Bitmex Review 2022
Crypto exchange is an integral part of owning, trading, and investing in crypto assets. Today, there are many cryptocurrency exchanges. But, BitMEX exchange features one of the most advanced trading interfaces and protocols that allow traders to buy and sell coins with high levels of liquidity, security, and reliability. This BitMEX review article will cover all the aspects of the exchange, including whether BitMEX legit or not. BitMEX allows consumers to more easily participate in the crypto market. What else can you get from BitMEX? Well, let's explore more in the BitMEX exchange review.
BitMEX Company Overview
BitMEX is a Seychelles-based cryptocurrency exchange developed by professional traders and engineers. The company has been active since 2014 and offers leveraged trading on Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ripple. It has become popular among more experienced traders who prefer high risks and multitudes of customizable settings. BitMEX is often praised for its clean interface, which has made it one of the most popular exchanges in 2022.
BitMEX is one of the leading cryptocurrency exchanges that offers more than 18 different cryptocurrencies and 10+ fiat currencies. Founded by Arthur Hayes and Ben Delo, the company operates with a high level of customer support and offers some of the best liquidity in the industry. The company has more than 10 million users and provides margin trading on major cryptocurrency pairs. With the surge in popularity of blockchain-based assets, BitMEX has helped many new investors enter into the space.
According to several BitMEX exchange reviews, it is one of the few exchanges that offers leveraged contracts for difference (CFDs) on cryptocurrencies. BitMEX offers a number of different order types, including limit, market, stop, trailing stop, hidden, iceberg, and more. The company's mission is to make Bitcoin trading accessible to traders of any skill level. BitMEX offers leveraged contracts similar to futures contracts but can trade Bitcoin exposure 24/7 rather than just during regular trading hours. The platform offers 100x leverage.
BitMEX Review 2022 Quick Summary
|Supported cryptos||18+ coins and tokens|
|Fiat currencies||10+ currencies including USD, EUR, GBP, AUD and more.|
|Security||Yes. iOS and Android|
|Customer support||2 factor authentication, anti-phishing support|
|Account minimum||24/7 help center|
|Crypto deposit fees||36 pairs|
|Fiat currency deposit fees||None|
|Crypto withdrawal fees||None, but charge network fee|
|Fiat currency withdrawal fees||Depends on countries and methods|
|Overall reputation||High. 8.5/10 exchange score on CoinMarketCap.|
BitMEX Exchange Review: Is BitMEX Legit?
BitMEX is a decentralized exchange that trades Bitcoin and other cryptocurrencies. It is a platform that allows anyone to trade in cryptocurrencies without using a broker. BitMEX has been very successful in the crypto markets, and it has already become one of the largest cryptocurrency exchanges.
BitMEX is a large, well-known, and trusted cryptocurrency exchange. It has over 200 employees and partnerships with renowned soccer brand AC Milan along with some other corporate partners. These include hardware wallets, credit cards, including Visa, MasterCard, etc.
The exchange offers high levels of security and privacy for its users. Further, they have been around for quite some time and have been doing well in the digital currency market.
So, all these support that BitMEX is a legit and safe crypto exchange out there.
BitMEX Review: Available Cryptocurrencies at BitMEX
BitMEX is a platform that allows traders to get access to an exclusive range of cryptocurrencies. This is done by providing them with access to the price charts, indicators, and various technical analysis tools. The platform allows you to trade more than 18 cryptocurrencies.
Top cryptos at BitMEX are-
- Bitcoin (BTC)
- Dogecoin (DOGE)
- Ethereum (ETH)
- Litecoin (LTC)
- Binance Coin (BNB)
- Bitcoin Cash (BCH)
- Polkadot (DOT)
- Cardano (ADA)
- Shiba Inu (SHIB)
- Solana (SOL)
- Avalanche (AVAX)
BitMEX Review: Trading Overview
BitMEX offers a wide range of products through its trading platform. Let's take you through a brief trading overview of BitMEX.
BitMEX is a digital asset exchange that offers a few contracts to trade which includes perpetual contracts and futures contracts.
A perpetual contract is a type of derivative that never expires. When a futures contract is set to expire, a new one is created with the same terms, and then the old one will be liquidated. However, with a perpetual contract, no new contract is written after its initial inception. It does not have an expiration date, so it will last until the holder of the position decides to close out their position themselves, or they are forced to liquidate by BitMEX.
Perpetual contracts on BitMEX have interest rates attached to them, which makes them completely different from future contracts. It has an interest rate component that goes back into fee generation for BitMEX as long as you keep your position open (the longer you hold it, the more fee generation).
Perpetual contracts allow each party to be confident in the relationship's stability and can help avoid misunderstandings or disputes that could disrupt the business.
This type of contract is typically used for commodities, such as oil and wheat that have a long-term supply and demand. A perpetual contract allows traders to buy and sell the commodity at any time, similar to a spot market.
