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BitMEX is a cryptocurrency derivative trading platform designed to serve the needs of the global market. Unlike most exchanges, you don’t trade cryptocurrencies directly on the platform. Instead, you trade crypto-based contracts. The advantage of this strategy is its more inclusive because it provides a regulated way for large financial institutions to participate in the market.
Benefits of The BitMEX Exchange
BitMEX introduces a number of benefits to the market. For one, its global approach provides a huge variety of customers with access to the derivatives market. As such, BitMEX is considered a wise move for intermediate and experienced investors who understand contract trading and leverage. In this way, the exchange functions as a highly specific, niche platform.
BitMEX offers a very competitive fee structure. The platform doesn’t charge fees for the deposit or withdrawal of Bitcoin. Notably, all deposits for trading must be made in Bitcoin. There is a minimum deposit of 0.001 BTC to get started.
Experienced traders enjoy limitless trading options once registered with the exchange. There are no trading limits, and the market operates 24/7/365.
As part of its goal to serve the derivatives sector, the platform has a solid corporate legal structure designed to attract large financial firms that were previously on the fence about crypto-related products.
Another powerful feature found on BitMEX is a full demo mode. Demo accounts are a great way for new users to get familiar with the exchange. These accounts use real market data to help you see how your actions would have affected your ROI in real-time. Best of all, these accounts are free and have no trading limits.
You can practice trading derivatives until your confidence reaches the point you are ready for the real thing. Notably, the demo version is so exact that developers introduced a green version of the classic BitMEX logo, so you don’t accidentally use the wrong account.
Fiat Trading Pairs
You can trade derivates using a variety of fiat currency trading pairs. The platform currently supports the Japanese Yen, US Dollar, and the Chinese Yuan. However, you will need to first deposit Bitcoin and then convert your crypto over to these funds if you want to trade with fiat pairs.
Despite BitMEX’s popularity and focus on large financial institutions, the platform has never been hacked successfully. The network employs high-level security and industry-standard protocols to keep your holdings protected. These stringent security measures help to embolden users.
BitMEX also features a high-level of interoperability in the sector. Using the networks API, users can connect third-party software such as trading bots, market management tools, and add-on interfaces. API integration adds to the usability of a platform and helps investors to secure higher ROIs because they can leverage multiple protocols to get the results they desire. Specifically, BitMEX utilizes a REST API and WebSocket API to accomplish these tasks.
How Does The BitMEX Exchange Work
BitMEX is recommended for experienced traders that have a good understanding of leverage. Initially, the network was only available in a desktop version. However, in September 2020, the exchange added its highly anticipated mobile platform.
BitMEX is a centralized, custodial exchange. This designation means that users need to load network wallets before they can trade on the platform. Centralized exchanges provide a higher level of regulatory compliance in most cases. Notably, BitMEX was developed using the programming language kdb+. This style of coding is frequently used for the creation of trading applications.
BitMEX features an interactive and customizable interface. This portal displays a large amount of data via movable widgets. Users can drag and drop the tools they need to suit their trading activities in a seamless manner.
BitMEX offers its traders an impressive 100x leverage option. However, not every derivative offers leverage to this extent. Each project has a sliding scale that shows you how much leverage is permitted for the product. Leveraged trading allows professionals to gain higher ROIs, but using 100x leverage can wipe your balance out quickly if you are unskilled. For this reason, leverage is only recommended for professional traders.
Futures allow you to trade contracts based on the future price of a digital asset such as Bitcoin. Bitcoin futures have long been a hot topic in the market. For years, developers fought to bring these products to the market.
Perpetual contracts are similar to futures but have no expiration dates or settlement. As such, they can be held or traded for an indefinite amount of time.
Advanced Order types
Keeping in line with BitMEX’s goal to serve trading professionals, you will also find many other advanced order types. For example, there are options for iceberg orders, fill or kill, immediate or cancel, and post-only orders.
Another unique feature of BitMEX is its Troll Box. This feature is a community chat. Here, users can talk about market conditions and projects worthy of investment. This feature is nice because it provides new users with valuable insight in the market. When used in tandem with the demo mode, new users can find all the information they need to sharpen their skills.
BitMEX offers one of the highest affiliate programs in the market. You receive a percentage of commissions paid by your referrals. These referrals can add up quickly. This program has helped BitMEX to continue to expand its market reach.
History of The BitMEX Exchange
The history of BitMEX begins in 2014. It was at this time that HDR Global Trading Limited founded BitMEX. Notably, the team behind HDR is composed of well-known banking professionals. Specifically, the firm lists Samuel Reed, Arthur Hayes, and the first crypto billionaire in the UK, Ben Delo.
The BitMEX Exchange – New Age Crypto-related Products for Large Investors
BitMEX has earned a reputation as a reliable and secure option for users seeking crypto-related products. The network’s focus on providing simple and straightforward functionalities has helped it to remain a popular option in the market. Notably, BitMEX is not available to US investors at this time. Despite this restriction, BitMEX appears to have a bright future servicing the rest of the international derivatives crypto investment community.