BitMEX Review: Is It Still Safe In 2023? Do Not Signup Before Reading This

Some of the investment products even come with low-risk indications to provide investors with a safer experience. BitMEX’s trading interface shows the charts for the selected pair in the middle. In the left-hand panel, you can select the pair you want to trade. In the right-hand panel, you can execute the trades by customizing your orders accordingly. As for the tools, features, and functions, you can do pretty much everything an advanced interface should be able to. You can use indicators on every single pair, select different time slots, draw, replace the candles, write, use patterns, and much more.

The affiliate payout percentage starts at 25% and goes all the way up to 45% for users who meet additional requirements. The trading interface is one of the things that BitMEX has not compromised on—it’s professional and has kept up with the latest advancements in the crypto industry. As a global platform with millions of customers located worldwide, BitMEX offers support in five languages. Due to the sheer volumes that BitMEX is responsible for, one would expect that the platform utilizes institutional-grade security features to keep your funds safe. However, this should never be assumed and thus, we’ll need to further explore what security safeguards the platform provides. All BitMEX UP and DOWN contracts can be traded without paying a trading fee.

So today I have decided to review BitMEX exchange in an unbiased manner and tell you everything about it that matters. But that’s expected because there are very few people in the cryptosphere who fully understand the workings of theBitMEX exchange.

Supported Cryptocurrencies at BitMEX

In this manner, you can think of a perpetual swap in much the same way as spread betting or a Contract for Difference works. This is why BitMEX has a number of policies in place in order to make sure that all of the orders are indeed matched. They run a risk check after any movement on the exchange and the moment that there is any discrepancy, trading is shut down. The holding company is called HDR Global Trading Limited, which is registered in Seychelles. This is a structure that many Bitcoin-related businesses and exchanges tend to choose given the tax efficiency.

That’s the main reason I would like to begin this BitMEX review from security. Digital assets are risky, check out the Risk Disclosure Document on your platform of choice for more details and consider getting advice from a professional. Despite having a robust trading exchange, BitMEX fails when it comes to efficient customer support.

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. Before you can test out the platform, you have to sign up at BitMEX with an account.

Trading Engine

If that’s the case, you can always check out other top-rated cryptocurrency exchanges that offer robust security. In fact, regardless of your experience in the derivative marketplace, you can obtain https://forex-reviews.org/ leverage of upto 100x on the platform’s hallmark BTC/USD perpetual contracts. Firstly, BitMEX offers leverage on all of its crypto-centric derivative products apart from its UP and DOWN contracts.

• It’s a simulation where you can practice trading without any risks.
• The exchange does not appear to disclose how it generates yields on these deposits, however it is probably safe to assume they are lent to institutional borrowers with interest.
• We write product reviews and comparison articles in the field of cryptocurrency.

BitMEX uses a method called auto-deleveraging which BitMEX uses to ensure that liquidated positions are able to be closed even in a volatile market. Traders are always shown where they sit in the auto-deleveraging queue, if such is needed. A futures contract is an agreement to buy or sell a contract at a fixed price at a defined time in the future. All deposits and withdrawals are made via Bitcoin so must be made from or into your Bitcoin wallet. To deposit on BitMEX, you’ll first need to verify your identity.

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. With that being said, it is important to note that BitMEX is not your typical cryptocurrency exchange. On the contrary, the platform specializes exclusively in derivative-style financial instruments. More specially, traders at BitMEX have the potential to trade popular cryptocurrencies like Bitcoin and Ethereum at leverage levels of upto 100x.

BitMEX USA – Not Available

Another cryptocurrency is Litecoin which is similar to Bitcoin but varies in terms of scalability. Litecoin is also a very popular altcoin and LTCUSD is a fork of Bitcoin , copied from Bitcoin’s code and with some changes and launched a new project. Finding a reputable Bitmex review local or worldwide can be a difficult process, especially finding a complete list from a trustworthy reputable source. CaptainAltcoin.com does not offer any sort of financial or investment advice. Please make sure to do your own research, make educated financial decisions and consult your Financial Advisor.

For personal security, you have two-factor authentication should you want to make use of it. The hand-processed withdrawals is an extra layer of security should your account be compromised at any time. In this BitMEX review, we will dig deep into this exchange and give you all the answers.

