Overall, BitMEX is a powerful platform for those familiar with crypto trading but has challenges for newer users. However, it has expanded to include spot trading for a limited selection of cryptocurrencies, as well as crypto purchasing with fiat. BitMEX is primarily a derivatives exchange and is best known for its perpetual contracts and futures.
Spot Trading
However, it appears that staking other cryptocurrencies, like Ethereum, is not currently supported on the platform. BitMEX allows users to stake its native token, BMEX, in exchange for trading discounts. This functionality can be useful for those looking to adjust their cryptocurrency holdings without the need for external exchanges. This feature simplifies the process of acquiring cryptocurrencies directly within the BitMEX platform. The exchange has a mobile app, providing traders with the flexibility to trade on the go.
Crypto deposits are typically free, while withdrawals incur standard network fees. Perpetual swaps on BitMEX use funding payments between longs and shorts to keep contract prices anchored to spot. Exact rates depend on the contract type and your volume tier, but in practice they are in line with other tier-one derivatives venues. Overall, BitMEX works best as a specialized tool, not as a universal exchange for everyone. The spot side is modest by comparison, with just over a dozen spot pairs and a focus on BTC, ETH and a handful of majors. Newcomers may find the layout dense, but for power users this is part of the appeal.
So, if you’re still interested in finding out more, we’ll explore it together in this BitMEX review. However, it doesn’t have to, as the platform eventually fell in line. In January 2025, a federal judge fined the exchange $100 million and sentenced it to two years’ probation. The main goal of the investigation was to find out whether any rules were broken by allowing Americans to use the platform. She has covered many topics, from crypto adoption to regulatory developments, delivering well-researched analysis with clarity and depth. With a Bachelor of Education, she brings a structured and insightful approach to her work, making complex crypto concepts more accessible to readers.
- If you don’t own any crypto yet, you can use BitMEX’s “One-Click Buy” feature to purchase crypto using fiat currencies.
- While I haven’t personally tested the app, I plan to explore its features in the future.
- BitMEX popularized the perpetual contract, a type of crypto derivative with no expiry date.
- Offering special tools and functions for professional traders.
- BitMEX does not charge any fees on Bitcoin deposits or withdrawals.
BitMEX and its principals have settled the major U.S. cases, paid significant fines, and the platform now emphasizes its compliance program, mandatory KYC for all users, and tighter jurisdictional controls. Trust is the most sensitive part of any derivatives-focused exchange, and BitMEX’s regulatory history is well known. BitMEX surfaces funding information clearly in the interface, but newer traders can still underestimate how much these periodic payments matter to P&L.
ZERO FEES
However, its focus still remains on that, with its new features currently being quite limited. For the more hands-off (or tech-curious), BitMEX also supports trading bots. BitMEX didn’t allow fiat currency purchases in the past, so it was a bit difficult to make deposits for those who didn’t have crypto yet. It’s straightforward buy-and-sell trading, the kind of setup beginners actually want when starting out. It’s a simulation environment where you can practice trading without any risks. If this is not the first BitMEX review you’re reading, you’ve probably heard about BitMEX TestNet multiple times.
- When it comes to perpetual contracts, they’re the same as futures contracts, except for the fact that there’s no specific time in the future when you have to sell them.
- Every crypto fan knows how important it is to have the ability to keep track of the assets and trade cryptocurrencies on the go.
- BitMEX Trading Bot is an automated software tool that executes BitMEX trades based on preset strategies, market signals, or algorithms.
- This involves the direct buying and selling of actual cryptocurrencies in the spot market.
BitMEX Review – What Is It? Full Crypto Exchange Analysis
BitMEX popularized the perpetual contract, a type of crypto derivative with no expiry date. The exchange is operated by HDR Global Trading Limited and has a clean track record with no major hacks or fund losses since its launch in 2014. Beyond its core product offerings, BitMEX provides a testnet for practice, offers API access for developers, and its user interface is optimized for desktop and mobile, making it easy to trade on the go.
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This is an amazing exchange. To ensure the highest level of accuracy & most up-to-date information, BitDegree.org is regularly audited & fact-checked by following strict editorial guidelines & review methodology. Founded in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed, the platform remains under HDR’s ownership through its Seychelles-based entity.
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Here is a step-by-step guide on registering and trading on BitMEX. For other crypto assets, BitMEX has a fixed withdrawal fee charged in the withdrawal asset. Note that this network fee does not go to the BitMEX exchange. BitMEX does not charge any fees on Bitcoin deposits or withdrawals. To know how much your funding fee is, you can check the current funding rate directly on the trading interface for the contract you are trading. They fluctuate daily based on market conditions like demand, price premium, and volatility.
