What is BitMex
BitMEX is one of the leading platforms in daily trading volume. The exchange started operating in 2014 and offers instant transactions in the system, a comfortable service for trading derivatives, cryptocurrencies and margin trading in bitcoin futures.
How Does BitMex Exchange Work
BitMEX gives an opportunity to trade profitably with a margin leverage of up to 1: 100. Margin trading on the exchange is not an asset trading, but an obligation to sell or buy piped currency at the agreed price. There is the possibility of trading for growth and lowering value. You can open deals with a value that exceeds the balance of the account and earn on it and much more.
BitMEX has only one type of account for its customers. This means that beginners are on an equal footing with more experienced traders.
Moreover, the platform sometimes provides a number of different discounts and offers potential users to encourage them to register. Usual promotions include a 10% bonus, which is certainly beneficial for beginners. Affiliate deals are also available through the company’s website.
The platform has many graphs with information about the latest sales, quotes, glasses of prices. These information windows can be configured and moved in any convenient way that allows you to create a comfortable workspace.
Digital coins are traded in the Trade tab. There you can choose an asset from the proposed options, open a trade, use orders and stop limits, calculate profit in a convenient calculator and adjust the margin leverage.
BitMex has a user authorization system without their mandatory verification. This makes access to the web site more convenient, because for standard verification it takes about two days. This also provides an opportunity for completely anonymous trading.
On the exchange, deposit and withdrawal of funds is carried out only with the help of bitcoin (from 10,000 satoshi). Fiat funds are not supported. This means that if you have altcoins, before you make a deposit, you will need to convert them to BTC. If the user is dealing with contracts for altcoins, the income from them will also be recorded in the BTC.
The withdrawal of capital can be carried out once a day, the trader sets a commission for the withdrawal of capital. A transaction will be completed faster if you increase their value.
There is also access to a demo account that will help you to get acquainted with the capabilities of the exchange without loss of funds.
How To Trade On BitMex
There are no features with registration. Just enter your email, specify the country of residence and create a password. The name and surname, during initial registration, is not required. Account activation occurs when you click on the link sent to email.
Is BitMex Safe?
BitMEX is owned by HDR Global Trading Limited and is a fully licensed company. The exchange is licensed in the Republic of Seychelles under the 1994 Law on International Commercial Companies.
BitMEX has large volumes of transactions with Bitcoin, offers many opportunities for generating income, low fees, a functional terminal, a convenient customizable interface and the ability to demo-trade virtual coins to get acquainted with the system.
The platform has an average or higher rating on review sites.