Naturally, a key factor for any exchange review is which currencies the platform supports. BitMEX is slightly restrictive when it comes to funding your account, especially when compared to many other trading platforms on the market, as users can only deposit with Bitcoin, which is then the only currency supported for trading. However, BitMEX specialises in the exchange of derivative trading assets for cryptocurrencies, meaning users can enter into perpetual and futures contracts to trade bitcoin against other commodities in the global financial markets – including other cryptocurrencies.
Once Bitcoin has been deposited, it can be used as a method to purchase other cryptos via CFDS, including many of the most well-known coins such as Dash, Ethereum, Litecoin, Ripple and Bitcoin Cash. Those interested in using BitMEX can check out the full list of contracts available on the website. The platform offers leveraged trading on all contracts, but we found that the amount of leverage differs between available currencies.
It is more than likely that BitMEX will update the contracts available periodically, so if there is a particular cryptocurrency that you are interested in it always makes sense to check the current contracts on offer.
Of course, another key facet of our BitMEX exchange review is a look at the fee structure. The good news is that BitMEX only operates with Bitcoin as a denomination, so there are no BitMEX withdrawal fees and only a nominal minimum deposit.
When it comes to BitMEX trading fees, the platform charges a taker fee, which will vary according to the contract you take as well as which crypto or fiat currencies are involved. Makers also get a small rebate from this taker fee. For example, for Bitcoin traditional futures contracts, takers are charged a fee of 0.075%, whereas the maker receives a rebate of 0.025%. There is also a settlement fee of 0.050%. Overall, the BitMEX fees are low when compared with many other trading platforms and are often cited as the exchange’s strongest advantage over competitors.
Launched in 2014 by HDR Global Trading, BitMEX has quickly gained popularity and a reputation as one of the most significant Bitcoin platforms worldwide. In fact, we found that BitMex is supported by almost 200 countries, including the UK, Australia, New Zealand, South Africa and India. The extensive list of countries in which BitMEX can be used makes it a highly suitable choice for traders who travel a lot or may have business interests in other countries.
BitMEX is currently unavailable for US users due to American trading rules. It is also barred in Cuba, North Korea, Sudan and Iran. However, whilst this information was correct at the time of writing, BitMEX is continually looking to expand its global outreach, so it’s always worth seeing if any new jurisdictions have been added in the meantime. Similarly, Bitmix may also change any limits for the countries it already supports.
For this section of our BitMEX exchange review, we will look at exactly what’s involved in trading on the platform and the steps you need to take to get up and running.
The first step is to register for an account. This is fairly straightforward and involves filling out a few details on the platform website. Once this has been completed you will then be sent a link to verify your email address. After this, you need to ensure you opt in to two-factor authentication to make your account as secure as possible. BitMEX does not currently require ID verification upon initial registration, however the operator reserves the right to request it any time. It’s also worth noting that BitMEX could review this policy in future.
2. Deposit funds
Once an account has been set up, it will then be necessary to deposit funds. This is fairly simple thanks to the site’s easy-to-navigate interface. Under the “Account” tab, you will find buttons clearly labelled for depositing and withdrawing. Once you click you’ll be prompted to enter your country of residence. Once your location has been verified, you will see a QR code with your own BitMEX deposit address. Using your Bitcoin wallet software, copy and paste your address and send any amount of Bitcoin. You will then need to scan code or copy your wallet address. You can then use that address to deposit bitcoin into your BitMEX account via your wallet software. BitMEX then makes one confirmation with the Bitcoin network – which takes about ten minutes – then the funds will be added to your account and you will receive an email confirmation. Our BitMEX Exchange review found the whole process from registration to your first deposit can be completed in as little as 15 minutes.
3. Start trading
Once the deposit has been successful, then you’re ready to start trading. It’s important to remember that BitMEX is actually a platform for trading contracts. Of course to go into great detail on the finer points of contract trading is beyond the scope of a Bitcoin exchange review, but it’s worth noting that margin trading is not best suited to beginners. Learning to navigate BitMEX and how to trade on the platform is relatively straightforward. Clicking on the “Trade” tab will take you to the transactions screen and display the BitMEX markets. Here you will see all the options for trading on the left hand side of the display, including buy/long, sell/short, contract type and leveraging amounts. It will also list the pair options and latest BitMEX price index.
When it comes time to make a BitMEX withdrawal, simply click on the “Withdraw” tab in the “Account” section and select the desired amount.