BitMEX Cryptocurrency Exchange Review
Who doesn’t want to be rich overnight, after all, legends say that you will be average until you start making money overnight? Inspired by the thoughts, people jump-start their journey of being rich without giving a thought about their final destination. You would agree, every other thing over the internet is related to Cryptocurrency exchange these days. And even why not? With the recent hike in the prices of various major cryptocurrencies and altcoins, it is almost impossible to stop people from getting attracted towards it. BitMEX is one such platform of Cryptocurrency exchange. Like others, this platform too has its own set of pros and cons which we are going to mention over here in this article. For a couple of months, there has been a huge hike in the popularity of the website, and for a good reason, we would say. After getting launched in the year 2014, this trading platform has had its own journey which we all are going to explore following their footsteps. While reviewing the website, we will be stating various points and will mention our detailed review on it. Stay tuned if you want to get to know what BitMEX is, how it works, and if it is worth your time or not. Enough talking let us know what actually BitMEX is.
What is BitMEX?
BitMEX is an online Cryptocurrency and altcoin trading platform which is quite popular for giving 100x leverage on spot and futures markets. BitMEX offers high liquidity to all the bitcoiners for Bitcoin exchange (Bitcoin-in and Bitcoin-out), while for the other currency, the platform surprisingly does not track much growth.
BitMEX was founded in the year 2014 by three developers named Arthur Hayes, Samuel Reed & Ben Delo. The three developers uniting at HDR Global Pvt. Ltd. were in charge of raising this platform. Out of everything, what attracts the traders most is their 100x leverage. Other platforms are not even close to providing such leverage on the spot and for future markets.
Unlike most websites, BitMEX does not support the exchanges in fiat currency. However, the website supports voluminous Bitcoin exchanges. For beginners, this might be a put off on the platform but if you are a bitcoiner, you will have quite a lot of advantages while trading on this platform. Security wise, the website is quite considerate and has strong security firewalls to restrict unlawful hacking.
BitMEX Review – Is it good enough?
When we are talking about BitMEX Review, it becomes subjective to the intent of use. If one is a bitcoiner, they would love the website to bits as all the exchange, deposits, and withdraw operates through Bitcoin and not by any fiat currency. On the other hand, if you are interested in general trading of altcoins and cryptocurrencies other than Bitcoin, you will be left pretty much disappointed with the website.
In the BitMEX Review, to list out the strong points about the websites, the first one that comes on the top of the head is the 100x leverage that it gives to the futures market. With such a powerful leverage, your power of purchasing increases a lot while you are trading. Other than that, the unacceptability of the website for fiat currencies is one major con of using this platform for trading (if you are not a bitcoiner of course). Otherwise, the security is uptight and the website keeps you informed about the latest trends related to cryptocurrency exchange.
To write a BitMEX Review, we would say that the “100x leverage” is quite a powerful advantage which other platforms don’t provide you with.
What can you expect form Bitmex Exchange?
The exchange at the website or BitMEX exchange is quite informative. All the traders are notified from the website time to time about the expiration of the contract and other such detail. Since the website does not accept any fiat currency for the deposit and for other transactions as well, you must first deposit some bitcoins into your account to be able to participate in BitMEX exchange and trading. The only way the website allows for trading is Bitcoin-in and Bitcoin-out transfers from one account to other which is quite a restriction.
Such a restriction causes other altcoins exchange over the website quite low in volume. However, the liquidity of Bitcoin over the platform is quite good. Naturally, just like other trading platforms, the website will charge a basic commission. The commission and other fee charged by BitMEX exchange are quite competitive and affordable in a sense. Following the link https://www.bitmex.com/app/exchangeGuide, you will be able to see a guide which lets you know about different pointers to keep in mind before indulging in BitMEX exchange and trading.
To review it, one can say that the platform is well functional to be able to provide a trader a good trading and exchanging experience.
To start with the BitMEX Exchange Review, it is important to let you know that the platform has a good customer support. The website is a wide community which indulges in a voluminous trade every single day. In such cases, when people start having queries or have issues to get solved, they drop their problem statement in their forum or contact their customer assistance managers. If you drop your issue in a comment on their website, your problem will be addressed soon enough and will be most probably solved.
Coming to the leverage they provide, the website is one of the platforms that indulge in Cryptocurrency exchange which provides one of the highest leverages for future markets. To be exact, the website gives 100x leverage on spot and futures markets which puts a buyer in a good position in terms of his purchasing power.
