BitMEX Review: Is It A Safe Exchange To Use In 2022?

Updated: Jan 19th, 2022
Kevin Groves
Kevin Groves
BitMEX Review: Is It A Safe Exchange To Use In 2022?

Choosing a cryptocurrency leverage trading platform can be a challenging task. There are several considerations such as the the platform features, charting interface, trading pairs, fees, security and customer support. One of the best leverage exchanges in the world that we will review in detail is BitMEX.

BitMEX

Trading Fees:-0.025% / 0.075%
Country:Global (USA not allowed)
Currency:N/A
Promotion:None available at this time

Key Features

  • One of the worlds most popular crypto exchanges
  • Trade crypto pairs with up to 100x leverage
  • -0.025% to 0.075% trading fees
  • High liquidity order-book with low spreads
  • Leading exchange for security with all funds in cold storage
  • Generous affiliate program

BitMEX is a peer-to-peer trading platform that offers high leverage contracts that are bought and sold in Bitcoin. It is one of the largest market makers and most widely used margin trading exchanges. Beginner and advanced users can buy and sell contracts for cryptocurrencies (not the actual coins themselves) combined with margin trading up to 100 times.

Key Features

  • One of the worlds most popular crypto exchanges
  • Trade crypto pairs with up to 100x leverage
  • -0.025% to 0.075% trading fees
  • High liquidity order-book with low spreads
  • Leading exchange for security with all funds in cold storage
  • Generous affiliate program

BitMEX is a peer-to-peer trading platform that offers high leverage contracts that are bought and sold in Bitcoin. It is one of the largest market makers and most widely used margin trading exchanges. Beginner and advanced users can buy and sell contracts for cryptocurrencies (not the actual coins themselves) combined with margin trading up to 100 times.

Ease of useStarStarStarStarEmpty Star
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This post contains affiliate links with our partners who may compensate us. Read our disclaimer for further information.

What Is BitMEX?

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 platform in the world. 

Users are able to buy and sell contracts for cryptocurrencies (not the actual coins themselves) combined with margin trading up to 100 times. This means only Bitcoin deposits and withdrawals are permitted. It is a great platform for cryptocurrency digital traders looking to increase their BTC holdings by trading the market.

bitmex websitebitmex website

Quick Overview

Exchange NameBitMEX
CryptocurrencyBTC, ETH, LTC, XRP, BCH, LINK, TRX, ADA
Fiat GatewayNo
LeverageUp to 100x
Trading Fee-0.025% / 0.0075%
TP/SL OrdersNo
Mobile AppYes

BitMEX Compared

Advanced features, intuitive user interface and a mobile trading app are important features on BitMEX. This comparison table lists other top cryptocurrency exchanges like BitMEX that offer world-class features. 

Is BitMEX Safe?

BitMEX features bank-like security measures to ensure the highest standard of safety of customers assets stored on the trading exchange. Multiple protection layers have been implemented such as multi-sig withdrawals and Two Factor Authentication (2FA). This means users need to provide multiple verification measures such as a password and unique mobile device code to successfully log in, confirm withdrawals and change account details.

What Countries Are Supported?

BitMEX is available for users to register and start trading worldwide, apart from the United States. This is due to regulations in the U.S and largely outside of BitMEX's control. There are reportedly ways around this for US customers using a secure VPN. We must note that this is prohibited by BitMEX policy and do not recommend this option. We recommending finding another cryptocurrency exchange in the USA to use.

Trading With BitMEX

The process to sign up with BitMEX takes just a few minutes to complete to start finish. Users are not required to undertake a complicated KYC process, take selfies or scan identification documents. All you need is a valid email address and you can then deposit Bitcoin and start trading immediately! !

To create an account on BitMEX:

  1. Go to the Bitmex site and and click on ‘Register’ at the top right of the page
  2. Enter your email, password, country of residence and when complete, click on the Register button.

You will be required to verify the email address. Check the registered email and click the ‘Verify My Email’ link. This will complete the registration process. That's it! You have now created your account on BitMEX exchange. 

Depositing Funds

Once you have registered an account and signed in, you will need to make a Bitcoin deposit on BitMEX to start trading. Follow these instructions to make a deposit:

  1. Click on 'Account' at the top left of the page that will redirect to your BitMEX wallet
  2. Click on the green button labelled 'Deposit' to show the deposit address link
bitmex walletbitmex wallet

The deposit screen will show the Bitcoin address. This is the BTC address to send Bitcoin to. Copy the address and paste it in your hardware wallet or wherever you are making a withdrawal from. If you are using a mobile web wallet, then you can scan the barcode to get the deposit address.

Remember, this is a crypto-to-crypto trading exchange only and does not support fiat deposits. So be sure to send Bitcoin (BTC) only to your BitMEX deposit address.

How Much Leverage?

BitMEX offers leveraged products for Bitcoin, Ethereum, Cardano, Tron, Ripple, Litecoin, EOS and Bitcoin Cash. The amount of leverage varies for each product. As it is a cryptocurrency only service, you can only use cryptocurrency as collateral to trade with.

This means that if you have a leverage of 100x you will need to put up a margin of 1% of the initial notional amount of the trade. So, if the notional on a 10 Bitcoin contract is $10,000, you will have to put up $100 in initial margin.

User Interface

For cryptocurrency traders, the interface is one of the most important considerations. When you first login to BitMEX, you will see that the trading interface is extremely well laid out and intuitive. The top bar is static and provides an easy way to return back to the 'Trade' window, view 'Accounts', view 'Contract' information and more. The interface does appear to be a little dated compared to the newer exchanges such as Bybit.

