You must then click on the “Deposit” button and copy your wallet address. Alternatively, you can also scan the QR code and deposit Bitcoin into the wallet. The chart is at the very bottom of the screen.You can switch the representation, change the time interval, and search through and use one of the many indicators. BitMEX’s chart is loaded with all the tools you will ever need to trade smarter.

• The platform allows you to trade more than 18 cryptocurrencies.
• Leverage varies from the initial margin depending upon the type of crypto pair being traded and the risks involved but can go up to 100x leverage.
• And this means that its user interface is pretty straightforward to navigate.
• You have a graph and order book displayed on the main page of BitMEX, making it easy to execute a trade in any of the supported cryptocurrencies or fiat currencies.
• Engaging in unprofitable trading to boost the volume of trading.

Price takers pay only 0.05% commission, while price-makers receive a 0.01% rebate on each trade. Today, BitMEX is trying to shake off its bad reputation and aims to become the world’s largest regulated crypto derivatives exchange. In 2020, BitMEX introduced identity verification for all users, marking the first step in the exchange’s new direction.

BitMEX Leverage and Trading

BitMEX offers tradingview’s charting solution to its users, where you get access to all relevant and advanced technical tools & indicators for doing advanced technical analysis. You can place multiple indicators on the chart at once, which helps you get a greater understanding of the price movement. The platform interface consists of an order book, depth-chart, recent trades, charts, and position & open order widgets. It allows customization of the trading platform as per your preference. For new users, it’s always a difficult choice, whether to go with the established one like BitMEX or select the newly launched trading platforms.

So, for example, if you deposit 0.005 BTC, you can get up to 0.5 BTC to trade with. When you purchase through links on our site, we may earn an affiliate commission. Yes, BitMEX mobile app and APIs are available on iOS and Android devices. Fill in details and enter the email address to generate an account password. In this review today, we will touch base upon what BitMEX is, what it has to offer, and who it is for.

Many investors choose to store cryptocurrency over a significant period hoping to profit from future price gains; therefore, a wallet is essential. There are several other alternatives on the market, and BitMEX offers some advantages and disadvantages over these sites. It enables higher leverage with a lower margin and a smaller minimum contract amount than its competitors, which is an attractive proposition. BitMEX only supports Bitcoin, which is a natural decision considering that this is the most valuable and commonly used cryptocurrency available.

BitMEX Payment Methods And Supported Countries

The leverage of winning positions is reduced, so you get less than you would be entitled to if there are too many losses on the opposite side. This happened, for example, in March 2017 in a spontaneous market crash https://broker-review.org/ caused by the rejection of the first Bitcoin ETF. The chart section offers all tools you need to analyze the price action. You can set different time periods, change the type , apply several indicators on it .

For example, in the case of their Bitcoin instruments, you have a maximum leverage of up to 100x. Although this is much less coins than the likes of Bittrex and Poloniex, these are cryptocurrency margin trades and not the purchase of physical coins. It could be much harder to find the liquidity for the smaller cap altcoin futures.

Types Of Contracts Available On BitMEX

Bitcoin Cash is the next altcoin supported for trading purposes. Bitcoin Cash is an offspring of the original Bitcoin project and has carved out a strong reputation in its own right. Clpfoundation.org page is a financial service advertisement, according to the information provided by the service owner. The site owner is not the owner or the seller of the services described on this page.

However, the platform’s most liquid market – the BTC/USD perpetual contract, offers users leverage levels of up to a whopping 100x. Firstly, BitMEX offers leverage on all of its crypto-centric derivative products apart from its UP and DOWN contracts. This means that you can apply leverage on all of the previously discussed supported cryptocurrencies.

The holding company HDR Global Trading is registered in Seychelles but also has operational centers in Hong Kong and in the US. There is no telephone support, but we don’t consider it a dealbreaker since most crypto exchanges don’t have one. Another big advantage of using BitMEX is that the website is packed with information and features. If you’re a complete beginner, the support center offers all the information you need to get started and make profitable trades.

