BitMEX exchange review – trade on the safest margin platform
About BitMEX Exchange
In this Bitmex Exchange review, we will try to cover every possible aspect of the Exchange. BitMEX is a peer-to-peer cryptocurrency derivatives trading platform that offers leveraged contracts and is one of the largest and most widely used margin trading platforms in the world.
| Supported Countries | Worldwide, except in the United States. |
| Leverage | Bitmex crypto exchange provides leverage Up to 100x. |
| Trading Fee | BitMEX exchange fee for Trading is -0.025% and 0.0075% |
| Withdrawal Fee | BitMEX exchange fee for withdrawal is 0.0005 BTC |
| Fiat (Real Money) | Do not accept any real money. Deal in crypto only. |
| Cryptocurrency | BTC, ETH, LTC, XRP, BCH, LINK, TRX, ADA are accepted |
| Security | Multi-signature, Amazon Web Services, kdb+ security available |
| Customer Support | Provide customer support 24/7 via Ticketing. |
BitMEX exchange offers precision to people by helping them create a million-dollar trading account. The platform is reliable and provides liquidity to support Bitcoin trades.
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Key products and features
- Derivatives trading: BitMEX offers a wide range of derivatives, including perpetual swaps, traditional futures, and options contracts. These allow users to speculate on crypto prices without owning the underlying asset directly.
- High leverage: The platform is famous for its high leverage, which allows experienced traders to magnify their potential profits and losses. Leverage of up to 100x is available on certain contracts.
- Spot trading: In 2022, BitMEX launched a spot trading platform for converting and trading cryptocurrencies.
- BMEX token: The native BMEX token offers users benefits like trading fee discounts, withdrawal fee refunds, and VIP services.
- Institutional services: BitMEX provides services for institutional and corporate clients, including access to a dedicated support team, enhanced APIs, and a collateral support program.
- Trading bots: Users can employ automated trading bots with various strategies, such as grid trading, to execute trades based on predefined rules.
- Testnet: For new or advanced users who want to practice without risk, BitMEX provides a testnet that offers a simulated trading environment.
Derivatives trading
BitMEX is best known for pioneering the crypto perpetual swap and offers a wide array of leveraged contracts.
- Perpetual swaps: These contracts, with up to 100x leverage on major assets like Bitcoin and Ethereum, mimic a spot market but without an expiration date. A funding rate mechanism ensures the perpetual swap price stays aligned with the spot price.
- Inverse contracts: Settled in the base currency (e.g., Bitcoin).
- Linear contracts: Settled in a USD-like stablecoin such as USDT.
- Quanto contracts: Allow traders to gain exposure to one asset’s price movement while using another as collateral.
- Futures contracts: These traditional derivatives contracts have a fixed expiry date and are used for both hedging and speculation.
- Options contracts: BitMEX offers a variety of options contracts on over 100 derivatives products.
Spot trading
In 2022, BitMEX launched a spot trading platform with a centralized limit order book (CLOB).
- Trading pairs: The platform supports crypto-to-crypto trading pairs like XBT/USDT, ETH/USDT, and others.
- Order types: Traders can use standard limit and market orders. A “converter” tool also allows for instant swaps between cryptocurrencies.
- API trading: A feature-rich API is available for institutional and algorithmic traders.
BMEX token ecosystem
BitMEX’s native utility token, BMEX, is designed to reward user activity and provide platform benefits.
- Fee discounts: Staking BMEX offers reduced trading fees, with higher staking amounts unlocking larger discounts.
- Withdrawal fee refunds: Staked BMEX also allows users to get refunds on withdrawal fees multiple times a week.
- Staking rewards: Holders can earn rewards by staking BMEX, with potential yields of up to 7.5%.
- Token burns: BitMEX conducts monthly token burns to manage supply and provide value to holders.
- Future utility: Planned enhancements include exclusive product access, enhanced rewards, and using BMEX as collateral.