The charting package is provided by TradingView which are renowned for smooth, intuitive and responsive charts. Traders will be able to make use of advanced trading tools provided by TradingView to refine their trading edge in maximize profits and minimize risk. BitMEX charts offer a wide range of time frames and tools to draw trend lines, add indicators and draw chart patterns to perfectly time a trade order using a market, limit or stop order.

Bitmex trading user interfaceBitmex trading user interface

Active positions are displayed at the bottom and can be easily monitored. The asset, position size, entry price, margin, and unrealised P&L are all displayed and update in real time. Pending orders can be displayed by click on the 'Active Orders' tab which provides the option to review, modify or delete the order.

More experienced traders will benefit from the market depth chart and order book on the left. The BitMEX margin calculator feature is also great for risk management.

Types of Orders

BitMEX ordering system allows traders to set up their take profit and stop loss using limit orders such as:

  • Limit Order (an order is fulfilled if the specified price is reached)
  • Market Order (an order is executed at current market price)
  • Stop Limit Order (an order is filled once the Stop Price is triggered)
  • Stop Market Order (an order that is not visible in the order book until the market reaches a specified price)
  • Trailing Stop Order (an order that has a specified trailing value that is used to trigger a market order)
  • Take Profit Limit Order (an order is fulfilled if the specified take profit price is reached)
  • Take Profit Market Order (an order is fulfilled if the specified take profit at market price is reached)

Trading Fees

Trading fee's are a important consideration when selecting a cryptocurrency trading exchange. It becomes even more critical when trading larger position sizes and on a futures exchange where you are paying fees on positions that are much larger than your margin.

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. Users that place a traditional futures BTC order will earn a small compensation, as BitMEX rebates the maker trader 0.025% and charges the taker 0.075%. The trading fees on BitMEX are similar to platform's such as FTX, Bingbon and BaseFEX.

bitmex trading feesbitmex trading fees

Deposit & Withdraw Fees

There are no deposit or withdrawal fees. There will be a small Bitcoin Network fee charged for withdrawals that is determined by the blockchain, not BitMEX.

BitMEX Security

BitMEX runs a first-of-its-kind multisignature deposit and withdrawal system. This means users BitMEX addresses are multisignature and storage of assets, including Bitcoin private keys are kept offline. In the event of a full system compromise, including web servers, trading engine, and database, there would not be enough keys available to an attacker to steal funds. No private keys are kept on any cloud server and deep cold storage is used for the bulk of funds.

All deposit addresses sent by the BitMEX system are verified by an external service to ensure they contain the keys controlled by the founders. If the public keys do not match, the system is shut down immediately and trading is halted.

Customer Support

BitMEX customer support is contactable using a ticket system. To submit a ticket for technical issues, navigate to the left menu and click on 'Contact'. The will bring up contact box. Simply enter an email address, subject and body of message and click 'Submit' to send to the BitMEX customer support team. BitMEX provides multilingual customer support for English, Chinese, Russian, Korean and Japanese.

The other alternative is to browse through the guides and articles in the 'Knowledge Base' section which covers topics on general trading FAQs, deposits & withdrawals, ID verification and security.

bitmex contact supportbitmex contact support

BitMEX Comparisons

BitMEX vs. Binance

Two heavy weights in the cryptocurrency trading arena that are generally focused on different cryptocurrency trading products. Binance has recently introduced margin and futures trading to its exchange to compete with BitMEX.

As most will know, Binance offers a wide selection of altcoins and stablecoins to trade where BitMEX only accepts Bitcoin. Traditionally, BitMEX has been the preferred exchange for professional traders to maximize their BTC returns using up to 100 times leverage and its advanced trading tools. We do expect the competition to increase in the near future as Binance continues to innovate and introduce new trading experiences and products to attract new users.

BitMEX vs. Bybit

Both exchanges are competing in the Bitcoin derivatives trading space and are often compared to each other. There are similarities between the two exchanges however we will focus on the main differences.

Firstly, BitMEX has a much larger daily volume to boast with and command significant more users and has an established reputation in the market. It does have it's issues with server overload that can be really frustrating. Furthermore, there is limited new features and innovation being introduced to keep traders interested. 

On the other hand, Bybit exchange is a new platform that has over 100,000 traders in a short time. The platform offers unique features that are very attractive such as trading competitors, price manipulation control, fast trade speed and low latency, insurance fund and up to 100 times leverage on Ethereum contracts.

Frequently Asked Questions

BitMEX offers an app for users to trade cryptocurrencies, which is available on both Google Play Store and Apple App Store. To learn more details, please visit the website for more information on BitMEX Mobile.

BitMEX has a testnet that allows its users to demo trade cryptocurrency without risk. Beginners are able to become familiar with using the exchange and learn how to trade cryptocurrency with leverage using the BitMEX paper trading account.

Conclusion

To conclude our BitMEX review, we can say that the exchange offers advanced trading techniques which are suited for professional traders who are familiar with trading volatile risk assets and exposure to margin trading. 

Visit BitMEX

The exchange has done a lot of things right to become the worlds largest cryptocurrency derivatives platform to speculate on the market to earn Bitcoin. If BitMEX does not live up to your expectations and want to find a similar exchange to leverage trade, read our article on the best alternatives to BitMEX.

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Kevin GrovesKevin GrovesKevin Groves

Kevin is the founder and chief editor at HedgewithCrypto that he started in 2019 which has reached over 1.5 million visitors worldwide. He is passionate about cryptocurrency as an emerging technology and is heavily involved in the fast-growing fintech space. An experienced trader growing his portfolio since 2016, he has a strong understanding of investing in the crypto market using exchanges, brokers and derivatives platforms.

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