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    BitMEX Review 2022: Features, Trading Experience & Fees

    Updated: Sep 14th, 2022
    Kevin Groves
    Kevin Groves
    BitMEX Review 2022: Features, Trading Experience & Fees

    Choosing a cryptocurrency leverage trading platform can be a challenging task. There are several considerations such as the platform features, charting interface, trading pairs, fees, security and customer support. One of the best leverage exchanges in the world is BitMEX. This review will take a close look at the margin platform and assess its features, trading interface, supported markets, fees and security.

    Trading Fees:-0.025% / 0.075%
    Country:Global (USA not allowed)
    Currency:N/A
    Promotion:None available at this time
    Ease of useStarStarStarStarEmpty Star
    ReputationStarStarStarStarEmpty Star
    Deposit methodsStarStarStarEmpty StarEmpty Star
    FeesStarStarStarStarEmpty Star

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

    BitMEX Overview

    BitMEX is a crypto trading platform that offers spot trading and high leverage contracts that are bought and sold in Bitcoin. It is one of the larger market makers and a widely used margin trading exchange. For derivatives trading, advanced users can buy and sell contracts for cryptocurrencies (not the actual coins themselves) combined with margin trading up to 100 times.

    BitMEX only supports 7 cryptocurrencies and is a crypto-only trading platform. Fiat currency is only supported through third-party crypto purchasing gateways. BitMEX was also famously founded by U.S. fugitive Authur Hayes, who recently surrendered to authorities and received a 2-year probation sentence for this part in failing to implement anti-money laundering (AML) policies for BitMEX.

    To summarize, the key features and products of BitMEX are:

    • One of the world's most popular crypto derivatives trading platforms
    • Trade crypto pairs with up to 100x leverage
    • Extremely low trading fees
    • High liquidity order-book with low spreads
    • Leading exchange for security with all funds in cold storage
    • Crypto-only platform for trading
    • Buy crypto instantly with fiat through third-party gateways
    Exchange NameBitMEX
    MarketsSpot, derivatives
    Supported Cryptocurrency7 (BTC, ETH, APE, UNI, MATIC, LINK, AXS)
    Accepted Fiat CurrencyEUR, GBP, RUB, BRL, ARS
    Deposit MethodsCrypto only
    LeverageUp to 100x
    Trading Fee0.1% (Spot), -0.01% / 0.075% (Derivatives)
    TP/SL OrdersNo
    Mobile AppYes

    Our BitMEX Quick Verdict

    BitMEX is a highly-focused derivatives trading platform, with only 7 coins listed on the platform, but it offers a very well-designed trading interface and access to advanced trading tools with up to 100x leverage. BitMEX pioneered the perpetual futures trading contract for Bitcoin and was once the top derivatives platform on the market (since eclipsed by Binance, FTX, Bybit and others).

    BitMEX also offers spot trading, though its liquidity isn’t as good as other platforms, such as Binance and Coinbase. Users can also earn interest on crypto holdings through short-term staking, supporting both Bitcoin and USDT deposits. Overall, BitMEX doesn’t offer a ton of features, but for advanced derivatives traders, it’s a reasonable margin platform for crypto trading.

    BitMEX Pros and Cons

    BitMEX is a very advanced derivatives trading platform with a focus on a few popular coins, such as Bitcoin and Ethereum. The fees are some of the lowest in the industry, with rebates available for derivatives traders, and access to 100x leverage. However, BitMEX only supports 7 coins, and there is no fiat support, so it is really made for advanced crypto traders only.

    BitMEX Pros:
    • Popular crypto derivatives platforms with reasonable liquidity
    • Offers a fair and transparent trading fee structure
    • Relatively safe and secure platform
    • Expanded their offering of products such as spot and staking
    • TradingView charts available with variety of indicators and tools
    BitMEX Cons:
    • Has fallen in trading volume in recent years
    • Occasional errors which can prevent orders executing
    • Previous concerns over safety and regulation
    • Mobile app user experience is poor

    Review of the Top Features on BitMEX

    User Interface & Trading Platform

    BitMEX offers a comprehensive trading platform and intuitive user interface for advanced crypto traders. With a quick-jump menu to navigate between the spot and derivatives platforms, access to crypto staking and interest-bearing products, and access to a quick “Buy Crypto” option through third-party gateways, the BitMEX website is well appointed.

