Is BitMEX the right crypto margin trading exchange for you? Does it have the right mix of features and user experience to meet your set of requirements? If you’re looking for a review of BitMEX that is as helpful as possible, you’re in the right place. This is your complete guide to the BitMEX platform, providing all the essential information you need to use about getting started with BitMEX, placing trades, and everything else you need to know.
It is essential to take your time and ensure you have answers to all your questions before signing up to a crypto margin trading exchange. After all, it is the safety and security of your investment at stake. You want to be sure that any exchange out there, including BitMEX, has everything in place that you need to feel safe and secure that your money is in good hands.
Also, the performance features and interface offered by a crypto trading platform are essential as well. You need to have the right speed, levels of reliability and other aspects to ensure you have an advantage when placing your crypto trades. Because the price of crypto fluctuates so rapidly, any delay or instability can mean you miss out on profit.
In today’s full and complete guide to BitMEX, we will cover:
- Getting started with the BitMEX platform. How to sign up and begin using BitMEX to place your crypto trades.
- Trade types. Exactly which types of trades will you be able to place once you have signed up to BitMEX, and what do you need to know about each of them?
- Fees. Every crypto margin trading exchange charges certain fees for using its platform, and BitMEX is no exception. Learn the types of fees, and how much you will have to pay, when trading and withdrawing on the BitMEX platform.
- Safety. Is BitMEX a platform you can trust? What are the range of safety features in place to ensure you have a reliable and secure trading experience?
- Verdict. What’s our overall take on BitMEX? Is it worth your while as a crypto trading platform, or are you better served elsewhere?
Read on to discover everything you need to know about the BitMEX platform!
How Do I Sign Up To BitMEX?
If you’ve signed up for a crypto margin trading exchange in the past, you will know that the experience isn’t always a smooth one. It can be difficult to jump through all of the hoops required by the exchange. Sometimes, the forms needed to fill in can be a little confusing, cluttered, and not providing a good user experience.
So what is the process like for getting started on BitMEX? Is the sign up process clear and understandable, or is it a frustrating start to your BitMEX trading experience?
Thankfully, the BitMEX sign up experience is straightforward and simple. There is a single box that pops up with only a few simple fields to fill in. This is a great first step and is very much in line with the user friendly experience that you will have using BitMEX overall.
On the initial BitMEX registration form, you are only required to enter:
- Country of Residence.
- Email Address.
This is a lot less strenuous than some other crypto margin trading exchanges, which is welcome because it makes it as quick and easy to get started on the BitMEX platform as possible. You may have to complete a quick Captcha, but that’s fairly pain free.
Note that the email address you use to create your BitMEX account should be a genuine one, as you will need to confirm your registration email in order to start trading via BitMEX.
It’s also important to be aware that BitMEX carries out location checks via ip address to make sure that you are not signing up from the USA. Like many other crypto trading platforms, BitMEX is not an option for USA traders.
Now that you know the information you have to provide to get started trading with BitMEX, let’s delve deeper into the process of using the service itself, and explore what it has to offer.
How Do I Use BitMEX?
The first stage to trading crypto on BitMEX is to make a deposit into your newly opened account. This will allow you to place trades.
When you first open an account, and finish your set up and registration process, you will be taken to the main BitMEX interface. If you have some experience of trading crypto in the past, this will be fairly easy to figure out for you. However, it’s not suggested for starting traders. Although it’s definitely possible for a newbie crypto trader to figure out the BitMEX interface, it will definitely take longer and have more of a learning curve.
In order to get started exploring the BitMEX interface for yourself, first click on the main Trade heading. This will open up a screen containing the following aspects:
- Orderbook. This contains a standard 3 column setup, showing the price, the size, and the total value of trades.
- Recent Trades. This displays all the recent trades that have been executed for your pairing of crypto and Fiat or other type of trade.
- Order Slip. This allows you to easily see the key info you need to know about your order, such as the size, level of leverage, cost etc.
It might take a little while to get comfortable with the BitMEX interface, and it isn’t as polished and modern looking as found on some other trading platform. However, it’s intuitive enough and displays all of the vital information you need to effectively execute crypto trades.
Aside from the main information provided by the BitMEX interface detailed above, you can also use a system of tabbed navigation to access information about:
- Active orders. If you want to keep an eye on all of your active orders placed via BitMEX, you can do so in this tab. Having all the information handy is a very good feature and one which makes the life of the trader a lot easier.
