BITMex review: Is it a legit or scam crypto broker?

If you haven’t yet created a BitMEX account, you can do so here. Traders can now long or short the GMX token via two new perpetual swap listings. Users can now gain exposure to the Arbitrum token – via our new linear futures listing. Users can now long or short the ARB token with up to 50x leverage via two new listings.

Their site is also packed with resourceful information and an announcement box. There also are a lot of live updates going on in the platform, including a live stream of trader chats. A dedicated support desk answers to your urgent inquiries 24/7 so you are always in good hands.

As we’ve mentioned prior, BitMEX’s services pertain to selling Bitcoin futures and contracts through the use of leveraged trading. This means that traders do not actually trade Bitcoin itself; rather, they buy and sell contracts for the cryptocurrency at a leveraged rate. Your account balances are also reported in Bitcoin, but you can leverage trades in several cryptocurrencies mentioned above.

However, the company recently released its mobile app allowing you to trade on the move. In summary, all you need is an email address, consent that you are over 18 years old, and confirmation that you don’t live in the US to use BitMEX. It is one of the handfuls of exchanges that lets you trade anonymously. The lack of compliance with regulatory authorities and the prevailing legal issues have led to a reduction in trust for the company by traders in its niche audience. You’d be hard-pressed to find any reviews for BitMEX at the moment.

bitmex forex

The company had never been hacked and had a good track record until July 2019, when a Bloomberg report revealed that theCommodity Futures Trading Commission is investigating BitMEX. The CFTC suspected that the company had broken the law by allowing US citizens to trade using the platform. BitMEX is a highly regarded platform to trade and wraps it up in a neat and professional package.

Test of the BitMEX trading platform

For example, in terms of trades, BitMEX’s high leverage, low margin, and small minimum contract amount are much better than the rest. • BitMEX also does not support fiat deposits and withdrawals. You may need to transfer your Bitcoins to other services in order to withdraw into centralized currency.

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We are committed to the fair handling of reviews and posts regardless of such relations. Also I would like to say that slippage should get reduced, and trading engine should be upgraded to process faster and more orders, in order to avoid slippage and rejected orders. A lot riskier is your energy products because this is affected by political and environmental situations. The great supply and demand however make it a popular trading choice.

However, with high leverage, you can lose a lot of money quickly. As for the BitMEX trading platform, it offers leveraged trading services for Bitcoin through a highly competitive market environment that mostly cater to more advanced users. BitMex was founded to give priority to Bitcoin, which was the only trusted cryptocurrency back in 2014. To date, all deposits and withdrawals are only available in Bitcoin.

However, since the platform works on Bitcoin, you will need to pay the Bitcoin Network fee as you always need to. Those fees are set dynamically and depend on the load of the Bitcoin blockchain. BitMEX is an excellent option for experienced crypto traders that want to trade futures and swaps. The interface poses too steep of a learning curve for a casual trader –if you’re a beginner, BitMEX is not the right exchange for you. BitMEX is currently in direct competition to Bitfinex and OKCoin and is deemed by users as worthy alternatives to this type of trading. However, BitMEX does have an array of advantages above its counterparts.

You can find your BTC address by clicking on the “Deposit” button on the homepage. You must wire some Bitcoin to this address so you can begin trading. From the trading screen that opens up, select the cryptocurrency you want to trade. However, in October 2019, the company slipped up and revealed a thousand user email addresses to its employees in an internal email. While no users were hacked and the platform remained safe, the slip-up is a sign of mismanagement and could potentially lead to a security breach. BitMEX security of fundsIf an address’s public key does not match up, the trade is halted and reported to BitMEX employees.

How many companies went bankrupt because of forex trading?

BitMEX provides an order book that is organized vertically, in this segment of the platform merchants can quickly switch between different products and thus place their order. Furthermore, the platform is visually attractive and simple, even for newbie traders. Yes, BitMEX does offer negative balance protection.Consider the following instance – you trade margin cross, and your account’s balance is used to cover any potential loss. No verification procedure is required, and BitMEX is one of the only exchanges that enable you to trade anonymously.

  • Registration is also straightforward with signup only requiring a valid email address, proof that you are at least 18 years of age.
  • This implies that the additional costs are only from the banks or digital currency networks that you are going to use.
  • However, there is a minimum network fee that is determined by the blockchain load.

The Bitcoin Mercantile Exchange, or BitMEX for short, is an exchange platform launched in 2014 by HDR Global Trading Inc., in Victoria, Republic of Seychelles. Its platform mainly deals with margin-trading for cryptocurrency and is widely known for its quality services, albeit a complex one at that. It was created and launched by Arthur Hayes, Ben Delo, and Samuel Reed, who were experts in the field of finance, trading, and web development, respectively. BitMEX does not offer the client a lot of variety in their spreads, commissions or rates, it is quite fixed in this regard.

There is no telephone support, but we don’t consider it a dealbreaker since most crypto exchanges don’t have one. The web-based trading platform is solely designed for desktop use – which is certainly not a dealbreaker since the interface is too complex to work with on a mobile phone. If you’ve used other trading platforms, you will agree that it is not beginner-friendly while the interface is intuitive. BitMEX is short for Bitcoin Mercantile Exchange, and as the name states, it’s a crypto exchange platform that enables derivative trading. Seychelles-basedcompany HDR Global Trading Limitedowns BitMEX, but it has offices worldwide. The founders Arthur Hayes, Ben Delo, and Samuel Reed established BitMEX in 2014.

Buy Crypto

The company may not be regulated, but features like these make it just as secure. Every address that BitMEX issues work on approval from multiple parties and most of the funds are stored in an air-gapped state. As good as any potential investment platforms can get, BitMEX, unfortunately, is unable to provide service to the following countries due bitmex review to certain laws and restrictions. The countries not supported are America, Quebec , Cuba, Sevastopol, Iran, Syria, North Korea, and Sudan. All of your open positions can be seen under the order book section of our derivatives trading interface. This is also where you can see your closed positions, active orders, stops, fills, and order history.

You can customize several widgets freely, enabling you to personalize the interface according to your needs. TradingView gives you clear visibility of the chart, and you can also change how the chart looks. Since there are no account levels, your account is not subject to any trading limits. You’ll have full flexibility in trading and withdrawing your funds after completing your registration.

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The feature-loaded interface, demo trading features, decent security measures, and excellent support make BitMEX an enticing exchange. However, the ongoing legal issues and the 2019 security slip up make the company harder to trust. As mentioned earlier, the platform does not charge any fee for deposits or withdrawals.

Top Currency Pairs

However, the platform supports several other cryptos and FIAT currencies. Access to our services may be restricted in respect of users in or from any “Restricted Jurisdiction” under our Terms of Service. US Persons are prohibited from accessing the services of the BitMEX trading platform. With regards to what exactly is a Forex broker, it is a firm that gives traders admittance to platforms that let them buy and sell foreign currencies. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Make sure you contact the real Bitmex company to check if they are real. Everything looked real except lwhen they wanted tax money and kept asking me to up my funds I got wise and started to ask questions. One of the important benefits of choosing Bitmex is the fact it does not charge fees for the deposit or withdrawal of Bitcoin. Precious metals are another dependable investment for traders.

There are no other fees charged in the platform, apart from the regular Bitcoin network fees calculated from the blockchain load. It is one of the benefits of using this platform compared to others where fees can go as high as 0.25%. Fees for Bitcoin are slightly different from other cryptocurrencies. They charge 1% for the initial margin and 0.5% for maintenance. This is the opposite of upside profit contracts as you get paid if the crypto’s price falls.

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