Apart from this, at the website, you will be able to trade all the major altcoins quite easily. However, if one looks at the liquidity of other altcoins trading at the website, it is quite low as compared to other altcoins. Moreover, high security features of the website put the accounts of different traders in a safer zone.
Login – How to get started?
To get started with your trading experience at the website, you would need to visit the page of BitMEX login, where you can simply enter your credentials and get started with it. Following this link https://www.bitmex.com/login you will get to the BitMEX login page.
It is absolutely free and easy to be a part of the BitMEX family. However, before logging in to their website, you would definitely need to register yourself at their community. Registering yourself at their website is again, a cakewalk. Just with a couple of steps, you will be able to get started on the website. If you want to know how to register yourself on the website, keep reading this post and find out.
Once you follow the above mentioned link, you will be redirected to the BitMEX login page which has a blue background. There, you will be asked for your email address. Make sure to enter your registered email address only or else you will be restricted. Next, you will be asked to enter your password (which is again the one that you have entered while registering with the website). In the third row, you will be asked for your Two Factor Token (if enabled) where you will have to enter your Google Authenticator or Yubikey OTP.
Lastly, you would have to slide the CAPTCHA bar to its right – till the end.
After following all the steps correctly, your BitMEX Login will be successful!
BitMEX Sign Up – Register yourself at BitMEX!
If you aren’t a member of the BitMEX community yet, you will have to visit BitMEX sign up page in order to register yourself at their website. Fret not; registering your account at BitMEX is just a matter of a few minutes.
https://www.bitmex.com/login if you follow this link, you will be directed to the website login page. Now, since you don’t have a registered email address on the website, you will be asked to register first. Clicking the Register tab, you will be redirected to the following link: https://www.bitmex.com/register. All it takes for a successful registration at BitMEX signup page is a working email address. Basically, it is a 5-step process. First, you will be asked to enter your email address followed by your password (make sure to set a strong password that you can remember too of course).
Next, to complete BitMEX Sign up, enter your country of residence followed by your full name broke into two columns – First Name & Last Name. Finally, you will have to slide the bar of the CAPTCHA to its right to verify that you are a human and click on the box saying “Terms & Conditions”. Click on Register and wait for a conformational mail that will welcome you to the website.
If you want, you can click on “Terms and Service” to know in depth how the website works under what circumstances. Also, all the subjects of risk will be put clearly on the redirected page of the mentioned link.
Cryptocurrency or Fiat accepted?
With a potential market for Bitcoiners, BitMEX Cryptocurrency exchange has been rising ever since it was started. After being founded in the year 2014, BitMEX has never actually looked back. The Cryptocurrency exchange at the website or BitMEX Cryptocurrency Exchange is subject to exchange in terms of Bitcoins. No fiat currency is actually accepted at this platform. Suppose, if you don’t possess any Bitcoin till date, then you need to transfer some to this platform to start with.
While this has quite a drawback, but, on the other hand, this puts your bitcoins to a good use to trade in other cryptocurrencies that you think is going to give you a marginal profit very soon. During the last month of the year 2017, the website has even liquidated the usage of Bitcoin cash for Bitcoin which is a whopping advancement in the trading norms.
The BitMEX Cryptocurrency exchange also gives you a benefit like no one else. The website gives you a 100x leverage on spot and futures markets which puts one in a much higher position as a buyer. Also, being a buyer, your decision taking scope increases to a huge level which is fantastic in one sense.
Cutting a scoop of profit margin is true of any business. Just like that, the trading platforms for Cryptocurrency don’t let you go through with any transaction without cutting a minor fee (such as BitMEX fees in this case) from it. More the popularity more is the competitiveness in the fees of these trading platforms which eventually puts a buyer in a more comfortable position in terms of finance.
To talk about BitMEX fees, the fee can be charged in many categories. First, there is a make fee, followed by the taker fee, long funding, and short funding respectively. Across the list, you will also find the funding. Also, it is an added advantage to note that the website does not charge a fee for deposit or withdrawal. Since the website allows any kind of transaction to happen only through Bitcoin exchange.
If you pay heed to your trade history, you find a positive amount that means that you are sending fund across for that particular interval. On the other hand, if it shows you an amount in negative, it simply means that you have received a share of funding amount. BitMEX Fees for Bitcoin is categorized as – Maker fee (-0.0250%), Taker fee (0.0750%), and settlement fee (0.0500%) respectively.