- Stops. Most good traders will use stops as part of an effective and tactical approach to crypto trading. If you want to see all of the stops that are in place, you can do so by clicking on this tab.
- Trade History. Want to check exactly how you’ve traded a particular form of crypto in the past, and what the outcome of that decision was? It’s quick and easy to do so by checking the ‘trade history’ tab.
Overall, we judge the BitMEX interface to be clean, clear, and effective. Aesthetics are always a matter of personal taste, but having traded crypto on almost every platform out there, we definitely find this to have everything we need, displayed in a logical and clear way.
Now that you know what it is like to use the BitMEX trading interface, let’s go deeper into the exact types of trade offered on BitMEX. After all, you need to ensure you will actually be able to execute the type of trade you wish to indulge in!
Without further ado, let’s get to it!
What Types Of Trade Can I Execute Using BitMEX?
There are a vast range of different crypto trade types out there. Learning them all takes skilled traders a long time, and it’s often a wise approach to specialise and gain a great level of knowledge and experience regarding a specific type of trade.
So what are the trading types offered by BitMEX, and what do you need to know about them?
The full range of order types you can carry out via BitMEX include:
- Limit Order. The ‘limit’ in this type of order refers to a certain price or value. When this limit is reached, the trade is carried out.
- Market Order. The order is executed based on the current price the market has for the crypto. The trade is executed right away.
- Stop Limit Order. Once a stop price is triggered, the trader is able to set the price of the order.
- Stop Market Order. A special type of stop order which does not enter the orderbook in the normal way, and instead remains hidden until the trigger point is reached.
- Trailing Stop Order. An order type that is very similar to a stop order, but the difference lies in the fact that the trader sets a trailing value which the order is based on.
- Take Profit Limit Order. Similar to a stop order, this type of order allows you to target a certain amount of profit, so that the trade is carried out when the desired level of gains is reached.
- Take Profit Marker Order. Very close in nature to the above type of order, but based on a market order type, rather than a limit order type.
This should give you a good level of insight into the main types of order you can place on the BitMEX exchange.
Now that you know the types of order that are supported by BitMEX, let’s look a little closer at the fees and costs you will incur when using this crypto trading platform.
What Type Of Fees Are Charged By BitMEX?
Of course, if you want to trade crypto using the BitMEX platform, you will incur some fees and costs to do so.
Fees are an inevitable part of crypto trading. Each and every exchange has them to some extent or another.
Often, traders are willing to pay a slightly higher level of fee to get a more reliable and better level of service in exchange. For other traders, the key objective is to find the lowest fees possible, allowing them to keep more of the gains they make while trading.
So what is the fees situation at BitMEX?
- Maintenance fee. You will incur a maintenance fee when keep trades open on the BitMEX index. This ranges depending upon the type of crypto you are trading. It is a percentage, typically ranging between a lower level of 0.5%, which is the case for cryptos such as Bitcoin, and higher levels such as 5%, found in the case of Ripple.
- Maker Fee. At the time of writing, on the BitMEX platform, the maker fee is set at a flat rate of -0.25% across all the different cryptocurrencies.
- Take Fee. BitMEX sets its taker fee at a steady rate of .075% across all of the cryptos you can trade on the platform.
- Settlement Fee. The settlement fee charged by BitMEX is a flat rate of .05% across all of the different types of crypto.
Overall, the fees charged by BitMEX are fairly standard in the world of crypto. The rates are not so high as to put you off trading. Also, unlike some other platforms, you know you are paying to trade on a platform as established and trusted as BitMEX.
How Do I Deposit and Withdraw To My BitMEX Account?
Now you have a clear picture of the experience trading on BitMEX, the order types you can place, and the fees you will pay to BitmEX, let’s consider an important logistical point – how to deposit money into your BitMEX account, and how to withdraw it.
So what are the key facts you need to know about deposits and withdrawals at BitMEX?
- Bitcoin only. Unlike some other trading platforms, you can only deposit and withdraw on the BitMEX platform in Bitcoin. This means you will need to hold some crypto elsewhere in order to ger started on the BitMEX platform, as you cannot deposit Fiat.
- Fees. Some platforms charge you a fee to deposit or withdraw into your account. One great feature of BitMEX is you will not be charged anything to deposit or withdraw.
