It’s recommended to choose BitMEX crypto exchange for its security. You probably know that the US is very strict when it comes to cryptocurrencies and trading platforms, especially regarding decentralized/unregulated ones. Before deciding which cryptocurrency exchange to use, it’s crucial to make sure that it’s supported in your country. To find out what this crypto derivatives platform is missing, it’s time to move into the less-pleasant part of this BitMEX review and consider all the cons.
negative fees!!!!!!!!!!!!!!
The information about a specific cryptocurrency exchange or trading platform in reviews and guides may differ from the actual provider’s website. The trading screen boasts a familiar order book-style interface that allows users to choose the assets or perpetual contracts they want to trade. Compared to other exchanges that offer perpetual swap contracts, BitMEX has very low fees. Derivatives trading offers a simplified fee schedule, with a BitMEX market Maker rebate of -0.01% available on all trades and a Taker fee of 0.075% for all transactions. Moreover, BitMEX offers different fee schedules for spot trading and derivatives trading. BitMEX offers BMEX airdrops to users who participate in promotions and utilize the spot trading platform.
- The platform is clearly built for active traders who already understand margin and liquidation risk.
- Maker fee is 0.02% and Taker fee is 0.075%.
- This change was introduced after regulatory pressure, as the platform previously allowed trading with just an email address.
- Fees are a core part of any BitMEX exchange reviews, and BitMEX positions itself as competitively priced for both spot and derivatives – especially for users who provide liquidity or trade in size.
It also employs two-factor authentication (2FA) and encryption protocols to secure data transmission between the platform and users. The platform stores the majority of user funds in cold wallets, which are kept offline to minimize the risk of hacking. BitMEX takes a multi-layered approach to security, ensuring that users’ assets and personal information remain protected. It provides advanced cryptographic key management and segregated hot and cold wallets for security.
Spot Trading, Convert, One-Click Buy, and More
The simulated trading will provide you with the current market view, based on which you’ll be able to perform various actions. Using BitMEX TestNet, you can practice trading with up to 250x leverage. It’s a simulation environment where you can practice trading without any risks. The platform uses a smart margin and liquidation process that will automatically close all the open positions and protect you from going bankrupt.
However, users must pass KYC identity verification to begin using the exchange. Instead, US-based investors can check out our guide reviewing the best crypto exchanges USA. BitMEX has a native exchange token (BMEX), which provides various benefits to BitMEX users. The purchased crypto will be deposited directly into a user’s BitMEX account and used for trading or earning interest. BitMEX lets users convert XBT (BitMEX BTC), USDT, and USDC with 23 supported cryptocurrencies, including ETH, LINK, and ADA.
BitMEX Margin Trading
- The trading fees on BitMEX are similar to those on platforms such as Binance.
- Users can trade perpetual swaps, futures, options, and even get into prediction markets.
- Furthermore, Bitmex offers a range of order types, including market, limit, or stop orders.
- You can now monitor your investments through the trading interface or use the best crypto portfolio tracker apps.
- BitMEX offers margin trading services by keeping your initial margin as collateral and providing additional funds to open a position based on your leverage.
The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitMEX comes with advanced functionality that requires knowledge to minimize risks. If you don’t own any crypto yet, you can use BitMEX’s “One-Click Buy” feature to purchase crypto using fiat currencies. Go to the wallet where you hold your crypto and make a withdrawal, pasting the address BitMEX generated as the destination of your transaction.
The exchange charges a market-competitive trading fee and provides top-notch security to your assets. You can have a look at the trading fees for perpetual contracts in the table below. BitMEX allows its users to trade both in crypto as well as the futures market.
BitMEX also runs bug bounty programs on platforms such as HackerOne. The BitMEX trading engine operates in KDB+, which banks use to prevent their servers from hackers. BitMEX also charges a funding fee, and you can know more about it from here. In case you have any open orders during settlements, then BitMEX will also charge you a settlement fee. To use BitMEX testnet, you’ll separately have to create an account on testnet.bitmex.com. Now that you know almost everything about trading at BitMEX, it is time we go through the steps to open a position bitmex review and making withdrawals.
What Are the Best Features of BitMEX Crypto Exchange?
At VIP 5, spot makers and takers have to pay a 0.045% trading fee. With copy trading, you can just follow traders who (hopefully) know what they’re doing and mirror their moves. BitMEX now supports 14+ spot pairs, so you can trade Bitcoin, Ethereum, USDT, and other popular assets without messing around with leverage. For years, BitMEX has had a reputation as the place to go for high-leverage crypto derivatives (and it still is). Let’s take BitMEX futures trading as an example of how you might make a risky decision. These contracts are margined and settled in USDT, and they allow up to 2x leverage.
