Name: BitMEX
Brand: BitMEX

BitMEX is a trading platform that offers access to crypto-products in the global digital asset financial markets. BitMEX allows users to buy, deposit, withdraw, convert and trade with crypto currencies (XBT, ETH and USDT), and it currently supports purchases from 36 fiat currencies.

BitMEX has been at the forefront of crypto exchanges since 2014, revolutionizing the industry with the invention of the XBTUSD perpetual swap, one of the most traded crypto products of history, and has continued to relentlessly innovate since then.

In 2021, the kicking-off of the Beyond Derivatives strategy started carving the path towards BitMEX’ mission to become the world’s largest regulated crypto exchange and a real catalyst for change in the financial industry. Beyond Derivatives is greatly expanding BitMEX’ service offerings by adding five new global business segments: Spot, Brokerage, Custody, Information Products, and Academy.

Read through to see what BitMEX has to offer for those interested in cryptocurrency trading.

Pros and Cons

Pros

High liquidity
High leverage for some products
Major altcoins available

Cons

US Persons and those from restricted jurisdictions are not allowed to use the platform

Recommended For

The crypto world is unique for many reasons, one of them being its hugely increasing popularity among all types of people thanks to easy-to-access solutions; but another and very important one is the volatility of prices as well as the high risk of some of the products.

So, either if you are new to crypto or if you have already made your first steps (or lots of them) into the crypto sphere, you should probably make sure you have some basic knowledge about what you are doing and what tools you are trading with before joining this platform, or any other.

BitMEX aims to be a one-stop platform for anyone, be they an experienced trader or newcomer, who wants to learn about and trade with crypto. To support growth of the industry, BitMEX Academy exists. Armed with contents related to cryptocurrency, blockchain technology, trading fundamentals, and other topics essential to success in the crypto markets, as well as basics about the BitMEX platform.

Top Features

BitMEX Academy. We’ll discuss this educational resource more in depth below, but it is a multimedia learning platform featuring some of the greatest minds in the crypto industry. Distinguished , interactive courses, podcasts and a library with an extensive list of resources, from basic information to more advanced insights abound.
APIs. According to BitMEX, a lot of detail has gone into developing, evolving, and creating their own Application Programming Interfaces. The BitMEX APIs are open and complete and every function used by the BitMEX website is exposed via the API. This allows developers full control to build any kind of application on top of BitMEX.
Perpetual Swap. Back in 2016, BitMEX invented the XBTUSD perpetual swap, a contract that would change the rules of the crypto game, becoming the most traded crypto product of history. It is similar to a traditional futures contract, though with a few differences: it never expires, it mimics a margin-based spot market, and it requires lower margin, unlocking opportunities for up to 100X leverage.
Spot exchange. BitMEX has announced that it will soon introduce BitMEX Spot which will have full-service spot capabilities globally, providing users with a way to buy and sell crypto assets. It has already launched its own native token, BMEX, recently added ETH to the list of supported tokens and will continue to add more cryptocurrencies in the next few weeks, ahead of the Spot launch.
Multi-Lingual Support. You can contact BitMEX through a portal on its app, with customer support provided in English, Chinese, Russian and Turkish, with more languages to come in Q2 of 2022.

There are quite a few features that are unique to this platform, and they are some of what makes BitMEX one of the most popular crypto exchanges out there. We’ll discuss the Crypto Converter, BitMEX Earn, BMEX, the BitMEX Academy, and security features.

Crypto Converter

Convert is an efficient crypto converter that provides the option to convert your crypto coins seamlessly. With Convert, users can change Bitcoin and Ether into Tether and vice versa, with more coin conversions to be introduced soon. It has zero fees, gives the user a free quote before executing the conversion, and the transaction occurs immediately.

BitMEX Earn

BitMEX Earn is another new feature recently introduced by the platform. It allows users to earn interest in HODL-ing Bitcoin or Tether by placing them into high return products. According to BitMEX, it’s a low risk, easy to use and high earning tool: the user simply allocates tokens for a specified amount of time to receive principal with the interest quoted in the product listings included in the Earn section of the website.

BMEX

BMEX is BitMEX’s native token. Minted last December, it is called the coin for true believers. BMEX gives users access to trading rebates, better rates for the exchange’s Earn product, access to BitMEX Academy, and other benefits. If you want more information on BMEX, you can read the Litepaper here, as it outlines the vision behind the project.