    For traders, the trading platform features a charting package provided by Tradingview offering 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 spot trading platform screenshotBitmex spot trading platform screenshot

    Active positions are displayed at the bottom and can be easily monitored. The asset, position size, entry price, margin, and unrealized P&L are all displayed and updated in real-time. Pending orders can be displayed by clicking 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. For placing orders, the 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 the 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.

    In a nutshell, the trading experience on BitMEX is designed for intermediate to professional-level crypto traders with a good selection of trading tools. For newer leverage traders, the user interface may be too complicated.

    Derivatives Trading (with Leverage)

    BitMEX is one of the more established crypto margin trading platforms in the market, with up to 100x leverage available on futures trading. Here are the types of markets available for derivatives trading:

    • Futures contracts. Both standard and perpetual futures contracts with up to 100x leverage are available. Both LONG and SHORT positions can be entered.
    • Forex (FX) trading. Perpetual foreign exchange swaps, with up to 50x leverage available on 12 trading pairs.

    Bybit processes over $500 million in daily derivatives trading volume, making it one of the most popular platforms available for derivatives traders. The high amount of leverage available is one of the reasons BitMEX is an excellent day trading platform for crypto.

    Bitmex derivatives trading screenshotBitmex derivatives trading screenshot

    That being said, the user interface is quite dated and does not offer the same modern look as the spot trading platform. BitMEX does allow users to fully customize the interface, with the ability to rearrange trading windows and hide trading tools they no longer wish to see. Overall, leverage trading on BitMEX gives active traders the tools they need to build an advanced strategy with high leverage.

    Convert Crypto

    BitMEX offers a simple crypto conversion order form that allows users to quickly convert one crypto to another with no additional fees (other than the spread). BitMEX lets users convert between USDT and one of the other six supported cryptocurrencies. Transactions process instantly and are deposited into a user’s BitMEX account right away. While this is a useful feature, there are not many supported cryptocurrencies on the platform.

    Buy Crypto

    While BitMEX is a crypto-only trading platform, it does offer a way to buy crypto with fiat currency through third-party gateways. Users can choose to purchase 8 different cryptocurrencies with a selection of 30+ supported fiat currencies. There are two gateways to choose from; Banxa and Mercuryo.

    Both platforms charge processing fees, which can be very high. You can compare the fees side-by-side on the BitMEX “Buy Crypto” page to choose the best one. The crypto that is purchased will deposit directly into a user’s BitMEX account and can be used for trading or earning interest.

    BitMEX Earn

    ByBit offers a simple interest-earning platform for Bitcoin or USDT holdings. Users can deposit tokens (or purchase through a third-party partner) into BitMEX, and choose an Earn product. The Earn accounts have a required lockup period, which locks deposited funds into a contract that matures after a specified time period.

    There are only two Earn products currently (Bitcoin and Tether), and interest rates are fairly low (under 3% APR). There are better places to earn interest on your crypto, honestly, so we don’t recommend the BitMEX Earn product.

    Bitmex earn products and ratesBitmex earn products and rates

    BitMEX Token (BMEX)

    BitMEX recently announced the launch of a native exchange token (BMEX), which offers a variety of benefits to BitMEX users. While the BMEX token has yet to launch and cannot be traded on any exchanges yet, users can earn them through BitMEX. BitMEX offers airdrops to users that participate in promotions, as well as users that utilize the new spot trading platform.

    The BMEX token comes with the following benefits:

    • Trading Fee Discounts
    • Fee Reimbursement on Withdrawals
    • BitMEX Privileges, Experiences, Community Access and Merchandise
    • BitMEX EARN Benefits
    • Exclusive Product Access & IEO Tickets
    • Token Burn to Drive the Growth of the BMEX Ecosystem
    • BMEX Token as Collateral

    BMEX tokens were scheduled to launch in June of 2022, but the launch has been delayed.