- 24/7. If you want to add money to your BitMEX trading account, you are able to deposit Bitcoin round the clock. However, withdrawals are processed by hand. This is a security measure that is intended to cut down on the possibility of fraudulent or malicious withdrawals being automatically approved.
Overall, the deposit and withdrawal facilities found at BitMEX are absolutely fine. We like the fact that they don’t charge an extra fee here – it’s a good reason to choose BitMEX over some other trading platforms where there is a cost to deposit or withdraw.
Which Currencies Are Supported By BitMEX?
So what exactly can you trade on the BitMEX platform?
There is such a wide range of different options when it comes to trading crypto these days. Long gone are the days where traders were content with only having a few coins to trade.
If there is a particular type of cryptocurrency you are looking to trade on the BitMEX platform, make sure it is available before taking the time to sign up.
The range of crypto you are able to trade on BitMEX includes:
- Bitcoin Cash
- Ethereum Classic
- Ripple Token
- EOS Token
We’d say that, based on our extensive experience trading crypto, this selection of currencies strikes the right balance between offering traders a good range of options, including some of the more obscure crypto coins out there, and not offering absolutely everything.
After all, there is no real advantage to offering an absolutely exhaustive list of each and every coin out there. Most traders tend to favor a couple of coins, and there is more than enough choice for most available at BitMEX.
Can I Carry Out Leveraged Crypto Trading With BitMEX?
For many traders, one of the most attractive forms of trading is leveraged crypto trading. This form allows you to risk more in a trade than you actually have available to you.
If you’re looking to carry out leveraged trades via BitMEX, you’re in luck! BitMEX offers different levels of leverage, depending on the specific coin you are looking to trade:
- 5x Leverage. Available on Zcash trades.
- 20x Leverage. Available for Ripple, Bitcoin Cash, Cardano, EOS Token, and Tron trades
- 25x Leverage. Available for Monero trades.
- 33x Leverage. Available for Litecoin trades.
- 50x Leverage. Available for Ethereum trades.
- 100 x Leverage. Available for Bitcoin trades.
Overall, this is an excellent level of leverage. In particular, the 100x rate offered on Bitcoin trading is one of the biggest out there.
If you are looking to carry out leveraged crypto trades, BitMEX is one of the best possible choices of exchanges. The rate is high, and there are plenty of leveraged options available. However, we’ urge taking the time to learn about the pros and cons, and the risks and rewards, of leveraged trading if you are new to it. Although there is serious profit to be made, you should know exactly what you are doing, particularly when using a high level of leverage like the 100x offered by BitMEX.
How Is The BitMEX User Interface Organized?
So you know exactly what type of trades you can carry out on BitMEX, the level of leverage available, and the types of crypto coins available.
But what is the user experience on BitMEX? Is it enjoyable and smooth, or is it frustrating?
The way that a trading platform is organized can make a serious difference to your success. Any delay can lose you money.
So what’s the organisation and experience of trading on BitMEX?
- Trade. The main tab, revealing the trading interface of BitMEX. This is described in detail in an earlier section of this guide, but has everything you’d expect, displayed in a logical and concise way.
- Account. This tab makes it very easy to keep an eye on everything you need to know about your BitMEX account. You can see your balance at any given time, and you can see the full history of withdrawals and deposits.
- Contracts. If you want to dig deep into all the instrument information, this is the place to do it. You can easily check out the full funding history, levels of leverage, and other pertinent data.
- References. In the world of crypto trading, knowledge is power. If you want to learn about a particular aspect of crypto trading, the references tab is the place to do it. You can quickly add to your knowledge about futures and other vital trading information.
Overall, the layout and interface offered by BitMEX is clear and well thought out. The choice of info provided is logical and will meet the needs of most traders.
The aesthetic look of BitMEX might not be as futuristic and cutting edge as some other trading platforms, but it is more than enough in terms of performance and reliability.
What Safety Features Are In Place At BitMEX?
A key concern for many traders when choosing an exchange is the safety and security present. After all, you may end up with a fairly high BitMEX account balance, particularly if your leveraged trades go well.
Can you use BitMEX safe in the knowledge that it is secure, and has safety features in place to let you trade with peace of mind? What are the key facts about BitMEX security you should know?