BitMEX Academy

BitMEX Academy is a multimedia learning platform on all things crypto, featuring lectures from some great minds of the industry like legendary trader Justin Chow, as well as interactive courses and an extensive amount of content in the form of a library of articles and a podcast section. Users can subscribe for free and access the different contents directly from the website.

Security

BitMEX is committed to the platform and its users’ security and implements a series of measures to make sure funds, trading engines, and systems are protected. BitMEX security features include a multisignature scheme to validate and audit deposits and withdrawals before completion; full risk checks after every order placement, trade, settlement, deposit and withdrawal to make sure all accounts in the system sum to zero at any time; and multiple, secure forms of authentication.

Overview

Type of Broker Exchange
Regulation & Licensing Unregulated (Parent Company based in Seychelles)
Clients Accepted from 30+ Countries (Not US and other Restricted Jurisdictions)
Assets Offered Cryptocurrencies
Platforms Available Web, Mobile
Mobile Compatibility iOS, Android
Payment Types Accepted Visa & Mastercard credit/debit cards, electronic fund transfers, cash deposits

Account Types

	BitMex Account
Features	Trading Account For This Broker
Account Currencies	AUD, CAD, CZK, DKK, EUR, GBP, NOK, NZD, PLN, RUB, SEK, SGD, TRY, USD
Available Leverage	1:100
Minimum Deposit	Varies based on product
Starting Spreads	N/A
Commission Per Trade (Maker Fee)	-0.01% (one of the lowest in the market)
Commission Per Trade (Taker Fee)	0.025%-0.05% (one of the lowest in the market)
Decimal Pricing	N/A
Trading Instruments	Cryptocurrency
Min. Transaction Amount	Varies based on product
Demo Account	N/A
Swap/Rollover Free	N/A
Copy Trading Support	N/A

Compliance & Regulation

BitMEX is owned by HDR Global Trading Limited, a company in the Republic of Seychelles which was incorporated in 2014. The company number is 148707. BitMEX has a policy of Restricted Jurisdictions based on which it does not provide services to US Persons and customers located in, established in, or a citizen of a series of countries that are listed here.

Reliability & Security

BitMEX has a track record of security and it’s a highly-rated platform having not lost a single Bitcoin through intrusion or hacking ever. In July 2021, BitMEX was awarded one of the most rigorous certifications on security management systems: ISO/IEC 27001. This certification process, apart from an audit of IT systems, includes a thorough examination of the information security risks (threats, vulnerabilities, and impacts), an assessment of a comprehensive set of information security controls and risk mitigation protocols, as well as the implementation of a management process to ensure information security standards continue to evolve and improve.

User Experience

On financial services review sites, it is common practice to use star ratings to indicate how people feel about a broker. BitMEX, though a newer company, has racked up a few of these ratings, which indicate an average to above average user experience. Here is what we found:

G2.com: 3.1/5
Investopedia: 3/5
FXEmpire: 2.2/5
The Balance: 2.9/5
CryptoWisser: 3.8/5
99Bitcoins: 8.2/10
Revain: 3.7/5
Bitcoin Buyers Guide: 4.6/5
Nomics: 5/5
Top10 Stockbroker: 5/5
TeamBlind: 3/5
CryptoTotem: 5/5
MoneyCheck: 8/10

Final Thoughts

BitMEX is a great platform but you have to be based in a country that is not included in one of the restricted jurisdictions. The exchange offers great liquidity, leverage, and a wide range of products. Do your own research on the company before deciding whether you want to trade with it.

Contact Info

Website: https://www.bitmex.com/

Email: Portal On Website

Company Address:
Suite 202, 2nd Floor, Eden Plaza, Eden Island, Mahe, Seychelles

FAQs

Q: What maturity does this broker offer on contracts?
A: BitMEX offers both Perpetual Contracts, as well as various fixed-date expiries.

Q: How does BitMEX calculate the settlement price?
A: For those who don’t know, a “Settlement Price” is the price for which the Futures Contract settles. BitMEX averages the price over a period of time before the settlement, so as to avoid price manipulation. This time frame will vary from asset to asset.

Q: Is it possible to go broke with BitMEX?
A: BitMEX has a sophisticated liquidation and margin process. This process prevents traders’ margin balance from going below zero. Negative balance protection is a great feature, especially for an industry as volatile as cryptocurrency.

For more questions and answers on all things BitMEX, including different types of contracts, how do leverage and liquidation work and which are the main fees, as well as main security features and policies, check https://www.bitmex.com/app/faq.