BitMEX uses the funds to aggress unfiled liquidation orders before the auto-deleveraging system takes over the orders. BitMEX isolated margin puts only your initial margin at risk, as in the case of liquidations, it does not use any of your account balance. It can prevent extra losses by not putting your entire account balance at risk but cannot prevent liquidations. BitMEX cross margin allows you to use your entire account balance to prevent liquidations. In certain situations, you can lose more than your initial margin for a particular position, but it’ll prevent you from liquidation.
BitMEX Security
Currently, there’s only one way to deposit funds into a BitMEX account, and that’s through Bitcoin. Users should note, that instead of the ticker symbol ‘BTC,’ BitMEX, alongside several other professional trading platforms, use the ticker ‘XBT’ – but to all intents of purpose, it’s exactly the same. It quickly becomes apparent why leverage trading has become so attractive to cryptocurrency traders on BitMEX, as the gains can be astronomical in proportion to a traders capital. However, bitmex review leverage trading is not without its risks, which we’ll examine later.
Settlement for all contracts is in Bitcoin
Prediction contracts allow traders to speculate on the outcome of real-world events, adding an element of excitement to the trading experience. BitMEX is the leading derivatives trading platform for cryptocurrency contracts that lets you trade with up to 100x leverage on Bitcoin and 50x on Ethereum. In this 2023 BitMEX review, we take an extensive look at its fees, features, security, and more. BitMEX is a cryptocurrency derivatives trading platform founded in 2014. It has built a strong reputation for providing leveraged trading and a secure environment. This review will analyze all aspects of BitMEX to help determine its suitability for various types of traders.
Fees and Limits
Both platforms are considered to be better tailored for experienced cryptocurrency traders, and both offers charting tools. BitMEX, however, offers additional trading tools, including up to 100x leverage. BitMEX, short for Bitcoin Mercantile Exchange, has established itself as one of the leading platforms for cryptocurrency derivatives trading. Since its launch in 2014, BitMEX has garnered attention for offering a wide variety of leverage options and a secure trading environment. The platform is widely known for its cryptocurrency futures contracts, including Bitcoin futures, which allow traders to speculate on the future price of digital assets.
All reviews
- Keep in mind that there is no way to determine which reviews are honest.
- Bybit is a futures trading platform that allows users to trade perpetual contracts from top cryptocurrencies, namely Bitcoin, Ethereum, EOS and Ripple.
- While seeing a dedicated phone support line would be nice, a ticketing system and live chat support should be enough for most people.
- BitMEX has a sophisticated margin and liquidation process which prevents a users margin from dropping below their account balance.
- Yes, Know Your Customer (KYC) verification is mandatory for BitMEX users to comply with regulatory standards and prevent fraudulent activities.
The holding company HDR (Hayes, Delo, Reed) Global Trading is registered in Seychelles but also has operational centers in Hong Kong and in the US. I started the account verification procedure for an American company. The United States is listed as an eligible country for company incorporation, so the process continues. This is a scam aimed at acquiring information and data, which will probably used for commercial purposes.
BitMEX boasts high liquidity and market depth, which is essential for both retail and institutional traders. This liquidity ensures that trades can be executed quickly and efficiently with minimal slippage. To gauge overall user satisfaction, which is incredibly challenging in the crypto industry, we turn to the reviews left at TradingView, TrustPilot, and Reddit. Keep in mind that there is no way to determine which reviews are honest.
Upon our initial testing, the chat response from the BitMEX team was slow, but overall, the support is much better than it used to be. While seeing a dedicated phone support line would be nice, a ticketing system and live chat support should be enough for most people. BitMEX offers an extensive help center with helpful articles and videos to show users how to use the platform.
Opening a long position, called a ‘Buy/Long’ on BitMEX, means that traders expect the price of the underlying asset to increase over time. On BitMEX, investors who aren’t interested in owning the underlying asset itself, such as Bitcoin, can still speculate and profit from positive price movements. Now we’ve been through some of the fundamentals, let’s get started with trading on BitMEX.
Summary of Security Features:
- With that said, following a review by the CFTC (Commodity Future Trading Commission), BitMEX agreed to pay $100 million to settle a claim that it allowed illegal trades in the US.
- You can borrow funds to increase your position size, which amplifies potential profits and losses.
- We recommend new users read BitMEX’s extensive documentation before diving straight into trading on the platform.
In addition to tools for trading, the exchange provides extra offers to make some money. All deposits and withdrawals are made via Bitcoin so must be made from or into your Bitcoin wallet. Don’t listen to the salty degen gamblers who have lost their money trying to become millionaires in a week. I have been a constant user for over 7 years now, and the service is first class. You will be redirected to a new page where you can buy crypto using supported fiat currencies. Choose the currency you want to pay with, select the crypto you wish to purchase (for example, BTC), choose your payment method, and click “Buy BTC” to complete your transaction.
BitMEX offers maximum leverage of 100x on its Bitcoin/ USD perpetual contract. The leverage varies depending on the asset, and you can observe the optimum leverage on the ‘trade’ window. The inverse perpetual contract is most suitable for traders who wish to go long or short on BTC against USD. For example, XBTUSD is an inverse perpetual because the underlying asset is USD/ XBT. BitMEX comes with an outdated but complex user interface, and at times getting started can be a tedious process. Hence, we provide you with a step-by-step guide from creating an account to placing an order and withdrawing your returns.
DayTrading.com is committed to helping traders of all levels make informed decisions about which broker to trade with. Compare BitMEX with the top 3 similar brokers that accept traders from your location. The contact details for BitMEX are not freely accessible online, but a form is available on the website for general queries such as ‘delete account’ and other information. Make sure you use an online liquidation calculator to see what level of leverage is suitable for your risk style.