BitMEX Review

Overall, BitMEX is considered low-risk and can be summarised as a reliable broker. BitMEX requires a minimum deposit of 0.001 BTC. The BitMEX platform operates a standard trading fee structure across all derivatives products for simplicity.

BitMEX at a glance

Overall Rating

• 3.1/5

Read Review

OPEN AN ACCOUNT

Min Deposit

0.001 BTC

Regulators

FSA

Trading Platform

BitMEX Trading Platform

Crypto

Yes

Total Pairs

0

Islamic Account

No

Trading Fees

Low

Account Activation

24 Hours

BitMEX Review Revealed – 22 Key Points Quick Overview

1. ✅BitMEX at a glance
2. ✅Who is BitMEX?
3. ✅BitMEX Safe or a Scam?
4. BitMEX Pros and Cons
5. BitMEX Leverage
6. BitMEX Welcome Bonus
7. BitMEX Refer a Friend
8. BitMEX Accounts
9. BitMEX Market Instruments
10. BitMEX Fees, Spreads, and Commissions
11. BitMEX Deposit and Withdrawal
12. BitMEX Trading Platforms
13. How to open a BitMEX Account
14. BitMEX Customer Support
15. BitMEX Education Academy
16. BitMEX vs Rakuten Securities vs Questrade – A Comparsion Table
17. BitMEX Top Countries by Similar Web
18. BitMEX Current Popularity Trends
19. BitMEX Customer Reviews
20. Conclusion
21. Disclaimer
22. Frequently Asked Questions

Who is BitMEX?

According to research in South Africa, Bitmex is a cryptocurrency exchange and derivative trading platform founded in 2014.  The BitMEX is based in Victoria, Seychelles, and was created by a selection of finance, trading, and web-development experts.

Arthur Hayes, Ben Delo, and Samuel Reed opened the exchange in 2014 under their company HDR (Hayes, Delo, Reed) Global Trading Ltd. Delo, one of the founders of Bitmex, is allegedly the first billionaire in the UK to make their fortune from Bitcoin. BitMEX employs the latest in multi-factor security

BitMEX focuses on doubling down on growth, through continuous product innovation, technology advancement, and collaboration in order to shape the trading landscape. BitMEX provides a range of different order types to appeal to a broader audience. This includes iceberg orders, fill or kill, immediate or cancel, and post-only orders. For traders looking for a high-risk, high-reward platform, BitMEX could be a good fit.

BitMEX Safe or a Scam?

One of the best benchmarks to measure the safety of a broker like BitMEX is to establish which regulating authorities are watchdogs over its actions. BitMEX is a licensed broker that is entirely owned by founders HDR Global Trading Limited.

Bitmex is licensed in the Republic of Seychelles as part of the International Business Companies Act of 1994. The company number is 148707.

BitMEX Pros and Cons

BitMEX Leverage

Bitmex offers different leverages according to each form of cryptocurrency.  Bitcoin has the maximum leverage of 1:100, which is also matched by Bitcoin Cash. Leverage is a facility that enables you to get much larger exposure to the market you are trading than the amount you deposited to open the trade. Leveraged products, such as forex trading, magnify your potential profit and increase your potential loss.

Leverage amount is expressed as a ratio, for instance, 50:1, 100:1, or 500:1. Assuming that you have $1,000 in your trading account and you trade ticket sizes of 500,000 USD/JPY, your leverage will equate 500:1. Margin is the amount of collateral to cover any credit risks that may arise during your trading operations. It is expressed as the percentage of position size (e.g. 5% or 1%), and you have to have funds in your trading account to ensure sufficient margin.

For example, on a 1% margin, a position of $1,000,000 will require a deposit of $10,000. The margin level in a trading account needs to be equal to or more than 100% to be able to open new trades; otherwise, your trading account will be fully hedged.

BitMEX Welcome Bonus

BitMEX offers traders the opportunity to earn through Welcome bonuses. There are multiple ways you can continue to earn BMEX when you register and/or trade with BitMEX. This page is updated when more offers become available. Be sure to check back regularly.

BitMEX Refer a Friend

BitMEX offers traders Receive up to 20% when you refer a friend at BitMEX. Create an account, share your referral link, sit back, and enjoy the rewards.

BitMEX Accounts

A trading account at Bitmex is an account that you will hold and that will work similarly to your bank account, but with the difference that it is primarily issued with the purpose of trading on currencies.

Individual users can register up to three BitMEX accounts so long as the accounts in question are all owned by the same person and have been verified. Accounts that are verified with the same verification documents are linked during set-up.

BitMEX Market Instruments

The most popular market instruments available from most brokers for trading include:

Commodities:

Commodity markets offer many investment opportunities for traders. Soft commodities have been traded for centuries and play a major role in portfolio diversification and risk management.

Investing in contract-based tradable goods is a reliable way to mitigate risk during times of economic uncertainty.

Indices:

Equity, or stock indices, are actual stock market indexes that measure the value of a specific section of a stock market. They can represent a specific stock market or a specific set of the largest companies of a nation.

Precious metals:

The trading of gold and other precious metals, along with crude oil, copper, or petroleum, are hard commodities that play a major role in the commodities market and are contract-based tradable goods.

Energy:

The typical feature of energy prices is high volatility due to the influence of political and environmental factors, supply and demand, extreme weather conditions, and global economic growth.

Bitmex offers the following tradable cryptocurrencies:

BitMEX Fees, Spreads, and Commissions

Cost depends on different factors, like spread and margins, and Bitmex clients may also experience different fee structures according to their country or place of residence. The spread of a currency pair is the difference between the bid and the asking rate. A pip represents the smallest increment that an exchange rate can move.

