In this article, we will review BitMEX, a leading crypto margin trading exchange, which provides perpetual contracts and futures trading products. When it comes to security, BitMEX is one of the safest cryptocurrency derivatives platforms. BitMEX comes with advanced functionality that requires knowledge to minimize risks. Such features include futures contracts, perpetual contracts, margin trading with up to 100x leverage, and even more.
This may happen when there is inadequate liquidity on the peer-to-peer exchange to fill an order, despite the underlying asset falling below a users liquidation price. However, when it comes to going ‘bankrupt,’ users can rest easy. BitMEX has a sophisticated margin and liquidation process which prevents a users margin from dropping below their account balance. While it is impossible for users to lose more funds than what they opened a trade with , they may find themselves subject to liquidation. HyipFinance.Com is not a financial and investment system and it never enter into the investment services’s area. Our main task is to provide the correct payment for hyips and their related data.
We publish guides, reviews and news on tech, cryptocurrency, Bitcoin, blockchain & privacy. Our content is updated regularly to keep our privacy-minded readers safe, informed & up to date. Elliot is a blockchain, fintech and cryptocurrency copywriter from the UK. He’s been writing for the DLT space for two years, in which time he’s reported on many topics and a wide range of projects.
Assuming there is a fully liquid market, the bid/ask spread should be tighter than the maintenance margin. In this scenario, as long as healthy liquid markets persist, the insurance fund should continue its steady growth. There are no limits on withdrawals, but withdrawals can also be in Bitcoin only. To make a withdrawal, all that users need to do is insert the amount to withdraw and the wallet address to complete the transfer. For traditional futures trading, BitMEX has a straightforward fee schedule.
Being in the US.S.A makes everything even more scary but I am stuck here for many more years yet before I can leave so I make the best of it Lol. Just protect yourself and always use a VPN or multiple ones like I do and keep your large funds in a hardware wallet that you control. Derivatives products are BitMEX’s claim to fame, featuring both perpetual swap contracts and quarterly futures contracts.
BitMEX vs. Bitfinex and other competitors
Leading cryptocurrencies such as BTC, XRP, ETH, BCH, LTC, BCH, and LINK can be traded easily on BitMEX. 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. What started as a margin trading platform, now also offers a spot trading platform.
- Instead, clients access the market through their brokers , for instance, investment banks such as JP Morgan or Goldman Sachs.
- Regardless, BitMEX has managed to retain a leading position as a crypto derivatives exchange and an institutional-grade trading dashboard.
- That’s why it might be difficult for US citizens to find a truly good crypto exchange platform that would allow them to trade without worrying about legalities.
- All derivatives contracts on BitMEX are collateralized and settled in BTC or USDT, depending on the instrument at hand.
- Now, there’s another reason why BitMEX is not the best option for beginners that I think should be mentioned in this BitMEX review.
Most people trade cryptocurrencies on the BitMEX platform using the BitMEX leverage slider. In July 2020, BitMEX exchange established 100x leverage, where the risks involved were managed by HDR Global Trading Limited, a https://forex-reviews.org/ financial holding group for BitMEX users. BitMEX is one of the most advanced peer-to-peer platforms for crypto trading. It runs best-in-class APIs to provide high-quality trading knowledge and boost investor confidence.
MEXC Exchange Review 2023: Is it Safe or Scam?
As derivatives exchanges aren’t suitable for beginner traders anyway, this is to be expected. For example, if users close a successful trade on the Ethereum futures contracts, they are credited with XBT back into their BitMEX wallet once trading fees have been deducted. 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. The BitMex team uses their financial and web-development experience to create a slick platform that enables high-octane cryptocurrency trading. Live update features provide that little extra bonus in making sure you never miss out on crucial news. The competitive fees and the widest spectrum of trading services offered round things off to make the platform an attractive all-around package.
These don’t involve directly trading cryptocurrencies; rather, you trade contracts that track the price of a certain cryptocurrency asset. What is more,BitMEX allows you to practice using BitMEX TestNet that’s created especially for learning purposes. Users can practice margin trading with leverage completely risk-free as well as try other amazing features that the platform offers.