BitMEX Exchange Review: Future Contract
BitMEX's future contract is a derivative that requires the underlying asset to be delivered in the future. It's important to note that this is not necessarily on a specific date but is more of an event-driven approach because when deciding whether or not you are going to enter into a position with futures contracts, there are time elements involved with when it is "settled" in contrast to perpetual contracts which have no settlement date. A good example of this difference would be if the price was $100/BTC today. If I am entering into a long futures contract at these prices, I will need to pay 0.025 BTC ($2.50) initial margin (initial deposit). Once I go long, say the price goes up to $101/BTC. I could then close my position on that futures contract and keep the $1 of gains (fewer fees). If this happens before the settlement date (when it's actually delivered) of the futures contract, I get to keep these funds without waiting for settlement.
The settlement time isn't set in stone, but if you enter into a new futures contract with an expiration date of today. The settlement date (again, when it's actually settled) will most likely be tomorrow or maybe next week, depending on the prevailing market conditions.
To understand more about BitMEX's future contract, you will need to know some mechanics such as multiplier, position marking, initial and maintenance margin, settlement, and basis.
BitMEX Margin Trading
BitMEX is a Bitcoin Mercantile Exchange. It is a platform for trading derivatives such as futures contracts and perpetual contracts. BitMEX allows traders to trade with up to 100x leverage.
BitMEX is one of the most popular Bitcoin exchanges in the world. BitMEX margin trading features allow traders to borrow funds to trade bitcoins. Traders can trade bitcoins with up to 100x leverage. This means that for every $1 a trader deposits, they can trade up to $100 worth of bitcoin.
BitMEX margin trading also displays all of the current buys and sell orders. The order book is updated in real-time, so you can always see the latest prices. BitMEX margin trading is a great way to maximize your profits. With up to 100x leverage, you can make a lot of money in a short amount of time. However, it also has the same amount of risk too.
BitMEX Exchange Review: How Much Are BitMEX Fees?
BitMEX now has a lower fee structure. They have lowered the Taker fee to 0.05% on all the products while the maker rebate is 0.01% throughout the platform. Nevertheless, these fee structures are standard for BitMEX. Maker -0.01%, Taker-0.05% and Net 0.04%.
BitMEX Review: Minimum Deposit
BitMEX doesn't have any fixed minimum deposit amount. It depends on the products and the initial margin. For example, for XBTUSD, the minimum deposit amount is $0.01, which is calculated as $1 USD * 1% (Initial Margin). So, the $600 XBT/USD price will be 0.00001667 XBT.
BitMEX Exchange Review: How to Trade on BitMEX?
With a Hong Kong base office and other headquarters, BitMEX has opened its doors to thousands of crypto traders from over 190 countries. Trading on BitMEX is easy, and you can go through the following guideline.
The first thing you need to do before trading on BitMEX is to create an account. This can be done on the BitMEX website. Once you have created your account, you will need to deposit funds into your account in order to trade. To deposit funds, you can use Bitcoin or XTB/USD. Once you have deposited funds into your account, you can start trading.
The first order you will want to place is a buy order. To do this, you will need to select the order type, the symbol, and the quantity. You will also need to enter the price you are willing to pay for the asset. Once you have entered all of the information, click on the buy button. If the order is filled, you will receive the asset at your specified price. If the order is not filled, it will remain open until it is either filled or canceled.
Now that you know how to trade on BitMEX, you can start trading the assets you are interested in. Remember to always use a stop loss to protect your investment.
BitMEX Exchange Review: Supported Platforms
The BitMEX supported platforms are Web platform, iOS App, and Android Apk.
The BitMEX website has been around since July 2013, but its first real release was not until March 2014 when they made it open source and launched a web version of their API. That was followed by their iOS app in late 2014, which was also open-sourced and released later that same year. It is a pretty basic alternative for people to sit down with just about any device on any platform and check out what is happening in the bitcoin world without having to download anything or have any type of accounts set up with them. They have a very clean, user-friendly website with very easy navigation that is more about being relevant and updated in the digital world instead of having a technologically advanced platform.
BitMEX App for iOS
The BitMEX mobile app for iOS can be found on Apple's App Store. You can download it to your device by searching "BitMEX" in the search bar and clicking on the link below. The app can be used to trade Bitcoin and other cryptocurrencies on the BitMEX exchange.
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 App Android
You can find it on the Google Play Store. Besides, the updated version of the app can be collected from BitMEX as Apk. The app allows you to trade Bitcoin and other digital assets, and it has a user-friendly interface that makes it easy to use. You can also use the app to monitor your account and keep track of your trading activity.
The BitMEX Android app is a great choice for traders who want to have access to all of the features of the BitMEX trading platform. It's also a good choice for traders who want to be able to trade on the go.
BitMEX Review: Platform Features
BitMEX is a trading platform where users can trade on the price of Bitcoin, Bitcoin Cash, and Ethereum against the US Dollar. The following part of the article will enlighten you about BitMEX's features that make it unique from other platforms.
If a trade goes through in minutes, you will be able to close your position at any time during that window. If it takes more than one day for your position to settle, then you might as well have just bought and sold cryptocurrencies on regular marketplaces.
