BitMEX Trading – Review of Advanced Crypto Derivatives, Deposits and Withdrawal Fees, Margins, Leverby
[Trailing Crypto](/user/trailingcrypto)cryptocurrency experts
It doesn’t matter if you are a novice trader or an expert, choosing the right crypto trading platform and the right strategy is important to place a successful trade.A great trading platform assures you an excellent customer support, minimal fees for withdrawals, provides charted trading interface, helps you learn advanced techniques to trade, and assures maximum security.
Cryptocurrency market is well-known
for its volatile nature and it keeps on changing its movements.But investors
have to stay on the latest tools and technologies that may help them earn
crypto trading platforms help its traders to make millions of dollars
by enabling the best tools.BitMEX is one such trading platform that offers
great trading features to the investors, helping them to become successful in
the crypto trading market.
While we all know that Binance, Bittrex, and CoinBase are considered the best cryptocurrency exchange platform, BitMEX is now responsible for some of the largest trading volumes in the cryptocurrency market.You know, its daily volume of Bitcoin exceeds one million dollars, and it is currently recognized as the best exchange for futures trading.
If you have been trading cryptocurrencies for a while and you want to trade in higher volumes than you can afford, considering margin trading or trading with leverage is the better option.And, BitMEX is best known for the traders for offering 100x leverage.
It is important for the traders to note down that BitMEX is not your typical exchange, but it is a cryptocurrency derivative that allows its traders to trade popular cryptocurrencies like Bitcoin at a leverage level of up to 100x.
Now, you might think is it the best platform for crypto traders to use?
Here, we will guide you through all of its features and what the hype is all about BitMEX.
We have included all the information related to this platform, how it works, what you can trade, what are the supported cryptocurrencies, margin trading, leverage trading, security, fees, and more.
Let’s start by getting an overview of what BitMEX actually is?
What in BitMEX- An introduction
Short for Bitcoin Mercantile Exchange, BitMEX is the crypto exchange platform that enables derivative trading.Registered under the International Business Companies Act, BitMEX is a crypto trading platform designed for expert traders for margin and leverage trading.This platform lets you trade supported cryptocurrencies with leverage up to 100x.This means that while having $100 in your BitMEX account, you will be able to trade in Bitcoin worth $10,000.The platform only deals in Bitcoin and not in any other cryptocurrencies.
It functions like a futures trading platform than an exchange that allows traders to buy futures and perpetual contracts.It is not a much popular choice among the novice traders or the beginners since it only offers the advanced features like margin trading.So, this platform is aimed at the expert or seasoned traders.
Operating since 2014 under its parent company named HDR Global Trading Limited, BitMEX is one of the popular derivative exchange platforms that have processed hundreds of billions of dollars in cryptocurrency trades for customers worldwide.
And, its popularity is mostly based on its favorable fees, alongside its support for margin trading.
However, BitMEX trading is somewhat different because it doesn’t offer direct Bitcoin or other cryptocurrency directly.Traders have to deal with contracts instead of trading with direct cryptocurrency which is more volatile compared to traditional trading.Therefore, this platform is meant for experienced traders and investors that require very little guidance.
To open an account on BitMEX, all you need is confirmation that you are over 18 years and an email address.Unfortunately because of legal issues, the BitMEX platform is not available for US traders but that should not be a problem because TrailingCrypto is one of the best crypto trading platform that supports various top crypto exchanges including BitMEX that one can use.
BitMEX functions as a P2P crypto trading platform which allows users to buy digital currencies by only using Bitcoin.Yes! It only accepts payments in Bitcoin.So, even if you are buying or selling other cryptocurrencies like Ripple, Ethereum, and Litecoin, you must have to start by depositing Bitcoin.Leverage trade contracts by this exchange help in delivering trades faster.
This is a reliable platform that provides liquidity to support Bitcoin trades.
On BitMEX, XBT-USD is one of the most traded perpetual swaps which have changed the cryptocurrency sphere for the better.Traders interested in crypto and fiat currency investments can benefit from BitMEX as it is considered one of the safest exchanges for margin trading.It is the best and highly-rated platform for BTC deposits, spot trading, and maximum leverage trading.
Is BitMEX exchange safe?
And, the one word answer to this question is, yes! BitMEX is considered as one of the safest and trustworthy platforms to trade cryptocurrencies.It protects the account of its users by offering 2-factor authentication making it completely impossible for the hackers or fraudsters to steal information.
Additionally, BitMEX also offers an option of IP pinning to its traders so that they are notified if the login is made from any unknown device.
BitMEX stores all the user funds to a cold storage multi-storage wallet to ensure maximum protection.Whenever, any user performs a withdrawal request, it’s verified manually before approval.Moreover, BitMEX never stores any private keys on to its cloud based servers.