Margin is the amount of money required in your account in order to open a position. Margin is calculated based on the current price of the base currency against USD, the size (volume) of the position, and the leverage applied to your trading account. Bitmex does not offer diversity in its spreads, commissions, or fees. Instead, they have a typical fee schedule for use with traditional futures trading.

However, in addition to those standard fees, the platform also provides up to 100x leverage on some of the cryptocurrency trades. This is specifically designed for professional investors and those more familiar with this kind of risky trading. Fees for Bitcoin, for example, are 1% for the initial margin plus 0.5% for maintenance.

BitMEX Deposit and Withdrawal

Accounts usually require a certain minimum initial deposit, which can be paid in several ways. Withdrawals can usually be made through the same avenues as deposits, but this may differ from one broker to the next. Bitmex requires a minimum deposit of 0.001 BTC.

Visa & Mastercard credit/debit cards, Electronic fund transfers, and cash deposits (depending on the fiat currency) are accepted by BitMEX.

Overall Rating

• 3.1/5

Read Review

OPEN AN ACCOUNT

Min Deposit

0.001 BTC

Regulators

FSA

Trading Platform

BitMEX Trading Platform

Crypto

Yes

Total Pairs

0

Islamic Account

No

Trading Fees

Low

Account Activation

24 Hours

BitMEX Trading Platforms

The trading platform provided by Bitmex is the software to carry out their trades. Some brokers provide only one, others quite a few platforms. A multi-asset trading platform is one that allows clients to trade crypto as well as other asset classes. The decision about which platform to choose will usually depend on what a client would like to trade.

Bitmex provides traders with the use of trade contracts. These can be a lot more volatile than more traditional trading. In addition, the platform is designed for users that have some trading experience. The platform is designed and well-suited for desktop 7 mobile trading use considering the complexity of the screens in the interface.

How to open a BitMEX Account

As with a bank, to register a forex trading account with Bitmex for the first time, you will be required to go through a basic “know your customer” process. This will allow Bitmex to ascertain that your submitted details are correct and ensure the safety of your funds and account details.

Step 1 – Navigate to the BitMEX website and click on ‘Register”

Navigate to the account registration area on the BitMEX website. This can be accessed by clicking on the Register button at the top of the landing page.

 Step 2 – Fill out the BitMEX account registration form 

Fill out the short online registration form to request a live trading account. You will need to provide your email address and password.

Accept the terms and conditions and click “register” to continue.

Step 3 – Retrieve BitMEX log-in credentials

After proceeding successfully through the KYC process, traders can obtain their login credentials through the email provided.

BitMEX Customer Support

Potential traders need to make sure the broker they chose will offer adequate support whenever they need it. Bitmex customers can reach the support team via email through a ticketing system. Live channels are also available on Weibo, WeChat, Telegram, and more, including an active account on social media platforms such as Twitter.

BitMEX Education Academy

Before starting to trade, potential clients of Bitmex should avail themselves of all possible information and trading skills needed to be successful in the world of forex and commodity trading. Bitmex’s website provides some education but it is not ideal for the novice trader as their platform can be confusing and intimidating for beginners.

BitMEX vs Rakuten Securities vs Questrade - A Comparsion Table

BitMEX Top Countries by Similar Web

BitMEX Current Popularity Trends

According to Google Trends, here is an overview of how frequently the search term – “BitMEX” is entered into Google’s search engine over a given period of time.

BitMEX Customer Reviews

I used to login daily to make test…

I used to log in daily to make test transactions. I invested a small amount, I was only trying to see how they work One day I could not log in. Tried resetting the password, but did not get an email. My account simply disappeared. I used to get notifications about my orders, but none anymore from that day.

Tried making a new account with the same email – not possible. I think they have some purge of small accounts and keep email addresses to reject future accounts.

No support at all – gigel

Must Join

I have had a great experience with BitMEX and I am pleasantly surprised at how great the customer service is.. Any minor issue I had tracking my cashback was quickly resolved within 24 hours…. – Kobus

BitMEX Refer a friend & Affiliate Program

I enjoy the opportunities to earn an income through IB programs offered, Check it out! – Nathan

Conclusion

Bitmex can be described as a broker which offers global trading and the opportunity to communicate with other traders from across the world using its inbuilt chat functions. Bitmex offers an excellent level of security which ensures that trading on this platform is safe 24 hours a day, seven days a week. They offer a niche service in addition to general trading, which attracts a more focused audience than many other platforms available.

For beginners who are just starting out in trading, or those looking for a little more handholding along the way, this platform may not be suitable.

Disclaimer

Bitmex warns potential customers that Crypto and CFDs trading carries a high risk and may not be suitable for all investors. Before deciding to trade with Bitmex, potential traders are advised to carefully consider their investment objectives, financial situation, needs, and level of experience before investing money they cannot afford to lose.

Bitmex warns that margin trading involves the potential for profit as well as the risk of loss. Movements in the price of foreign exchange and commodities are very unpredictable, hence Bitmex cannot guarantee a maximum loss that a trader may suffer, according to research in South Africa.

Frequently Asked Questions

What type of trading platform is BitMEX?

BitMEX is a cryptocurrency trading platform. It was designed as a trading platform for traders who are experienced in margin trading and leverage trading and is used for building continuous contracts on margin trading.

Is the BitMEX platform reliable?

The BitMEX trading platform is considered reliable in providing liquidity to support Bitcoin trade despite the inherent cryptocurrency risks. BitMEX is supported by hedge funds from across the globe.

Is BitMEX a safe exchange for margin trading?

Yes, BitMEX is considered a safe exchange for margin trading.

What leverage is provided by BitMEX?

Leverage of up to 100x is provided by BitMEX

What is the overall rating out of 10 for BitMEX?

BitMEX holds a rating of 6/10.