Maker/Taker Fee Schedule
All orders are charged fees based on the trade volume that they generate, measured in Bitcoin (BTC). The maker fees start from -0.0100%, and the taker pays 0.05%.
No deposit fees
Deposit fees are used to increase market liquidity, but on BitMEX, there are no deposit fees. This is possible because their high volume allows us to attract many traders without charging them to use our platform.
A Step Ahead for New Innovations
At BitMEX, the company believes in innovation, and they have implemented several new features that have not been seen on other trading platforms before, such as perpetual contracts, fee protection contracts, and funding contracts.
Fiat on Demand
BitMEX offers fiat on-demand services with the option to lock in a fixed buy/sell rate. This is available 24 hours a day, and you can use this to purchase currencies from other trading platforms.
Advanced Trading Tools
BitMEX offers advanced trading tools such as order management, stop loss, and limit orders. They also offer liquidity matching, which compares the underlying order values with what is currently being offered on the leading exchanges and allows traders to fill their orders instantly.
Live Price Tracking
BitMEX provides real-time price tracking, so you'll know how your trades are doing at any given time. We also provide a price alert feature that will notify you when the price of Bitcoin, Bitcoin Cash, and Ethereum reaches your defined target.
Fiat and Crypto Converter
BitMEX's fiat/crypto converter will help you to see the quotes on one currency (fiat) to another (crypto) at a fixed rate.
If you are feeling like a programmer, you can use our scripting features to build your own custom trading algorithms for BitMEX automated trading and run them directly on BitMEX. This is another way we are bringing innovation to the market.
The BitMEX API allows third parties to create bots that interact with the platform so that traders can initiate BitMEX automated trading strategies without the need for programming knowledge. The robust API and real-time data provide an open API so that third-party developers can create bots that interact with the BitMEX platform.
Price History Chart
This feature shows the price history over time in a line graph as well as a table at the bottom of the chart for those who don't like to see just the line. It shows 1 hour, 24-hour, 7 day and 30-day market prices. It also shows the total amount of bitcoin being exchanged as well as the sum of all trades done since the beginning of time.
BitMEX Copy Trading
Although BitMEX doesn't offer copy trading directly. You will need a third-party platform to perform BitMEX copy trading. Users can follow and copy other traders' positions. This is a great way to learn how to trade on BitMEX for free.
BitMEX uses SSL encryption to encrypt all financial transactions. Traders are assured that their funds will be safe and secure on the platform.
BitMEX is a derivatives exchange that offers a variety of contracts, including perpetual contracts and futures contracts. The platform offers high leverage and liquidity, which allows users to trade securely and efficiently. The platform also has a user-friendly interface that makes it easy to use. Additionally, the platform offers a variety of features that make it unique, such as its ability to offer margin trading and its wide range of supported cryptocurrencies.
BitMEX Review: Transaction Methods
BitMEX offers a variety of ways to deposit and withdraw funds. The most common way is through bank transfers. For larger deposits or withdrawals, BitMEX also offers the ability to use cryptocurrency. To deposit funds into your BitMEX account, you can use Visa, Master card, bank transfer, and cryptocurrency.
To withdraw funds from your BitMEX account, you can use bank transfer or cryptocurrency.
BitMEX Review: Customer Support
BitMEX Customer Support features round-the-clock support through a variety of channels. The support staff is knowledgeable and experienced in the industry and provides quick resolutions to customer inquiries.
The BitMEX team is dedicated to providing world-class customer service. The support staff is available 24/7 to help you with any questions or concerns you may have. They offer support through a variety of channels, including email, phone, and chat. They strive to provide quick resolutions to customer inquiries.
BitMEX Academy for Crypto Learners
BitMEX offers a learning platform for crypto learners. BitMEX Academy resources are designed to help people of all experience levels to learn more about cryptocurrency and the exciting world of digital assets.
The Academy offers a range of tutorials, videos, and articles that cover everything from the basics of blockchain technology to more advanced concepts like margin trading.
BitMEX has created a series of quizzes so you can test your newfound knowledge. And if you still have questions, experts are on hand to help.
So whether you are a complete beginner or an experienced trader, the BitMEX Academy is the perfect place to expand your knowledge and take your crypto career to the next level.
BitMEX Exchange Review: Drawbacks
- BitMEX is not regulated any consumer protection laws do not protect users.
- Its use of leverage can result in large losses.
- BitMEX is not suitable for all investors and should only be used by those who are aware of the risks involved.
- Deposits and withdrawals are done by the crypto coins.
According to many BitMEX reviews, due to its unique nature and design, BitMEX has become the go-to platform for big players looking to make large transactions without paying exorbitant fees. This creates an interesting dynamic, as most exchanges charge traders based upon their trade volume (in other words - they profit from executing trades at volumes above a certain threshold). As such, it's actually not uncommon to see major players earning fees by boosting the volume on BitMEX.
Even though the platform has been around for more than 7 years and still looks very updated as they always add new features. We must mention that BitMEX is probably the most transparent company out there.