BitMEX is the only platform that requires multiple digital signatures to complete a transaction.All addresses are multi-signing, and all funds are stored strictly in the offline account.
of trading with BitMEX
– High-trade value
– Simplified registration
– Provide margin trading with leverage up to 100x
– World-class security
– Lets the traders use short positions
– Higher transfer speed for withdrawals and fund replenishment
– Excellent user-interface
BitMEX trading and markets supported
BitMEX platform exclusively supports crypto trading through derivative and specialized margin trading.The exchange offers leveraged trading for margin traders and other trading options.
Leverage is usually appealing for the experienced traders who are willing to risk and have great experience in speculative trading.
Traders get to enjoy the leverage of up to 100X on futures and spot for short and long orders.Although leverage can result in massive returns it also can lead to significant losses.
Despite BitMEX only allowing for Bitcoin deposits it nonetheless allows trading of different types of crypto and fiat currencies such as the US dollar, Chinese Yuan, and Japanese Yen.
After depositing Bitcoin one can then purchase other cryptocurrencies such as Bitcoin Cash, Ethereum, Ethereum Classic, Dash, Monero, Litecoin, Tezos, Ripple, and Zcash.
Crypto derivatives available at BitMEX
Here’s what you need to know about the derivatives which BitMEX offers:
If you are interested in trading crypto futures, BitMEX also offers this.All Futures contracts are settled here on the cash basis, and also depend on the underlying cryptocurrency it is tied to.These contracts come with an expiry period of 7 days, 1 month, or 4 months.
In its most fundamental form, a perpetual contract is just like a conventional Futures contract with only one key difference.Unlike Future contracts, perpetual contracts never get expired.All this means, there is no settlement date on the contracts purchased via BitMEX.
In other words, we can say that these contracts are only getting settled whenever you decide to exit the trade.
BitMEX UP contracts
BitMEX UP (Upside Profit) contract is offered as a way to watch on increasing in value of a particular cryptocurrency by a particular date or time period.
These contracts operate in a similar way to the traditional contracts.Additionally, these contracts come with both an expiry date and strike price.
Let’s understand this with an example:
A 7-day BitMEX UP contract on Bitcoin at a strike price of $1000 would work as follows.If you think that Bitcoin was about to go on a short-term bull run, and thus, you think that the market price would exceed $1,000 in the next 7 days, then you could pay a premium to access the market.
BitMEX Down contracts
This contract works in the exact reverse way of the BitMEX up contract.So, by engaging in this derivative, you are watching that the underlying cryptocurrency will go down in value before a pre-defined period.
So, these are the main derivatives that you can trade on BitMEX.Now, we will discuss the specific cryptocurrencies that can be speculated on.
Different cryptocurrencies supported by BitMEX
The primary and foremost thing to note while trading on this platform is that BitMEX functions on one and only one cryptocurrency, i.e.Bitcoin.
All the deposits, withdrawals, profits, and losses are stipulated in Bitcoin only.
Here are some of the popular crypto derivates that you may trade on this platform are:
– Bitcoin – BTC/USD
– Tron- TRX/BTC
– Litecoin – LTC/BTC
– Ripple- XRP/BTC
– Tezos – XTZ/BTC
– Ethereum – ETH/USD, ETH/BTC
– Bitcoin cash – BCH/BTC
– Cardano – ADA/BTC
BitMEX has also launched its API interface allowing its traders to access the real-time market data.Its API service is termed as one of the best and most unique within crypto derivatives exchange market.
Traders who are new to derivatives trading are encouraged to start off trading on BitMEX using its Testnet interface.This feature was released to help novice traders simulate derivatives trading without depositing and risking actual capital.
Through the Testnet, users can impeccably place, execute, or cancel different types of orders.
Testnet functions as a separate unit, so its usage requires the creation of a separate account.It functions exactly same as the main interface, so it’s also suitable for those who are new to BitMEX, but not to derivatives trading.
Deposits and withdrawals fees
BitMEX offers a transparent and easy-to-understand fee structure.The BitMEX exchange is highly popular among traders for having some the market’s lower trading fees.
Being, perpetual contracts, quanto futures, or traditional futures, the fee schedule is different for each BitMEX exchange.
The supported cryptocurrencies at BitMEX entail a different leverage margin and a different maker, taker, and the settlement fees.For Bitcoin perpetual contracts running at 100X leverage, the traders cam expect to pay a maker fee of -0.025%, taker fee of 0.075% for a long and short funding of 0.0031%.
BitMEX doesn’t charge fees on deposits and withdrawals of your Bitcoin.However, while transacting funds between accounts, traders have to pay the fee which is set automatically by the blockchain network.
Once you have created an account at BitMEX, you need to head over to the deposit page to access your unique Bitcoin wallet address.Then, you will need to head over to the external Bitcoin wallet, paste the wallet address here, and then transfer the funds.No fee is charged to make a deposit! The minimum amount you can put on your account is 0.0001 BTC.
BitMEX exchange platform has a profit and loss calculator which tells what risks are exactly involved.Only Bitcoin trades can be calculated with BitMEX calculator tool.
