Bitmex, the biggest leverage trading platform in the crypto industry, founded in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed. This leveraged trading platform gained traction in 2017 and continued its expansion into 2018, reaching the largest daily trading volume of over 1 million BTC at one point.
Bitmex specializes specifically in crypto and offers different leverage for each of its trading options.
With a constantly growing daily volume in 2019, the platform continues to have more users every day. It has the largest internal liquidity, which makes it a preferred place for leverage trading.
Being the biggest leverage exchange in the industry Bitmex is always in the spotlight as It gets a lot of love and hate at the same time. There are traders who will definitely stick with Bitmex because of its reputation and CEO. You should keep in mind that this is the most used platform with the highest internal liquidity. It’s no wonder that many people prefer to stay on Bitmex and don’t want to try new platforms.
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 with Bitmex is very easy as all you have to do is fill out the form, which consists of a few simple steps. Bitmex also does not require you to go through KYC, a tedious process required on some platforms to access even basic services. Leverage platforms like Bitmex have a high level of security, which we will explain below, so don’t get confused by the simple registration process. You have much more below the surface with many options on how to protect your account.
- Country or Region of Residence
There are restrictions if you are from the USA and want to trade on Bitmex as US residents are not allowed because of the strict regulations. Bitmex wants to stay away from US traders, but it does not shy away from most of the other parts of the world.
Bitmex Security Review
Since wallet security is based on the first of its kind with multi-signature deposit and withdrawal systems, Bitmex is considered a leader in the crypto leverage space in terms of security. The used system ensures that in the event of a breach or failure in the internal systems, a hacker will not find enough keys to steal a significant amount of capital.
Each withdrawal is manually audited by two employees before it is sent to the designated address, and each address is verified by an external auditing service. If it finds anything that is not in order with the public keys, the system is immediately shut down immediately while halting trading.
Bitmex uses Cold and Hot storage for its funds, with the majority of funds held in the offline cold wallet.
The exchange uses the first trading machine of its kind, written in the kdb+ language and used by large companies and banks, guarantees unprecedented reliability and speed.
Relying on high security is a must for such platforms, as Bitmex processes billions of dollars in Bitcoin every day and even the smallest error can cost the platform a lot. Users can easily get scared when there is a security breach and in response rush to withdraw their money. For this reason the platform has high-end security practices. If you have such a large share of the crypto space for leverage trading, you are expected to keep the security at the highest level.
Storing everything on the exchange? No.
There is no guarantee that even the highest security model is strong enough to last forever. That’s why you never keep all your Bitcoins on an exchange, no matter how secure it is. Even if Hot and Cold wallets are introduced as mandatory practice, you should never entrust all your Bitcoins to someone else. Keep only what you plan to trade with and withdraw everything else in a personal wallet where only you have control over the keys.
Bitmex Deposits and Withdraws Review
Unfortunately, deposits and withdrawals on Bitmex are only processed in Bitcoin (BTC). The platform is quite limited in this respect as it lacks deposits in fiat through WIRE or SEPA transfers. Withdrawals are processed in batches once a day and you must submit your withdrawal request by 13:00 UTC for it to be included in the daily batch.
Although you only have BTC as a deposit option, you don’t have to worry because it is the most secure blockchain. The good thing about it is that Bitcoin has no limits and limits for withdrawals do not exist on Bitmex.
Bitmex User Interface Review
It has been designed with a purely classic feel of the design style of the ’90s, which does not mean it is not effective as it is highly customizable and interactive. Adjusting tabs is quite easy, and you can customize the trading space to your liking. The default view is quite informative as it has everything very well structured and all information is easy to find. The interface is also available in a white color besides the grey one.
Regardless of what the user interface looks like, the designers have taken into account everything that is necessary for a thorough overview of the current situation in the markets.
On the right, you have recent trades with depth chart and margin balances below with a detailed view of all of your balances in the account.
The Margin tab contains all information about the capital used at any given time for all open limit orders and open positions.
Wallet Balance and Unrealized PNL show the total funds in your account. Margin Balance and Position Margin show the total capital held and the value of all contracts you own, combined with unrealized profit and loss.
Why the interface is sufficient enough?
