BitMEX Review 2023: Features, Trading Experience & Fees UPDATED

BitMEX Futures Contract is an agreement that works as a derivative product in trading. This agreement helps traders buy or sell an instrument at a predetermined price. They can specify the time in the future and even get an early settlement. BitMEX has an Application Programming Interface (API) used for powerful trading features. This featured-packed REST API aligns the security information on high leverage trades. On BitMEX, XBT-USD is one of the most traded perpetual swaps that changed the crypto industry for the better.

As an example, an isolated order with a margin amount of $500 would only be viable while that amount of margin was sustainable. Once your investment dropped in value and the margin was no longer equal to the leverage you were using, a margin call would take effect. An important thing to keep in mind is the steps it has taken to avoid manipulation. This prevents sudden changes in the market rate of a cryptocurrency from triggering automatic deleveraging and liquidation.

comments on “BitMEX Review”

It is also worth noting that the Mark Price is lower or higher than the current price of Bitcoin. BitMEX employs a unique system called fair price marking to avoid unnecessary liquidations in its highly leveraged products. Without this system, unnecessary liquidations may occur if the market is being manipulated, is illiquid, or the Mark Price swings unnecessarily relative to its Index Price.

Once trades are made, all orders can be easily viewed in the trading platform interface. There are tabs where users can select their Active Orders, see the Stops that are in place, check the Orders Filled (total or partially) and the trade history. On the Active Orders and Stops tabs, traders can cancel any order, by clicking the “Cancel” button.

BitMEX Reliability & Security

It is not an offer to buy or sell any security, product, service or investment. The exchange hasn’t been hacked in the past and the withdrawals are processed by hand once a day for an added layer of security. Live updates fill the site too, and an announcement box keeps users up to date with any updates and issues.

• One is BitMEX market maker, an adaptation of Liquidbot and allows its users to quote two-sides market.
• Unlike many other trading exchanges, BitMEX only accepts deposits through Bitcoin, which can then be used to purchase a variety of other cryptocurrencies.
• Using BitMEX TestNet you can practice trading Bitcoin with up to 100x leverage.
• BitMEX provides a web-based trading platform and a mobile app for Android and iOS.

Irrespective of the language you require, the BitMEX customer support team operates 24 hours per day, 7 days per week. 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.

BitMEX Review Summary

The BitMEX UP (Upside Profit) Contract is offered as a way to speculate on a particular cryptocurrency increasing in value by a certain date. In layman terms, they operate in a very similar nature to traditional options contracts. Notably, the BitMEX UP (Upside Profit) Contract will have both an expiry date and strike price. If you do have an interest in crypto-centric futures contracts, BitMEX also facilitates this.

What started as a margin trading platform, now also offers a spot trading platform. Despite few glitches in the past, traders still love BitMEX for it’s simplicity and transparent pricing. They also have a mobile app, that makes it easier for you to trade on the move. When it comes to advanced exchanges or cryptocurrency derivatives trading platforms that have very extensive features, you might come across some issues.

Supported Cryptocurrencies on BitMex

Because of their background in banking and financial technology, the founders put a high premium on security. Different from other exchanges like Bittrex and Bitstamp, notably, BitMEX operates as an entirely ‘cold’ exchange. No Bitcoin actually changes wallet addresses during trading activities.

The platform is not registered as an MSB (Money Services Business) and is not apt to follow other rules and guidelines put forth by governing bodies. ORDI has arrived with up to 50x leverage, offering one of the highest max position sizes in the industry. BitMEX traders can now long or short SUI with up to 50 x leverage, via two new listings – SUIUSD and SUIUSDT. You can now long or short PEPE via two new perpetual swaps with up to 50x leverage.

Account Registration

Simply log in, and the verification page will be immediately visible. Click on “Get Started” once you have checked the box that asks you to confirm that you are not a US-based investor. A verification email will then be sent to the email address you just entered. https://forex-reviews.org/bitmex/ Select “Confirm your email” to complete the initial registration process. After that, you will be redirected to the exchange’s login page, where you can enter your email address, password, and two-factor authentication token (if you have enabled it) to log in.

The spot price is determined based on a formula using the index rate of several other major cryptocurrency exchanges. The funding rate is based on the spot price and its variance from the index rates. Every withdrawal request must go through a manual process to provide extra protection. You’ll need to enter a destination address, desired withdrawal amount, and confirm your two-factor authentication to begin the process. Spot trading fees begin at 0.1% for both maker and taker orders, which is highly competitive. These fees decrease for users with higher trading volumes and can reach as low as 0.03% for taker orders and 0.00% for maker orders, for traders in the highest volume bracket.

How to complete your verification at BitMEX?

In this BitMEX review, we will dig deep into this exchange and give you all the answers. We will also give you some hints and tips in order to avoid liquidations and make the most out of futures trading. This is one of the most well-known Bitcoin future exchanges in the world and is the go-to exchange for advanced traders and speculators alike. Here you can find the positions and rankings of the most profitable traders on the TestNet demo account. No – BitMEX does not accept traders from the United States – it is a restricted jurisdiction. A full list of accepted and restricted countries can be found on the crypto exchange’s official website.