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BitMex Review 2023: Leveraged Crypto Trading Is it Safe? Pros & Cons

That being said, you can rely on BitMEX support in case you’re experiencing any issues when using the platform. Derivatives can be explained as a financial product that gets its value from a specific asset, for example, Bitcoin, Ethereum, or any other altcoin. It means that you won’t be actually having those coins and trade contracts instead.

The BitMEX team has used their financial and web development experience to create a slick platform that allows smooth trading while keeping users informed. This feature is facilitated by third-party payment processors OnRamper, Banxa, and Mercuryo. All allow customers to purchase cryptocurrency using any Mastercard or Visa bank card.

  1. It’s quite risky because the cryptocurrency market is so volatile and you can never know when prices will increase or drop instantly.
  2. The biggest perks of BitMEX are its straightforward trading platform that caters to advanced futures traders.
  3. Using BitMEX TestNet you can practice trading Bitcoin with up to 100x leverage.

Even though the platform is not really recommended for beginners, the simulation could be amazing for those who have no previous experience when it comes to placing, executing and canceling orders. BitMEX was founded by Arthur Hayes, Ben Delo, and Samuel Reed, in 2014. They had financial support from friends and family that helped them to start such a successful business. Check the analysis report on Top-rated Crypto Wallets that are safest for your funds. Let’s take a look at the trading options and order types Bitmex has to offer.

How Much Does BitMEX Cost? Fees and Funding Rates

It is one of the more prominent market makers and a widely used margin trading exchange. For derivatives trading, advanced users can buy and sell contracts for cryptocurrencies (not the actual coins) combined with margin trading up to 100 times. BitMEX has already established itself as the go-to exchange for seasoned traders. It’s a peer-to-peer cryptocurrency derivatives trading platform that offers leveraged contracts and is one of the largest margin trading platforms worldwide.

Customer Service

Now that you have funds in your BitMEX wallet, you would want to jump straight into trading. However, jumping in directly without much information about the platform might cause a lot of harm to you in your initial trading days. Hence to prevent that loss, let us first learn some important things regarding trading at BitMEX. BitMEX comes with an outdated but complex user interface, and at times getting started can be a tedious process. Hence, we provide you with a step-by-step guide from creating an account to placing an order and withdrawing your returns. However, it is important to remember that should BitMEX one day cease to exist, you will effectively have no one to turn to.

Supported Crypto and Trading Pairs

However, unlike industry counterparts Binance, Coinbase, and Bittrex, BitMEX specializes in highly complex crypto-centric derivatives. As such, the platform should only be accessed by those of you with advanced knowledge of sophisticated financial vehicles. On top of keeping the vast bulk of user funds in cold storage, BitMEX also offers a number of additional safeguards. This means that every time you attempt to log in to your account you will be required to enter a unique PIN number that can only be obtained from your mobile phone.

You can contact them by visiting the contact section from the bottom of any window at BitMEX. BitMEX isolated margin puts only your initial margin at risk, as in the case of liquidations, it does not use any of your account balance. It can prevent extra losses by not putting your entire account balance at risk but cannot prevent liquidations. BitMEX cross margin allows you to use your entire account balance to prevent liquidations. In certain situations, you can lose more than your initial margin for a particular position, but it’ll prevent you from liquidation.

From there, the user should select the currency (either BTC or USDT) and amount and choose the wallet address to withdraw the crypto assets to, or add a new account if necessary. This may involve a manual review of your withdrawal attempt to ensure that withdrawals are legitimate. The usual timeframe for ACH withdrawals to reach the user’s bank is 2-4 business days, excluding weekends and holidays. The transfer is executed after two separate employee audits on BitMEX’s end, however the banking system might need a few additional days to credit the funds to the user’s bank account.

Leverages for different coins

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. They have advanced security, a responsive customer support team and a trading engine that is almost unrivalled. If you are happy with the BitMEX trading experience and would like to refer others, then you can make use of the BitMEX referral program.

It should be noted these platforms charge processing fees, which can be very high. The costs can be compared side-by-side on the BitMEX “Buy Crypto” bitmex review page to choose the best one. The purchased crypto will be deposited directly into a user’s BitMEX account and used for trading or earning interest.

Fiat Gateway

BitMEX was started in 2014 by former Citibank trader Arthur Hayes as well as Samuel Reed and Ben Delo. BitMEX was originally located in Hong Kong but is now headquartered in Seychelles. Our Content on the Website is Our own opinion and does not constitute financial or investment advice in any way whatsoever.

comments on “BitMEX Review”

BitMEX allows users to trade a number of different cryptocurrencies, namely Bitcoin, Bitcoin Cash, Dash, Ethereum, Ethereum Classic, Litecoin, Monero, Ripple, Tezos and Zcash. Both exchanges compete in the Bitcoin derivatives trading space and are often compared to each other. There are similarities between the two companies; however, we will focus on the main differences. Recently, BitMEX launched live chat support, allowing users to chat with a customer support representative. Upon our initial testing, the chat response from the BitMEX team was slow, but overall, the support is much better than it used to be. While it would be nice to see a dedicated phone support line, the combination of a ticketing system and live chat support should be enough for most people.

It’s a bit complicated to understand the way it works, but they are reliable and professional, with very good support. Alex is a banker-turned-bitcoiner who ditched the bond trading desk for working remotely from all corners of the world, creating engaging and educational content for Bitcoin startups and crypto media publications. The content published on this website https://broker-review.org/ is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor. After that, you will need to generate the wallet address and use it for transferring assets.

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