|Company headquarter||San Francisco, USA|
|Token coverage||BTC, ETH, DASH, ETC, LTC, XMR, XRP, XTZ, ZEC|
|Contract options||Futures, swaps, prediction|
|Settlement fee||0.05% - 0.25%|
|Leverage||Up to 100x|
|Deposit fee||No, BTC only|
|Withdrawal fee||No, only network fee, BTConly|
|Has been hacked?||No|
|Supportfirstname.lastname@example.org, Reddit, Twitter, Wechat|
|Leader in crypto derivatives||Complex interface|
|High leverage||Not for beginners|
|High liquidity||No fiat deposits & withdrawals|
|High security level of funds|
|Many advanced features|
|Very quick website and order execution|
|Country restriction||United States of America|
Bitcoin Mercantile Exchange - BitMEX is a trading platform that allows you to trade Bitcoin and altcoins with leverage.
All products on BitMEX are in the form of financial derivatives.
BitMEX offers margin trading for the spot and future markets with a leverage of e.g. 100x on Bitcoin and 50x on Ethereum. It is a Bitcoin only business. Thus, traders deposit Bitcoin as a margin and all profit and loss statements are denominated in Bitcoin as well.
BitMEX is owned by HDR Global Trading Limited, incorporated in the Republic of Seychelles. CEO Arthur Hayes states that this jurisdication features no corporate tax and english common law. Additionally many foreign exchange trading businesses choose to incorporate there.
You can start right after the BitMEX sign up where you only enter your email, country of residence and full name. There is no verification required and no account limits. Uploading your ID or a proof of address is not required to trade on BitMEX. Though, in certain cases BitMEX may require your ID for due diligence processes.
BitMEX has no fees on any deposit or withdrawal.
Deposits can be made anytime 24/7.
When withdrawing the minimum Bitcoin Network fee is charged. This fee is set dynamically based on the load of the blockchain.
Withdrawals will be made manually at a recurring time daily. The reason being for manual withdrawals are a higher level of security in order to check for potential fraudulent activities.
BitMEX allows you to trade future contracts and perpetual swap contracts. The perpetual swaps, only available to Bitcoin, are new and innovative. They aim to replicate the underlying spot market but with enhanced leverage. The swap does not have any expiry date and is able to closely track the underlying price index. This is a unique product feature in the market which is offered by BitMEX only.
The leverage for Bitcoin futures and swaps can be set to max. 100x. The leverage of Ethereum can be set to a maximum of 50x and the one of Litecoin to 33.33x. The leverages are high compared to other crypto trading platforms.
The maker and taker fees for swaps and futures are pretty similar. The following two tables show the detailed fees for swaps and futures.
BitMEX’s fees for the swap products look as follows:
|Series||Crypto||Maker fee||Taker fee||Short/long funding|
The swap funding interval is every 8 hours.
BitMEX’s fees for traditional futures look as follows:
|Series||Crypto||Maker fee||Taker fee||Settlement fee|
The so called Iceberg order - a hidden order - pays the taker fee or 0.075% until the entire hidden quantity is completely executed.
One of the major strengths of BitMEX is their focus on security.
All BitMEX addresses are multisig, thus they can only be accessed by a majority of BitMEX partners. Even if the platform would be fully compromised, including the database, servers and their trading engine, there would not be enough keys for an attacker to access or steal the funds.
Every withdraw is checked manually by at least two BitMEX employees. The cloud server does not keep any private keys.
The deposit addresses provided by BitMEX are verified by an external service to ensure they contain the keys controlled by BitMEX partners. In case that a public key does not match, the system would be shut down and trading would stop.
The systems of BitMEX run on Amazon Web Service and the authentication to access them requires multiple forms such as hardware tokens.
The trading engine is written in kdb+. It is a database that is usually used by major banks and sophisticated trading tools. This is also one of the reason why trading on BitMEX is that quick.
BitMEX monitors every trade and they stop trading immediately for all users if system sum of trades is not zero.
Under BitMEX “my account” you can activate the PGP encryption for all automated emails.
There have never been any hacks or major scam reports on BitMEX up to date.
The interface looks good on first sight, however it is very complex for beginners.
For more advanced traders BitMEX is a heaven with several tools they can make use of. It replaces several third party tools which traders use by the way.
You can even activate the “advance UI” feature for more tools and a pleasing “night-mode”. There are just a few cryptocurrency exchanges that make use of a built-in full featured TradingView charting.
The website is extremely fast (due to their kdb+ trading engine) and orders get executed instantly.
The email support of BitMEX can be reached via email@example.com
The Wechat ID of BitMEX is “bitmex”, their IRC server can be reached under “irc.freenode.net #bitmex”.
Additionally you can browse through the official BitMEX FAQ where basic questions are answered. However, for a more sophisticated support we recommend to use their ticket system or their email support.
The founder of BitMEX and his research team are regularly, mostly on weekly basis, publishing very interesting blog posts which are worth reading. The quality is outstanding as of our opinion. The BitMEX Blog can be found here.
After clicking our BitMEX referral link (blue button right upper corner “Sign Up Now” or the blue button below) you will get forwarded to the BitMEX website and its registration form.
There you will see a green window stating the BitMEX benefit you get for signing up with us: “[...] 10% fee discount for the first six months”.
Enter your details and click register.
Every fee you pay on BitMEX will be lowered by 10% for the first 6 months after your sign up.
We wish you best of success while trading with our BitMEX 10% discount.Sign Up Now!
BitMEX is a very reliable exchange for advanced traders. The fee structure beats other competitors. It is not suitable for absolute beginners as the interface is complex. However you can turn off many advanced user interface tools.
The website and order execution is ultra quick due to their own trading engine which is used by bigger banks and brokers too.
Especially the high level of security convinced us.
Combined with our benefit of 10% off on fees for the first 6 months after registration, BitMEX is recommended by BitcoinCashback as a Top Deal!
We call it a very safe heaven for advanced and professional traders.