This is a review of Bitmex. What is Bitmex? Scam or Legit? How does it work? What is offered to you through the platform? Are there better alternatives? This is just a few of the questions we help you answer in this short review!
Product name: Bitmex (Bitcoin Mercantile Exchange)
Official Website URL: https://www.bitmex.com/
Founders: Arthur Hayes, Ben Delo and Samuel Reed
Overall Rating: (3 / 5)
Learn about my #1 recommended Bitcoin exchange on this page
The trading arena has advanced enough to handle cryptocurrencies. As much as the technology revolving around the cryptos is still a concept that most people have not fully understood, there are platforms that have enabled such people to get a chance at earning an income trading in cryptos. Most of such platforms are owned by companies which have not been in business for more than 15 years, hence it is necessary to establish which ones we can trust. In this review, we shall be looking at a trading platform known as Bitmex. I shall try as much as possible to highlight the key areas that can help you make a decision as to whether you can do business on this platform by answering the questions outlined below:
– What is Bitmex?
– How does it work?
– Which are the main features in this platform?
– What should you know about pricing?
– Is it genuine?
– Alternative to Bitmex?
– Which are its main pros and cons?
What is Bitmex?
Bitmex exists as an advanced derivatives trading platform that relies on cryptos. This platform is therefore created in such a way that traders and other investors can rely on it to interact with a variety of global financial instruments using bitcoin. The creators of this platform have a solid background in finance, forex trading, as well as web-development, hence their creation (Bitmex), is one takes the needs of the traders fully.
Unlike the other cryptos exchanges that are already doing business in the market, Bitmex focuses on cryptocurrency derivatives trading. This means that you can benefit from this platform if you are well-versed with margin trading, futures, and notional trade volumes. This platform is actually able to handle notional trade volumes of up to $2 billion on a daily basis.
Since the concept of derivatives is in itself complicated, it is safe to say that Bitmex is best suited for those who have sufficient knowledge of derivatives. Also, as indicated above, this platform is best suited for margin trading, this is for those people who deal with large volumes.
How does it work?
In order to take advantage of all the features that are offered on Bitmex, you are required to create your own Bitmex account by providing details such as your email address, unique password, your country of residence and your name. The reason behind being asked to provide these details is because Bitmex is not available in all countries and locations. Once you have registered your account, you can follow the following operational guidelines:
– Access the “Deposit” tab to top up your wallet. A secure address is provided for you in order to guarantee that your cryptos are not prone to theft.
– You are then required to send the bitcoin you topped up to the wallet address that Bitmex sent to you. These will reflect as your new account balance in your Bitmex account.
– Before you begin trading, you should ensure that you have the required minimum balance for trading. Every financial instrument has its minimum trading balance which is usually highlighted within the account.
– If you are ready to trade, you can click on the ‘Trade” tab, and begin processing the various orders availed. These include:
-Take-profits order, and
– Advanced orders.
NB: The minimum amount of Bitcoin you can deposit is 0.001 BTC, and you can only withdraw your proceeds in Bitcoin only.
Features in Bitmex
• Margin Trading – traders on this platform are allowed to leverage their position, which essentially entails placing orders that are larger than your current balance. This way, you can end up getting a larger profit at the end of the trade-in comparison to the instances in which you would have only relied on your account balance.
Users can set their leverage using the leverage slider provided on Bitmex. The maximum leverage that is available on Bitcoin and Bitcoin cash is 1:100. Most of the other exchanges are only able to offer a 1:20 leverage on the two cryptos.
• Bitmex provides investors with the opportunity to trade in a variety of instruments and contracts. The main contracts offered on this platform include:
- Futures – You can trade using BTC or the altcoins
- Perpetual contracts –You can only trade using BTC
- Upside Profit contracts –You can only trade using BTC
- Downside Profit Contacts- You can only trade using BTC
The altcoins that you can rely on to purchase futures are Cardano, Ethereum, Litecoin, EOS Token, Ripple and Bitcoin Cash.
• The transactions profits and losses are displayed in Bitcoin, regardless of whether you are dealing with altcoin contacts or not.
Pricing and Fees
Since Bitmex relies on BTC as the main crypto, no charges are incurred during the deposit and withdrawal processes. The only fees that account users incur are taker fees, maker fees and settlement fees. These fees vary from one account user to another and can either be high or low depending on the nature of the contract involved.
Is Bitmex a Scam or is it Legit and genuine?
Bitmex is a genuine P2P platform that has been offering its services to customers since 2014. It is perceived as one of the safest exchanges for margin trading based on Bitcoin. There are sufficient security measures that have been taken to ensure that your cryptos are safe at all times. There is actually no news about this platform being hacked at any point during its existence.
Margin trading based on cryptos is still a concept that is yet to be well established in the market, which is the reason there are not very many user experience reviews provided about this company. That said, however, this company offers sufficient information to investors in the form of a well-developed knowledge base, and it also provides customer support through support ticketing systems, IRC, WeChat and Weibo.
Alternative to Bitmex
Bybit (https://www.bybit.com ) is one of the best alternatives to Bitmex in the market. It offers a robust trading API that investors can rely on to proceed with their trading activities without any delays resulting from a faulty system. Bybit also offers margin trading bonuses to new clients (worth $10), and a $50 bonus to those who deposit not less than 0.2 BTC or 6ETH. Bybit is however restricted in the USA and Singapore.
Pros and Cons
It might be wise to compare the positive sides against the negative ones to get a better overall view of something, right? As always in our reviews we provide you with some clear points on both sides of the spectrum:
- Well-developed system
- Best for margin trading in cryptos
- Advanced 24/7 security
- Only takes BTC payments
- Not newbie-friendly
- Not available in U.S. and Singapore
Do You Own or represent Bitmex?
If you are a representative, or associate of Bitmex and have found something not to be correct in this review please, feel free to tell and I will make sure to update the info on this post. The easiest way to do it is in the comment section below or else you got the e-mail on the about page.
Final words and verdict
Overall rating: (3 / 5)
Ok, I think that sums up the overall view of Bitmex pretty good. It is a legit service for sure, however, if it is the right one for you or not is something you have to decide yourself.
You made a wise decision to read this review and you are a smart person so I am absolutely sure that you will find the right company to do business with that suits your particular needs the most.
What I would recommend?
There are many similar services out there. I have many IRA service providers listed on this website, mostly for precious metals and Bitcoin but also for other alternative investments. You can find the best from 2 worlds that I can recommend below:
Learn about my #1 recommended Bitcoin exchange on this page
I hope you found this short review of Bitmex to be helpful and that you now have a better understanding of what it is and if it is something for you or not. Please, if you have used any of their services then share your experience in the comment section below as it can help others! Also, if you got any questions about this review I will be more than happy to answer them below!
I wish you success!
founder of: Goldretired.com