Is Bitmex legit platform
The biggest leverage trading platform – Bitmex
Bitmex – the biggest leverage trading platform in the crypto industry. In this topic, we will dive down and explain why we think that this great platform is legit and secured. Why feeling secure in the crypto industry while you hold your Bitcoins on an exchange is not an easy thing. By reading this article you will find if Bitmex is legit or not.
Since its foundation in 2014, the platform has not suffered a big breach and loss of user funds. Bitmex sticks to a high-security level and even has an insurance fund in case something happens. It is true that it is not regulated by any major authority. But being based in Seychelles gives them the opportunity to offer such an amazing product of 100x leverage on Bitcoin. When people hear of such high leverage they ask the question – Is Bitmex legit?
Why people may think that Bitmex is not legit?
Considering that the leverage used on traditional platforms is much lower than the one in the crypto industry. It is normal to see that people think it is too good to be true. The platform is providing all of its users with a very valuable tool for trading. Being able to short or long such a volatile market can lead to very big profits made only here.
One thing that people may see conspicuous and think is Bitmex legit, is that it accepts only BTC. You don’t have the option, for now, to deposit FIAT through wire transfers or credit/debit cards. But this doesn’t stop Bitmex by being the biggest leverage trading platform.
Who is the CEO of Bitmex?
Arthur Hayes – a man with a strong character. The CEO of Bitmex comes with an experience of 5 years from working for Deutsche Bank and Citigroup. By having experience in the field in building markets on 50+ Exchange Trade funds he set out to build the ultimate platform – Bitmex.
Why is Bitmex legit?
Having been on the market since 2014 and Arthur Hayes being a very famous personality in the crypto world, you can rest assured that this is a legit platform. There have been no major problems on the platform thanks to its high security. Having the experience of a man like Arthur and a market like this, you are bound to see innovative products like the ones offered here.
Having one more feature – Bitmex Insurance Fund that sets aside capital for emergencies. This can be very reassuring if a breach happens. If funds are stolen from the platform you can rest assured that the loss or part of it will be covered.
What should I look for in a legit platform?
Educating on the matter requires a little bit of time, but here are the basics you should look at. Starting with the most simple and obvious – UI. If a platform has a good interface with a full range of instruments/indicators/order types you are at the right place. As you can see from the reviews on our website they contain a segment for the UI as this is an important point.
Then you should look at the security and the stability of a platform as it needs to handle a high load and pressure during intense hours of trading. Considering that Bitmex has billions of capital flowing through it, it should be positive. Responsiveness and stability should be at a high level, even though Bitmex is not perfect as they have freezes during very high volatility. You can find people saying that sometimes they cannot close a position due to system overload. As I said no platform is perfect and each one of them have different problems and bugs.
Last but not least you should look at the support of a platform. If they handle the tickets well and care about its users then this is another positive bringing us to a legit platform. Of course, don’t expect to find only positive mentions of a support team on the web, no matter the platform. There are issues for which the main reason for failure is the users itself and on such occasions, the support team cannot help.
For example, messing up the deposit address and sending your BTC on the wrong address, then the team cannot help as transactions are irreversible.
Why doing research matters
Looking at all of those requirements for a legit platform will help you in making your choice of a good platform. As some exceed in UI, but on the other fronts lose points or exceed in security and stability but lacking a good UI is also possible. Doing research on each platform is tiresome, especially if you are new to this space. This is why websites like our exist, to provide you guidelines and information through articles and reviews of amazing platforms.
Security at Bitmex
How do you know that a platform like Bitmex is legit? Look at its security practice. Having a high-security standard is very important when you deal with billions of volume in USD every day. Having the funds of the user protected and safe is a sign that a platform is legit. Of course, there are always risks but if you search for a perfect platform without flaws, you will be disappointed. Implementing high-security standards like those on Bitmex requires quite the expertise, especially when you have leverage trading.
Not only the security of funds needs to be high but also the stability of the platform. You will know that Bitmex is a legit platform when you see its stability. Yes, it is not perfect but they are continuously working on making this one of the most stable platforms for trading.
Are my funds safe on Bitmex?
You can consider your funds safe on the platform. As they put the security of the user funds in the first place. Trading on Bitmex, for the most part, is very effecting and responsive. But there are problems with freezes from high load during extreme price movement. Being denied to close a position at a critical moment can lead to a significant loss of capital. As I said they put the security and stability first. And like any other exchange, you are bound to have problems as no platform is perfect. They are continuously working on resolving those issues with feedback from the users.
Bitmex in the spotlight
Being the biggest leverage trading platform on the market, Bitmex is always in the spotlight. Breaking records and offering high leverage and high internal liquidity, it is perfect for the media. This means that you will find articles both positive and negative. You should also consider that at the moment that the most desired product in the crypto industry is leverage. And there are exchanges that usually are only for exchanging, that are implementing leverage like Binance and KuCoin with its KuMex platform. All of this happened gradually through 2018 through 2019 with Bitmex being constantly in the news. With having the highest trading volume per day to the most desired instrument of 100x leverage.
Is Bitmex a legit platform?
Bitmex is a legit platform and you can rest assured that your funds are safe. Even if you are coming from the traditional markets you can be sure that the platform is secured. It comes with the highest security standards as you have billions of volume every day. Bitmex had its ATH in volume recently with 16 Billion in USD value being traded in one day. How many platforms can say that they can handle such volume in load in one day? In the crypto industry, not many for now. You have emerging competitors that are growing rapidly and offer different products and designs on leverage like PrimeXBT and Bybit.
Each one of them has its own unique instruments and different reasons to trade on them. Overall you should always do your research on each platform and choose the ones best suited for you.
As I explained you need to look at security, stability, UI design and the support of a platform. Judge by them if a platform is legit or not. Bitmex being a legit platform has proven itself with the years. Therefore you should consider this platform a good option.
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