BitMEX Exchange Review: Is It Safe To Trade On?

BitMEX is a cryptocurrency exchange, which holds one of the largest market share, with the ability to store crypto capital in a trading account. Provides an opportunity to trade derivatives with leverage up to 100x, long and short trades are available (up or down price). With 1 Bitcoin account, you can open a trading position of up to 100 BTC. Daily cash turnover on this exchange almost always exceeds $1 billion (over 100,000 Bitcoins).

BitMEX Exchange Review: Is It Safe To Trade On?

BitMEX is a cryptocurrency exchange, which holds one of the largest market share,  with the ability to store crypto capital in a trading account. Provides an opportunity to trade derivatives with leverage up to 100x, long and short trades are available (up or down price). With 1 Bitcoin account, you can open a trading position of up to 100 BTC. Daily cash turnover on this exchange almost always exceeds $1 billion (over 100,000 Bitcoins).

BitMEX Crypto Exchange provides an opportunity to trade traditional and perpetual futures contracts on Bitcoin, BitcoinCash, Cardano, Ethereum, Litecoin, Ripple, EOS. The most liquid and popular instrument is XBTUSD perpetual contract.

At BitMEX, all accounts (profit, trade, deposits) are kept in the Bitcoin cryptocurrency, which is assigned the XBT symbol, rather than the usual BTC. You can open a position not only to buy an asset, but also to sell it, thus earning money not only in a growing market, but also in a falling market. The maximum leverage for Bitcoin is 100x, while for other cryptocurrencies it is lower. The commission is paid only by the takers, and the makers are paid extra. A real paradise for a trader with the ability to earn on price changes or hedge risks.

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Advantages of BitMEX

  1. Registration and opening an account on BitMEX is free. The minimum deposit is 0.0001 BTC.
  2. Margin trading on the BitMEX exchange platform. Leverage up to x100.
  3. There is no identity verification procedure (KYC). It is possible to trade and earn anonymously.
  4. High liquidity, especially in the XTBUSD perpetual contract.
  5. Various trading indicators, market depth indicator, price charts, quotes are available without registration. This can be used when the activity is carried out on a resource that has a scarce arsenal of analytical tools.
  6. Demo trading, on which you can test all the functionality of BitMEX. You will need to design a separate account, but you can use one email. In the test mode it is allowed to speculate on XBTUSD asset, which automatically reduces the volatility.
  7. API key interface, allowing to manage trading from internal desk or trading through bots.
  8. Affiliate system which give your referrals 10% discount on trading fees for 6 months. 
  9. An impressive amount of available training information and useful information.
  10. Tech support. Definitely deserves attention. Consultants of BitMEX exchange work always (all days round the clock), besides there are many communication channels available – phone, leading social networks, messengers and email. As a rule, answers to letters and messages come quickly.
  11. A special level of security. Only at BitMEX there is a unique control scheme for withdrawing digital coins from the trade balance. The order will be executed if at least 2 people from the special commission at the service confirm that there are no signs of theft of funds. This guarantees the prevention of up to 80% of cases of cryptocurrency theft in case of possible account hacking

List of available trading pairs and leverage

Currently, BitMEX offers leveraged trading with:

  • Perpetual contracts (up to x100 leverage) – XBT/USD, BCH/USD, ETH/USD, XRP/USD
  • Traditional futures (up to x100 leverage) – XBT/USD, BCH/USD, ETH/USD, XRP/USD, ADA/USD, TRX/USD, LTC/USD, EOS/USD

Funding passes every 8 hours, and depending on a positions of market participants, the funding fee taken.

BitMEX fee structure on perpetual contracts

Registration

Registering on the platform takes no more than a minute. After that you will have to make a deposit and proceed to trading. On Prime XBT there is no identity verification procedure, no KYC. To register, you need just need to fill this registration form.

BitMEX registration form

Deposit

After registration is done, login into your account. Proceed to the account, pressing the “Account” button on the upper part of webpage. Then on the left column press “Deposit” button, and then you get your personal multisignature bitcoin address.

BitMEX deposit tab

You are automatically assigned a personal multi-signature Bitcoin address through which you fund an account with BTC. BitMEX doesn’t support traditional deposit methods, through credit/debit card or bank wire, only asset to deposit and withdraw in Bitcoin.

BitMEX commision

The commission is paid only by the takers, the makers are paid extra. A real paradise for a trader with the ability to earn on price changes or hedge risks!

FeesDeposit
methods
TakerMakerWithdrawalWireCreditCrypto
0.075%-0.025%0.0005 BTCNoNoYes

BitMEX Security

BitMEX profives multi-layered security system that includes:

  • 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;
  • BitMEX systems take advantage of Amazon Web Services;
  • 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.
  • SSL encryption;
  • Two-factor authentication;
  • 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.

We running a test  for all cryptocurrency exchange websites in Mozzila’s Observatory (https://observatory.mozilla.org/). This is one of the many tools to test exchange security. BitMEX got a score B+. This mark is one the highest mark among cryptocurrency exchanges.

Affiliate program

BitMEX also has a profitable affiliate program. Moreover the people you promote your affiliate link get a discount 10% on trading fees for a 6 months! You get a commision for every affiliate. Payouts are made every day. The picture below shows a more clearly how this works:

Affiliate program details

Conclusion

BitMEX cryptocurrency exchange is a technological trading platform, focused primarily on professional traders. It never ignores newcomers, for whom there are wonderful conditions for mastering crypto trading and practicing their trading strategies.

The BitMEX platform is a powerful and convenient service, where competent, reasonable traders can steadily get maximum profit. BitMEX never attracts clients with empty slogans and deceitful promises. The most experienced speculators are here, as the platform guarantees safety and quality, which is confirmed by numerous positive reviews.

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