It is used for checking:
– Entry price is lower than exit price
– Short position at low exit price
– Exit price higher than the entry price
How to get started with BitMEX?
The registration process on BitMEX is quite simple.
All you need is your email address to get started plus you can also secure your funds using a 2-FA authentication feature that BitMEX offers.
The website takes a couple of minutes to complete the registration process from the start to finish.You can either choose or skip the KYC process, which could be a bit complicated.
Steps to create a BitMEX account
– Visit the BitMEX website, click on the register tab in the top right corner of the page
– Fill in all the details and enter the email address to generate a password
– Verify the email address by clicking on the link sent by the BitMEX exchange platform to your registered email
– Click on ‘verify my email’ link and complete all the registration process
– Your account is created on BitMEX
– Registered account holders can sign in and make Bitcoin deposits instantly by following the below steps
– Click on the account at the top left corner of the page
– Go to the BitMEX wallet page
– Click on the deposit button and enter the deposit address link
– Use Bitcoin address and click on ‘send Bitcoin to’
– Copy the address from the crypto wallet and enter it in the ‘withdrawal form’ field.
One advantage of trading through BitMEX platform includes its absence of restrictions on the minimum and maximum investments criteria.To solve any other issues, BitMEX’s customer support will be of great use to its investors.The support team knows the obstacles which their clients may face and suggest the best possible solutions to them.
BitMEX uses an automated trading
engine and has a
trading bot which helps traders in quoting instantly and continuously
in the 2-sided market.It automates the trading process and lets traders earn
According to BitMEX exchange bot review, it also supports several API keys to provide a good starting point for trading.
Understanding the interface
For users with experience with exchanges like Binance, it won’t be quite difficult to understand the exchange.
All tools are same.Below the trade tab, you may view this dashboard with all its trading tools.
The top trading bar has a static display and provides easy navigation throughout the ‘Trade’ window.Now, you will see the ‘Accounts’ page and ‘contract’ information which is very easier to comprehend.
BitMEX charts offer a wide range of tools and time frames to its traders to draw chart patterns, trend lines, etc.to perfectly time a trade order using limit, market, or stop order.Different order types supported by this trading platform include limit order, market order, stop-limit order, stop-market order, Trailing stop order, profit limit order, and profit maker order.
In this trading interface, all positions are displayed at the bottom and can be monitored easily.The position size, margin, asset, entry price, etc.
are all displayed and updated in real time.Pending orders can be displayed by clicking on the ‘Active orders’.
This also provides an option to review, modify, and deleting the order.
After making a trade you can also track the orders via Active Orders which allows for fast and effortless management as well as cancelation of orders.Unfortunately, the platform is only meant for desktop and is too complex to use on mobile phone.The web application is usable and user friendly.
Until a few months ago, BitMEX users would need to rely on an unofficial Android application to use the platform.However, the company recently released its mobile app allowing you to trade on the move and is available on both Android and iOS.
BitMEX margin trading
BitMEX provides its traders to place their positions with leverage.
This option allows traders to place orders that are bigger than their own funds.This may result in higher profit instead of placing an order with your own funds or Bitcoin in your wallet.This kind of trading is termed as margin trading.
And, in this case, it involves borrowing funds to amplify potential returns while buying or selling cryptocurrencies on BitMEX.When you leverage to trade, you can access the increased buying power and may open positions that are much larger than your actual account balance available for crypto trading.
If you have an account balance of 10 BTC, and you want to place a trade with a margin of 10:1, you can open a position worth $100 BTC or BitMEX.This further means that if the market moves in your favor, you can access 10 times the profits.
However, it also has the effect of magnifying losses because there are chances that the market may move against you.
TrailingCrypto is one of the best crypto exchanges trading platforms that can be used to perform advanced trading operations on BitMEX like Trailing Take Profit, Conditional Buy, OCO, OSO, Trigger Based Custom OSO, etc.
Leverage for different coins on BitMEX
The leverage or margin trading makes BitMEX a popular exchange for traders.With Bitcoin, you can even set up a 100x leverage.
Here are the maximum leverages for all cryptocurrencies:
Bitcoin Cash: 20x
To finish BitMEX exchange review, all we can say is that you can access the best tools and experience a unique trading service with this amazing platform.
It is quite safer to say that this exchange platform offers advanced trading techniques for the users and lets them trade using leverage.
The platform is well-suited for the expert and professional traders, and for those, who are ready to trade volatile risk assets.And, this is all that makes it the best crypto exchange.This is one of the best and largest crypto derivatives to speculate on the cryptocurrency market so as to earn BTC.
Margin trading has high potential profit than the traditional trading.Here you can also practice trading strategies using a demo account.
Offers upto 100x leverage on margin trading
Deposits and withdrawals can be done via Bitcoin (BTC)
Doesn’t accept FIAT payments
Traditional futures and perpetual contracts
Supports only a limited number of cryptocurrencies
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