Automated trading (Bots)
BitMEX offers a suite of automated trading bots to help traders execute strategies without constant manual monitoring.
- No-code required: Users can deploy trading bots through a user-friendly interface with no coding knowledge needed.
- Bot types: The platform supports various algorithmic strategies, including Grid (neutral, long, short), VWAP, TWAP, and Momentum bots.
- Customization: Bots are fully customizable, allowing users to define parameters like maximum position size, grid spread, and stop-loss levels.
- Vetting process: BitMEX ensures quality and compliance by vetting bots from its own team and approved partners.
Institutional and corporate services
BitMEX provides a high-performance environment tailored for professional and institutional clients.
- Competitive fee structure: A tiered fee structure provides significant discounts for high-volume traders.
- Collateral support: Institutional clients can access a specialized Collateral Support Agreement (CSA) program to enhance capital efficiency.
- Low latency and deep liquidity: The platform offers ultra-low latency and deep liquidity pools, crucial for large-volume trades.
- Dedicated support: Institutional clients receive 24/7 dedicated support from relationship managers.
Testnet
A simulated trading environment is available for both new and advanced users to practice without financial risk.
- Risk-free practice: The testnet is a replica of the live trading platform, allowing users to experiment with strategies and features using “testnet” cryptocurrency.
- API testing: The testnet is also used for testing trading programs and APIs.
BitMEX Exchange – Supported Countries.
BitMEX Exchange is supported in every country for trading, except the United States of America. This is due to regulations in the U.S being largely outside of BitMEX’s control.
BitMEX exchange – How to Login
Registration and login/sign-up at BitMEX is quite simple. It takes a couple of minutes to complete this process from start to finish. Users can choose to undertake or skip the KYC process.
Seasoned users can scan and upload their identification documents with a valid email address. This process ensures that one can deposit Bitcoin and start BitMEX trading immediately.
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 the details and enter the email address to generate an account password.
- Select the country of residence and complete the form to click on the ‘Register’ button.
- Verify the email address by clicking on the link sent by BitMEX to the registered email.
- Click on the ‘Verify My Email’ link and complete this registration process
- Now, a new account is created on BitMEX.
BitMEX Exchange – Leverage
BitMEX Crypto Exchange leveraged contracts deliver a fast, reliable, and liquid way to trade and hedge cryptocurrency risk.
The amount of leverage BitMEX offers varies from product to product. Leverage is determined by the Initial Margin and Maintenance Margin levels. These levels specify the minimum equity you must hold in your account to enter and maintain positions. Leverage is not a fixed multiplier but rather a minimum equity requirement.
The highest leverage BitMEX offers is up to 100x leverage on its Perpetual Bitcoin / USD Perpetual Contract. BitMEX offers leveraged products for Bitcoin, Ethereum, Cardano, Tron, Ripple, Litecoin, EOS, and Bitcoin Cash.
BitMEX Exchange – API
BitMEX offers a fully-featured REST API and a powerful streaming WebSocket API. All market and user data is available and updated in real-time.
The BitMEX APIs are open and complete. Every function used by the BitMEX website is exposed via the API.
The completeness of BitMEX’s API is best-in-class and unique in the trading space. The API functions make the BitMEX website an advanced trading application for top-tier crypto traders.
BitMex Exchange – Trading Fee
The trading fee on BitMEX starts at 0.025% and goes up to 0.0075% of the trading amount.
BitMEX exchange works on a maker & taker model, so the trading fees are dependent on the type of order (e.g. futures or contracts) and the cryptocurrency coin.
The BitMEX platform operates a standard trading fee structure across all products for simplicity.
BitMex Taker Fee
BitMex Exchange Maker Rebate is 0.01%, and Taker Fee is 0.05%. Taker Fee discount will apply proportionally to any contract that does not have the standard fee structure.
