers a wide range of leveraged products for Ethereum, Bitcoin, Cardano, Ripple, Tron, and Litecoin. However, it provides the lowest leverage on EOS and Bitcoin Cash. Users can trade the only cryptocurrency as collateral for leveraged trades.

For most users, BitMEX is the only exchange to offer low fees on deposits and withdrawals. The platform is one of the best crypto exchanges to provide leverage up to 100x. The trading fee on BitMEX starts at 0.025% and goes up to 0.0075% of the trading amount.

BitMEX Review: Is It Still Safe in 2023? (Do not signup before reading this)

This exchange has a trading desk that ptotects the exchange from risk. Thus if you put any kind of position in play over 1000 pounds they will move market to manipulate you. You can actuallt manipulate them to liquidate you while counter tradibg your own pisition as a hedge as their behaviour is that reliable. However often price moves on mex are often not reflected on the main market as seen often on xrp. You are trading agaist an in house trading desk that can spike price anywhere. When i close mu acciunt they tried to access the exchange i withdrew using same email and password.

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As noted, in terms of leverage offered, BitMEX offers up to 100% leverage, with the amount off leverage varying from product to product. The only Binary series betting instrument currently available is related to the next 1mb block on the Bitcoin blockchain. Binary series contracts are traded with no leverage, a 0% maker fee, a 0.25% taker fee and 0.25% settlement fee. BitMEX allows users to trade cryptocurrencies against a number of fiat currencies, namely the US Dollar, the Japanese Yen and the Chinese Yuan. BitMEX allows users to trade a number of different cryptocurrencies, namely Bitcoin, Bitcoin Cash, Dash, Ethereum, Ethereum Classic, Litecoin, Monero, Ripple, Tezos and Zcash.

BitMEX Review

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. This data is also not rate-limited, so once you are connected, you can get the most up-to-date information as often as you like. However, if you wanted to get information that was specific to your account then you would have to obtain authentication.

Moreover, it’s recommended to choose BitMEX crypto exchange for its security. The platform seems to be very reliable when it comes to wallet, system, trading and communication security. That includes multi-signature deposit and withdrawal systems, multiple verification methods, a cold wallet instead of a hot one, and even more safety measurements.

Opening a BitMEX Account

A screenshot of the default Bitmex trading platform is shown below. Registered under the International Business Companies Act, BitMEX is a trading platform designed for experienced traders in margin trading and leverage trading. The platform is used for building perpetual contracts on margin trading. If you know what you’re doing and want a market-leading cryptocurrency derivatives trading platform, then BitMEX is a great choice for you. For those looking for a more simple exchange to buy and sell some Bitcoin, I suggest you look into some other more user-friendly options.

  • They also offer a knowledge base that gives a slick rundown of the exchange and helps to educate users on complex trades.
  • We are all aware of VPN software that is able to hide the origins of your IP.
  • Ultimately, by engaging in this particular derivative, you are speculating that the underlying cryptocurrency will go down in value before a pre-defined time period.
  • This means that you will trade leveraged positions with coins placed on margin.

HDR was founded in 2014 by three experts in the market – Arthur Hayes, Samuel Reed, and Ben Delo. Since its inception, BitMex went on to become one of the leading margin trading exchanges and one of the most known cryptocurrency exchanges in general. BitMEX spot fees of 0.1% per trade are in line with major competitors such as Binance, ByBit and KuCoin. For derivatives contracts, the fees of -0.01% (maker) and 0.075% (taker) are reasonable for traders that use limit orders. Traders that execute market orders will be charged slightly higher fees than the top platforms. While BitMEX will feel familiar for anyone used to advanced trading platforms, the interface isn’t the easiest to get used to.

Customer Satisfaction

Then, the order will become normal, and the user will receive the maker rebate for the non-hidden amount. BitMEX also offers Binary series contracts, which are prediction-based contracts which can only settle at either 0 or 100. In essence, the Binary series contracts are a more complicated way of making a bet on a given event.

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In 2020, BitMEX introduced identity verification for all users, marking the first step in the exchange’s new direction. To know more about the futures contracts, you can read our BitMEX margin trading article. BitMEX is a well-known cryptocurrency derivative trading platform that was founded in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed. Currently, it’s owned by HDR Global Trading Limited and has multiple offices worldwide. As you can see, there are only 10 cryptocurrencies to choose from.

BitMEX Review 2020 – What is this platform?

So far, BitMEX does not require KYC documents from traders so it is possible to sign up anonymously. You are required to give a valid email, however, as you will need this to confirm your account and all the withdrawals etc. When it comes to other fees, you will not have to pay anything to BitMEX to deposit or withdraw your funds. However, they will charge you a minimum network fee for your payments, so it makes sense to keep your transaction in larger tranches. In the case of Isolated, you can select the amount of money in your wallet that should be used for a position after you have placed the order.

BitMex has very competitive fees and most users will find them almost negligible relative to the chunky profits to be made if you’re a savvy operator. If Bitmex sounds like it might be more than you can handle, don’t worry, there are plenty of other crypto exchanges you can use. Traders using Bitmex have up to 100x leverage on their margin trades.

The exact amount of leverage that you are able to get is specified by the underlying derivative. Each derivative product will have its own margin and maintenance levels, so it’s best to check this out before you get started. However, the platform’s most liquid market – the BTC/USD perpetual contract, offers users leverage levels of up to a whopping 100x.

How to withdraw on BitMEX?

They do that once the asset decreases in value past a liquidation threshold. Rest assured they aren’t hiding the fact that the price can go down a little bit, and you can lose a lot of money. It is to their economic advantage to collect value on digital assets. “Peer-to-peer crypto contract trading platform BitMEX has notional daily trading volume of more than $US1 billion.” BitMEX charges fees of 0.05% for trades placed on its platform.

bitmex review

In 2019, cryptocurrency critic, Nouriel Roubini, framed the company of illegal activities, such as the fact that there was too much risk involved for customers when trading. BitMEX doesn’t require two-factor authentication but it does allow it. It also limits you to either hardware authentication or an authenticator app. This is a good move as cell phone-based authentication has proven to be vulnerable to circumvention. The user also has the option of providing their PGP public key to the platform to enable secure communication at all times.

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