Review of BitMEX
BitMEX is one of the largest Bitcoin trading sites. The platform is aimed at more experienced traders rather than beginners, as it only accepts deposits in Bitcoin and assumes you understand enough to use the advanced features without much of a walkthrough.
Pros & Cons
Pros:
Cons:
What can I do with BitMEX?
Trade cryptocurrency derivatives with ultra-low minimum deposit requirements, low trading costs, and leverage up to 1:100. A lot of BitMEX’s features are geared towards professional traders, like a customisable trading dashboard, stop-limit order types, and other advanced trading methods.
Founded in 2014, BitMEX is one of the most popular crypto-only trading sites around. All of its trading is done in Bitcoin, and any profits you make are paid in Bitcoin. It lets traders use derivatives to speculate on the performance of other coins.
BitMEX cryptocurrencies and trading options
Which cryptocurrencies can you trade on BitMEX?
Despite its advanced features, the number of coins you can trade is quite limited. There are just 12 available alongside Bitcoin and these are restricted to the top options, like Ethereum, Litecoin, and Chainlink.
BitMEX core currency pairs
- TRX/BTC
- ETH/BTC
- LTC/BTC
- BCH/BTC
- EOS/BTC
- XRP/BTC
All BitMEX trading options
BitMEX offers a range of different cryptocurrency pairs and futures, such as BTC/USD, BCH/USD, and various different futures contracts. You can find out more about what’s on offer in the table below.
| Product | Offering |
|---|---|
| Cryptocurrencies | 12 |
| Crypto pairs | 16 |
| Bitcoin futures | 2 |
| Ethereum Futures | 2 |
| Other Futures | 8 |
Can I trade with leverage on BitMEX?
Yes, BitMEX offers up to 1:100 leverage, which is in line with industry standards for cryptocurrency trading.
Please note that using leverage carries a high degree of risk to your capital; it is possible to lose more than your initial investment, and you should only speculate with money you can afford to lose. We advise beginners not to use leverage at all until they have more experience.
| Product | Maximum leverage | Margin |
|---|---|---|
| Individual cryptocurrencies | 1:100 | 1% |
| Bitcoin futures | 1:100 | 1% |
| Bitcoin Cash futures | 1:25 | 4% |
| Chainlink futures | 1:50 | 2% |
| Ethereum futures | 1:50 | 2% |
| Litecoin futures | 1:50 | 2% |
| Ripple futures | 1:33 | 3% |
What are the spreads?
BitMEX does not charge trade spreads, but rather maker, taker and leverage funding fees on each transaction, ranging from 0.025% on the maker/taker side to 0.01% on the funding end.
Fees, limits, and payment options on BitMEX
BitMEX doesn’t charge any fees for deposits or withdrawals from its platform. The only associated costs are based on the network fee, which is calculated by the blockchain itself.
| Payment method | Deposit | Withdraw |
|---|---|---|
| Cryptocurrency (Bitcoin) | Free | Free |
How much are BitMEX’s fees and commissions?
BitMEX charges a combination of maker, taker, long/short-term leverage funding, and settlement fees on trading activity. Such charges are commonplace for futures contract trading.
| Fee type | Fee amount | Commission |
|---|---|---|
| Crypto futures | 0.025%-0.075% maker/taker fees | None |
BitMEX trade sizes and limits
BitMEX offers an ultra low minimum trade amount of 0.0001 Bitcoin on all futures contract trading. This is low compared to the industry overall, which usually imposes a higher dollar minimum.
| Product | Minimum trade | Maximum trade |
|---|---|---|
| Crypto futures | 0.0001 XBT | None |
BitMEX trading platform
What devices can I use BitMEX on?
BitMEX’s global derivative trading platform was originally designed for desktop traders, but it has since developed an iOS and Android trading app which provides access to its full range of features.
- Desktop
- Laptop
- iOS mobile devices and tablets
- Android mobile devices and tablets
Can I use BitMEX in my country?
BitMEX accepts clients from over 140 countries and territories worldwide, excepting those with specific trading regulations and laws such as the US. It should be noted here that BitMEX’s US trade restriction follows an investigation by the US Commodity Futures Trading Commission (CFTC) this past summer, as BitMEX is not registered with the CFTC.
Select your country from the list below to see if it is available to you.
Is BitMEX available in my language?
Currently BitMEX offers support in eight different languages, including, English, Russian, Chinese, and Japanese. Select your language from the list below to see if the service is available to you.
How easy is it to use BitMEX?
BitMEX acts more like a margin trading exchange than a pure crypto broker, as you don’t buy crypto but instead speculate on it with derivatives.
Based on initial appearance – its homepage is essentially a trading screen. BitMEX is more geared toward the intermediate/advanced trader, who can simply login and start trading without any assistance or tutorials.
It’s advanced trading features such as risk limits, iceberg orders and high maximum leverage of 100x speak to this and are easy to use if you are already familiar with futures trading.
Key features
BitMEX is a solid platform for professional traders. Here are some of the main features traders will appreciate.
Advanced API
The company’s trading engine was built with the same technology as what’s used by investment banks and hedge funds, meaning you can build your own custom interface and layout from this base.
Demo Account
BitMEX offers a TestNet test server to try out the platform for free and test your trading strategies without any risk.
Cold wallet security
All BitMEX addresses are multi-signature and all coin storage is kept offline for added security.
Security and regulation
Is BitMEX safe?
