We wish to take you through BitMex Review in this article. So, we have included all the information relating to its Online platforms, Commission, Leverage, Asset Classes, Account Types, Features & more.
BitMex or Bitcoin Mercantile Exchange is ideally a trading platform that provides a margin trading experience for both professional and experienced traders.
Mainly under this platform, the traders are most likely to buy and sell contracts with regards to cryptocurrencies integrated with margin trading.
Under cryptocurrencies, you need to know that these are not actual coins. The platform is most likely to supply contracts for various cryptocurrencies, but it works only with deposits and withdrawals.
The platform is your best bet if you are an experienced trader. When it comes to online exchanges for bitcoins and cryptocurrency trading, BitMex is most likely to top the list.
About BitMex and Accepted Countries
Back in 2014, HDR Global Trading Limited incorporated BitMEX. Since its incorporation, Bitmex has been on a constant rise, and it is one of the most crucial Bitcoin trading platform available globally.
In turn, some of the former banking experts Bitcoin trading platforms founded HDR Global Trading Limited.
The company is headquartered in Seychelles, and it operates worldwide. They begin by diversifying into derivative trading strongly and then turning to margin trading.
One of the founders, Mr. Ben Delo, is said to be the first billionaire in the UK to make their fortune from Bitcoin.
But unfortunately, as of now, since 2019, the company is under review by the CFTC (Commodity Future Trading Commission) as to whether BitMEX is practicing any illegal activity based on American trade requirements.
There is no verdict made as of now on these accusations, and the platform is functioning normally, but the only exception is that it is not available for traders in the USA.
Traders from Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar, and other countries are allowed to trade here.
BitMex Mobile App
As of now, the trading platform doesn’t support the mobile app feature; instead, it asks the traders to trade using their desktop.
It is mainly because a plethora of information is available on the screen, and the trading platform is specially designed for desktop users primarily.
But you should know that there is an unofficial Android trading app available in the market, but the forum doesn’t have any plans to reactive for mobile and tablet use; an iOS app is not known so far.
Bitmex Commission or Brokerage
One thing you should surely know about this platform is that the platform doesn’t offer a great variety of spreads, fees, and commissions.
Instead, they tend to have a standard fee schedule for use when it comes to typical trading. Besides these usual fees, the platform also offers leverage up to 100x.
There are no fees charged as such for either making any deposit or withdrawal from a Bitmex account. It is mainly because the trading platform operates with Bitcoin as a base currency.
Even though the trading fees are low, but they tend to vary from contract to contract based on the nature of the contract, and the type of crypto or fiat currencies are involved.
Being a P2P platform, the fees are of three types, including ‘taker fee’ ‘ maker fee’ and a ‘settlement fee.’
BitMex Exposure or leverage
Being a specialist in trading and similar trading options, leverage plays a crucial role for seasoned platforms that have good experience with speculative trading and also risk-takers.
Leverage is one of the most prominent features of the platform, as in the sidebar of the trading layout, a leverage slider is also seen.
Leverage is most likely to vary from each cyprotcurreny, and the Maximum leverage is about 1:100. Based on their risk profile, traders are most likely to set the desired amount of leverage.
Tezos offers the lowest leverage of all.
Payment methods provided by BitMex
The best part about choosing Bitmex is that there are withdrawal or deposit charges as such.
It is most likely to be beneficial as the only form of payment accepted here is Bitcoin. Thus, the only fees applicable are the Network fee, calculated from the blockchain load.
0.001 BTC is the minimum amount that can be deposited in the trading account, and there is no limit as such on withdrawing. The money receiving process is mainly straightforward, featuring a quick and easy interface.
Traders can deposit anytime, but there are some terms and conditions for withdrawals. It is primarily because it adds a level of security to the process and also minimizes fraudulent requests.
For any form of payment, be it depositing or withdrawing, Fiat currencies are not currently available.
Investment in Assets Class or Markets by Bitmex
Ideally, BitMex is a platform that is most likely to deal exclusively with the trading of cryptocurrencies.
Traders are allowed to trade in different currencies against other fiat currencies, including Japanese Yen, US Dollar, and Chinese Yuan.
After the bitcoin has been deposited, it can then be used as a method to purchase other cryptocurrencies.
Some of these include Bitcoin, Bitcoin Cash, Dash, Ethereum, Ethereum Classic, Litecoin, Monero, Ripple, Tezos, and Zcash.
The trading platform is most likely to focus on these trade areas as compared to other comprehensive platforms that offer a variety of options, styles, and assets to trade.
