BitMEX is a Hong Kong-based cryptocurrency exchange that was launched in 2014 by a company called HDR Global Trading Ltd. It’s a crypto-to-crypto trading platform, and as such it’s not ideal for beginners because you can’t buy cryptocurrency with fiat currency.
One of the reasons that BitMEX is so popular is because it offers margin trading with a leverage of up to 100 times on Bitcoins. Meanwhile, other altcoins such as Ethereum and Litecoin offer a leverage of up to 50x or 33.3x respectively.
In this BitMEX review, I’ll give you a complete overview of this platform, how to use it, and all of its features.
PART 1: BitMEX Trading Information
BitMEX offers a wide range of cryptocurrencies. These include Bitcoin, Binary, Dash, Ethereum, Ethereum Classic, Litecoin, Qtum, Monero, Ripple, Tezos, and Zcash. Even though this is a wider range than a platform like Coinbase, it’s still not quite as wide as other services like Poloniex or P2P platforms like LocalBitcoins or Paxful.
BitMEX is a bitcoin-in/bitcoin-out platform. As such, you can’t use fiat currencies for any payment. Only cryptocurrencies are accepted. If you want to make payment with fiat currency, you can try out either Coinbase or Coinmama.
BitMEX is available across the globe. They haven’t restricted access to any geographical location. However, local laws may interfere with it, though that’s not something that the company can control.
BitMEX is one of the cheapest platforms in terms of fee structures. They charge no fees on either withdrawal and deposits. As for trading, the taker fee is 0.0750% and the maker fee can even go down to -0.0250%, thus leaving you with a slight profit in terms of a rebate. However, this differs based on different currencies as well, so you should check out the official fee structure.
Is it Safe?
BitMEX is an extremely secure platform. The withdrawals are all processed manually on a daily basis so there’s no cyber threat to it. Furthermore, they’ve never been hacked yet.
They also use the kdb+ platform, which is the official database used by banks across the globe for high-frequency trading and security. As such, not only is it extremely secure, but it’s also smooth and efficient.
PART 2: BitMEX Compared (and other Alternatives)
BitMEX is pretty much perfect in most aspects. It has an insanely low trading fee, accepts a wide range of cryptocurrencies, is highly secure, and is available across the globe. However, the only aspect that might concern you is the fact that it’s only available for crypto-to-crypto trading and is quite complex, thus making it the wrong choice for beginners or those who want to use fiat currency.
In the comparative table below, you can compare the prime features and specifications of BitMEX with those of other similar platforms.
|Coinbase Review||3.75%||Great||Email+ Coinbase “Community”||Buy|
|LocalBitcoins Review||1.0%||Good||Quick responses to online support tickets||Buy|
|Paxful Review||0% from buyer, 1% from seller||Good||Forum,live chat and email.||Buy|
|BitPanda Review||1.0% to 4.0%||Good||Buy|
|CEX.IO Review||0.5% to 2.0%||Great||Buy|
|Bitbond Review||1.0% to 2.5%||Good||Buy|
PART 3: How does BitMEX work?
Now that you’re convinced about BitMEX, it’s time to figure out how to use it.
The first step of the process is to sign up at the BitMEX website. What’s unique about BitMEX is that it allows you to create an anonymous account without referring to your actual name or even your official email address.
Click on the ‘Register’ button.
Enter your email address and password and then confirm the same by clicking on the verification link.
You can also set up a 2-factor authentication for yourself to keep your account secure. You can do so by going to the top right corner of the screen. On the left side of the screen, you can also check your contract details and place orders
As you can see, the user-interface is quite sophisticated, but it’s also difficult for a beginner to get around. Basically, you need to deposit your account with the necessary cryptocurrency funds so that you can start trading and placing an order.
If you want a detailed step-by-step guide on how to trade using BitMEX, you can watch the following YouTube video:
PART 4: Customer Support
The BitMEX website comes with a comprehensive set of articles and guides on navigating every aspect of the site. As such, you can find most of your answers there. However, if you still have questions or concerns, you can also send an email ticket and wait for the response.
Furthermore, on the top-left corner of the screen, they also keep posting live updates of any information that may be relevant to the users. As such, you can stay up-to-date with the cryptocurrency market.
You can also use the “trollbox” (lol), to interact and live chat with other traders before actually finalizing a deal. This enhances a sense of transparency.
PART 5: Conclusion – Should I use BitMEX?
BitMEX is an extremely professional cryptocurrency trading platform meant for crypto-to-crypto exchanges. It offers a very low trading fees, a wide set of cryptocurrencies, is highly secure, and is available across the globe. Furthermore, it also has a spotless reputation and you can’t find negative comments about it even when you search online.
However, the fact that it’s a crypto-to-crypto trading platform means that it’s not ideal for beginners. You can’t use fiat currencies to make purchases. If that’s what you’re looking for, then you need to check out other platforms like Coinbase and Coinmama.
If these minor drawbacks don’t dissuade you, register with BitMEX right now!However, whatever you decide to use, please do comment down below and let us know about your experience with it. Feel free to ask any other questions you may have about BitMEX as well.
A crypto-to-crypto exchange platform that offers the lowest transaction fee possible, wherein the maker fee can even go down to -0.0250%.
- Great security.
- Wide range of cryptocurrencies available.
- Global presence.
- Margin trading.
- Only cryptocurrencies supported.
- Not for beginners.