For high-volume traders, BitMex offer discounted Taker Fees as per the table below.
| Tier | 30-day rolling ADV (USD) | Taker Fee |
|---|---|---|
| 0 | <5,000,000 | 0.050% |
| B | ≥5,000,000 | 0.040% |
| M | ≥10,000,000 | 0.035% |
| E | ≥25,000,000 | 0.030% |
| X | ≥50,000,000 | 0.025% |
Perpetual Contracts
A Perpetual Contract is a product similar to a traditional Futures Contract in how it trades but does not have an expiry, so you can hold a position for as long as you like. Perpetual Contracts trade like spot, tracking the underlying Index Price closely. It achieves this via the mechanics of a Funding component.
Below is a list of perpetual contract fees for the BitMex exchange
| contract | Series | Leverage | Maker Fee | Taker Fee | Long Funding | Short Funding | Funding Interval |
|---|---|---|---|---|---|---|---|
| AAVEUSDT | Aave (AAVE) | 33.33x | -0.0100% | 0.0500% | 0.0254% | -0.0254% | every 8 hours |
| AVAXUSD | Avalanche (AVAX) | 20x | -0.0100% | 0.0500% | 0.0000% | 0.0000% | every 8 hours |
| AXSUSDT | Axie Infinity (AXS) | 20x | -0.0100% | 0.0500% | 0.0198% | -0.0198% | every 8 hours |
| BNBUSDT | Binance Coin (BNB) | 50x | -0.0100% | 0.0500% | 0.0730% | -0.0730% | every 8 hours |
| BNBUSD | Binance Coin (BNB) | 50x | 0.0000% | 0.0000% | 0.0000% | 0.0000% | every 8 hours |
| ALTMEXUSD | BitMEX Basket (BASKET) | 25x | -0.0100% | 0.0500% | 0.2571% | -0.2571% | every 8 hours |
| DEFIMEXUSD | BitMEX Basket (BASKET) | 25x | -0.0100% | 0.0500% | 0.0445% | -0.0445% | every 8 hours |
| XBTUSD | Bitcoin (XBT) | 100x | -0.0100% | 0.0500% | -0.0211% | 0.0211% | every 8 hours |
| XBTEUR | Bitcoin (XBT) | 50x | -0.0100% | 0.0500% | -0.0205% | 0.0205% | every 8 hours |
| BCHUSD | Bitcoin Cash (BCH) | 50x | -0.0100% | 0.0500% | 0.0649% | -0.0649% | every 8 hours |
| ADAUSDT | Cardano (ADA) | 33.33x | -0.0100% | 0.0500% | 0.0111% | -0.0111% | every 8 hours |
| ADAUSD | Cardano (ADA) | 33.33x | 0.0000% | 0.0000% | 0.0000% | 0.0000% | every 8 hours |
| LINKUSDT | Chainlink (LINK) | 50x | -0.0100% | 0.0500% | 0.0770% | -0.0770% | every 8 hours |
| DOGEUSDT | Dogecoin (DOGE) | 50x | -0.0100% | 0.0500% | 0.0624% | -0.0624% | every 8 hours |
| DOGEUSD | Dogecoin (DOGE) | 50x | 0.0000% | 0.0000% | 0.0000% | 0.0000% | every 8 hours |
| EOSUSDT | EOS Token (EOS) | 33.33x | -0.0100% | 0.0500% | 0.0100% | -0.0100% | every 8 hours |
| ETHUSD | Ethereum (ETH) | 100x | -0.0100% | 0.0500% | 0.0100% | -0.0100% | every 8 hours |
| FILUSDT | Filecoin (FIL) | 33.33x | -0.0100% | 0.0500% | 0.0100% | -0.0100% | every 8 hours |
| LTCUSD | Litecoin (LTC) | 50x | -0.0100% | 0.0500% | 0.0100% | -0.0100% | every 8 hours |
| MATICUSDT | Matic Network (MATIC) | 20x | -0.0100% | 0.0500% | 0.0100% | -0.0100% | every 8 hours |
