Users can also use the BitMEX mobile wallet to make deposits using barcodes. To sum up, BitMEX lets users trade cryptocurrencies with one of the lowest trading fees in the entire crypto space. Although the BitMEX mobile app doesn’t have all of the exchange’s products and features, it allows users to manage their trading positions on the go seamlessly. Founded in 2014, BitMEX is the leading cryptocurrency exchange for derivatives and inventor of the 100x leverage perpetual swap. To date, BitMEX offers 100+ derivatives products including Perpetual Swaps, Futures, Options, Pre-Launch Futures, Prediction Markets, and more. In today’s fast-paced world, having the ability to trade on the go is essential.

Taker fee discounts are available to traders with over $1 million in 30-day trading volume, with a maximum fee discount of 66.67% for trading $50 million (or more). There are reportedly ways around this for U.S. customers using a secure VPN. However, we must note utilizing a VPN is prohibited by BitMEX policy, and we do not recommend this option. Instead, US-based investors can check out our guide reviewing the best crypto exchanges USA.

Low liquidity and very incompetent user…

bitmex review

Signing up for a BitMEX account is very simple, and only requires users to provide an email address. BitMEX offers a wide range of contracts for multiple different assets within its platform; all settled in BTC. Trading fees are 0.075% of the total order value for takers, but makers get paid 0.025% for making trades.

Supported Cryptocurrencies

bitmex review

Withdrawals are executed through a robust multisignature setup, further fortifying the protection of customer assets. BitMEX provides applications for both Android and iOS devices, allowing users the flexibility to trade on the go. While I haven’t personally tested the app, I plan to explore its features in the future. 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. Nevertheless, risk limits are implemented on all trading accounts to mitigate the likelihood of substantial liquidations on margined contracts. This BitMEX review may be extensive, considering the comprehensive analysis of its essential aspects.

This allows you to get quick access to the exchange account from anywhere. Because Bitmex only operates with Bitcoin as a base currency, no fees are charged for either making a deposit into a Bitmex account or for withdrawals. Bitmex regularly changes and updates the contracts available so if there is a particular cryptocurrency that a trader is interested in it always makes sense to check the current contracts offering. Low liquidity and very incompetent user support not willing to even look into the case. I have been overcharged on fees for a month yet they did nothing about it other than saying they will check it as soon as possible.

Fees for Deposits and Withdrawals

BitMEX stands out as an advanced trading platform, providing products designed to meet the needs of professional traders bitmex review looking for deep liquidity and sophisticated margin options. Furthermore, its focus on derivatives trading makes it an appealing option for anyone navigating this sector of the market. BitMEX offers some of the lowest trading fees in the industry, with maker and taker fees starting at just 0.1% and rebates available for high-volume traders. It also offers discounts to BMEX token holders, though those are still being offered to users. The trading fees on BitMEX are similar to those on platforms such as Binance.

BitMEX stands as a substantial exchange boasting significant liquidity and an array of functions. However, its adoption remains limited to a select few due to its steep learning curve. Nevertheless, those who navigate this curve will greatly appreciate the cutting-edge technologies offered by the exchange. If these factors pose no issue for you, it’s certainly worth exploring BitMEX.

DayTrading.com is committed to helping traders of all levels make informed decisions about which broker to trade with. Compare BitMEX with the top 3 similar brokers that accept traders from your location. The contact details for BitMEX are not freely accessible online, but a form is available on the website for general queries such as ‘delete account’ and other information. Make sure you use an online liquidation calculator to see what level of leverage is suitable for your risk style.

  • This information is general in nature and is for educational purposes only.
  • Furthermore, this screen throws a lot of information at the user, making it difficult for beginners to get comfortable.
  • While it is often praised for being responsive, some users have noted that response times can vary depending on the volume of inquiries.

BitMEX’s rise to prominence as a cryptocurrency trading platform exemplifies the dynamic nature of digital finance. Welcome to our comprehensive review of BitMEX, one of the pioneers of cryptocurrency trading exchange. Renowned for its leveraged contracts and advanced trading options, BitMEX meets all of your cryptocurrency trading needs with ease. BitMEX perpetual contracts is in a way similar to traditional futures. A perpetual contract allows you to trade on approximately the same reference index price of the underlying assets as that is used in spot markets. BitMEX, founded in 2014, is a crypto exchange that specifically focuses on derivatives trading.

Forex Trading Pro Review

BitMEX does not provide phone-based customer support or chat support. This is a drawback for users engaged in margin trading, or 100x leverage trading, etc., as the long waiting period can result in huge losses for them. As the number of BitMEX users has increased, user complaints have increased accordingly. Several users complain of market manipulation, problems withdrawing assets, and a complicated user experience. Although the customer support is there to clear out any query or misunderstanding, the exchange has faced numerous charges that have been accused of market manipulation, etc.

Reviews from actual traders

The Bitmex website has been verified by us and is a reliable company. Read all Bitmex reviews or write a review to help others make the right choice. We rarely run ads, but sometimes earn a small commission when you purchase a product or service via a link on our site. The majority of funds kept on BitMEX are kept in cold storage, and private keys are never kept in cloud storage.

  • However, as with any platform, BitMEX has its strengths and weaknesses, and understanding these factors can help traders decide whether it is the right fit for their needs.
  • Charting is included as standard, using TradingView to offer rich market data that many platforms cannot match.
  • After logging in, BitMEX will prompt you to complete the identity verification process.
  • Unlike other cryptocurrency exchanges, such as Bittrex, traders on the BitMEX platform aren’t actually buying the underlying asset.

Once trades have been made, they can be viewed through Active Orders, allowing for the quick and easy management and cancellation of ongoing orders. Now I’m back using it with its new revamped interface and integration with TradingView making it so much easier and more intuitive to use.

BitMEX stores all of your funds in offline wallets and uses its one-of-a-kind multi-signature withdrawal and deposit scheme. The BitMEX trading engine operates in KDB+, which banks use to prevent their servers from hackers. BitMEX also runs bug bounty programs on platforms such as HackerOne. To know more about the futures contracts, you can read our BitMEX margin trading article.

You should only engage in any such activity only if you are fully aware of the relevant risks. When it comes to a clean track record, at least in terms of security breaches, BitMEX stands out. So if you’re looking for a secure exchange and are willing to forego the lack of general purpose features such as staking, lending, and others, this is a good option. BitMEX has a reputation for stability, particularly in its liquidation engine and order matching system. Bybit offers a smoother UI and generally lower latency, which is appealing to higher-frequency traders.