Bitmex review for the biggest leverage trading platform in the crypto industry founded in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed. This leverage trading platform gained big traction in 2017 and continued its expansion into 2018 with the biggest daily trading volume achieved of 1 million BTC.
Bitmex specializes specifically in crypto while offering different leverage for each of its trading options.
With an ever-increasing daily volume going in 2019 the platform continues to have more users are joining every day. It has the biggest internal liquidity which makes it a preferable place for trading with leverage.
Being the biggest leverage exchange in the industry Bitmex is always in the spotlight. It gets a lot of love and hate at the same time. There are traders that will stick no matter what to Bitmex because of its reputation and CEO. You should keep in mind that this is the most heavily used platform with the highest internal liquidity book. It is no brainer that many people prefer to stick to Bitmex and wouldn’t like to try new platforms. Every trader likes to use different strategies and interface types, in this review we will try to show why this platform may be the one for you.Visit Bitmex
Bitmex Features Review
|Supported countries||Worldwide, USA not allowed|
|Min. Deposit||0.0001 BTC|
|Max. Withdrawal Limit||None|
|Support||ticket-based support, e-mail|
Registering on Bitmex is very easy, as you just need to fill the form which consists of a few simple steps. Bitmex also doesn’t require you to go through KYC, a tiresome process that on some platform is required so you can access even the basic of services. Leverage platforms such as Bitmex have high security which we will explain down below, so don’t get confused by the simple registration process. They have much more going beneath the surface with a lot of options on how to protect your account.
- Country or Region of Residence
Аfter this process, you would most likely be required to confirm your e-mail address. The registration is very easy and fast, doesn’t require KYC and this one of the reasons that so many people are attracted. Register in a few minutes, deposit and start trading immediately without restrictions. Of course, there are restrictions if you are from the US and want to trade on Bitmex. You will not be allowed because of strict US regulations. And Bbitmex wants to stay away from traders from the USA, it doesn’t shy away when it comes to other parts of the world.
Bitmex Security Review
Being one of the more secure platforms as you have millions of daily volume being traded on the platform and even the sightliest breach in security can have a significant impact.
With wallet security based on first of its kind multi-signature deposit and withdrawal scheme, with all of the Bitmex addresses based on it and kept offline. While assuring that if they get breached or have a failure in the internal systems the hacker would not find enough keys to steal a significant amount of capital.
Every withdrawal is audited by two employees manually before being sent to its designated address and every address is verified by an external auditing service. If it finds something that is not right with the public keys the system is shut down immediately while halting trading.
Using Cold and Hot storage for its funds with the majority of funds held in the offline Cold wallet, Bitmex is considered one of the safest platforms as we see from this review.
Using the first of its kind trading engine written in kdb+ language used by major companies and banks is assuring that it has unprecedented reliability and speed.
Relying on high-security is a must for such platforms as Bitmex is processing billions of $ in BTC every day and even the slightest mistake may cost the platform a lot. Users can be very easily scared if there is a breach into the security and rush to withdraw their funds. This is why Bitmex has high-end security practices. When you have such a big stake taken in the leverage trading crypto space, you are expected to keep it at the utmost highest level.
Storing everything on the exchange? No.
There is no guarantee that even the highest security model is strong enough to withstand forever. This is why you never hold all of your Bitcoins on exchanges, no matter how secure they are. No matter that they may imply the highest security that can be found. Even with hot and cold wallets implemented as a mandatory practice. You should never trust anyone else with all of your Bitcoins. Keep only what you plan to trade with and withdraw everything else in a personal wallet where only you have control over the keys.Visit Bitmex
Bitmex Deposits and Withdraws Review
Deposits and withdraws on Bitmex, unfortunately, are only in Bitcoin (BTC). The platform is quite limited on this front as it lacks deposits in FIAT, WIRE or SEPA transfers. With withdrawals being processed once per day on batches and you need to submit your request for withdrawal by 13:00 UTC around 20 hours for your withdraw to be included in the day’s batch.
Although you have only BTC as an option for deposits, there is nothing to worry about as it is the most secure blockchain and transacting in Bitcoin is always a pleasure. And keeping in mind that you are searching for ways to multiply your Bitcoins you should already know how it works and how easy it is to transfer. The good part is that Bitcoin doesn’t have limits and the limits of the platform for withdraws are non-existent. Basically, you can withdraw all of your Bitcoins of any amount that you have made as profit from trading.
Bitmex User Interface Review
Designed with a pure classic feel of the 90s design style doesn’t mean that it is not effective as it is highly customizable and interactive. Adjusting tabs is quite easy and you can make the working space to however you want. The default view is quite informative as it has everything structured really good and all of the information is easy to find. The interface also comes in white having one more option besides the gray one.
No matter how the UI looks, the designers took in mind everything that is needed for having a thorough view of the current situation in the markets. Helping you make the ultimate trade decision you have a lot of information presented in the interface. And keeping in mind that everything is adjustable, you are given the ultimate opportunity to create the best trading atmosphere. Trading has never been so exciting thanks to the high leverage on a volatile asset like Bitcoin. Putting long/short positions on Bitmex is a very exciting activity, of course, never forget to use a proper stop loss as it is mandatory if you want to have a successful trading session.
On the right, you have recent trades with depth chart and margin balances below. A detailed view of all of your balances in the account.
The margin tab includes all of the information for the capital used at any moment for all open limit set orders and open positions.
- Wallet Balance and Unrealized PNL indicate all of the capital in your account.
- Margin Balance and Position Margin indicate the total equity held and the value of all of the contracts you own combined with unrealized profit and loss.
- Order Margin shows the value of the open orders.
Why the interface is sufficient enough?