You must know that there are further many kinds of different norms for other exceptional transactions. A hidden or Iceberg transaction is an example of the same. The order keeps paying the taken fee until the hidden exchange or order turns into a normal order. When it does, the maker fee collection starts deducting.
The leverage provided at the website platform is not only competitive and full of pros but it also kind of puts a buyer in a good position during the trade. You will find the tagline as soon as you visit their website which says “BitMEX 100x Leverage Exchange” which completely shows that the leverage that the website provides for its transaction is the main USP of it.
Generally speaking, BitMEX leverage differs from product to product and you can’t put a whole figure on it. The good news, however, is that you can check out the FAQ tab on their website to know every bit of detail related to a particular aspect of the website. The website community is quite active to discuss and address the problems of their fellow traders.
You must know that the BitMEX leverage on a particular exchange is determined by the initial margin and the maintenance margin. Since those values differ from each other so does the amount of leverage offered for a certain product. Initial margin is directly proportional to the number of Bitcoins you have used to open your account. On the other hand, the maintenance margin is the number of Bitcoins you need in order to keep a certain position open.
Leverage is therefore related to a “minimum equity requirement” and is dependent on the funds that you currently possess in your account.
An application interface is always preferred over the web applications as a mobile app is easy to use and operate at all times. No one likes sitting in front of their laptops and desktops every time. Considering which, BitMEX app had launched last year which got mixed reviews. As per many users, the application didn’t support a way to fast access whereas, other users considered it to be an average app.
However, BitMEX app needs to be updated definitely for a good use and fast access. Over the discussion board at the website, many have been complaining simultaneously to improve their application interface.
It can be concluded that their weak application interface might be one of the reasons as to why people still prefer accessing their profiles over the website rather than accessing the mobile application. Coming to the better news, the CTO at the website had responded that the team is working to improve their BitMEX app interface by being inspired by other exchange and crypto applications.
Last month, the application was bit improved and comparatively faster access was provided through the application but it still pertains some edges of improvement as per the reviews of their active users.
Chart on BitMEX Platform
One can consider the website as a platform to lend the investors a helping hand by providing them the access to the global financial markets using Bitcoin. Since the trading needs to do everything with past and historic data, therefore, tracking the growth and changes become equally important.
The BitMEX chart provides the access to stream the live trading using Bitcoin. Various third party applications also provide the charting for more clarity. The tenet and live charts at the website gives an overview which you can analyze deeply before indulging in the trading processes. As a beginner, you might find it difficult to understand the charts and what do they mean. But, sooner or later, you will get a hang of it.
However, for further help, you can follow any YouTube tutorial to understand BitMEX chart. Third party applications such as TradingView, Cryptowatch, Bitsouk, and Coinigy also incorporate BitMEX charting to access and view live trading volume and trends. When you move the cursor through and around the charts, you will get to see more information about the volume and other basic titbits of trading.
BitMEX chart is a quick approach to peek a glance at the current volume and trends of trading which always comes in handy for pro traders.
Arbitrage – The Easiest Arbitrage
The Arbitrage at the website is one of the easiest to understand and to process with. The basics of arbitrage are to buy from one market while sell on other to earn the margin profit in between. To start with BitMEX arbitrage, you need to understand that the website is quite a huge platform where the volume of trading especially for Bitcoins is quite voluminous. On the other hand, one must be able to quicken the process of buying from one market and sell at another to actually earn the difference.
Since the market prices are ever changing, it is important to keep a track of the current and previous costs in order to analyze when to send the purchased coin/cryptocurrency in order to make a good profit. Since the transactions at the website are facilitated through Bitcoin, you can expect a good speed at the BitMEX arbitrage.
Also, don’t forget to keep checking the discussion pins on “BitMEX arbitrage” in order to get some minute details on the current trends which you might have missed but is tracked by other fellow traders.
List of Cryptocurrencies on BitMEX Exchange
The Cryptocurrency exchange at the website is a cakewalk if you are the one who would like to trade in bitcoins. The market listing for BitMEX Cryptocurrency list is quite worthy of flaunting. However, the phrase can be held true only for Bitcoin exchange and trading. For the altcoins and virtual currencies other than Bitcoin, the trade volume isn’t that huge.
