- Highly advanced and sophisticated trading platform
- Wide variety of trade types
- Excellent customer service
- Reputable exchange with high liquidity
- No fiat currency supported
- Not regulated
- Narrow variety of altcoins
BitMEX is a highly advanced peer to peer cryptocurrency exchange that facilitates the buying and selling of Bitcoin and alternative cryptocurrencies. The BitMEX exchange is one of the most advanced cryptocurrency exchanges available and is primarily for experienced traders and cryptocurrency users. However, the exchange accommodates the needs of beginner to intermediate traders as well with it’s intuitive user interface and organized design. Currently, the BitMEX exchange executes $3 billion in daily trading volume and has more Bitcoin/USD liquidity than any other crypto exchange. The BitMEX exchange was founded in 2014 and is owned and operated by HDR Global Trading Limited. The exchanges headquarters are located in the Republic of Seychelles and BitMEX remains to be an unregulated cryptocurrency exchange, much like most other crypto exchanges. While BitMEX is not regulated, that doesn’t mean they can not be trusted and are fraudulent. In fact, BitMEX is one of the most reputable cryptocurrency exchanges available and is trusted and used by some of the most prominent cryptocurrency traders in the industry. Therefore, let’s delve in this review and discover all aspects that make up this exchange and see what sets BitMEX apart from the competition.
The BitMEX trading platform is highly advanced and features a great deal of sophisticated functionality while providing an intuitive user experience. However, the user interface does look a little dated compared with the new and flashy crypto exchanges, but it makes up for looks with capabilities. Traders can conduct advanced technical analysis by applying various technical indicators to the charts, using numerous drawing and analysis tools, and viewing different chart type and time frames. As well, traders can place advanced order types for buying and selling crypto. Traders can place market orders, limit orders, stop losses, trailing stop losses, and take profits orders. Also, BitMEX users have the ability to trade perpetual contracts, futures contracts, and participate in margin trading with up to 100x leverage on some of BitMEX’s crypto products. Overall, the trading platform is extremely fast and responsive as the trading engine was built on the same technology used by investment banks and hedge funds. Traders looking for an advanced crypto trading platform need to look no further, as BitMEX’s trading platform is an industry leader in that regard.
BitMEX is strictly a cryptocurrency exchange and does not offer any traditional investable products or assets. Bitcoin (BTC) is the primary crypto asset of the BitMEX exchange and is the primary crypto used to exchange with other crypto assets on the exchange. All of the contract types offered by BitMEX are bought and paid out in Bitcoin as well. BitMEX does not support any fiat currency and therefore all trading must be done with crypto. As for the alternative cryptocurrencies supported on the BitMEX exchange, they include:
- Bitcoin Cash (BCH)
- Dash (DASH)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Litecoin (LTC)
- Monero (XMR)
- Ripple (XRP)
- Tezos (XTZ)
- Zcash (ZEC)
- Tron (TRX)
- EOS (EOS)
- Cardano (ADA)
Fees and Commission
BitMEX is very transparent with their fees and they have a very detailed fee schedule for all of the coins they support. For Bitcoin (BTC), the maker fee is -0.025% and the taker fee is -0.075%. For all other coins the maker fee is -0.05% and the taker fee is -0.25%. As for deposits and withdrawals, BitMEX does not charge any fees. All in all, the fees imposed on traders at BitMEX are very competitive and lower than much of the competition.
Security and Fairness
The BitMEX crypto exchange may not be regulated, but they do employ the highest of standards for a cryptocurrency exchange. All user funds are stored offline in a cold storage, multi-signature wallet. This is the most secure method of storage and prevents loss from hackers and malicious activity. The overall system that BitMEX is run on is highly secure as well because it runs on Amazons Web Services which has world-class security. BitMEX also supports two factor authentication techniques for signing into your account and withdrawing funds. Also, BitMEX communicates with their clients through PGP encrypted emails. All in all, the BitMEX exchange is highly secure and very reputable in the crypto industry.
The customer support offered by BitMEX is excellent compared with many of the cryptocurrency exchanges out there. Support can be reached 24 hours a day, 7 days a week via email, a support ticket system and through their various social media channels including; Weibo, WeChat, IRC, Telegram, Twitter and Reddit. Support representatives are very quick to respond and usually take around 1 hour to respond during reasonable business hours. In addition to these methods of support contact, users of BitMEX can browse the extensive support center which includes numerous FAQs and topics with loads of helpful information. All in all, the support provided by BitMEX is phenomenal in the crypto industry.
The BitMEX cryptocurrency exchange is a highly advanced exchange that supports a variety of order types and contracts for trading Bitcoin and alternative cryptocurrencies. The exchange is primarily geared towards experienced cryptocurrency users and traders but is simple enough for beginners to use as well. The BitMEX trading platform is very advanced and intuitive with great functionality including numerous trading and charting capabilities. The customer support provided by BitMEX is great and the fees and commissions are very competitive. All in all, BitMEX is an excellent cryptocurrency exchange that can be trusted.
The following are the common questions that customers inquired about BitMEX.
Is BitMEX regulated?
No, it is not regulated by any reputable regulatory authorities.
Is BitMEX a scam?
No, BitMEX is a legit crypto exchange that has been successfully operating since 2014.
Where is BitMEX based?
BitMEX is based in the Republic of Seychelles.