    BitMEX Compared

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

    ExchangeCrypto AssetsTrading FeesRatingPromotionWebsiteReview
    FTX

    FTX

    3190.02% / 0.07%
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    4.7/5
    StarStarStarStarEmpty Star
    5% off trading feesVisit FTXFTX Review
    Bybit Logo

    Bybit

    810.06% / 0.01% (leverage), 0.1% (spot)
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    4.7/5
    StarStarStarStarEmpty Star
    Deposit bonus up to $3,000Visit BybitBybit Review
    binance futures

    Binance Futures

    100+0.02% / 0.04%
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    4.6/5
    StarStarStarStarEmpty Star
    Up to $100 welcome bonusVisit Binance Fu...Binance Futures Review
    bitmex

    BitMEX

    8-0.025% / 0.075%
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    4.1/5
    StarStarStarStarEmpty Star
    None available at this timeVisit BitMEXBitMEX Review

    Trading Volume & Liquidity

    BitMEX is the 10th largest derivatives platform for crypto at the time of writing, with 24 hour trading volume of just under $500 million. As for liquidity on spot trading, BitMEX has a daily volume of 1.3 million, which is very low. This could mean buying crypto assets could result in higher spreads than other exchanges. As for derivatives trading, the amount of open interest suggests it is a reasonable exchange, however, there are more popular options available with greater trading activity.

    Bitmex trading volume and liquidityBitmex trading volume and liquidity

    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 recommend finding another cryptocurrency exchange in the USA to use.

    Creating an Account with BitMEX

    To create an account on BitMEX:

    1. Go to the Bitmex site 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. To begin using the exchange, users are required to pass KYC identity verification.

    ID Verification Requirements

    BitMEX now requires identity verification on all accounts. Users must pass verification to trade, earn interest, or utilize any of the features on the BitMEX platform. To pass identity verification, users must provide personal details, including;

    • A valid email address
    • Personal details (name, birthday, etc.)
    • Government or state-issued ID (driver’s license, passport or passport card)
    • Selfie picture
    • Location verification (via web browser)

    Once these documents are submitted, approval should only take a few minutes, but some accounts may need to be reviewed manually.

    Crypto Deposits & Withdrawals

    BitMEX only supports crypto deposits onto the platform, with only a handful of cryptocurrencies that can be deposited. There are no fees for depositing crypto, though users may need to pay network fees to transfer crypto from their wallet to BitMEX. These cryptocurrencies are supported for depositing to BitMEX:

    • Bitcoin
    • Tether (ERC20)
    • ETH (ERC20)
    • MATIC (ERC20)
    • APE (ERC20)

    To withdraw funds from BitMEX, users can withdraw any of the 7 supported cryptocurrencies to their own digital wallet. There are no fees for Bitcoin withdrawals, though users will pay a Bitcoin miner fee. USDT withdrawals are charged a fee by BitMEX, but this fee varies and depends on prevailing market conditions. There are no minimums for crypto deposits, but crypto withdrawals must exceed the fees associated.

    Supported Coins

    BitMEX only supports 7 cryptocurrencies (BTC, ETH, APE, UNI, MATIC, LINK and AXS). This is an extremely limited selection, which makes BitMEX a terrible place for altcoin traders. That being said, BitMEX is primarily a Bitcoin and derivatives trading platform, and these are some of the most popular coins for trading with leverage.

    Trading Fees

    Spot fees

    BitMEX offers some of the lowest trading fees around, with maker and taker fees starting at just 0.1%, and rebates available for high-volume traders. It also offers discounts to BMEX token holders, though those are still rolling out to users. The trading fees on BitMEX are similar to platforms such as Binance. Moreover, BitMEX offers different fee schedules for both spot trading and derivatives trading. Here are the trading fees for both:

    30D Rolling ADV (USD)Trading Fee (Maker / Taker)
    < 1000000.10% / 0.10%
    < 5000000.09% / 0.05%
    < 10000000.08% / 0.03%
    < 100000000.07% / 0.02%
    < 250000000.05% / 0.00%
    ≥ 250000000.03% / 0.00%

    There are Taker trading fees discounts available for staking BMEX tokens on the platform.

