BitMEX Review: Do NOT Sign Up Until You’ve Read This

BitMEX is a popular cryptocurrency derivatives trading platform that offers leveraged contracts. In this review, we will examine the exchange and assess its user interface, trading pairs, deposit methods, trading fees and customer support.  

While we aim to provide you with accurate and the latest information on its features, user interface and trading fees and more in this BitMEX review, we strongly suggest that you visit the website to keep updated with any changes that may occur afterward.

P.S. Read our article on the Best Crypto Margin Platforms to see if BitMEX made the list.

What Is BitMEX?

BitMEX is a peer-to-peer cryptocurrency derivatives trading platform that offers leveraged contracts that are bought and sold in Bitcoin. It is the largest and most widely used margin trading platform in the world.  

bitmex

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 Compared

Advanced features, intuitive user interface, margin trading and competitive fees are excellent features on BitMEX. This comparison table lists other top rated crypto margin exchanges that offer world-class trading tools for traders. 

Exchange

Fees

Rating

Website

bybit

Maker - 0.025%

Taker - 0.075%

5 / 5

plus500

Spread only

4.4 / 5

bitmex

Maker - 0.025%

Taker - 0.075%

4.1 / 5

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How To Trade Crypto Using 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. 

Bitmex register

Depositing Funds on BitMEX

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 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. 

bitmex deposit

BitMEX 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.

BitMEX Deposit Methods 

BitMEX do not accept deposit of fiat currency. It is a cryptocurrency exchange only. This means new cryptocurrency traders will need to make a Bitcoin purchase first and deposit BTC into the exchange. To do this, you will need to find a spot market exchange that accepts deposits of fiat currency in your country. 

BitMEX 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 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%.  

bitmex contract fees
bitmex fees

How To Trade Using BitMEX

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.

Bitmex trading

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.

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.

BitMEX Advanced 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)

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 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.

For more information on other security measure that are in place on BitMEX, navigate to the bottom of the page and click on 'Security'.

BitMEX Reviews & 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 support

BitMEX Supported Countries

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.

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.

Related: Stop Using BitMEX: Trade With These 4 Alternatives Instead

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.

Bybit 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 Etherium contracts.   

BitMEX Alternatives

BYBIT

Bybit

ByBit is a derivatives cryptocurrency trading platform with an emphasis on leverage trading with up to 100x leverage on Bitcoin and Etherium trading pairs. Bybit has become one of the best crypto exchanges in the world. 

plus500

Plus500

Plus500 is a CFD providers that offers its massive customer base to trade the world's most popular crypto assets with up to 30x leverage such as Bitcoin, Ethereum, Litecoin, Neo, Ripple XRP, EOS, Cardano, Tron and Monero.

Disclaimer: your capital is at risk

binance

Binance

Binance is the largest cryptocurrency exchange by trade volume and one of the fastest trading services providers for blockchain ecosystem. The exchange has seen an astronomical growth and is a premium crypto trading platform. 

Frequently Asked Questions

Is BitMEX Legit & Safe?

BitMEX is one of the most secure and safest cryptocurrency exchanges in the world. There have been no reports of major security breaches or hacks on the exchange. Given the significant daily volume traded on BitMEX, it is a testament to BitMEX security to protect its user funds.

Does BitMEX Have A Trading App?

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.

Does BitMEX Have A Demo Trading Account?

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. 

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. 

In summary, you should trade with BitMEX 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 advanced tool
  • You like a reputable and popular exchange

Risk management tools and platform features are very important for any prospective cryptocurrency investor. The following cryptocurrency trading exchanges - in addition to the above exchange - provide advanced trading features, technical indicators and a smooth, mobile-responsive charting interface that will be suited to beginners and professional crypto traders. 

  1. Bybit
  2. BiKi
  3. Plus500
  4. StormGain
  5. KuCoin
  6. HotBit
  7. BBOD
  8. BitForex
  9. BLADE
  10. OKEx

BitMEX

4.1

Ease of use

3.5/5

Reputation

4.5/5

Fees

4.3/5

Security

4.3/5

Customer support

4.0/5

Pros

  • Largest derivatives exchanges by trading volume
  • Deep liquidity suits professional traders
  • Margin trading with up to 100:1 leverage
  • Competitive trading fees
  • Testnet available for new traders

Cons

  • Outages during high volume periods
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Kevin
Kevin is the founder of hedgewithcrypto and is passionate about blockchain technology. He has been involved with Bitcoin since 2016 after discovering it's potential as an alternative to fiat currency. He is also a trader with over 8 years of experience and is now trading crypto using various platforms. Now, he is focussed on helping others learn about cryptocurrencies via hedgewithcrypto.

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