Since the website deals with any kind of withdraw or deposit using bitcoins, naturally, the website is Bitcoin centric and other currencies in the BitMEX Cryptocurrency list are less popular on the website. As mentioned, the arbitrage at the website quickens out the entire process of Spot vs. Futures market. Other than Bitcoin, all the other virtual currencies are limited to “Futures” market while the Bitcoin is Spot + Futures. If we were to compare the BitMEX Cryptocurrency list, we would say that there are much lesser options available for the website as compared with the ones that are available on the alternative websites. At the time of writing this post, both the spot and futures market of Bitcoin has great liquidity which is expected to further rise in near future. On the whole, the exchange process at the website is quite smooth and quick. The list consists of coins such as Bitcoin, Ripple, Qtum, Litecoin, Ethereum etc.
Since all the transactions at the website are geared using Bitcoins, it can be said that the particular platform is Bitcoin centric. At the website, you can have the advantage of getting 100x leverage on spot and futures markets which is quite a deal for the potential buyers. Other than that, all the withdrawals and deposits are done using BitMEX Bitcoins and so initializing your account using some amount of Bitcoin is important to kick start your trading experience on the website.
For a couple of months, the traders have witnessed an increase of liquidity on the BitMEX bitcoin spot and futures market. Not only that, the liquidity is said to be increased further with time. Traders and Cryptocurrency experts believe 2018 to be a good time for BitMEX Bitcoin traders. To be specific, a drastic increase in Bitcoins futures is expected by the experts. Coming to the security point of view, putting the word “top-notch” on it would be fine. The API and firewall security take care of your fund and protect them from unlawful access. Moreover, at the website, the traders have the advantage to indulge in marketing without being concerned by any “expiry date”.
At the end of the year 2017, the website has liquidated the Bitcoin Cash to Bitcoin for their customers. As per the reviews of people, a mixed reaction was captured on an average. the website liquidated the Bitcoin Cash and transferred an equivalent amount of Bitcoin in the account of their customers.
During this liquidation, no major impact was seen on the market and everything was averaged out. Since the Bitcoin Cash was a fork for Bitcoin, the liquidation of the same on the website was much needed for a number of reasons. This liquidation might have several investors as the website is not meant for small investors but for those who would trade on huge volumes. Many investors might even have changed their policies for exchange or trading.
Various professional investors have supported the liquidation since somehow the website wasn’t very convinced with the hard fork of Bitcoin and Bitcoin Cash. For a couple of months before the liquidation, the news had spread like a forest fire which some experts were considering as a rumor. However, eventually, the website cleared the air by putting an official word to it.
The BitMEX dash is a website’s abbreviation which is meant to justify the Bitcoin/Dash exchange rate. Over the website, the exchange is possible without even possessing a Dash coin as the only margin which is needed for the exchange is in Bitcoin. BitMEX Dash is a form of Future contract which also helps the trader at the website to track the futures of Dash/Bitcoin exchange.
Just as the regular buying and selling take their paces in the market, the similar happens for BitMEX dash. The traders who firmly believe in the potential growth of the BitMEX Dash will act as “buyers” in the exchange. On the other hand, the traders who believe that the exchange will possibly face a downfall decide to sell the Dash.
For Dash exchange on the website, you need not possess Dash in your account. However, just like for any other transactions on the website, you would need Bitcoin as it acts as a margin in this particular exchange. The website offers a leverage of up to 20 x for the Dash futures market which is quite competitive if we were to consider other trading platforms as well. The Dash transactions are considered fast and quick than other currencies.
Countries – Where Bitmex Are Available ?
Founded in the year 2015, the website was called as the “Goldman Sachs” of Bitcoin trading. Since then the website never looked back and only had grown in terms of popularity. The website offers great leverages on spot and futures market which differ from product to product but also provide an “expiry date” free trading experience to professional traders,
If you are too interested to start using the platforms to go ahead with your own trading experience then you need to know if your country supports the browsing of the website or not.
The website is quite popular as a trading platform which provides interesting leverages. The popularity is more or less same across the different corners of the world. Predominantly, the website is operated in South Korea, China, Japan etc. However, since the market ratings of the website are quite popular and rank good, it is being used as a leading trading platform all over the world.
You can visit the discussion pin of the website to know more about BitMEX countries and what all advantages you have been a trader at the website as a resident of your country. All the information is fed on the discussion threads.