    BMEX StakeAdditional Taker Discount
    00%
    251%
    2002%
    1,0004%
    10,0006%
    50,0008%
    500,00010%
    1,000,00012%
    3,500,00015%

    Derivatives fees

    Derivatives trading offers a simplified fee schedule, with a Maker rebate of -0.01% available on all trades, and a Taker fee of 0.075% for all trades. Taker fee discounts are available to traders with over $1 million in 30-day trading volume, with a maximum fee discount of 66.67% available for trading $50 million (or more).

    Deposit & Withdraw Fees

    There are no deposit fees for depositing crypto onto the platform. And while BitMEX does not charge a withdrawal fee for Bitcoin withdrawals, there will be a small Bitcoin Network fee charged for withdrawals that is determined by the blockchain, not BitMEX. USDT (ERC20) withdrawals will be assessed a fee, though this fee varies based on market conditions.

    Mobile App

    BitMEX recently launched a mobile app for iOS and Android devices. It offers users a quick view of their accounts, including balances and trade history, as well as the ability to deposit or withdraw crypto directly in the app. Users can trade spot and derivatives, with access to advanced mobile charting and up to 100x leverage. And the fiat gateway is built-in, allowing users to purchase crypto with fiat currency. Both apps are fairly new, and the Android app has been downloaded over 10,000 times, but there are no user reviews at this time. To find out which crypto apps are top-rated, read this article.

    Bitmex crypto trading appBitmex crypto trading app

    Customer Support

    BitMEX offers an extensive help center with helpful articles and videos to show users how to use the platform. Users can also submit a support ticket directly from the help center, allowing them to track the status and get updates on submitted issues. Recently, BitMEX launched live chat support, allowing users to chat with a customer support representative. Upon our initial testing, the chat response was a bit slow. Overall, BitMEX support is much better than it used to be, and the live chat features are a great way to get answers for a real live human.

    bitmex customer support ticketbitmex customer support ticket

    BitMEX Comparisons

    BitMEX vs. Binance

    Two heavyweights 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 commands significantly more users and has an established reputation in the market. It does have it's issues with server overload which 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. In short, Bybit has the upper hand.

    Frequently Asked Questions

    BitMEX features bank-like security measures to ensure the highest standard of safety of customer's 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.

    BitMEX runs a first-of-its-kind multi-signature deposit and withdrawal system. This means users' BitMEX addresses are multi-signature and storage of assets, including Bitcoin private keys are kept offline. In the event of a full system compromise, including web servers, trading engines, and databases, 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.

    Yes, it does. BitMEX used to be a crypto exchange that let anyone trade, without the need for identity verification. It has recently updated its policy for increased security and regulatory purposes, requiring all users to pass Know-Your-Customer (KYC) verification. Identity verification is a quick process and requires submitting your identity info and documentation, as well as location information, as BitMEX is not available in some locations.

    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

    BitMEX used to be one of the largest derivatives trading platforms in the market and was the first to offer Bitcoin perpetual futures contracts. With more competition coming into the crypto space, and the legal issues of its previous CEO, BitMEX has slowed its growth and volume of trading over the years. But BitMEX has modernized most of the platform, adding a spot trading option, integrating a fiat gateway, as well as interest-bearing accounts. BitMEX is still one of the best derivatives trading platforms around and offers up to 100x leverages on a few popular coins.

    If you are an advanced crypto trader looking to utilize leverage and trade crypto futures with leverage, BitMEX is a decent option. If you are a beginner looking to just buy crypto, the platform may be overwhelming, and you may be better off finding a BitMEX alternative.

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    Kevin GrovesKevin GrovesKevin Groves

    Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. In 2019, he started HedgewithCrypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world.

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