- 2 Factor. If you want the benefits of 2 factor authentication, BitMEX is a great choice of trading platform for you. It uses technology from Amazon Web Services to give you the most secure experience possible.
- Withdrawals. All withdrawals are processed by hand to stop anything suspicious sneaking by an automated system.
- Encryption. Of course, BitMEX makes use of the fullest levels of encryption out there.
One fact that is testament to BitMEX’s serious approach to safety and security is the fact it has never been compromised. Most other platforms out there have fallen victim to a large hack at some point or another. BitMEX has not.
Ultimately, we’re impressed by the serious approach BitMEX takes to safety and security. It is a well-established platform with a great reputation for protecting its users – and their funds!
Does BitMEX Offer Customer Support?
As a user of the BitMEX trading platform, it’s natural that you’ll have some questions from time to time. You want to be sure that the crypto trading platform you choose will be responsive in terms of its customer support and service. So is that the case with BitMEX?
Thankfully, BitMEX have a great reputation for helpful and responsive customer service. You can get in touch with them via support ticket, email, or via the social media platforms maintained by BitMEX.
If you are looking for live chat customer support, BitMEX isn’t the right choice for you. However, we feel the lack of this support type shouldn’t put you off. You will get a response within about an hour via one of the other channels.
In addition to the personalized responses offered by their customer support team, there is a very thorough knowledge base available to BitMEX customers. This allows you to learn as much about the platform as possible, and to solve your own issues where you can.
BitMEX Crypto Margin Trading Exchange – Overall Verdict
Thanks for checking out our guide to BitMEX! Now that you have all the key information about trading on BitMEX, let’s consider the most important question – is BitMEX actually good?
Overall, we’re happy to recommend trading crypto on BitMEX. We feel there are a lot of attractive features that make it a great choice of trading exchange.
Our top reasons in favor of using the BitMEX trading platform are:
- Reputation. BitMEX is no new player. It is a tried and tested trading platform with a great reputation.
- Safety. Too many platforms out there suffer from hacks and thefts. This isn’t the case with BitMEX. They make safety a priority.
- Leverage. Want to trade with some of the best levels of leverage out there? BitMEX enables this.
BitMEX is a well-established trading platform, offering fantastic levels of leverage, safety, and customer support. It might not have the most cutting-edge look, but this is insignificant in comparison to the reliable and excellent trading experience on offer.
Arguably the best overall crypto trading platform out there, BitMEX is definitely worthy of your time and attention. Why not create an account and check it out for yourself?
Cross Margin, also known as “Spread Margin” is a margin method that utilises the full amount of funds in the Available Balance to avoid liquidations. Any Realised PNL from other positions can aid in adding margin on a losing position.
Your margin available for new positions. Available Balance = Margin Balance – Order Margin – Position Margin.
- Register for a BitMEX account.
- Deposit funds into your account.
- Navigate to the trading screen.
- Enter the details of your position.
- Set your leverage.
- Review the details of your transaction.
- Open your position.
Under the Account tab, click on the Deposit link where you will be provided a multi-signature address to deposit Bitcoin. After 1 confirmation, funds will be credited to your account.
Once liquidation starts, BItmex cancels all open orders on the ongoing contract so it can free up some margin and maintain a position. All orders on different contracts will stay open.
- Bitcoin (XBT)
- Cardano (ADA)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Litecoin (LTC)
- EOS Token (EOS)
- Ripple (XRP)
- Log in to your account.
- Click ‘Account’. After that click Withdraw.
- Enter the destination info address and the amount you like to withdraw.
- Click Submit.
All withdrawals are executed every day at 13:00 UTC and it may take up to a day to show to your account.
Leverage is multiplying your losses and /or profits. If you own 1 BTC and 100 x, market rises 1 % and you have a profit of 100 % /now you have 2 BTC if you decide to close this position/, market is decreasing 1% and you lose all your margin – 100%.
Leverage trading is trading on credit when you deposit a small amount of cash and then borrow a larger amount.
Liquidations are a by-product of leverage. When price is moving to an open position, the margin abrades by unrealized losses. When these losses are equal to the margin, the trader’s open position must be liquidated.
A Futures Contract is an agreement to buy /sell a given instrument at a preset price at a specified time in the future. They are 2 types – physically or cash settled. BitMEX offers some of its trading products as a Futures Contract with cash settlement.