Before you start with your trading experiences at BitMEX, you must know about the BitMEX contracts (XBT) in detail. The key to perfection in trading is when you analyze things deeply. Considering which, you must know and read the BitMEX contracts for the futures market for better understanding. To start with, BitMEX is a peer to peer professional trading platform where each peer can be a professional investor who trades on a huge volume. This way it is clear that BitMEX is not the most appropriate platforms to start with if you are a small investor or are new to trading in Cryptocurrency.
It is quite clear in the BitMEX contracts that the website regulates the deposits, withdrawals, exchanges, and other such transactions using bitcoins. No other fiat currency can be used for trading purposes on the website. Apart from this, the interface is quite professional for which you might require a little assistance at first.
BitMEX offers both perpetual and futures trading contracts both of which have their own set of advantages and disadvantages to offer. Starting with the perpetual markets, their biggest advantage is the absence of expiry date in the contract.
On the other hand, futures contracts might settle after the proposed period.
Does BitMEX Have Demo Account ?
If you are not sure if you are going to like the whole trading experience at the website then you must try out BitMEX Demo to know yourself the deal about the website. Since the signing up and kick-starting trading at BitMEX would require a bit of Bitcoin investment from your side which would be quite an investment especially if you are not sure if you would like trading at BitMEX or not.
To help you with the case, you can always sign up and use the BitMEX demo trading. This way, you would be able to know the basic functionalities that are required for you to move along with trading and apart from that, you will also be able to know the trading that happens on BitMEX would actually suit your choice of trading or not. Both ways, it is absolutely free to try the BitMEX demo account and resolve your entire list of confusions.
At Testnet, you can use the demo version of the website for a limited period of time to know the details of the website. It is always better to first test the water and then jump right into it.
All About Deposit On BitMEX
If you want to begin, you must know that there is no such thing as a “fixed amount of BitMEX deposit” which must be set initially to validate your account for trading. Since the website is meant for professional investors to trade in for spot and futures market, the initial BitMEX deposit differs from product to product.
Using only Bitcoin as a means to process all the transactions, the website has come a long way. If you want to deposit some amount in your account, you need to go and click the “Accounts” tab on your website. After which, you will be asked to deposit so and so Bitcoin. A multi signature address is generally provided as or confirmation to deposit your Bitcoin.
After you have deposited some Bitcoins for starters, it is time to begin with your perpetual and futures trading. Depending on the initial margin set (which further fifers from product to product), your minimum BitMEX deposit is decided.
BitMEX stores all the deposited and earned Bitcoin in a cold multi-signature wallet which is held together with a ton of other security features. All in all, depositing in BitMEX or BitMEX deposit is a cakewalk if you already own some bitcoins.
As mentioned, the website does not allow fiat currency to be used for any kinds of trading and transactions which also holds true for any kind of deposits to be made. The deposits are made using Bitcoin. It is important for you to own Bitcoins in order to kick start your BitMEX wallet by depositing (BitMEX deposit methods) the initial marginal amount into it.
The initial margin differs from product to product (as per their exchange rate), therefore any fixed number cannot be mentioned for BitMEX deposit methods. Moreover, for BitMEX deposit methods, you can also use other altcoins in order to purchase Bitcoin and then use it for the deposit amount.
For those who are just starting out, these complicated ways might be just too much to join a trading platform like this. Most of the non-bitcoiners thus don’t prefer trading at the website with BitMEX deposit methods. After all, the platform is meant for big investors and not for the small scale ones. After you deposit your funds into your Account (cold signature wallet), you can use it for trading and exchange purposes. The whole procedure of trading and exchanging is quite fast at the website just for your convenience.
The perpetual and futures contracts hold their own set of pros and cons over the other. The leverage trading at BitMEX is something that you must know before getting started with the website.
Not all the websites and trading platforms provide a leverage trade with your coins as BitMEX leverage trading does; it is an added advantage of sticking with BitMEX leverage trading. Bitcoin, Ethereum, Ethereum classic and more such coins are available to trade with leverage on the website. Leverage is basically a facility of borrowing funds from other peers for trading purposes. When you borrow, a part of your fund is put as collateral just in case your coin exchange suffers a loss. In such cases, your collateral gets under liquidation and the respective amount is cut from your collateral.
On the other hand, however, if your exchange returns a profit, your collateral gets returned to you along with the profit margin which you have earned in the trade. As a buyer, you have the advantage to participate in leverage trading since your transaction gets liquidated in case of huge losses.
BitMEX leverage trading, therefore, is preferred by many high level investors.
