Click Spot → Trade in the main menu of personal account to go to the trading terminal. Bitmex provides access to the derivatives market in addition to the classic spot market. Before deciding which cryptocurrency exchange to use, it’s crucial to make sure that it’s supported in your country.
BitMEX Features
His extensive experience and features in top-tier publications like Forbes and CNN underscore his deep understanding of the crypto world and its future potential. James Page, previously the lead writer at Crypto Head and a registered psychologist, brings a unique perspective to the world of blockchain and cryptocurrency. Yes, Know Your Customer (KYC) verification is mandatory for BitMEX users to comply with regulatory standards and prevent fraudulent activities.
BitMEX is a Seychelles-based exchange specializing in leveraged products. While it offers up to 100x leverage, it lacks options for beginners, making it unsuitable for less experienced traders. BitMEX is a well-known cryptocurrency exchange and has implemented various security measures to protect its users’ funds and data. Like any online platform, users should exercise caution and use best practices for security, such as enabling two-factor authentication. BitDegree aims to uncover, simplify & share Web3 & cryptocurrency education with the masses. Join millions, easily discover and understand cryptocurrencies, price charts, top crypto exchanges & wallets in one place.
Deposit
BitMEX is primarily a derivatives exchange and is best known for its perpetual contracts and futures. However, it has expanded to include spot trading for a limited selection of cryptocurrencies, as well as crypto purchasing with fiat. Still, the platform’s core focus remains on leveraged derivatives, making it more suitable for experienced traders seeking advanced tools rather than those simply looking to buy and hold crypto.
- Then proceed to verify your identity, deposit crypto, and start trading.
- You can contact them by visiting the contact section from the bottom of any window at BitMEX.
- The majority of the customers claim that they haven’t experienced any technical issues while using this app.
- BitMEX offers its support services in many different languages, such as Chinese, Russian.
Creating and Verifying a BitMEX Account
All things considered, if you were concerned about BitMEX exchange security, there’s completely nothing to be worried about. Of course, if you want to take additional security measures, you should definitely get yourself a hardware wallet. When it comes to any service that requires investment and stores your private information, it’s crucial to pay attention to security measurements and find out whether or not it’s actually safe to use. That’s the main reason I would like to begin this BitMEX review with security. Let’s begin with the positive aspects of the BitMEX exchange and focus on the strongest features of the platform.
The Bitcoin perpetual contracts are a standout feature, and the liquidity is impressive—my larger orders get filled without any hassle. The TradingView integration with detailed charts is a game-changer, and the overall interface feels professional and trustworthy. Highly recommend BitMEX to any serious trader looking for a reliable and powerful exchange. BitMEX allows its users to trade both in crypto as well as the futures market. However, unlike other platforms, BitMEX does not support spot trading.
Similar Platform Reviews
To know more about the futures contracts, you can read our BitMEX margin trading article. The platform regularly reviews its fee schedule to stay competitive and transparent, ensuring that traders can maximize their potential returns. Compared to other exchanges that offer perpetual swap contracts, BitMEX has very low fees. While the volume-based structure makes it difficult to attain the lowest costs, even the basic tier aligns with titans like Binance. The exchange’s commitment to fund security can be seen in its approach to security, which seeks to mitigate various risks present in the volatile cryptocurrency market.
However, we must note utilizing a VPN is prohibited by BitMEX policy, and we do not recommend this option. Instead, US-based investors can check out our guide reviewing the best crypto exchanges USA. Active positions are displayed at the bottom and can be easily monitored. The asset, position size, entry price, margin, and unrealized P&L are all shown and updated in real time. In addition, pending orders can be displayed by clicking on the ‘Active Orders’ tab, which provides the option to review, modify, or delete the order. To summarize our BitMEX review, the exchange doesn’t offer many beginner-centric features but is a good margin platform for derivative crypto trading.
Reviews from actual traders
After that, BitMEX will generate a wallet address that you’ll need to use for transferring assets from another wallet. Though, while in the past you could transfer only Bitcoin, now other cryptocurrencies can be deposited, too. Just like is custom for a reputable crypto exchange, BitMEX has its own native utility token, BMEX. It was launched in 2022 as an ERC‑20 token with a maximum supply of 450 million tokens. The majority of the customers claim that they haven’t experienced any technical issues while using this app.
- Derivatives can be explained as a financial product that gets its value from a specific asset, for example, Bitcoin, Ethereum, or any other altcoin.
- The exchange’s commitment to fund security can be seen in its approach to security, which seeks to mitigate various risks present in the volatile cryptocurrency market.
- ✔ Yes, BitMEX offers a mobile app for both u003cstrongu003eiOS u0026amp; Androidu003c/strongu003e.
- As such, we can’t recommend BitMEX to users aiming to trade multiple altcoins.
- Such information has not been verified and we make no representation or warranty as to its accuracy, completeness or correctness.
How to trade on BitMEX?
BitMEX offers crypto-margined futures contracts that allow traders to go long or short on a range of cryptocurrencies. These contracts bitmex review settle on a fixed date in the future and are available in biweekly and quarterly durations. You don’t need to own the underlying asset; instead, you’re trading based on its price movement. BitMEX processes almost $400 million in daily derivatives trading volume, making it one of the most popular platforms for traders.
BitMEX Review – Margin Trading, Fee, Testnet, and Calculator
On October 1, 2020, all three founders of BitMEX were charged by the US Department of Justice for violating the Bank Secrecy Act, accused of failing to implement proper anti-money-laundering measures. In an effort to gather diverse perspectives on BitMEX, I explored Trustpilot, and to my surprise, the reviews were not particularly favorable. With just over 50 reviews, the platform averaged a three-star rating. You have the flexibility to withdraw your entire Available Balance at any time. It’s important to note that Unrealised Profits cannot be withdrawn; they must be realized first.