This platform is ideal for traders who are looking for a highly specific, niche platform that allows for leverage on trades.
Bitmex Virtual Trading or Demo Account
BitMex is most likely to provide a complete version of its platform known at BitMEXTestnet. The demo account altogether needs separate access.
The account is said to be the sandbox version, and it allows the users to trade, and there is no risk involved as such.
The account features a green logo so users can distinguish it significantly. Additionally, the demo account also features the same non-live functionalities at BitMEX Exchange.
Beginners need to try out the demo account mainly because the platform is quite risky to be approached directly.
Bitmex Offers or Deals
Occasionally, the trading platform offers a wide range of discounts, which is being provided to potential users to attract them mainly, so they sign up.
Some of the most common promotions include a discount bonus of 10%, which is most likely to attract the new entrants.
Besides, through the BitMex website, affiliate deals are also available to traders.
Bitmex Regulation or Licensing
Bitmex is a wholly licensed company that is held by HDR Global Trading Limited.
The trading platform is licensed under the Republic of Seychelles as a part of the International Business Companies Act of 1994. 148707 is the company number.
All it means that BitMex stands to be a legitimate option for people globally. Currently, US traders are not permitted to trade as per their terms of service.
BitMEX is under investigation by US CFTC and the UK watchdogs mainly for their practices and if they meet the legal requirements or not.
These investigations have apparently lead to a reduction in the trust for the trading platform. Still, it doesn’t matter to the majority of the traders, all thanks to easy access to margin trading.
Besides the public offering, BitMex has come a long way in providing a plethora of order types to attract a wide range of audiences.
The type of orders offered includes iceberg orders, fill or kill, immediate or cancel, and post-only orders.
BitMex is said to be a perfect trading platform for traders looking for a high-risk, high-reward platform.
The best part about this trading platform is the ability to use leverage instantly following the account creation.
If traders are interested in this feature, they can easily access it on the trading page by using the leverage slider, and it is a fantastic bonus to the platform.
As pushing of leverage is most likely to be a problem for beginners so they should avoid it.
Bitmex Account Types
As compared to other trading platforms, BitMex only offers one type of trading account. All it means that over a certain level, there are no bonuses, advantages, or discounts offered to the traders.
Above all, it means that the newcomers on the platform are on an equal level to those trading for the long term. Additionally, there will be fair play in the field.
BitMex Account Opening Process
It just takes a few minutes to sign up with BitMex. Traders don’t have to undertake a complicated KYC process, take selfies, or scan identification documents.
Traders just need to enter a valid email address and then deposit the Bitcoin and instantly start trading. You can create an account visit to the Bitmex site and click on ‘Register.’
- The trading platform is specially designed for cryptocurrency, which makes it one of the most streamlined platforms in the market.
- A considerable amount of information is freely available on the trading platform’s website.
- A variety of cryptocurrencies are available on the platform.
- The trading platform being global allows traders to talk from all over the globe by using the inbuilt chat feature.
- The security levels are exceptional so that traders can trade here 24*7 without any stress.
BitMex Cons or Drawbacks
- There is no app or mobile version available on the platform, so users only have desktop access.
- For all traders, there is a specific deposit amount.
- For both withdrawal and deposit, only bitcoin is accepted here.
- As compared to other options, the platform is not entirely new or stylish.
Bitmex Trading Hours
The trading platform offers standard customer service support through email via a ticketing system.Weibo, Wechat, Telegram, and more live channels are also available.
Besides, this service on social media channels, including Twitter, is also available, and it allows relatively quick responses to issues and problems.
The company is also focused on minimizing bugs and platform problems by solely managing in house issues.
Though the contact details are not available freely on the website, the general queries section is available.
Bitmex Safety and Security
The trading platform is quite serious about the security of the traders as it uses stringent security practices for deposits.
The platform also tends to use Amazon Web Services to assure servers are well-protected, including two-factor authentication. Various functionalities are also included.
The platform is created using kdb+, a type of code that is most likely used in the creation of some of the largest banks.
As per some past records, there has been no such news that BitMex has ever been hacked.
BitMex Conclusion or Verdict
You might be thinking should you trade on this platform or not; well, then the answer to this question is that it really depends whether you are a beginner or an experienced trader.
This might be an ideal fit for traders looking for a platform that meets particular requirements.
The best part about the platform is that it clearly states what it does and how. For many modern traders, the only downside here is that it lacks mobile-friendly design.
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