BitMEX Review: Is It Safe To Trade with BitMEX in 2022?

As mentioned above, BitMEX also offers a minor fiat gateway which facilitates instant crypto purchases using fiat currency. This feature is not handled by BitMEX itself, but rather third-party payment processors. If all this sounds very confusing to you, it probably means you shouldn’t use BitMEX since this type of leveraged derivative trading is aimed mostly for experienced traders. The exchange became most popular for its derivatives products – most notably its Bitcoin perpetual swaps, collateralized with Bitcoin and accompanied by up to 100x leverage.

• BitMEX claims that all deposits are credited after 1 blockchain confirmation.
• This includes Hong Kong, Bermuda, and the Seychelles – which is where its headquarters are based.
• It is a platform for trading derivatives such as futures contracts and perpetual contracts.
• Listings that appear on this page and/or on this website are of products / companies / services from which this website may receive compensation.

Basis – Basis basically refers to what premium or if it has a discount when being compared to the usual underlying spot price and is quoted by an annualized percentage. This exists to give futures an “anchor price” for traders to have. Bitmex offers so many features and options that the well informed trader knows how to use to his / her advantage – for others, Bitmex is just gambling. Just like XBT , Litecoin was designed to be a peer to peer currency that supports very fast transactions at cheap costs than any fiat paying network we have today. Being decentralized, which means that no government is in control of, the transactions work faster, goes through geographical obstacles without any issues or delay. The initial release was about 7 years ago and works with the available BTC blockchain.

What is BitMEX?

Platform is extremely complicated and you can see absurd ups and downs to terminate shorts or longs. I used to get notifications about my orders, but none anymore from that day. Other Point is that once I see an opportunity I get “order submission errors” and missing out on good trades. The rates are poor and the charges are difficult, can’t do a transact without charges reducing rates immensely. Can’t tell what the issue is and crypto were not helpful for the most part, recovery is done but with legit sites that are quick and reliable. This was my approach and capitaltungate made mine possible with an earlier charge back request that almost failed but pulled it through effectively which is a solution many are unaware of.

This site does not include all financial companies or all available financial offers. On top of its huge trading volumes and 24/7 high-frequency capabilities, BitMEX is best known for its ability to provide leverage at the click of a button. Irrespective of the language you require, the BitMEX customer support team operates 24 hours per day, 7 days per week. It should be noted that the platform’s CEO – Arthur Hayes, often makes appearances on mainstream media platforms such as Bloomberg and CNBC.

If they are unable or unwilling to do so, their broker may initiate legal proceedings against the trader, forcing the trader to provide the funds or file for bankruptcy. BitMEX created the fund to give traders more certainty that they will receive their winnings which is not always a given on platforms that offer leveraged trading. The holding company HDR Global Trading is registered in Seychelles but also has operational centers in Hong bitmex review Kong and in the US. Opening a long position, called a ‘Buy/Long’ on BitMEX, means that traders expect the price of the underlying asset to increase over time. On BitMEX, investors who aren’t interested in owning the underlying asset itself, such as Bitcoin, can still speculate and profit from positive price movements. BitMEX is distinct from other exchanges because as we’ve briefly explained, users don’t buy the underlying asset.

We answer all that and more in this unbiasedcryptocurrency exchangereview. 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. It is also worth noting that perpetual contracts most commonly trade at a different price to futures contracts.

How to Store Your Crypto Coins on BitMEX

On the other hand, all other currencies have only futures markets. They accept no fiat deposits and use Bitcoin as the engine for their platform, which means that profits and losses are shown in Bitcoin even when you’re working with altcoin contracts. It’s important to take this into account when you choose your trading platform. What started as a margin trading platform, now also offers a spot trading platform. Despite few glitches in the past, traders still love BitMEX for it’s simplicity and transparent pricing.

BitMEX exchange doesn’t accept fiat currencies like EUR, USD, GBP. The only available option to trade digital currency on BitMEX is by first depositing Bitcoins . Especially in the realm of cryptocurrency derivatives which is now booming and expected to grow big. Now, speaking of asset security, the platform has a very robust and reliable trading platform. For wallet security, it uses a multi-sig cold store wallet, and every withdrawal request is manually supervised by multiple teams before processing it. This is likely because it is not regulated here, and cannot process payments. If you visit the website for BitMEX ( ) you will not be able to create an account.

You can customize several widgets freely, enabling you to personalize the interface according to your needs. TradingView gives you clear visibility of the chart, and you can also change how the chart looks. A little after their arrest, https://broker-review.org/ it was announced that the founders arestepping downfrom their respective roles. On January 7, 2021, it was revealed on aBitMEX blogthat the company now has a fully verified userbase and complies with the US’s know-your-customer laws.

Can I Trade With Leverage on BitMEX?

Currently, BitMEX is not registered with any legislative board. Additionally, BitMEX takes extensive security measures to protect the digital assets of its customers. The BitMEX iOS App has been designed for traders who need a high-performance trading experience. It offers fast order placement, real-time market data, and sophisticated order management features. The app also supports margin trading and can be used to trade both long and short positions. BitMEX derivative instruments are all collateralized with either Bitcoin or Tether USD .

It is owned and operated by HDR Global Trading Limited, which is registered in the Seychelles. I do not blame you if you find it hard to understand all the clutter that is happening within their account page. If you ask me, their trading platform is definitely not for people that are new in trading. Good thing that they offer trading guides which you are able to access through this link. They have everything you need to know about contracts that they offer.

Can I Just Buy Some Bitcoin on BitMEX?

On Thursday, American cryptocurrency experts said they were not surprised that the exchange would attract scrutiny given its freewheeling attitude. BitMEX is far from the first cryptocurrency company to be suspected of facilitating criminal activity. But it is the largest and most established exchange to face criminal charges. The company plans to become an industry leader when it comes to crypto-asset compliance. The lowest leverage is on a cryptocurrency called Tezos, which only goes up to 2x. One of the biggest platforms for trading digital currencies.

Test of the BitMEX trading platform

Exchanges like Bitfinex and OKCoin are considered as worthy alternatives. However, there are some differences between these exchanges and BitMEX. Given that derivatives trading isn’t widely understood by the general public, there aren’t many public reviews for BitMEX. Trustpilot only has a few reviews for the platform with an overall rating of just 2.4 stars. While this doesn’t look good, after I looked at some of the negative reviews I found many that are promoting other services so take the reviews with a grain of salt. The exchange doesn’t limit access for any locations, due to the fact that it does not handle fiat currency deposits or trading pairs.

And in extreme situations, the government could issue a bailout to the defaulting institutions, especially when the event threatens economic stability. We rarely run ads, but sometimes earn a small commission when you purchase a product or service via a link on our site. Our trades were done on the BitMEX testnet so that the live trading version may look slightly different. These BitMEX co-founders include outspoken cryptocurrency personality and ex-banker Arthur Hayes , mathematician and computer scientist Ben Delo , and professional programmer Samuel Reed .

Live update features, such as the announcement tab and the live chat function, provide that little extra bonus in making sure you never miss out on crucial news. The fees round things off to make the exchange an attractive all-around package. This is an issue of some controversy, as BitMEX does not currently accept US traders. However, the verification process that BitMEX uses is not particularly detailed, and this means that they may struggle to identify United States customers. As it is only possible to store Bitcoin, you need to copy the Bitcoin wallet number from the “Deposit” section.