BitMEX is distinct from other exchanges because as we’ve briefly explained, users don’t buy the underlying asset. While this opens up the potential for a total loss, as we’ll explain later, it also allows users to either go long on a position or sell short. Now we’ve been through some of the fundamentals, let’s get started with trading on BitMEX.

How to Register, KYC and get FREE 5 BMEX Token + 10 USDT?

Of course, developing a mobile app for a platform like BitMEX’s is no easy feat. The referral program is also beneficial for those that you refer. For a period of 6 months after they have signed up, BitMEX will offer them a 10% discount on their trading fees. For those traders who like to code their own bots and trading algorithms, BitMEX has a really advanced REST and Websocket API. The customer support on BitMEX is reasonable in comparison to other exchanges. Once you have confirmed your email and you have logged back into the website, you will be presented with the BitMEX trading platform.

There are slight differences as Retail currency traders use these brokers to gain access to the 24-hour currency market for theory purposes. 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. For seasoned professional traders who would like to trade cryptocurrency futures and swaps, BitMex is a great option. On the other hand, the BitMex interface will pose a steep learning curve for the casual trader. The company is based in the Republic of Seychelles and they offer a margin-trading service for experienced, professional Bitcoin traders.

Its proactive approach to security includes a generous bug bounty program, alongside several other security measures for user wallets, system security and its trading engine. BitMEX works on a maker-taker funding model, which sees lower fees and even reimbursements for market makers, and larger fees for market takers. There are no trading fees on upside or downside contracts, and other than Bitcoin network fees, there is no charge for withdrawing or depositing from BitMEX. For example, trading Bitcoin on BitMEX doesn’t give users any claim to actual Bitcoin. Instead, traders are buying contracts for that asset, settled in the future.

This site does not include all financial companies or all available financial offers. It was also recently reported that BitMEX has since made the decision to ban traders located in the three locations it has a legal presence. This includes Hong Kong, Bermuda, and the Seychelles – which is where its headquarters are based. In a nutshell, whether or not you need to pay a funding fee will be dependent on whether you are long or short. This will be determined by market forces, and you’ll know what you are going to pay before the funding round takes place. BitMEX executes funding every 8 hours, and the specific percentage will again vary depending on market forces.

You need your email to get started, plus, you can also secure your funds using the 2-FA authentication feature that BitMEX provides. Our trades were done on the BitMEX testnet so that the live trading version may look slightly different. The BMEX token will become tradeable on BitMEX in early Q2, when the BitMEX Spot Exchange goes live. That’s also when token utilities like trading fee discounts, enhanced yield on EARN, BitMEX Academy perks, and swag privileges will be available.

Unlike futures contracts, which typically have a maximum expiry date of three months, perpetual contracts never expire. We’ll cover everything from how the platform works, what you can trade, supported cryptocurrencies, fees, and security. Taking into account the high-risk nature of the crypto-centric products that BitMEX offers, we would suggest reading our comprehensive review prior to opening an account. In doing so, you can make an informed decision as to whether the platform is right your investment goals. Given that the exchange was launched by Ex-investment bankers and traders, it is well known for having one of the most efficient “matching engines” around.

This minimum deposit amount required for Standard Account registration will depend on the payment system chosen. Below is an in-depth review of Bitmex to help you make an informed decision before opening your account or trading on their platform. The team at CaptainAltcoin.com only recommends products and services that we would use ourselves and that we believe will provide value to our readers. bitmex review It means that for every BTC your deposit, you can leverage it up to 100x and trade as if you have 100 BTC in your pocket. So if bitmex decides they need cash, they manipulate the market in one direction, deactivate trading except for thir dedicated profit trading desk and crush you. Security information is loaded into the website, which is always a must for me when I’m looking at a new exchange.

The platform also has a bug bounty program that encourages users to report problems regarding the platform. Their bug bounty program is affiliated with HackerOne, which offers rewards of up to $10,000 depending on the seriousness of the issue. BitMEX has a “Knowledge base” section available for everyone to access.

The choice about which platform to choose mostly depends on what a client would like to trade, therefore it will be one of the standards when choosing a broker too. Once the account is registered, verification email will be send to the registered address. Affiliate partners cannot pay CaptainAltcoin to guarantee favorable review or higher ratings on the website.