BitMEX Leverage Explained – What are the benefits?
For futures contract, the investor needs to decide whether he should go long or short with the equity he has now. To get the BitMEX leverage explained to you, you must know that going long or short with your equity depends whether you believe a certain coin will rise in terms of its price or not.
If you believe that the price of a certain coin will rise in future, you can stick to the futures contract at BitMEX. Suppose if the leverage provided to you is 30x, and your equity funds are currently 10BTC, you will be able to stake 300 BTC in the futures market. You can hold your position until either your transaction gets liquidated or you want to withdraw your funds (in case of a desired profit margin). That is what is called as going along with your futures contract.
On the other hand, you can go short with your holdings and sell BTC in the futures market, if you believe that the price of a certain coin will drop in future. In such cases, you still get to make a profit by selling the coins at the value which is more than the value it will drop in future. That is called as going short in the futures contract. The BitMEX leverage explained here is just an example of how it works.
Margin Trading on BitMEX
BitMEX margin trading is one of the most powerful means of trade encountered on platforms like BitMEX. The leverage provided on the websites is unbeatable which also puts you in a position to buy more stocks than your equity allows. Of course, it is subject to loss but the liquidation of the transaction at BitMEX margin trading prevents your equity funds to drop below zero. Although, your collateral gets cut as per the guidelines of the required margin you get saved of losing everything in your equity fund.
To talk further about the BitMEX margin trading, the website provides up to 100x leverage on spot and futures contracts which is not even close to what is provided by other trading platforms. Operated using bitcoins, the website allows you to borrow funds from other peers up to the amount of leverage provided for a particular product.
Undoubtedly, you can make huge profits in the futures market at the website which is the whole point in the first place.
BitMEX Margin Trading Guide
The perpetual contracts at the website give you an expiry date free market trading experience which can be of great use for big investors and real time traders. On the other hand, the futures market on the website has a potential growth for its margin trading on coins and Cryptocurrency.
The BitMEX Margin Trading Guide helps you know what all you need to know before trying your luck in the market. The BitMEX Margin Trading also helps the small scaled investors to protect their current equity while putting large amounts on stake with the help of leverage provided on the website. The market is all about grabbing the correct opportunities and about knowing what to put where in order to earn a good amount of profit on the amount you already have in your account – your equity fund.
The BitMEX Margin Trading Guide helps you understand how to play with the margin profits for long and short terms market. Make sure to read over the guidelines at the website to know further about the profit sharing, fees, and other such information before dipping your toes into real time trading.
Throughout this article, we have noted that BitMEX uses bitcoins as a medium to withdraw deposit funds. That means one doesn’t have the advantage of depositing or withdrawing their funds using a fiat currency. BitMEX is quite popular in the Cryptocurrency market for its great leverage, top notch security features, and no fee withdrawal.
Yes, you read that right, the no fees withdrawal is the main catch at the website. However, with this advantage comes the catch. Although there is no pre-defined charge put over the BitMEX withdraw transactions but the fee for network block chain load is charged as and when a request for Bitcoin withdrawal is made.
Only the transaction involved with banks as well as the network load is charged by a user when they request for BitMEX withdrawal. You must also know that there is no limit on withdrawal from your personal account on the website. If you wish, you can withdraw any amount of Bitcoin from your account but as mentioned, the withdrawal will only be processed with Bitcoin.
Talking about the speed of the process, you must note that BitMEX withdraw is quite fast and accurate as compared to those at other trading platforms.
Withdrawal Methods on BitMEX
It is no brain scratcher that there is only one way to withdraw from the website and that is using a bitcoin. Just as all the transactions are processed over BitMEX, the same can be said for the withdrawal as well. To point it out, the overall time taken for BitMEX to process the withdraw request of a particular user is quite low which is an added benefit for the users at BitMEX.
As mentioned in the previous section, there is no hidden charge which is taken by the website for BitMEX withdraw methods. However, you must know that the block chain load charges are taken from a user who is requiting for BitMEX withdraw.
Security wise, there has been no major series of complaints noted by customers which point to the security brilliance of the website. Your account is protected by two signature authentication which adds cents to the overall security of your BitMEX account and funds in it. After all, security is above everything. The customer support of the website is quite impressive as well. You can get your token generated for any of your concern which would be addressed as soon as possible by the expert team.
Time is an important key to note when one deals with the trading market that changes in minutes. Considering this as a given, BitMEX offers a great BitMEX withdraw time on your BitMEX withdraw transactions.