Considering that you have so much in one place, it can be confusing if this is your first trading platform from this type. But fear not, in a few trading sessions you will get the hang of it. Everything that is there is put with a purpose in mind. Every bit of information is needed and for a good trading session, you will require all of the information that you can get. The more experienced you get, the more information you will require, as you will understand how important is for trading. First, you may begin with simple charts, but at some point, you will start adding more and more indicators to it. It comes down not only to charts but to everything.
The good thing about the leverage trading platforms like Bitmex is that they design everything with the sole purpose to be able to react quickly. Adjusting positions in real-time is very important for a trader because the market can turn around very fast. Especially a market like the one of Bitcoin – the most scarce asset on the planet. A good addition is that you can move tabs anywhere you want and make more space for more charts.
Even though the interface doesn’t have the most modern look, everything you need is built into it and it is effective. Effective enough for the hardcore traders that aim to frequently day trade.Visit Bitmex
Bitmex Trading fees breakdown Review
Bitmex has a good fee structure as it is neither the lowest on the market and far from the highest, a good balance on the fees with no fee for withdrawing and deposit.
The fees for maker and taker are different and they range from asset to asset with funding fees applied every 8 hours.
Maker fee: -0.0250%
Taker fee: 0.0750%
Long funding: 0.0100%
Short funding: -0.01%
Maker fee: -0.0250%
Taker fee: 0.0750%
Long funding: 0.1604%
Short funding: -0.1604%
Knowing your fees on the platform is very important as a person who values his expertise will want to know exactly how much you are going to pay Bitmex. It is very important to know to calculate your profit and loss especially if you play with a large amount of capital. We also provide a comparison to other platforms’ fee, you may find this article very useful.
There were cases when some traders forgot to do their research on the fees and the financing fees. Thereafter they were wondering the final realized profit was lower than they expected. Never forget that on Bitmex there is a funding fee every 8 hours. If you play with a large amount of capital it may end up taking a significant amount.
Bitmex Options and Order types Review
As Bitmex specializes in trading strictly cryptocurrencies, it applies a wide range of leverage between the different assets. Bitcoin/XBT has the highest liquidity on the platform and it also offers the highest available leverage here of 100x. But compared to PrimeXBT and ByBit, Bitmex is one step behind as they offer 100x on more assets.
The options are quite sufficient for the volatile crypto market and enough for you to have exposure to different options.
Bitcoin Cash/BCH: 20x
While offering a wide range of advanced order types, Bitmex also has additional sub-options. On Bitmex you have the standard market/limit/stop limit/trailing stop/take profit orders. The additional sub-options of post-only/fill or kill/hidden/iceberg/immediate-or-cancel/good-till-cancel can also be found on the tab.
Having all of those options gives a lot of power to the traders on Bitmex. The leverage is structured in a way that is logical. You open a position with the needed liquidity taken from your margin as a set amount of capital. You have liquidation price which can be extended as you have the option to fund a position at the expense of your available funds in the wallet.
What Bitmex can add to become even better?
Adding more crypto pairs is needed, as more opportunities will open this way. There is always the option of adding traditional assets like commodities, major stock indices, forex. The most logical thing that they can is to add crypto pairs to BTC, the crypto pairs now are towards USD. Imagine having the option to trade in BTC value, for example, ETH/BTC with high leverage. This will bring more depth to the trading sessions on Bitmex and therefore add more value for creating a potential profit. If you wonder if there is a trading platform that offers such instruments look no more than PrimeXBT.
This is one area that Bitmex needs to work on, adding more options for trading. I am sure that they are considering and will roll out more instruments in the near future, but until then you will have a limited choice.Visit Bitmex
Bitmex Affiliate Program Review
The affiliate program of Bitmex is quite simple. It can create a good stream of passive income. While depending on the total Bitcoins traded by your referrers you will have different percent of commissions. With the referred users getting a 10% fee discount for 6 months.
0-999 BTC – 10%
1000-9999 BTC – 15%
over 10 000 BTC 20%
Providing the community with this opportunity so they can attract new users or friends is really a big thing. Therefore many are promoting their affiliate links and creating a potential passive income when others are trading. There are people making nearly 1 BTC in a few months out of referrals. Said simply don’t underestimate the power of the referral system.
Is Bitmex a scam?
With Bitmex being the biggest leverage trading platform for crypto, it is far from a scam, with its big internal liquidity and user base. Of course, finding posts and accusations from random users on the web is possible.
This is a reliable platform where you can feel safe as they have high security while establishing themselves as the leaders in the market for leverage trading.
Overall there are many reasons for you to be a skeptic, but when you dig a little bit more into the platform you will see how serious things are. Reading about their CEO and following him on twitter can be reassuring. He is not your ordinary Joe and you will see this by watching a few interviews with him. See his extensive background in building trading systems for the big corporations. Sometimes people tend to be in disbelief when a trading platform like Bitmex offers such an incredible instrument with 100x leverage. And reading the success stories of traders who made it big, also sounds incredible sometimes. If you want to read more on why Bitmex is a legit platform you can do it here.
Bitmex Review Conclusion
Bitmex is the biggest and one of the fastest-growing leverage trading platform. With desirable products for those who are looking to make a killing on the market. Therefore getting started with Bitmex can be exciting as their leverage design is following a logical path. While for the advanced traders, it offers everything needed for them so they can do the trades of the decade using one of the best leverage trading platforms out there.
With daily volume in the billions, you can rest assured that every trade of any size will be filled and executed. Trade with ease and excitement while feeling like a pro trader finding no liquidity problems here.
Pros / Cons
- Global Market Leader
- Highest volume on the market
- High internal liquidity
- Advanced order types
- High security
- Users from US not allowed
- Platform freezes when high load