Go directly to the upper left corner, click on the user silhouette icon and navigate to the “Account & Security” section. Multiple forms of authentication to access individual layers of the platform. These bitmex review include hardware tokens and monitored communication channels. Then head over to the ‘trade’ tab and choose your preferred asset. Then visit the ‘account’ section from the header of the trading tab.
BitMEX Insurance Fund
Let’s begin with the positive aspects of BitMEX exchange and focus on the strongest features of the platform. However, if you’re still interested in finding out more about the platform, then continue reading this BitMEX review. BitMEX supports a variety of popular cryptocurrencies like XBT , ETH, APE, AXS, LINK, MATIC, UNI, and USDT. By investing a little in BMEX tokens, you can get the advantage of making your trading experience cheaper in the longer term.
To make such predictions you have to perform thorough research, analyze the market, and invest an amount of money that wouldn’t be too afraid of losing. When having troubles or simply some questions whilst using BitMEX, you can contact their customer support via email by pressing the “Contact” button on their main page. The support is available in English, Chinese, Russian, Korean, and Japanese.
Derivatives Available at BitMEX
If you want to maximize your earnings, you have to minimize your spendings – that’s pretty simple. Now, if you want to gain as much as you can from a trading platform, you should always take a look at the fees. They might seem almost unnoticeable, however, when you’re making multiple trades, you’ll notice the difference. When it comes to perpetual contracts they’re the same as futures contracts, except for the fact that there’s no specific time in the future when you have to sell it. That said, when you purchase such a contract, you can keep it as long as you want and no one will tell you when to sell it. This information about BitMEX exchange might scare you off of using this platform.
Our goal is to simplify and explain in clear language, what can be a confusing jumble of terms and concepts. We hope to provide clear, unbiased facts so people can make up their own mind about important financial decisions. Nevertheless, the main channel to contact BitMEX is by raising an online support ticket. Alternatively, the platform also has a preference on Wechat, Telegram , Weibo, Twitter, and Reddit.
They can practice how the leverage varies while placing trade orders, executing them, and canceling some orders. Fill in details and enter the email address to generate an account password. Investopedia requires writers to use primary sources to support their work.
Those who staked BMEX also unlocked trading fee discounts, staking rewards, exclusive privileges, and more. It was a big one, and some could argue that 2022 was an even more transformational year that saw initiatives come to fruition, platform upgrades, and new products roll out. We strive to present all the information & pricing as accurately as possible, but we cannot ensure that the data is always up to date. You should also be aware of the fact that BitMEX only handles Bitcoin, meaning that all the provided information, including profits and losses, is presented in Bitcoin. If you want to practice trading on BitMEX TestNet, you’ll need to create a separate account from BitMEX.com.
BitMEX has also restricted users from some other jurisdictions, like Cuba, North Korea, Iran, Syria, and a few others. This restriction holds a lot of traders back from using the platform, including those in the US, which has some of the biggest and most developed crypto communities. Now you can easily, efficiently, and instantly convert your crypto assets without executing a trade or understanding the complexities of trades. BitMEX might charge a minimal fee at the time of conversion, but the whole process usually takes a second to complete. When it comes to withdrawals, this works in much the same way as the deposit process. You simply enter the external wallet address that you want to transfer the funds to via your BitMEX account portal.
Second, the platform accepts Bitcoin only, so you won’t be able to use fiat currencies nor altcoins. BitMEX offers margin trading services by keeping your initial margin as collateral and providing additional funds to open a position based on your leverage. You can easily select an asset you wish to trade from the header and go long or short. Look at scavengerbot.io they charge 15% of profit billed weekly.
Once complete, you can hit the “Create API Key” button and a key will be generated for you. You can now stream account-specific information through the websocket connection. In fact, the API is perhaps one of the most complete on the market. Every function that is used on the website is exposed via the API. This will allow the developers a large degree of freedom when it comes to building bots and other applications.