In this BitMex review, we go over a trading platform that offers numerous functions and features for its customers. The crypto company engages in margin trading marketplace, offering tools that could be of interest to you. We go over the platform’s background & history, payment methods available, security and support.
Lastly, we go over the most crucial part of the website and that is its trading platform. We review BitMex in terms of functions, leverage, and other features. Throughout the article, we compare BitMex with other, similar platforms, such as Bitfinex, CEX.IO, GDAX, and others. Guide concludes with pros and cons that can be benchmarked against these crypto trade centers. Also, BitMEX is one of our top trading platforms and you can read more about this in this blog post, Best Bitcoin Trading Platform 2018.
About the Platform
BitMex started out in 2014 by a company called HDR Global Trading Limited. The headquarters of the group is still in Seychelles, with owners being Arthur Hayes, Samuel Reed, and Ben Delo. The team is consisted d of former bankers with an abundance of financial knowledge and experience. Their main idea was to facilitate their skills into a crypto platform.
The trading platform went a long way from its beginnings, now reaching over 458 million BTCs traded on a 24-hour basis. Its services are available around the globe, with no restrictions placed on regions. The only real limitations are governments that have banned cryptocurrency, them being Bolivia, Ecuador, Kyrgyzstan, Bangladesh, Nepal, and Morocco. Thus, BitMex has an upper hand compared to GDAX that has only 32 countries covered.
Currently, there are no mobile apps available for download but you can reach the website using your phone. This feature is not present on many other platforms as well. The only exception is KuCoin, which supports both Android and iOS users.
Registration and Verification
At BitMex, unlike with Bitfinex, GDAX, and CEX.IO, you do not need to verify your account. Registration is easy to accomplish and free of charge, which is standard for the industry. The privacy is head high due to the lack of governmental influence and laws, as the business operates from off-shore.
You provide email as the only identification data about yourself, together with your first and last name.
Payment Methods and Fees
BitMex is strictly a crypto-to-crypto platform, where fiats are not available for use in margin trading. You can deposit and withdraw coins while trade fees use maker & taker structure. These costs range from 0.25% to 0.075% if your orders are under taker category. Makers can be reimbursed with -0.05% if achieved.
The important distinction from other exchanges that use fiats is that these fees are the only ones you pay. CEX.IO, for example, would charge you not only maker/taker costs but also deposit expenses, reaching 3.5% if you deposit USD.
You also need to account for miner fees when withdrawing coins out from BitMex. These fees are usually small and change from day to day.
When it comes to security, BitMex has very little to offer. The platform has two-factor authentication (2FA) with the help of Google Authenticator or Yubikey. You also have a password manager, IP whitelist, session duration, email login notifications and PGP key, as seen below.
Compared to Bitfinex, that offers cold storage, encryption, and several other tools for you to use, BitMex goes on the average in the industrial scale. Not too little but neither enhanced level as well. Thus, we deem it necessary for you to keep only volumes you wish to trade wit. Large amount coins should be kept outside of the platform.
When it comes to customer support, BitMex offers several tools for you to use when trading on this platform. Firstly, you have extensive FAQ page, providing answers on almost all aspects of the trade. You also have direct mail and ticket system, both aimed to provide communication channels in case you encounter issues.
What BitMex does lack is the live chat function, though we can say that the feature is rare enough. Thus, we can conclude that support, although nothing out of ordinary, is sufficient and according to the crypto industry’s level.
Trading Platform and Functions
Now we go to the main point of this article and that is BitMex’s margin trading platform. To start off, its interface is completely customizable. You can move charts, change fonts, colors, put new pairs around, or have one table only to appear. You can also change theme through settings and do numerous other things with BitMex’s very flexible interface. You can check out the market page in the picture below.
Following interface, you have several functions available to you when posting order. You can make long (buy) and short (sell) positions in the market. You also have several tools that would help you gain most from the market fluctuations. These functions are FillorKill, GoodTillCancel, ImmediateOrCancel, FillOrKill, Market evaluation, and Stop market.
You also have trigger alerts for Stop trading, as well as leveraging. The leveraging rate can go up to 100x. This means that you can trade using hundred times bigger volume and hope to make a bigger profit than usual. The only two platforms that come near to BitMex in terms of interface and functions available are Bitfinex and GDAX, though these do not have nearly as much customization available.
There are no fiat currencies supported by BitMex, leaving you to work with crypto-to-crypto trade only. Others, with the exception of Poloniex, do hold both types of currencies, something of which BitMex does not have. Additionally, BitMex, works with 6 cryptos, whereas others have a lot bigger choice of coins. These currencies are bitcoin, Bitcoin Cash, Ethereum, Litecoin, Cardiano, and Ripple.
Apart from regular margin trading contacts, you also have swaps and futures. With futures contracts, you can bet on predetermined price and hope to gain value over time.
Pros and Cons
- mostly private to use
- low trade fees
- the global reach of services
- the existence of swaps and futures contracts
- highly customizable interface
- no fiat money
- only 6 cryptocurrencies supported
- no mobile apps
In this BitMex review, we went over the platform’s ability to provide good margin trading platform for its users. Its interface is highly customizable yet there is a little number of coins to work with. Security, support, and reputation are on industry’s average while privacy is high compared to GDAX, Bitfinex, and CEX.IO.
Overall, we deem the trade eligible for experts, especially with its adequate liquidity rate. Apart from experts, beginners also might find interface useful to learn about margin trading through BitMex.