| DOTUSDT | Polkadot (DOT) | 25x | -0.0100% | 0.0500% | 0.0100% | -0.0100% | every 8 hours |
| DOTUSD | Polkadot (DOT) | 25x | 0.0000% | 0.0000% | 0.0000% | 0.0000% | every 8 hours |
| XRPUSD | Ripple (XRP) | 50x | -0.0100% | 0.0500% | 0.0338% | -0.0338% | every 8 hours |
| SRMUSDT | Serum (SRM) | 20x | -0.0100% | 0.0500% | 0.0542% | -0.0542% | every 8 hours |
| SOLUSDT | Solana (SOL) | 50x | -0.0100% | 0.0500% | 0.0689% | -0.0689% | every 8 hours |
| XLMUSDT | Stellar (XLM) | 20x | -0.0100% | 0.0500% | 0.0100% | -0.0100% | every 8 hours |
| SUSHIUSDT | Sushi (SUSHI) | 33.33x | -0.0100% | 0.0500% | 0.0100% | -0.0100% | every 8 hours |
| LUNAUSD | Terra (LUNA) | 20x | -0.0100% | 0.0500% | 0.0100% | -0.0100% | every 8 hours |
| TRXUSDT | Tron (TRX) | 50x | -0.0100% | 0.0500% | 0.0100% | -0.0100% | every 8 hours |
| UNIUSDT | Uniswap (UNI) | 33.33x | -0.0100% | 0.0500% | 0.0253% | -0.0253% | every 8 hours |
| VETUSDT | VeChain (VET) | 20x | -0.0100% | 0.0500% | 0.0100% | -0.0100% | every 8 hour |
Traditional Futures
A Futures Contract is an agreement to buy or sell a commodity, currency, or another instrument at a predetermined price at a specified time in the future.
| Contract | Series | Leverage | Maker Fee | Taker Fee | Settlement Fee |
|---|---|---|---|---|---|
| XBTV21 | Bitcoin (XBT) | 100x | -0.0100% | 0.0500% | 0.0000% |
| XBTZ21 | Bitcoin (XBT) | 100x | -0.0100% | 0.0500% | 0.0000% |
| XBTEURZ21 | Bitcoin (XBT) | 50x | -0.0100% | 0.0500% | 0.0000% |
| XBTH22 | Bitcoin (XBT) | 100x | -0.0100% | 0.0500% | 0.0000% |
| BCHZ21 | Bitcoin Cash (BCH) | 20x | -0.0100% | 0.0500% | 0.0000% |
| ADAZ21 | Cardano (ADA) | 20x | -0.0100% | 0.0500% | 0.0000% |
| EOSZ21 | EOS Token (EOS) | 20x | -0.0100% | 0.0500% | 0.0000% |
| ETHZ21 | Ethereum (ETH) | 50x | -0.0100% | 0.0500% | 0.0000% |
| LTCZ21 | Litecoin (LTC) | 33.33x | -0.0100% | 0.0500% | 0.0000% |
| XRPZ21 | Ripple (XRP) | 20x | -0.0100% | 0.0500% | 0.0000% |
| TRXZ21 | Tron (TRX) | 20x | -0.0100% | 0.0500% | 0.0000% |
Quanto Futures
Quanto Futures are cash-settled Derivatives in which the underlying traded product is denominated in a foreign currency that is settled in another domestic currency at a fixed exchange rate
| Contract | Series | Leverage | Maker Fee | Taker Fee | Settlement Fee |
|---|---|---|---|---|---|
| ETHUSDZ21 | Ethereum (ETH) | 50x | -0.0100% | 0.0500% | 0.0000% |
Other Fees
Funding
On Perpetual Contracts, such as XBTUSD Funding is exchanged between longs and shorts over discrete Funding Intervals. In the customer Trade History, a positive amount means the customer paid to fund for that Funding Interval; a negative amount means the customer received funding. BitMEX does not charge any fees on funding paid or received.
