Quick Summary: BitMEX is one of the most robust crypto exchanges in the market. It has a lot to deliver in terms of services, cheap prices, a straightforward user interface, and increased liquidity. BitMEX is a P2P crypto trading platform founded in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed, who have unique experiences in finance, trading, and web development. The holding firm HDR (Hayes, Delo, Reed) Global Trading is enlisted in Seychelles but also has functional bases in Hong Kong and the US. This article is all about BitMEX review 2022 and whether BitMEX is a good exchange. Let’s take a look at it in more detail.
What is BitMEX?
Every day, traders from all over the world exchange billions of dollars on BitMEX. BitMEX has been at the forefront of cryptocurrency exchanges since 2016 when it launched its XBTUSD perpetual swap. In today’s world, it is still the most traded cryptocurrency product of all time, as per its official website. It revolutionized the industry and continues to grow with new perpetual swaps, traditional futures, and Quanto futures products. The platform’s mission is to become one of the largest regulated crypto derivatives exchanges in the world, as well as an influential launching pad for change in the financial services industry.
BitMEX, according to its website, is a trading platform that offers investors availability to the world’s financial markets through the use of Bitcoin and other cryptocurrencies. BitMEX was established by financial professionals with over 40 years of experience, and it involves comprehensive API and supporting tools. HDR Global Trading Limited owns BitMEX.
- Professional derivatives trading platform
- Allows for spot trading
- App for mobile devices
- High liquidity
- Low transaction costs
- Trading on margin with up to 100x leverage
- BitMEX only accepts Bitcoin and other related cryptocurrencies.
- Not available to U.S. clients
How does BitMEX work?
BitMEX is a trading platform built for active traders in margin trading and leverage trading. It is enrolled under the International Business Companies Act. The platform is utilized to construct perpetual contracts based on margin trading.
BitMEX’s leveraged trade contracts facilitate the execution of trades more efficiently. The platform is stable and provides liquidity to allow Bitcoin transactions. Regardless of the risks involved with bitcoin, the platform is backed by hedge funds from around the world. BitMEX provides Perpetual Contracts as well as a variety of fixed-date expiries.
What are the features of BitMEX?
- Traditional Futures Contracts: A traditional futures contract is a derivative product that is a contract to buy or sell a product, currency, or other assets at a specified price at a specified date. This is offered for BTC and other altcoins that are recognized.
- Perpetual Contracts: A Perpetual Contract is a derivative product identical to a traditional Futures Contract, although, unlike standard futures, it has no termination or settlement date. Perpetual contracts trade similarly to the fundamental benchmark Index Price because they resemble a margin-based marketplace. This is only available for BTC.
- BitMEX Upside Profit Contracts: It enables contract buyers to engage in the potential benefit of the underlying asset. This is only available for BTC.
- BitMEX Downside Profit Contracts: It permits contract buyers to partake in the underlying instrument’s potential outcome. This is only available for BTC.
- The possibility to trade bitcoin with a leverage of 100x
- Market data and trade execution with low latency
- APIs for cryptocurrency trading and pricing is highly advanced.
- The ability to invest excess cash in BitMEX Earn to get up to 10% APR.
Leverage is offered on all of BitMEX’s products. The degree of leverage offered by BitMEX differs by product. 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. Leverage is a minimum share requirement rather than a fixed ratio.
The minimum Initial Margin and Maintenance Margin levels for all products can be found here. On its Perpetual Bitcoin / USD Perpetual Contract, BitMEX provides up to 100x leverage. The initial margin is the number of cryptocurrencies needed to start a position.
The Maintenance Margin refers to the amount of the applicable cryptocurrency that you must maintain to maintain a trade open.
Available Cryptocurrencies on BitMEX
The digital currency and tokens recognized by the crypto derivatives exchange comprise, but are not restricted to:
- Bitcoin (XBT)
- Ethereum (ETH)
- Dogecoin (DOGE)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Binance Coin (BNB)
- Cardano (ADA)
- Polkadot (DOT)
- Solana (SOL)
- Shiba Inu (SHIB)
- Avalanche (AVAX)
BitMEX Review: Is BitMEX safe?
BitMEX also utilizes a multi-party computation (MPC) mechanism, which permits two or more people to execute an operation on encrypted data without any data escaping the encrypted realm excluding the desired outcome. BitMEX claims that even if all of BitMEX’s systems are breached, the MPC prevents an attacker from stealing funds. BitMEX uses multi-signature wallets, maintains all funds in cold storage, and verifies all transactions with at least two staffers.
What are the fees for BitMEX?
No, BitMEX does not charge fees on deposits. For clarity, the BitMEX system utilizes a standard trading fee structure across all derivatives products. The Taker Fee is 0.075% and the Maker Rebate is 0.01%. The platform offers reduced Taker Fees for high-volume traders, as shown in the table below. These fees will be automatically applied to all products depending on your rotating 30-day Average Daily Volume (ADV), as calculated daily at 00:00 UTC.
BitMEX does not charge fees for Bitcoin withdrawals. The minimum Bitcoin Network charge is established periodically based on blockchain load when withdrawing Bitcoin and may be checked on the Withdrawal Page. Tether withdrawals are subject to fees at BitMEX. Tether’s withdrawal fee may be seen on the Withdrawal Page.
How to create an account and purchase cryptocurrencies on BitMEX?
BitMEX’s registration procedures are uncomplicated. The website takes a few minutes to accomplish this process from start to finish. Users can decide whether or not to undergo the rigorous KYC process. Professional traders can scan and submit identification credentials that also include valid email addresses. This act makes sure that one can deposit Bitcoin and start trading on BitMEX immediately. The following are the steps:
- Go to the Bitmex website and hit on the ‘Register’ button in the upper right corner.
- To generate an account password, complete the form and enter your email address.
- Pick your nation of residency, complete the form, and click the ‘Register’ tab.
- Confirm the email address by tapping on the link BitMEX provided to the registered email account.
- Complete the sign-up process by clicking the ‘Verify My Email’ link.
Presently, the 36 fiat currencies supported are AED, ARS, AUD, BRL, CAD, CHF, CZK, DKK, EUR, GBP, GHS, HKD, IDR, INR, JPY, KES, MXN, MYR, NGN, NOK, NZD, PHP, PLN, QAR, SAR, SEK, SGD, THB, TRY, TWD, TZS, UAH, UGX, USD, VND, ZAR.
To purchase any coin, simply select the fiat currency and then enter the amount and you will get your desired cryptocurrency.
With this platform, users can gain access to the best resources and experience a one-of-a-kind trading experience. It is safe to conclude that this exchange enables its users to employ advanced trading practices. It is particularly suited for expert traders and those who prefer to trade volatile risk assets, making it the ideal crypto exchange. This platform is designed to boost your exposure to margin trading.
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