However, unlike other platforms, BitMEX does not support spot trading. And according to Coindesk, BitMEX CEO recently said that the exchange is planning to add the spot trading feature. 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.

Some former users have even filed lawsuits against the exchange, alleging that BitMEX engages in market manipulation and trades against its clients. As of 2023, BitMEX is trying to shake off its bad reputation and aims to become the world’s largest regulated crypto derivatives exchange. In 2020, BitMEX introduced identity verification for all users, marking the first step in the exchange’s new direction. BitMEX is a well-known cryptocurrency derivative trading platform that was founded in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed.

When it comes to advanced exchanges or cryptocurrency derivatives trading platforms that have very extensive features, you might come across some issues. BitMEX is a trading platform based in Seychelles and founded in 2014 that offers investors access to the global financial markets using only Bitcoin. BitMEX is known for derivatives trading and for the creation of the popular “perpetual contract” used https://broker-review.org/ today in the crypto markets. As such, we can’t recommend BitMEX to users aiming to trade multiple altcoins. That said, the cryptocurrency exchange is primarily a Bitcoin and derivatives trading platform, and the coins offered by BITMEX are some of the most popular coins for trading with leverage. Leading cryptocurrencies such as BTC, XRP, ETH, BCH, LTC, BCH, and LINK can be traded easily on BitMEX.

Once your account has been successfully verified, you can login and fund it by following four simple steps. BitMEX, short for Bitcoin Mercantile Exchange, was founded in 2014 by former CEO Arthur Hayes and co-founders Benjamin Delo and Sam Reed and is now owned by HDR Global Trading Limited. Since it set its headquarters (HQ) in Seychelles, it has established itself as one of the leading global crypto brokers. An announcement box keeps users up to date with any updates and issues. It means you can generate large profits with small amounts of money but also lose everything you’ve invested relatively quickly. In October 2020, all three founders were indicted on charges of violating the U.S.

1. Here you can see the PNL and choose whether to close your position as either a limit or market order.
2. Bitmex also uses 2FA (two-factor authentication) to ensure user accounts are protected and secure.
3. Exchanges were reviewed on points including security, fees, number of cryptocurrencies available, and more.
4. A number of exchanges have disclosed their on-chain addresses (but not liabilities) to Glassnode, including BitMEX.
5. In addition, pending orders can be displayed by clicking on the ‘Active Orders’ tab, which provides the option to review, modify or delete the order.

This requires you to input personal details, upload a photo ID, confirm your location and submit your experience and employment details. The company will then review this information before verifying your account. When our experts used the new BitMEX mobile app, they found it to be intuitive and display detailed real-time data and charts. The application also allows you to track trends in the market and manage your portfolio. In addition, customers can buy over 30 currencies straightforwardly via the app through its fiat On-Ramp service.

BitMEX Alternatives

Well, BitMEX is only likely to shut down your account if they do suspect you of being based in the US. So if you are still able to trade there anonymously, then they are unlikely to jump on it immediately. This has resulted in numerous US-based clients creating accounts and trading on BitMEX. Of course, it goes without saying that you should only use high leverage and cross-margin if you know what you are doing. Leverage is a double-edged sword and you can also find yourself taking out pretty quickly if you are on the wrong side of a trade. A perpetual swap will merely be a future that is continually marked to market on a daily basis.

Currency support

Up to this day, there have not been any reported hacks on this company, and we expect that isn’t going to happen in the future. That BitMEX is really popular can be retrieved from the daily trading volume. Almost every day, BitMEX takes the first position on the list of CoinMarketCap with the biggest trading volume. Although the volume is not taken into consideration with the calculations (by CoinMarketCap), because it also includes leverages, it does say something about this exchange.

BitMEX UP (Upside Profit) Contract

The maker rebate is 0.01% and the taker fee starts at 0.05% for the lowest volume tier. As well as evaluating a broker’s product portfolio, fee structure and trading tools, we consider the availability of GBP-denominated accounts, the presence of UK-based customer support, and FCA authorisation. Our experts also factor in their hands-on testing experience into broker ratings. BitMEX also offers more standard futures contracts, which are settled on a quarterly basis. These have specific expiry dates, at which all open positions are automatically settled at the underlying asset’s market price.

Trading Chats

Now we’ve been through some of the fundamentals, let’s get started with trading on BitMEX. Signing up for a BitMEX account is very simple, and only requires users to provide an email address. BitMEX offers a wide range of contracts for multiple different assets within its platform; all settled in BTC.

This is not the platform that you will use for any sort of “buy and hold”. This is a pretty neat way for you to communicate with other traders and get their perspective on the market currently. There are chat groups in English, Russian, Spanish, Japanese and Chinese. Hence, the analysis suggests that the maximum leverage that you should trade with at BitMEX should be no more than 25x. Moreover, if you are just starting out on the exchange, you should in any event be more prudent with the risk that you take on. Just to give you an idea of how fast the trading engine can execute orders, it is well known that kdb+ has a throughput rate of up to 1,000,000 trades per second.

However, it is also common knowledge that US citizens are able to bypass these restrictions with ease. The fee system employed by BitMEX is arguably just as complex as the derivative products it offers. This is further amplified by the fact that all deposits and balances are expressed in terms of Bitcoin, meaning that it can be difficult to know exactly what you are paying and when. It is also worth noting that perpetual contracts most commonly trade at a different price to futures contracts.

This can then be withdrawn and sent to a third party Bitcoin wallet, but you will only ever receive Bitcoin at the close of a BitMEX trade. Currently, there’s only one way to deposit funds into a BitMEX account, and that’s through Bitcoin. Users should note, that instead of the ticker symbol ‘BTC,’ BitMEX, alongside several other professional trading platforms, use the ticker ‘XBT’ – but to all intents of purpose, it’s exactly the same.

BitMEX perpetual contracts is in a way similar to traditional futures. A perpetual contract allows you to trade on approximately the same reference index bitmex review price of the underlying assets as that is used in spot markets. BitMEX allows its users to trade both in crypto as well as the futures market.

The trading screen boasts a familiar order book-style interface that allows users to choose the assets or perpetual contracts they want to trade. Furthermore, the BitMEX app has full charting capabilities built-in, making it a great trading platform for mobile users. For traders, the Bitmex crypto exchange features Tradingview integration, providing users with various cryptocurrency indicators, time frames, charting tools, and charting tools. Furthermore, Bitmex offers a range of order types, including market, limit, or stop orders. BitMEX is committed to the platform and its users’ security and implements a series of measures to make sure funds, trading engines, and systems are protected.