Considering that you have so much in one place, it can be confusing if this is your first time trading on a platform of this kind. But don’t worry, in a few trading sessions, you’ll get the hang of it. Everything there is designed for one purpose. Every bit of information is needed, and for a good trading session, you will need all the information you can get. The more experience you gain, the more information you will need because you will understand how important it is for trading.
The good thing about leverage trading platforms like Bitmex is that they design everything with the sole aim of being able to react quickly. Real-time position adjustment is very important for a trader, as the market can turn around very quickly. Especially a market like Bitcoin’s – the world’s scarcest asset. Bitmex’s UI is effective enough for hardcore traders who have frequent daily trading sessions.
Bitmex Trading fees breakdown Review
Bitmex has a good balance on the fee structure as it is neither the lowest on the market and far from the highest, while it has 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 to 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 platform fees, you may find this article very useful.
There were cases where some traders forgot to make their enquiries about fees and financing costs. They then wondered why the profit ultimately realized was lower than they expected.
Options and Order types Review
Bitmex specializes strictly in offering instruments for trading efficiently in the crypto market, offering different leverage trading on the biggest crypto assets. Bitcoin (XBT) has the highest internal liquidity on the platform and has the highest available leverage of 100x, followed by ETH with 50x and the rest of the available cryptocurrencies. But compared to competitors like Bybit, and Binance, Bitmex is a step behind as the other platforms offer higher leverage on more crypto pairs.
The options are fully adequate for the volatile crypto market and enough for you to have quite the exposure to different assets.
Bitcoin Cash/BCH: 20x
While offering a wide range of advanced order types, it also has additional sub-options. For the standard order types you have:
- Trailing stop
- Take profit
The additional sub-options for the order types are:
- fill or kill
Having all these options gives the traders on Bitmex a lot of power. The leverage is structured in a logical way. You open a position with the required liquidity, where a fixed amount of capital is taken from your margin. You have a liquidation price that can be extended, as you have the ability to fund a position at the expense of your available funds in your wallet.
What Bitmex can add to become even better?
Adding more crypto pairs will open up further possibilities. It is always possible to add traditional assets such as commodities, major stock indices, and forex. The most logical thing to do is to add more crypto pairs for BTC; the crypto pairs are now only against USD. Imagine having the ability to trade against BTC value, for example, ETHBTC with high leverage. This will bring more depth to the trading sessions on Bitmex and thus bigger potential profit. This is an area that Bitmex needs to work on – to add more options for trading.
Affiliate Program Review
The affiliate program of Bitmex is very simple. It can create a good stream of passive income, while you have different percentages of commissions depending on the amount of Bitcoins traded by your referrers. One bonus that users get from registering through a referral link is to receive is a 10% discount for 6 months.
- 0-999 BTC – 10%
- 1000-9999 BTC – 15%
- over 10 000 BTC 20%
Many promote their affiliate links and create a potential passive income when others trade. There are people who make almost 1 BTC from referrals in a few months. Said simply – don’t underestimate the power of the referral system.
Is Bitmex a scam?
As Bitmex is the largest leveraged trading platform for Bitcoin and some altcoins, with its large internal liquidity and user base it is far from fraudulent. Of course, it is possible to find posts and accusations from random users on the Internet. It is a reliable platform on which you can feel safe because of its high level of security, while at the same time establishing itself as a leader in the leverage trading market.
Overall, there are many reasons for you to be skeptical, but if you get a little more familiar with the platform, you will see how serious the situation is. It can be reassuring to read about your CEO and follow him on Twitter. He’s not your ordinary Joe, and you’ll realize that when you watch some interviews with him. Look at his extensive background in building trading systems for big companies. Sometimes people tend to be incredulous when a trading platform like Bitmex offers such an incredible tool with 100x leverage. When you read the success stories of traders who have made it big time, it sounds incredible.
Bitmex is the largest and one of the fastest-growing leverage trading platforms, with highly wanted products for those who want to try profiting from the volatility of the crypto market. So it can be exciting to start with this exchange as its leverage design follows a logical path and for the advanced traders, it offers everything they need to make the trades of the decade.
With billions of dollars in daily volume, you can be sure that every trade, no matter how large, will be filled and executed. Trade with ease and excitement while feeling like a professional trader who has no liquidity problems on Bitmex.