BitMEX protects users’ accounts by implementing 2FA (Two Factor Authentication). Additionally, BitMEX provides the option of IP Pinning so that users are immediately notified if a suspicious login has been made from a new IP address.
The platform claims to carry out up to 100 audits per second to protect funds traded through their exchange.
Am I and my funds protected?
BitMEX stores nearly all user funds in deep cold storage and no private keys are kept on any cloud server to ensure maximum protection. This way, your funds can never be accessed online by anyone except you with two-factor authentication, and any withdrawal request is manually verified by two BitMEX employees before being approved.
BitMEX is not self-insured nor is it insured by any third-party.
Is BitMEX regulated?
BitMEX is an authorised and regulated broker in the Republic of Seychelles as part of the International Business Companies Act of 1994, under the unique registering number 148707.
BitMEX is not regulated by any other international agency and is currently under investigation both by the US CFTC and UK FCA for allowing traders within these countries to access and trade on their platform.
Do I have to verify my account with BitMEX?
One of the major selling points of BitMEX when it originally launched in 2014 was that traders could trade anonymously, without undergoing any verification process. However, in light of accusations that the company failed to provide efficient measures against money laundering, BitMEX now operates a KYC (Know Your Customer) program, which means you have to provide a form of ID to trade.
Extra information
Educational resources
Designed specifically for professional traders, BitMEX provides limited educational resources for its users.
On its homepage, at the bottom, under the “Reference” button, you will notice three guides to help you better understand trading – Futures Guide, Perpetuals Guide, and Trading on BitMEX. There is also a blog section that is updated regularly where you can find additional information about trading options on BitMEX.
Tools and charting
Some of the most popular tools BitMEX offers its customers include risk limits, advanced order types, and fair price marking which works to prevent unnecessary liquidations in its highly leveraged products.
Beyond this, BitMEX’s platform customisation options to add, close or change features are its most commonly used.
Customer support
BitMEX’s customer support is responsive and it has a high online rating. It is available in English, Chinese, Russian, Korean, and Japanese via email only.
BitMEX doesn’t offer a direct phone line or live chat option for customers to contact. However, you will find a detailed FAQ section to answer all common questions.
Our verdict
In only six years, BitMEX has become one of the biggest online trading platforms for cryptocurrency futures.
It is designed with the intermediate/advanced trader in mind, so you will only find limited learning resources available, apart from some simple introductory guides. Perhaps for this reason, BitMEX has developed its own proprietary trading platform with built-in customisable risk limits, advanced order types such as conditional and limit orders, and cross margin.
Even without being regulated by any tier 1 financial regulator, BitMEX has put in place state of the art security measures -such as a first-of-its-kind multisignature deposit and withdrawal scheme, optional PGP encryption for all automated emails from the platform, and KYC/AML procedures. BitMEX has a lot to offer professional traders, as well as those who want to become one.
How to buy and sell cryptocurrency on BitMEX
How do I buy on BitMEX?
- Log into your BitMEX account
- Go to the Trade tab,
- Navigate to the “Place Order” section
- Specify the quantity and price
- Click the “Buy” button to place your order
How do I sell on BitMEX?
To start trading with BitMEX you first have to deposit Bitcoin into your wallet. The minimum deposit to start trading is 0.0001 Bitcoin (XBT).
- Log into your BitMEX account and click the “Trade” link on the top left of the page
- Select your preferred currency
- On the left side, you will see a heading named “Sell” and select the type of order you wish to perform.
- Click the “Sell” button to place your order.
BitMEX is owned and operated by HDR Global Trading Limited, which is registered in Seychelles.
From the fixed trading fees it charges for all transactions through its platform.
It depends. Laws vary by country, so you need to check your local tax regulations to determine what applies to you.
If you wish to permanently delete your account, simply email: support@vbitmex.com stating the reason why you wish to delete your account and in the subject section, type “Request to Delete My Account”.
To short a perpetual contract or future, input a quantity and a price, click the “Sell/ Short” button and your short order will be filled by the exchange.
Click on the log in link in the header bar and click on “Forgot Password or Two-Factor Device” to be sent an email to reset your password.
No, at this time you cannot use Paypal to add or withdraw funds from your BitMEX account.
All your open trades are saved in real-time so you can resume trading the second the platform is available again.
In the event that BitMEX ceases operations altogether, it is an uninsured platform that does not guarantee any of your funds from possible loss.
Yes, you can view your order history once you are logged into your account in the footer of the platform and you can also download your trade history in CSV format by clicking the “Save to CSV” button in the top right corner of the Trade History page.
Yes, BitMEX’s only method of payment, for both deposits and withdrawals is Bitcoin (XBT).
Yes, currently BitMEX runs an affiliate program which enables you to receive a percentage of commissions paid by your referrals, while your referrals receive a limited-term fee discount.
Simply choose the ‘send’ option in your crypto wallet, fill in all the required data and provide an external Crypto wallet address (BitMEX). You will then receive a QR code to complete the transaction.
No, you will need to both create an account and verify your account with at least two pieces of government issued ID in order to begin trading on BitMEX.
Yes, BitMEX offers an integrated offline, multi-signature cold storage wallet.
To make a withdrawal, go to the “Withdraw” subsection of the “Account” tab, then enter the address of your BTC wallet in the “Destination Address” field.
Yes, online evidence suggests that BitMEX was hacked in November 2019. At least 200 customer accounts, if not more, were compromised and hackers also gained access to some of BitMEX’s social media accounts such as their Twitter. There have been no reported hacks since.
