Found in 2014 Bitmex is a peer to peer derivatives trading platform that offers leveraged contracts that are bought and sold in bitcoin. The company is headquirtered in Hong Kong. BitMEX allows trading with a high amount of leverage so if you dont know what your doing you can very quickly liquidate your account.
BitMEX only handles Bitcoin. All profit and loss is in Bitcoin, even if you’re buying and selling altcoin contracts. BitMEX does not handle fiat currency. BitMEX is a trading platform that offers investors access to the global financial markets using only Bitcoin perpetual contracts.
The Bitmex Interface
BitMEX Vs other trading platforms
Unlike other cryptocurrency exchanges, either traditional or P2P, Bitmex is focused on cryptocurrencies derivatives trading such as futures and margin trading and notional trade volumes of between $1 and $2 billion take place on the platform daily.
With a focus on leveraged trading and derivatives, Bitmex is an exchange most suited to more experienced traders and not beginners who simply want to buy or sell relatively small volumes of cryptocurrencies.
That said with the leverage opportunities available on this platform while the market has volatility a medium range comptetence level day trader can very quickly increase their margin balance, if they keep their wits about them and stick to their own responsible trading rules. Trading on the any of these markets is exactly the same as trading the forex market with fiat ( only your not using any fiat with BitMEX. Have trading rules in place and stick to them. If you have no idea what iam talking about sign up for a course in cryptocurrency trading and learn about trading methodology and how its done. Yes some of its technical but you can learn it. everyone has to start somewhere and if you reallyw ant to make it happen you can. Look at the results of a recent trade from a veteran trader and mentor with a ROI of nearly 700% on this particular xbt usd trade. Sign up to BitMEX here – its free and you can fund your account in under 1 hour.
|Exchange||Contract Length||Contract Type||Liquidation Event||Contract Loss Mechanism|
|BitMEX||Perpetual / Quarterly||Inverse||Index Mark Price||Auto-Deleveraging|
|Bitfinex||Margin Product||Linear||Last Traded Price||Socialised Loss and Token Issuance|
|OKCoin||Weekly / BiWeekly / Quarterly||Inverse||Last Traded Price||Full Account Clawback|
|BTCC Pro||Perpetual||Linear||Last Traded Price||Auto-Deleveraging|
|BitVC||Weekly||Inverse||Last Traded Price||Auto-Deleveraging|
|CryptoFacilities||1W, 2W, 3W, 1M, 3M, 6M, 9M||Inverse||Index Mark Price (+/- Premium / Discount)||Auto-Deleveraging|
Unlike some of our competitors, BitMEX uses the underlying index price for purposes of margin calculations, not the last traded price. This means that a malicious trader cannot manipulate the order book and cause erroneous liquidations. BitMEX employs a system known as Fair Price Marking to adjust the index price due to basis or funding.
Leverage and Margin
|Exchange||Max Leverage||Initial Margin||Maintenance Margin|
What Is Bitmex Testnet?
We encourage new users who are unfamiliar with trading to practice placing, executing and canceling orders of various order types and sizes on our sandbox testing exchange, testnet.BitMEX.com. You can sign up with a new account, deposit some testnet Bitcoin and interact with a test market that looks and feels exactly like the real thing.
BitMEX Supported Currencies
- Bitcoin Cash
- EOS Token
Country Support & Bitmex USA
BitMEX is currently not available to residents in the United States Of America. Using a VPN is really not recommended.
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.
There’s also a chat functionality that facilitates traders talking among themselves which means the BitMEX trader community does a good job of solving most queries or issues internally without having to revert to support staff.
|Rest Of The World …|
Fees And Charges
Because Bitmex only operates with Bitcoin as a base currency, no fees are charged for either making a deposit into a Bitmex account or for withdrawals.
Trading fees are low but vary between contracts, depending on which crypto or fiat currencies are involved and also on the nature of the contract eg. Futures, perpetual contracts etc. Because Bitmex is a P2P platform, fees are broken down into a ‘taker fee’ ‘ maker fee’ and a ‘settlement fee’.
Is there a fee to deposit Bitcoin?
No, BitMEX does not charge fees on deposits.
Is there a fee to withdraw Bitcoin?
No, BitMEX does not charge fees on withdrawals. When withdrawing Bitcoin, the minimum Bitcoin Network fee is set dynamically based on blockchain load and can be viewed on the Withdrawal Page.
Are there fees to trade?
Yes, BitMEX charges a trading fee on every completed trade. Please view the Fees page for more information.
BitMEX runs a first-of-its-kind multisignature deposit and withdrawal scheme. All BitMEX addresses are multisignature and all storage is kept offline.
Even in the event of a full system compromise, including web servers, trading engine, and database, there would not be enough keys available to an attacker to steal funds.
Additionally, each and every withdrawal on BitMEX is audited by hand by at least two BitMEX employees before sending. No private keys are kept on any cloud server and deep cold storage is used for the bulk of funds.
All deposit addresses sent by the BitMEX system are verified by an external service to ensure they contain the keys controlled by the founders. If the public keys do not match, the system is shut down immediately and trading is halted.
BitMEX systems take advantage of Amazon Web Services’ world-class security.
All BitMEX systems require multiple forms of authentication to access, including hardware tokens. Individual systems are unable to communicate with each other except across approved and monitored channels.
Trading Engine Security
The BitMEX Trading Engine is the first of its kind. Written in kdb+, a database and toolset used frequently by major banks in high-frequency trading applications, the BitMEX engine has unprecedented speed and reliability.
Rather than use our speed just to execute more transactions per second, BitMEX does a full risk check after each and every order placement, trade, settlement, deposit, and withdrawal. At all times, all accounts in the system must sum to zero. If they do not, trading is immediately halted for all users.
BitMEX Review – The Pros
There are a number of positives to using the BitMEX exchange and it comes highly recommended for anyone serious about trading and increasing their bitcoin:
- High-Security Levels
- Margin trading of up to x100
- Futures and other derivates offered
- Minimum red tape and no identity documentation requested
- Very good selection of cryptocurrency and fiat pairs can be traded
- Low trading fees and no deposit or withdrawal fees
BitMEX Review – The Cons
I suppose if i had to also have a few downsides to choosing BitMEX:
- Deposits and withdrawals can be made only through Bitcoin
- Not suited for beginners ( having some trading experience in forex and other trading platforms is recommended.)
The overall conclusion of this Bitmex review is that this exchange is a brilliant choice for any advanced trader who is looking for low fees, the opportunity to participate in leveraged margin trading and excellent security, although complete novices may want to look elsewhere. I personally cannot have enough good things to say about BitMEX. You can sign up instantly and have a deposit (the minimum deposit required to trade: $0.01.) in your bitMEX trading account after only 1 confirmation on blockchain.