The BitMex exchange has increased rapidly because it is an exchange that provides leverage of close to 100x for its users. It is used to trade Bitcoin, and it consists of a group of altcoins used for spot and also the future market.
Rating: 4.0 / 5
- 100% leverage trading available on margin trading
- Sandbox environment for its users to safely practice trading
- Secured diverse signature wallets
- Manual processing of all its withdrawals
- High liquidity for Bitcoin spot and futures
- Great user interface and charting instruments
- Hard to understand for amateur traders
- Limited exchange locations
- There is no fiat down payments or withdrawals.
- Decreased volume of altcoin assets.
- No mobile BitMex app
It is rated as one of the biggest Bitcoin trade platforms that are presently functioning. Its API’s are public and complete. All the operations utilized by the BitMex website are uncovered through the BitMex API.
It enables creators to have full management to create an application right from BitMex. The fullness of BitMex’s API is the best and most specific in the trading world. It is not an exchange for just any investor but created for professional traders.
This simply means that newbies will find the exchange a bit confusing. However, we will be analyzing the full BitMex exchange.
Background Of BitMex
Bitcoin Mercantile Exchange, popularly abbreviated to BitMex is a crypto trading exchange that was created by HDR Global Trading Limited. Its creators were former workers in a financial institution.
Creators of the BitMex are Arthur Hayes, Ben Delo, and lastly, Samuel Reed. The exchange was debuted in the year 2014 and certified in Seychelles. It has branches in New York, San Francisco, and even Hong Kong.
BitMex is a developed derivative trading exchange for cryptos. It acts as an interface for potential investors with universal monetary market’s using Bitcoin. It is a highly professional crypto trading platform that produces increased levels of trading in not just Bitcoin but other crypto to crypto transactions.
The platform makes use of a comparatively reduced trading price, a vast range of Cryptos and is available to users around the globe. Different from so many cryptocurrencies exchanges that trade diverse cryptos for a different one, BitMex is concentrated on nothing but derivative trading.
The BitMex exchange is thought of to have powerful protective levels, and the platform utilizes diverse signature down payments and withdrawal patterns that can only be used by partners of BitMex.
It provides constant swap contracts, including daily and even weekly contacts for the future. BitMex makes use of Amazon web services to secure the servers through text messages, the two-factor authentication, and even hardware tokens.
Finally, BitMex has a threat checking network that demands the sum of every account holdings available on the website to be empty. If it is not, every trading is stopped all at once.
BitMex Exchange Fees
The BitMex exchange does not ask for fees for down payments or even withdrawals that are made to or even made from the platform. The platform actively installs the lowest fee based on the system’s activity.
When taking the step to trade on BitMex, there are some fees linked with every transaction that happens on the platform. The fees all differ, and it depends on the position of the buyer and seller, the rate of funding and lastly, the type of agreement.
Due to the fact that BitMex is a person to person exchange platform, the BitMEX fees are split into a taker, maker and a settlement fee. It’s base currency is Bitcoin.
The BitMex platform provides a finite categorization of both spot and futures contracts when compared to some of the other Cryptocurrency exchanges like Poloniex. Presently, the assets available on the platform are;
- Bitcoin (XBT/BTC) – Spot and Futures
- Bitcoin/Yen (XBJ) – Futures
- Binary (B) – Futures
- Dash (DASH) – Futures
- Ethereum (ETH) – Futures
- Ethereum (ETC) – Classic Futures
- Litecoin (LTC) – Futures
- Monero (XMR) – Futures
- Ripple (XRP) – Futures
- Tezos (XTZ) – Futures
- Zcash (ZEC) – Futures
However, while the platform is a leader in the BitMex volume exchange when it comes down to Bitcoin. This is because the majority of the other exchanges maintain a comparatively decreased level of liquidity.
This, however, makes the degree of cost really drastic that it is not possible to trade some of the available assets.
Is BitMex Secure?
As mentioned earlier, BitMex utilizes diverse signature wallets for client accounts and also exchange accounts. All of the withdrawals are executed by hand, and they are processed at a particular time, once every single day.
Funds are stored in offline cold storages and not hot wallets. The merging of these components provides BitMex with a very sturdy protective framework when it gets down to taking care of funds for clients.
Some of the added security components are;
- There are alternative codes for emails given by the pretty good privacy program, i.e., PGP
- The facilitated trading engines execute security audits when the order placements and transactions are completed
- The access to BitMex’s network is divided and demands diverse forms of validation to get access to each part.
BitMex is the most obvious option for the experienced traders seeking for professional stage futures and derivatives exchange type platform for the crypto market. It is the nearest Cryptocurrency market presently getting to a professional trading surrounding.
It’s zero levels red tape may possibly be enticing to lots of individuals. The mere fact that the complete exchange functions on Bitcoin alone as a base currency, it generates advantages and disadvantages.
However, the advantages appeal more to the traders in the exchange platform which are reduced fees, lots of products and trading scheme, as well as privacy.
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