BitMEX Reviews Read Customer Service Reviews of bitmex com

BitMEX is a peer-to-peer exchange that appeared in 2014 and quickly established itself as a top-level platform for crypto trading. New traders should be aware that BitMEX is a trading platform rather than a buying platform – meaning that users effectively profit by making good trades but do not actually own underlying assets. The following BitMEX exchange review is intended to give you a solid overview of the platform.

bitmex review

On BitMEX, users can leverage up to 100x on certain contracts. For informational purposes, the support team helps traders manage their different cryptocurrencies effectively. It is the last line of defense, preventing traders from Auto Deleveraging their assets.

These are available for a range of different cryptocurrencies, with up to 100x leverage on some contracts. The fact that BitMEX offers a multi-signature wallet will also appeal to many experienced cryptocurrency traders. It is possible that BitMEX will review its offering in this respect in the coming years, but nothing has been confirmed yet. BitMEX really offers a reasonably comprehensive customer support service. Assistance is available 24/7 via several different channels, including email and social media, with average response times being approximately one hour. Many users have also lauded the helpful nature of responses, which aren’t limited to generic bot chat or automated replies.

Currencies and Payment Methods

BitMEX CEO Arthur Hayes described this as «quite responsible» behaviour. According to the data collected, the average leverage used by BitMEX traders was 29x on long positions and 26x on short positions. There are several other alternatives on the market, and BitMEX offers some advantages and disadvantages over these sites. It enables higher leverage with a lower margin and a smaller minimum contract amount than its competitors, which is an attractive proposition. BitMEX only supports Bitcoin, which is a natural decision considering that this is the most valuable and commonly used cryptocurrency available. Bitcoin was, of course, the pioneer in the cryptocurrency market and is now widely used both as a trading mechanism and an everyday currency.

Once you determine the variables, the widget will automatically calculate the order price, liquidation price, and other relevant order information. Up to 100x leverage on certain contracts denominated entirely in Bitcoin. Apart from all these security features, it has a bug bounty program on HackerOne to look for vulnerabilities in the platform. bitmex review It also has a dedicated FAQ page and knowledge base to assist amateur users to understand the platform better. Enter your email address, password, country of residence, and your first & last name, and then click on the register button. Now, complete the registration process by visiting the verification link sent to your email address.

Given that derivatives trading isn’t widely understood by the general public, there aren’t many public reviews for BitMEX. Trustpilot only has a few reviews for the platform with an overall rating of just 2.4 stars. While this doesn’t look good, after I looked at some of the negative reviews I found many that are promoting other services so take the reviews with a grain of salt.

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  • The team also has an IRC channel, allowing customers to speak with a customer service representative in real-time.
  • Commodity Futures Trading Commission had opened an investigation into BitMEX.
  • BitMEX is recommending finding another crypto exchange in the USA to use or trade.

Many trust in BitMEX and its platform; others, on the other hand have claimed to have a locked account . As BitMEX is unregulated, it is highly recommended that users do their own due diligence in researching whether the platform is legal to use in their country. In light of the recent mishaps at BitMEX in November, 2019 , all potential customers are warned to take proper precautions beforehand. The trading platform on BitMEX is fairly straightforward and simple to use, though the amount of information on the window may appear to be a little congested. At the top header of the trading window, the user will find the current price information for all of the contracted cryptocurrencies offered. Below, the customer is able to switch between the different cryptocurrencies/contracts by clicking any of the tabs available.

First, there is the chance that it is a total scam and the owners are manipulating prices in order to trigger sell-offs. But also, there’s the fact that it is only really suitable for top traders who have lots of experience in this world. That is not everyone, and before you use it, you should make sure it is you.

I’m Advanced

Every address that BitMEX issues work on approval from multiple parties and most of the funds are stored in an air-gapped state. For starters, BitMEX has a lot higher daily volume to brag about, commands significantly more users, and has a well-established market reputation. It does have server overload difficulties, which may be really aggravating.

bitmex review

Another big advantage of using BitMEX is that the website is packed with information and features. If you’re a complete beginner, the support center offers all the information you need to get started and make profitable trades. The web-based trading platform is solely designed for desktop use – which is certainly not a dealbreaker since the interface is too complex to work with on a mobile phone.

BitMEX Trading and Features

The interface is decent but is not encouraging to a fluid newbie experience. This is an issue of some controversy, as BitMEX does not currently accept US traders. However, the verification process that BitMEX uses is not particularly detailed, and this means that they may struggle to identify United States customers. But, those looking for more currency options may choose to trade elsewhere instead. Furthermore, BitMEX is user-friendly and features a large and helpful community of people ready to hold your hand through your early cryptocurrency trades. In May 2019, it revealed in its blog that the majority of traders do not trade at maximum leverage.

I’ve had bad and good experience on my Investment I did with some company 2months back, lost my hard earned earnings also just recently to an unknown firm. Thankful for coming in contact with a trader who referred me to @HITHFX .on telegram they got my recovery and as well solutions on your investment issues / problems on past and present. So whether you are a complete beginner or an experienced trader, the BitMEX Academy is the perfect place to expand your knowledge and take your crypto career to the next level.

Furthermore, there is a lack of fresh features and innovation to keep traders interested. Active positions are shown at the bottom and are easily accessible. The asset, entry price, position size, margin, and unrealized P&L are displayed in real-time and updated.

Is BitMEX Safe?

BitMEX began its operation in 2014 and is based in Hong Kong. Security is a top priority at BitMEX, and the exchange hasn’t experienced any hacks yet. Besides, it offers the lowest Bitcoin margin trading fees and has a relatively frictionless sign-up process, but KYC is a must. The platform has a clear UI and easy-to-use dashboard, but it might pose a steep learning curve for beginners. If you’re just entering the cryptocurrencies space, you might be better off starting with a simple exchange. Our recommended reputable fiat-to-crypto exchanges include Bitstamp, Coinbase, and Poloniex.

Any trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. As it is only possible to store Bitcoin, you need to copy the Bitcoin wallet number from the «Deposit» section. Go to the «My funds» section, then the «Withdraw» section, and choose Bitcoin from the cryptocurrency list.

Up to 100x leverage is available to users for Bitcoin, up to 50x for Ethereum, and up to 33.3x for Litecoin. There is also a selection of altcoins for spot and futures markets. Before you do, it’s also useful to get familiar with the following terms in your account section. Speaking of the market price, it’s determined by buyers and sellers at the exchange. Also, BitMEX uses its market index, reflecting the combined average market price of Bistamp, Coinbase Pro, and Kraken exchanges.

These fees decrease for users with higher trading volumes and can reach as low as 0.03% for taker orders and 0.00% for maker orders, for traders in the highest volume bracket. Like many of its competitors, BitMEX also provides a yield-bearing feature called BitMEX Earn. This service enables users to deposit their crypto assets for fixed periods of time, earning a certain rate of return. The exchange does not appear to disclose how it generates yields on these deposits, however it is probably safe to assume they are lent to institutional borrowers with interest.

The exchange’s security practices also see that every withdrawal is audited by hand by a minimum of two employees before being sent out. BitMEX also has a system for risk checks, which requires that the sum of all account holdings on the website must be zero. As noted previously, withdrawals are all individually hand-checked by employees, and private keys are never stored https://broker-review.org/ in the cloud. Deposit addresses are externally verified to make sure that they contain matching keys. BitMEX generates high Bitcoin trading levels, and also attracts good levels of volume across other crypto-to-crypto transfers. This helps to maintain a buzz around the exchange, and BitMEX also employs relatively low trading fees, and is available round the world .

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