Deposits / Withdrawals
BitMEX does not charge fees on deposits or withdrawals. When withdrawing Bitcoin, the minimum Bitcoin Network fee is set dynamically based on blockchain load.
Hidden / Iceberg Orders
A Hidden order always pays the taker fee. An Iceberg order pays the taker fee until the hidden quantity is completely executed, then it becomes a normal order, and the maker will receive the maker fee for the non-hidden quantity.
BitMex Exchange – Payment Methods
BitMEX exchange does not deal in fiat currency. It is a cryptocurrency exchange only.
This means on BitMex Exchange, new cryptocurrency traders will need to make a Bitcoin purchase first and deposit BTC into the exchange.
BitMex accepts popular cryptocurrencies such as BTC, XRP, ETH, BCH, LTC, BCH, and LINK can be traded easily.
BitMEX Exchange – Security
Protecting Bitcoin and other currencies is not easy. BitMEX security is fortified with a unique multi-signature system for deposit and withdrawal. This system enables users to protect their BitMEX addresses with multi-signature.
Storage of user assets, such as Bitcoin and the private keys, is entirely offline. When there is a complete system compromise, BitMEX will not lose any assets via web servers.
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- BitMEX systems take advantage of Amazon Web Services’ world-class security.
- The BitMEX trading engine is the first of its kind. Written in kdb+, a database and toolset frequently used by major banks in high-frequency trading.
- BitMEX addresses are multi-signatures with multiple keys with multiple holders.
BitMEX Exchange – Customer Support
BitMEX customer support is tasked to handle each query, from Bitcoin wallet concerns to every high-risk involved when traders withdraw BTC.
BitMEX customer support is better than what you generally see in this space. They provide customer support 24/7 via the communication channels listed below:
- Support Ticketing System
- knowledge base
- WeChat (id: BitMEX)
- Telegram (Russian Language)
- IRC (server: irc.freenode.net #bitmex).
BitMEX Exchange – Conclusion
To conclude our BitMEX Exchange review, we can say that the exchange offers advanced trading techniques that are best for professional traders who are familiar with trading volatile risk assets and exposure to margin trading platforms.
BitMEX exchange is the best for you if
- You want to trade on the world’s largest derivatives exchange by daily volume
- You want fair and transparent trading fees
- You want a safe and secure trading platform
- You are familiar with using TradingView charts and the advanced tools
- Do you like a reputable and popular exchange?
The exchange has done a lot of things right to become the world’s largest cryptocurrency derivatives platform to speculate on the market to earn Bitcoin.
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FAQ
1. Is BitMEX a safe and secure exchange?
Yes, BitMEX has a strong security record and has never lost customer funds through hacking. The exchange uses multi-signature wallets for transactions and stores most client funds in secure offline cold storage. This is audited by a two-employee verification system for withdrawals. The platform also uses a multi-party computation (MPC) system to protect funds. For additional user security, BitMEX offers two-factor authentication. The company also publishes a Proof of Reserves and Liabilities for transparency.
2. Is BitMEX suitable for beginners?
No, BitMEX is generally not recommended for beginners due to its primary focus on derivatives trading, such as perpetual swaps, with up to 100x leverage. This type of trading is high-risk and requires a solid understanding of market dynamics. While the platform has a practice environment called Testnet and offers spot trading, its core services are designed for experienced, professional traders.
3. What is BitMEX’s regulatory history?
BitMEX has faced past regulatory challenges, most notably a 2020 action from the U.S. Commodity and Futures Trading Commission (CFTC) for operating an unregistered platform and violating money laundering laws. This resulted in a $100 million fine and leadership changes. In response, BitMEX implemented mandatory identity verification (KYC) for all users and has since worked to improve its regulatory compliance.