In fact, unlike many platforms, BitMEX operates without a hot wallet, minimizing the online presence susceptible to hacking attempts. Notably, BitMEX has maintained an impeccable security record, having never experienced a breach thanks to its meticulous approach. To make a sensible comparison, one can consider similar platforms, with Bitfinex and KuCoin being notable alternatives. However, the requirement to complete full KYC even before gaining access to the platform is somewhat inconvenient, especially considering the absence of a proprietary fiat onramp, relying instead on third-party applications. While using BitMEX, I didn’t encounter any specific issues as the entire process was smooth, and trading proved to be fast and straightforward. While I haven’t personally tested the app, I plan to explore its features in the future.
Funding Fees
BitMEX, short for Bitcoin Mercantile Exchange, is a peer-to-peer trading platform specializing in leveraged contracts traded in Bitcoin. Today, BitMEX offers 100+ crypto derivatives markets and dozens of underlying assets, with leverage up to 250x on some BTC contracts. BitMEX, offering a highly liquid trading platform/digital currency exchange for advanced usage and investment across a number of global markets using only Bitcoin.
The platform seems to be very reliable when it comes to wallet, system, trading and communication security. It’s recommended to choose BitMEX crypto exchange for its security. Before deciding which cryptocurrency exchange to use, it’s crucial to make sure that it’s supported in your country. Even though BitMEX seems to be a good platform that offers amazing functionality, robust security, low fees, and other great benefits, not everything is just as good. Every crypto fan knows how important it is to have the ability to keep track of the assets and trade cryptocurrencies on the go. The same goes for spot trading – the fees start at 0.1% for both makers and takers but can be decreased as you increase your fee level.
In some cases, there are also hidden fees that are not recognizable to users at first glance. Deposit protection is a safeguard for the assets of users of a stock exchange or broker, which is intended to protect investors in the event of insolvency or a high loss due to a hacker attack. Offering special tools and functions for professional traders. Interest can be earned through “staking” by “freezing” a certain number of cryptocurrencies for a defined period of time. Automatic purchase of cryptocurrencies at a certain interval (e.g. monthly) for a predetermined amount. In these cases, the underlying cryptocurrency is not purchased directly.
The BitMEX app allows you to access real-time market data, make deposits and withdrawals easily, increase your security through multiple authentications and bitmex review login notifications, and so much more. However, that would be difficult without a mobile app that the majority of top-rated crypto exchanges have. For other cryptocurrencies, however, BitMEX applies a small fixed withdrawal fee for that specific asset. If you’re not aware yet, the market maker is the one that adds liquidity to the market and sets a price, while the market taker is the one that trades at a price that is set by the market maker.
Ensuring the security of users funds is paramount for any exchange, and BitMEX takes this responsibility seriously. While the primary trading interface of BitMEX might appear daunting initially, it shares fundamental similarities with the trading platforms found on other prominent exchanges. Given the platform’s multitude of functions, if you’re short on time, you can refer to our quick review down here, which provides corresponding scores for each metric we employ to evaluate an exchange.
Honestly a solid and long established place to trade. At this point I’ve lost count of the “fees” I have paid and always a “I promise-I swear “ to put another carrot in front to extract more. He uses his crypto earnings to fund his trip around the globe.
The cons of BitMEX include unavailability in the US, not being beginner-friendly compared to other top exchanges, no fiat trading, and having had past regulatory issues and criminal charges. However, beginners might find its interface complex, and the limited cryptocurrency options, primarily focused on Bitcoin, might be a drawback for those seeking a broader range. This serves as a safeguard in the event of a “bank run,” assuring users that the exchange can fulfill fund withdrawals transparently and without any risk of a rug pull. Following the FTX incident, users began demanding proof of reserves—a document substantiating that their funds are supported by genuine reserves held by the exchange. BitMEX’s commitment to security extends to being awarded the ISO/IEC certification, reflecting the exchange’s dedication to maintaining the highest standards.
For the latest information on risk limits, refer to the BitMEX Official account for updates. Currently, there are no notable restrictions on BitMEX accounts, including withdrawal limitations. By clicking on the link provided below, you can access a special promotion that enhances your introduction to BitMEX, ensuring a favorable start to your experience on the platform. BitMEX strictly adheres to a 100% Know Your Customer (KYC) policy, even for the initial account opening process and dashboard exploration. This BitMEX review may be extensive, considering the comprehensive analysis of its essential aspects. Instead, he faced charges related to violating banking laws, including failure to guard against money laundering and allowing Americans to trade on BitMEX without meeting certain obligations.