update 19 August 2021

The BitMEX Exchange – An Easy to Follow Guide for New Users

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.

Fees

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.

Limitless

Experienced traders enjoy limitless trading options once registered with the exchange. There are no trading limits, and the market operates 24/7/365. 

Corporate Benefits

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. 

Demo Accounts

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. 

Security

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. 

Interoperability

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.

Interface

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. 

Margin

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

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

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. 

Troll Box

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.

Affiliate Program

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

Btc
Bitcoin
$43.170
price
3.45793%
price change
BUY NOW

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.

More posts

AOFEX – An Advanced Exchange Ecosystem with Top DeFi Features

AOFEX is a blockchain-based exchange and ecosystem. The network provides crypto traders with the ability to effortlessly trade, stake, mine, and more. AOFEX entered the market intending to provide a more transparent and regulated option. As such, the platform received its MSB license for digital currency trading from US regulators. Today, it seeks to become a vital bridge for institutional investors seeking to gain exposure to the digital economy.   AOFEX operates as a centralized exchange that offers low fees and…

Beginner’s Guide To Bitrue – Get More Features from Your Exchange

Bitrue is a digital asset management platform that combines the benefits of a decentralized ecosystem with the convenience of a centralized exchange. The protocol enables users to buy, sell, trade, lend, and stake an array of digital assets with ease. As such, the network continues to expand its market position. Notably, Bitrue currently has over 4 million users.   What Problems Does Bitrue Solve? The developers behind the Bitrue concept sought to reduce or eliminate a variety of issues faced by…

Introducing Vdollar: A Platform Turning Transaction Fees into Assets

Vdollar is a crypto contract exchange platform introduced to provide crypto enthusiasts with the best income opportunities and make contract trading easy. This Colorado registered network has several services like digital currency exchange, a wallet, and trading mining.  The Vdollar network possesses some excellent features, including a mine trading mechanism. In addition, Vdollar has one of the best mining features for its native token, Vdollar. So, how does the Vdollar token operate? This guide will look keenly into the Vdollar…

A Closer Look at an Emerging Crypto Exchange, MEXC

According to the Coinmarketcap platform, more than 366 registered crypto exchanges offer services in different jurisdictions. Every other month, more exchanges join the crypto world with the promise of making things easy for crypto traders and investors. Most of these exchanges prove to be unique by providing top services at affordable rates and fast speeds.  This guide will be reviewing one such exchange, MEXC, a one-stop shop for all crypto exchanging services. Keep reading to know what products and features…

1inch Exchange Review – A Fierce Rival to Uniswap’s Hegemony

Soon, it will be a year since decentralized finance rose to widespread popularity in the crypto industry and beyond. Many of the protocols emerging in 2020 are still on the rise, and the 1inch Exchange leads the pack. More so, it is challenging the superior positions of better established DeFi platforms. 1inch Exchange is an aggregator for decentralized exchanges. It launched in the summer of 2020 and has developed rapidly into one of the most promising DeFi protocols. Furthermore, it…

Binance.US: The American-based Exchange From Binance

The Binance Coin has seen an explosive price action this month, leading it past the $300 mark. Currently trading at slightly over $200, the coin can account for its boom due to its parent company's continued advances. Looking behind its success story is the crypto exchange Binance, founded in 2017 by Changpeng Zhao. The exchange ecosystem operates as a centralized exchange to solve low market liquidity, platform insecurity, and many more. The exchange managed to make massive strides ever since…

Coincheck Review: Asia’s Biggest Cryptocurrency Exchange

Coincheck is a Japanese-based cryptocurrency exchange that provides bitcoin storage services and several crypto exchange operations as of 2014. The multilingual exchange is headquartered in Tokyo, Japan, and offers several trading instruments, including both popular and liquid tokens and a few altcoins. The platform also offers margin trading with a maximum leverage of 1:5, Bitcoin spot trading, crypto lending, and a crypto payment system that automatically converts cryptos to Japanese Yen. Coincheck has the highest Bitcoin trading volume in Japan,…

Luno Full Review – Upgrading the World to a Better Financial System

The crypto is definitely upon us. To say the least, Bitcoin has more than 100 million owners, 400 000 daily users, 200 million Bitcoin wallets, and over 53 million traders. Cryptocurrencies have also emerged to have the highest trading volume compared to fiat currencies.  However, despite the widespread usability of cryptos, mainstream adoption is still a challenge, especially in developing countries in Africa and South Asia due to a lack of supporting infrastructure. Most crypto exchanges and other products are…

BlockSettle Exchange Review – A P2P Exchange with a Bright Future

Every crypto trader’s worst nightmare is losing his assets in an exchange hack. Cryptocurrency exchanges lose money in cyber attacks recurrently. Many times, they lose the people’s assets that they were keeping in custody. And just as often, they suspend withdrawals leaving everyone high and dry. Fortunately, secure peer-to-peer trading alternatives enable users to transfer assets without the exchange ever sniffing them. One of them is BlockSettle Exchange, a crypto/Forex exchange platform that lets you trade directly from your wallet,…

The BitMEX Exchange – An Easy to Follow Guide for New Users

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…