Users don’t have to submit any kind of documents in order to exchange cryptocurrency using the BitMEX exchange. In case users lose their authenticator device for 2FA, then they need to submit the ID documents to reset the 2FA code. This makes BitMEX one of the few reputable cryptocurrency exchanges which let you trade anonymously. BitMEX, whose full name is Bitcoin Mercantile Exchange, functions as a P2P Crypto trading platform. As the name suggests, it allows users to buy digital currencies only using Bitcoins.
This allowed BitMEX to rank among Bitcoin exchanges with the highest volume worldwide. Whilst both platforms are significantly larger than many others, Binance specialises in offering crypto to crypto exchanges, whereas BitMEX is best suited for investing in futures. In 2019, Binance introduced card payments, allowing users to exchange fiat currency into any of the 400+ digital currencies available. Both platforms are considered to be better tailored for experienced cryptocurrency traders, and both offers charting tools.
However, it’s worth users setting up 2FA to ensure no one can access their account. BitMEX has a number of contracts available, for a wide range of cryptographic assets. These include eight of the top 10 cryptocurrencies by market cap; however, the most traded contract by far on BitMEX is Bitcoin (XBT). For example, trading Bitcoin on BitMEX doesn’t give users any claim to actual Bitcoin. Instead, traders are buying contracts for that asset, settled in the future.
- When you made a trade, it’s possible to view and edit the position you opened at the bottom of the page.
- While mobile trading is not for everyone, it is handy to be able to quickly monitor your positions while you are away from your PC.
- Aside from email tickets and the “Trollbo,” you can also contact BitMEX using their Twitter, Telegram Channel, or through their Discord server, which has a dedicated support channel.
- High-volume traders receive discounted price taker fees as outlined in the table below.
BitMEX is a well-known cryptocurrency derivative trading platform that has carved a niche for itself among top-rated crypto exchanges. BitMEX isn’t just another cryptocurrency exchange like Binance or Bittrex. bitmex review Instead, BitMEX is a trading platform which offers derivatives trading. As a result, users of BitMEX’s platform aren’t buying the underlying asset; rather, they are just trading a contract for it.
For example, if users close a successful trade on the Ethereum futures contracts, they are credited with XBT back into their BitMEX wallet once trading fees have been deducted. This can then be withdrawn and sent to a third party Bitcoin wallet, but you will only ever receive Bitcoin at the close of a BitMEX trade. If owning cryptocurrencies is the most important component of your trading strategy, then this bitcoin exchange won’t be for you. There is only a small handful of coins available to trade and they are only tradable in contracts. So, you may find yourself registering with a second exchange to buy underlying assets that you actually wish to own.
Spreads & Fees
They had financial support from friends and family that helped them to start such a successful business. If you are just interested in the more typical exchanges, check out our Binance vs Bittrex comparison. Your deposits at Bit Mex are credited via a single confirmation however two-factor authentication is strongly suggested.
Security on BitMEX Exchange
Aside from email tickets and the “Trollbo,” you can also contact BitMEX using their Twitter, Telegram Channel, or through their Discord server, which has a dedicated support channel. The service’s really nice aspect is the website, which is packed full of useful information and features. The support center gives a slick rundown of the exchange and helps educate users on complex trades. As mentioned above, BitMEX also offers a minor fiat gateway that facilitates instant crypto purchases using fiat currency. This feature is not handled by BitMEX itself but rather by third-party payment processors. BitMEX derivative instruments allow users to go long or short on 45+ different pairs.
Submit Your Own Review of BitMEX
Whilst the internet is rife with rumours of an official BitMEX mobile app and Copy Trader platform, none of these features has been confirmed by the platform. We will update this section whenever an official statement is offered by the company. In the meantime, we invite you to check out BitMEX’s blog which can be accessed from the footer menu.
BitMEX lets users convert XBT (BitMEX BTC), USDT, and USDC with 23 supported cryptocurrencies, including ETH, LINK, and ADA. Transactions process instantly with funds deposited into a user’s BitMEX account immediately. While this is a valuable feature to swap cryptos fast, the lack of supported cryptocurrencies hinders its usefulness. Derivative products are BitMEX’s claim to fame, featuring both perpetual swap contracts and quarterly futures contracts. These don’t involve directly trading cryptocurrencies; rather, you trade contracts that track the price of a certain cryptocurrency asset.
Now, there’s another reason why BitMEX is not the best option for beginners that I think should be mentioned in this BitMEX review. That’s the fact that withdrawals and deposits can be only made in Bitcoins. This means that you won’t be able to purchase cryptocurrencies using fiat currencies, such as USD and EUR, and will have to transfer Bitcoins from another platform to BitMEX. Every crypto fan knows how important it is to have the ability to keep track of the assets and trade cryptocurrencies on the go. However, that would be difficult without a mobile app that the majority of top-rated crypto exchanges have. This can be an incredibly overwhelming trading experience for those who are unfamiliar with derivatives exchanges.
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We rarely run ads, but sometimes earn a small commission when you purchase a product or service via a link on our site. BitMEX supports a wide range of jurisdictions, serving customers in 197 countries worldwide. However, to comply with regulation, BitMEX is currently closed to U.S. customers. However, the BitMEX exchange has maintained its credibility and secured its users’ interests over the years. The BitMEX exchange also supports tokens from decentralized exchanges such as UniSwap and Sushiswap. This website is using a security service to protect itself from online attacks.
Additional Features
They are totally unregulated, they can bet against their customers, they can do what ever they want to manipulate BTC and other prices. If you think you want to play their game better put your money in a roulette. BitMex is a major reason for crashing BTC prices by shorting and dumping.
BitMEX is open for all customers and traders worldwide, except the United States. However, some US customers have worked out their ways to BitMEX via VPN setups, which I should inform you, is prohibited by BitMEX. The company does take measures about the same but those are simply not enough for the impersonators to get in. Currently, BitMEX only supports deposit of BTC cryptocurrencies though you may see different indices. BitMex is a winning house for the owners, they have accumulated billions though their loosing customers.