BitMEX believes in notifying you of the whereabouts of your transactions. Not only the website has a great turnaround time but also the confirmations messages are prompt in the case of BitMEX withdraw.
However, you must note that the withdrawal is quite beyond the reach of the website itself as it needs to deal with the Block chain server and banks to withdraw your request in Bitcoins. In the cases of heavy load on the block chain server, you may expect a little more time than usual for your funds to get cleared. Furthermore, you must know that the fee charged for withdrawal on the website is entirely dependent on the block chain load at the time of your withdrawal request.
Any which way, you can expect your funds to reach out to you quite quickly with the case of BitMEX. The BitMEX withdraw time is quite fast as compared to that of other such trading platforms dealing with crypto currencies.
Is BitMEX a Scam?
If you ask the current market’s choice – you would get the answer no. Which is correct as BitMEX is one of the leading platforms for professional investors who could enjoy trading without worrying for an expiry period. Not only that but the leverage provided on the website can be put to a great use for the potential futures market.
However, with great advantages come even great chances of losing your current funds. To churn out only good possibilities of profit margin, one needs to know how to study the latest trends and ups-downs of the current market.
Now for your original question – Is BitMEX a scam? – The answer is no! The platform provides equally great chances for professional investors to turn great profit margins for themselves. Not only that, but the website also provides up to 100x leverage. Through this post, it is clear that BitMEX only supports Bitcoin and no other Cryptocurrency for its trading, withdraw, deposit, and other transactions. The margin trading at BitMEX can be quite profitable if one knows which coins will rise in value in the near future and which ones to sell. Clubbing all of that altogether, the conclusion is – BitMEX is a fair platform for trading and investing.
Is BitMEX Legit?
Putting a final word without having analyzed different segments of something is plain wasteful, instead, it is better to cut segments and analyze every single one of them piece by piece. When the question arises – Is BitMEX Legit, some light needs to be put on various aspects of the website.
It is quite clear from our post already that BitMEX is safe trading platforms to kick start your trading experience at. The leverage provided on the website is highly competitive when compared to the leverage provided for same coins on other websites. To trust the market ratings, BitMEX is quite loved and appreciated in the market. In fact, this trading platform is also called the “Goldman Sachs” of the Cryptocurrency trading world.
Coming to the security point of view, the website offers a top notch security to their customers. Moreover, there is a facility with which you can get your ticket generated at the website in case of any query or issue. The ticket generated are processed and addressed with possible solutions in a much faster turnaround time.
To keep safety, advantages, and feasibility in mind – yes, BitMEX is legit.
Is BitMEX Safe?
When someone puts in a huge amount of their life’s savings into something which is related to trading (where subject to loss is sort of a given), they wouldn’t want their funds to get hampered or accessed by any fraudulent third party applications or other sources. This is why BitMEX has put in a lot of efforts in order to build in the website with top notch security features.
The account access is controlled by multi signature deposits which make sure that no one else is trying to gain an access to your funds. Moreover, one needs to go through multiple forms of authentication in order to get their basic functionalities done through the website.
For every single trade or exchange, authentication is required which is nothing but an added means of ensuring the security of your funds. Automated emails can also be protected by turning the PGP encryption on.
Encryption basically helps protect your account related information to other third party applications. Knowing this, one can easily conclude that BitMEX takes their security features quite seriously. If we go by the review of people, the website is fully equipped with various other security features.
Alternative of BitMEX Platform
The Cryptocurrency trading market has no shortage of trading platforms each of which has its own set of pros and cons. Throughout this article, we have gone through different aspects of trading at BitMEX and have also concluded in the end that the whole process is quite smooth. Also, it is completely safe to trade at the website of BitMEX since it is layered with security features and has a lot more advantages on margin trading to offer.
To talk about the BitMEX alternatives, one can easily get to find a couple of other options to go for. BitSeven is one such BitMEX alternative which is also very popular for its fast turnaround time, easy interface, and quick options to explore. Second option for BitMEX is Deribit.
To compare the liquidity of BitMEX with any other trading platform, the best option that is trending in the market is Poloniex. This trading platform offers high liquiditybut very low leverage which differs from product to product on the platform. Other than that, Nexchange is quite popular for its transparency and quick exchange of Cryptocurrency.
As we mentioned, the market is full of options for trading. All you need to do is to take your pick, stick with it, and keep trading.