Restore- Since the exchange keeps your funds in cold wallets; your account information can be restored in case of loss using the passphrase seed. As such, BitMEX gives you the rare opportunity to use hardware wallets without paying for one or following the procedure of ordering for them online. Advanced security-BitMEX is working hard to maintain the high-security levels of the wallet. But still, the company goes the extra mile to physically verify all withdrawals before confirming them, which significantly reduces fraudulent activities. Copy and paste the address into your wallet and transfer the funds to your BitMEX account. You can scan the barcode to find the address if the wallet has a mobile application, which is optional, and the app is unofficial.

BitMEX is one of the more esoteric exchanges, and many users find it challenging to navigate the platform effectively. On top of that, back in October 2019, BitMEX makes a significant error, posting all its user’s email addresses. 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. We also use different external services like Google Webfonts, Google Maps, and external Video providers.

The fee system employed by BitMEX is arguably just as complex as the derivative products it offers. This is further amplified by the fact that all deposits and balances are expressed in terms of Bitcoin, meaning that it can be difficult to know exactly what you are paying and when. This means that there is no settlement date on the perpetual contracts purchased via BitMEX. In other words, they are only settled when you decide to exit the trade.

Experienced and professional traders looking to execute crypto derivatives trading strategies will find what they need on BitMEX. If you do, then you’ll have access to perpetual contracts, futures, and the platform’s very own UP/DOWN contracts. On top of keeping the vast bulk of user funds in cold storage, BitMEX also offers a number of additional safeguards. This means that every time you attempt to log in to your account you will be required to enter a unique PIN number that can only be obtained from your mobile phone.

Conclusion: Is BitMEX Safe & Legit?

That means BitMEX trades products that are linked to bitcoin – like bitcoin futures contracts – but BitMEX does not trade bitcoin itself. The exchange can be considered as a pioneer in crypto perpetual swaps. It offers trading in both perpetual swaps and bitmex review crypto traditional futures contracts in all major cryptocurrencies. BitMEX’s future contract is a derivative that requires the underlying asset to be delivered in the future. A good example of this difference would be if the price was $100/BTC today.

Even with the platform utilizing IP detection software, US users simply need to install a VPN. They have advanced security, a responsive customer support team and a trading engine that is almost unrivalled. One thing that is clear from this review is that BitMEX is an advanced trading platform and is not for everyone. 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.

Industry Leading Security

However, there was no hack of the platform and no loss of coins from the exchanges’ hot or cold wallets. Overall, the security features of BitMEX are some of the best in the industry. Some of the unique security features available on this exchange include multi-signature tech for addresses, with multiple keys and multiple holders. This exchange has no KYC policy, and therefore, it does not deal in fiat currencies like the Euro and USD. As a result, you’ll need to fund your account with a BTC transfer, and then use your account balance to place trades on the platform.

This would solidify the platform’s security as this would make it impossible for any party involved to conduct illicit and fraudulent activity. The first one they trade in Future Contracts, which are agreements to buy or sell at a speculated price on a specific time in the future. BitMEX’s leverage levels can go as high as 100 times the value, giving the trader a chance of raking in even greater profits when closing a successful trade. However, the catch with leverages is that it can also magnify losses when a trade goes down south. After considering many users’ views and testing the wallet, we consider that the wallet is extremely safe to use.

All the advantages can be availed through the platform of BitMEX. BitMEX is not limited to providing you with better margin trading options but also to make your investment secure. BitMEX provides insights to the best crypto exchanges according to the market, however, BitMEX addresses more experienced traders. Settlement fee, network fee, taker fee, trading fee, maker fee, when compared to other cryptocurrency exchange platforms were found to be comparatively lower.

User reviews suggest that while a telephone line would be appreciated for more pressing issues, response times to inquiries are good. Common examples of derivative instruments you may already know are Futures, forwards, swaps, and options. BitMEX combines cryptocurrency derivatives with margin trading. More mainstream exchanges, including Binance, have added support for leverage trading.