ZERO FEES
Besides the usual futures contracts, BitMEX also offers pre-launch futures, which are special contracts for tokens that aren’t yet live on spot markets. Just note that, unlike Binance or Kraken, BitMEX primarily focuses on leveraged trading and derivatives, meaning that it’s usually recommended for more experienced traders. BitMEX is quite a popular cryptocurrency derivatives trading platform.
Futures Trading Fees:
We were convinced that BitMEX deserves high marks for derivatives liquidity, execution, and professional-grade tools. Notably, BitMEX has not suffered any widely reported catastrophic hacks of customer funds, and it operates a security model centered on multi-signature cold storage and strict withdrawal procedures. Because of this history, BitMEX does not allow U.S. residents to use the platform, and geo-fencing measures are more robust than in the past. BitMEX also incentivizes activity with its BMEX token, which can unlock fee discounts, rewards and promotions if you opt into the token ecosystem. That is less a BitMEX-specific issue and more a structural feature of perpetual swaps. Perpetual swaps on BitMEX use funding payments between longs and shorts to keep contract prices anchored to spot.
BitMEX Leverage Trading
While the primary trading interface of BitMEX might appear daunting initially, it shares fundamental similarities with the trading platforms found on other prominent exchanges. Furthermore, BitMEX primarily offers crypto-to-crypto trading, meaning there are no direct fiat pairs like BTC/USD. In fact, it includes perpetual contracts with a leverage of up to x100, a scenario that might not be advisable for beginners.
BitMEX offers a leverage slider to its users so they can easily choose their desired leverage and open a position. BitMEX offers maximum leverage of 100x on its Bitcoin/ USD perpetual contract. BitMEX offers three different types of futures contracts, which are The inverse perpetual contract is most suitable for traders who wish to go long or short on BTC against USD.
BitMEX employs a comprehensive fee structure for its trading platform, focusing on simplicity and offering discounted Taker Fees for high-volume traders. Traders can exchange cryptocurrencies at the current market price, facilitating straightforward transactions without the use of leverage or derivatives. BitMEX, short for Bitcoin Mercantile Exchange, is a peer-to-peer trading platform specializing in leveraged contracts traded in Bitcoin. The platform regularly reviews its fee schedule to stay competitive and transparent, ensuring that traders can maximize their potential returns. BitMEX has created a fee structure that rewards traders as their activity increases, providing more favorable rates for higher trading volumes. The platform’s native BMEX token offers perks like lower fees and special promos.
Users can trade perpetual swaps, futures, options, and even get into prediction markets. BitMEX, founded in 2014, is a crypto exchange that specifically focuses on derivatives trading. This might sound like a disappointment; however, there are other cryptocurrency trading platforms that you can use in the US, like Kraken or Coinbase. A veteran crypto derivatives-focused exchange with a strong security record. BitMEX is a well-known cryptocurrency derivative trading platform that was founded in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed.
While it may not be the first choice for crypto beginners, BitMEX offers a dedicated section for purchasing cryptocurrencies with fiat through its onramp feature, making it accessible to users at various experience levels. This serves as a safeguard in the event of a “bank run,” assuring users that the exchange can fulfill fund withdrawals transparently and without any risk of a rug pull. Ensuring the security of users funds is paramount for any exchange, and BitMEX takes this responsibility seriously. As users accumulate larger positions, there is a potential risk to other participants on the exchange, as they might face a deleveraging event if the position cannot be entirely liquidated.
How to Create a New BitMEX Account to Buy Crypto?
BitMEX provides you perpetual contracts products, and you can only use Bitcoin to trade at BitMEX. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. This process prevents traders’ margin balance from going below zero. The exchange offers great liquidity, leverage, and a wide range of products.
Exact rates depend on the contract type and your volume tier, but in practice they are in line with other tier-one derivatives venues. Overall, BitMEX works best as a specialized tool, not as a universal exchange for everyone. The spot side is modest by comparison, with just over a dozen spot pairs and a focus on BTC, ETH and a handful of majors. Newcomers may find the layout dense, but for power users this is part of the appeal. She has covered many topics, from crypto adoption to regulatory developments, delivering well-researched analysis with clarity and depth. With a Bachelor of Education, she brings a structured and insightful approach to her work, making complex crypto concepts more accessible to readers.
