BitMEX (Bitcoin Mercantile Exchange)
BitMEX is a P2P crypto-products trading platform based in the UK and registered in the Republic of Seychelles. Offering futures trading on a select group of BTC markets. This is a Bitcoin-equity-only platform, profit paid in Bitcoin with altcoin/BTC and BTCUSD markets.
Check out what BitMEX has to offer
Available leverage, by market
- BTCUSD (various contracts) 1:100
- BTC Up & Down Swaps 1:1
- ETHBTC 1:50
- LTCBTC 1:33.33
- Alt./BTC 1:20
Ease of Use
Bitmex is what we would class as an expert level trading platform. This exchange offers high-leverage futures trading which, comes with a high level of risk. The UI and list of various contracts may look a little complicated at first but, with a few minutes or more to learn the functions, this exchange is an excellent way to optimise your exposure to the BTC markets.
The platform is available in 5 languages: English, Chinese, Russian, Korean and Japanese.
They have a mobile app which comes with all the functionality of the website, it’s works seamlessly and is invaluable to anyone using this exchange. Their native charts are ported from Tradingview.com which is the perfect way for an exchange to display its instruments. They also have a drag-and-drop orders feature, allowing you to configure your orders easily.
If you’re are new to this exchange and/or futures trading, we must press the importance of learning how futures contracts work and whether this is a valid option for your portfolio. If you are looking for a high-leverage futures platform, this is it!
BitMEX Fees
The fees are very reasonable as detailed in the table below. Due to the nature of futures contracts, in that you are swapping contract positions with other market participants (as opposed to margin and CFD trading where you are taking direct loans to engage with the market), long positions will incur a negative funding rate, whereas short positions incur a positive funding rate. Basically, you pay a rate for being long in the market, and you receive a rate for being short.
A great thing about BitMEX is they have no fees for withdrawals. The minimum Bitcoin Network fee is set dynamically based on blockchain load, so all you pay is what is required by the Bitcoin network.
BitMEX Support
Customer service is available via email, their website through support tickets, plus various live support options on Weibo, Wechat, IRC, also Telegram for Russian language users. Bitmex is active on social media via Twitter and Reddit.
BitMEX provides an exchange guide, plus extensive lists detailing all conditions and terms of futures trading and contract specifications.
Limits
There are no verification requirements on BitMEX. You can deposit any amount of Bitcoin and start trading straight away. Also, because Bitmex has no KYC requirements, there are no upper limits to withdrawals. If you’re looking for an accessible and extremely functional futures exchange, it really doesn’t get any better than this!
Reputation
BitMEX is the No. 1 exchange on the planet by trading volume. They have a reputation as a professional and sophisticated futures exchange. Their liquidity is excellent and their markets reliable.
One issue that BitMEX is well known for is the latency of its trade-engines during peak trading times. BitMEX have been managing this issue and their capacity has increased significantly during 2018. They do still have some creases to iron out as more new customers enter this space.
BitMEX Security
BitMEX has no hot-wallets, all funds on the exchange are safely stored away in multi-sig cold-wallets. When withdrawals are made they require to be taken from the cold-wallet and signed by three senior managers before any funds leave the exchange. This measure is considered the safest way to store an exchanges funds and reduces the risk of hacking to near zero.
The exchange, of course, has 2FA to secure your account access. IP-pinning is also available, meaning you cannot access your account unless you log in from the selected IP address.
BitMEX has a perfect record so far, having never been hacked.
The Review
BitMEX
BitMEX really is an excellent option within an industry that has barely left the starting gate. There isn’t another exchange that can match its futures instruments and how you can trade them. From their Perpetual, 3 and 6-month XBTUSD contracts plus a short but liquid list of Altcoin markets, this is an exchange with some serious clout and the trade volume to match. BitMEX has never been hacked, provides a list of reliable customer service ports, is available in 5 languages, offers leverage of up to 100x and continues to grow with the markets direction. Their mobile app has to be one of the best. If you’re looking to simply increase your exposure to the BTC markets or perhaps hedge your risk-profile, it’s all possible. All without the hassle of KYC and identity verification. BitMEX allows you set up an account, deposit BTC and you’re ready to trade in a high-leverage environment with basically, no restrictions.
PROS
- Safe, reliable, never been hacked
- Fantastic mobile app
- Excellent list of order-types and options
- Drag-and-drop orders
- No KYC restrictions, verification or withdrawal limits
- Very reasonable fees structure
- High-liquidity
- High-leverage
- Professional, UK-based company
CONS
- Not for newbs (This is an expert-level trading platform)
- High-latency during peak times
