BitMEX Review 2022 Pros, Cons & Features
In October 2020, all three founders were indicted on charges of violating the U.S. Bank Secrecy Act and conspiracy to violate the law by failing to put in place the necessary anti-money laundering measures. All three pleaded guilty to the charges and agreed to pay $10 million each as criminal fines.
As mentioned earlier, BitMEX does not require any verification, and there are no account levels, either. The minimum amount is not fixed and varies from trade to trade. However, in October 2019, the company slipped up and revealed a thousand user email addresses to its employees in an internal email.
BitMEX’s proven track record speaks volumes about its security. On October 1, 2020, a little over a year after the initial reports came out, the founding members were indicted for violating the US Bank Secrecy Act. No anti-money laundering measures had been implemented on BitMEX.
This table does not include all companies or all available products. Neither Bankrate nor this website endorses or recommends any companies or products. System Security, Trading Engine Security, and Communications Security are also all based on highly sophisticated technology and multiple defense layers. 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. BitMEX is not regulated; users are not protected by any consumer protection laws.
- Trading in cryptocurrency derivatives involves significant risks.
- It enables higher leverage with a lower margin and a smaller minimum contract amount than its competitors, which is an attractive proposition.
- However, it is not aesthetically pleasing compared to some newer exchanges available, such as Binance Futures.
- BitMEX doesn’t currently offer mobile app versions of the platform.
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. 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. Since there are no account levels, your account is not subject to any trading limits.
Naturally, if you were to lose, you wouldn’t have enough margin to pay the winner. 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. It looks busy, but it has all the options bitmex review you need in place. You need your email to get started, plus, you can also secure your funds using the 2-FA authentication feature that BitMEX provides. But that’s expected because there are very few people in the cryptosphere who fully understand the workings of theBitMEX exchange.
However, the ongoing legal issues and the 2019 security slip up make the company harder to trust. 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. 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.
For seasoned professional traders who would like to trade cryptocurrency futures and swaps, BitMex is a great option. On the other hand, the BitMex interface will pose a steep learning curve for the casual trader. Customer support is provided through both a rich resource of information available on the trading platform and company website itself as well as via email ticket. User reviews suggest that while a telephone line would be appreciated for more pressing issues, response times to inquiries are good.
Nevertheless, the main channel to contact BitMEX is by raising an online support ticket. Alternatively, the platform also has a preference on Wechat, Telegram , Weibo, Twitter, and Reddit. Here’s what you need to know about the derivatives available at BitMEX. Commodity Futures Trading Commission had opened an investigation into BitMEX.
BitMEX has a simple and intuitive web-based trading platform. 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.
Supported Cryptocurrencies on BitMex
US IPs are blocked on the platform, and BitMEX’s legal issues make it less trustworthy in traders’ eyes. However, it remains to be one of the leading margin trading exchanges worldwide. In fact, regardless of your experience in the derivative marketplace, you can obtain leverage of upto 100x on the platform’s hallmark BTC/USD perpetual contracts.
Thankful for coming in contact with a trader who referred me to @HITHFX .on telegram they got my recovery and as well solutions on your investment issues / problems on past and present. The team at CaptainAltcoin.com only recommends products and services that we would use ourselves and that we believe will provide value to our readers. The exchange hasn’t been hacked in the past and the withdrawals are processed by hand once a day for an added layer of security. Generally, it seems like customer support at BitMex is amongst the most knowledgeable in the market. Their team is polite, courteous, speak English well, and they try to cater to the expanding market and attempts to take the pressure off their customer service.
Free Bitcoin Crash Course
Trading in cryptocurrency derivatives involves significant risks. Please consider whether using BitMEX is appropriate for you. Please read our Terms of Service, Risk Disclosure Statement and Privacy Notice. US Personsare prohibited from accessing the services of the BitMEX trading platform.
BitMex itself is a registered company in the Republic of Seychelles but is available worldwide. Thanks to the cryptocurrency nature of the site, the exchange doesn’t limit access to any locations. It’s important to note that local laws may affect your use of the service. As such, trader A can only make 1 BTC ($4,000) in profits, perhaps making him/her feel slightly disappointed. For now, BitMex only has adequate liquidity on Bitcoin trading, while the liquidity of altcoins isn’t always reliable.
Transaction speeds will depend on the payment method you use. Cryptocurrencies shouldn’t take long to appear in your account, but you might need to wait a few business days when depositing via bank transfer. One of the main reasons that traders use BitMEX is because of its leverage. In some instances, you can trade with up to 100x leverage — but it’s worth remembering that this figure will vary depending on the BitMEX service you use. BitMEX offers a good selection of trading options, and we’ll break the most important of these below.
Crypto exchange is an integral part of owning, trading, and investing in crypto assets. But, BitMEX exchange features one of the most advanced trading interfaces and protocols that allow traders to buy and sell coins with high levels of liquidity, security, and reliability. This BitMEX review article will cover all the aspects of the exchange, including whether BitMEX legit or not. BitMEX allows consumers to more easily participate in the crypto market. BitMEX offers advanced trading techniques for professional traders like margin trading, offering a superior solution when compared to most competitors. The platform also allows users to buy primary altcoins, but only if they intend to resell them eventually, since withdrawals are only done in BTC.
Simple inquiries and issues can be resolved by BitMEX staff in the “Trollbox”, a public chatbox where traders can also chat with each other. While this may not be a direct line to BitMEX, it’s still really cool to be able to interact with other Bitcoin traders from within the exchange. A complete overview of spot trading fees can be viewed here. The default spot trading interface, https://broker-review.org/ complete with candlestick charts, order books and a complete advanced trading experience. In May 2022, BitMEX expanded its platform to include spot trading services, in an effort to compete with major competitors such as Binance and FTX. Storing cryptocurrencies within BitMEX is relatively straightforward, particularly as its wallet functionality is so accessible.
Instant Crypto Purchases
However, the company is still not available for use by crypto traders in the country. Every address that BitMEX issues work on approval from multiple parties and most of the funds are stored in an air-gapped state. However, unlike industry counterparts Binance, Coinbase, and Bittrex, BitMEX specializes in highly complex crypto-centric derivatives.
However, although it has an excellent reputation, it’s always essential to take security seriously and ensure that it continues to deliver top provisions in this area. BitMEX is undoubtedly one of the safest solutions for its crypto storage and trading, particularly for those intending to margin trade. The security measures that it has in place are incredibly stringent and believed to be impossible to circumnavigate.