BitMEX Exchange Review
BitMEX is a centralized exchange that occupies #74 on Guru InvestingExchange Tracker. BitMEX has trading volume US$130,642 in the last 24 hours and US$286,189,452 in the last 7 days.
BitMEX currently has 80 cryptocurrencies, 0 paper currencies and 136 markets (cryptocurrency trading pairs). Most popular trading pair on BitMEX: XBT/USDT.
You can read the full expert review of BitMEX here: BitMEX Review.
Compare BitMEX next to other exchanges here: Exchange comparison tool.
BitMEX is a centralized cryptocurrency exchange (CEX). The platform, based in Seychelles, offers spot and derivatives markets, margin and leverage tradingas good as Bet and earn peculiarity.
BitMEX cryptocurrency exchange is KYC compliant, requiring all clients to complete the user verification process. BitMEX’s spot and derivatives services are only available to parties in the United States, Hong Kong, Canada (Ontario and Quebec), Russia, and certain other countries.
Markets
Like many cryptocurrency exchanges, BitMEX hosts its own token. BMEX. Customers staking on BMEX are eligible for special discounts and reduced fees for BitMEX cryptocurrency. Overall, BitMEX has fewer trading pairs and assets listed compared to other crypto exchanges.
BitMEX supports two types margin trading – initial and maintenance margin. Clients may have leverage up to 100x on perpetual contracts. Besides, Automatic deleveraging In some cases this process may be used.
The BitMEX spot exchange uses multi-level remuneration structure and the producer-receiver model. High volume traders may be eligible for discounts. Levels are determined by BitMEX’s 30-day average daily trading volume. Traders who bet on BMEX and maintain high volume can accumulate discounts.
Unlike some other platforms that use numbered levels, the levels on the BitMEX crypto exchange are designated by letters:
- Level B – BitMEX 30-day average daily volume (ADV) is less than $100,000;
- Level I – 30-day ADV above $100,000;
- Level T – 30-day ADV of more than $500,000;
- Level M – 30-day ADV of more than $1 million;
- Level E – 30-day ADV of more than US$10 million;
- X level – 30-day ADV above $25 million.
At Level B, the BitMEX exchange fee for both the producer and recipient is 0.1%. At Level I, the maker fee is 0.05% and the taker fee is 0.09%. Rates are gradually decreasing. At levels E and X, producers are no longer required to pay a fee on the cryptocurrency price of a BitMEX transaction.
Permanent contracts is the most popular service offered by the BitMEX crypto exchange. This is a variation of a regular futures contract. However, it has no expiration or settlement dates and uses similar mechanics to margin trading in the spot market.
The derivatives market uses a fixed maker-to-buyer rate. The default taker fee is 0.075%. There are no BitMEX exchange fees for futures producers. Instead, a manufacturer’s rebate of 0.01% applies. Based on BitMEX’s 30-day average volume as well as the BMEX stake amount, traders can get a discount of up to 66.67%.
No fees for Bitcoin (BTC) deposits or withdrawals, regardless of the BitMEX cryptocurrency price value used. Bitcoin network fees are paid to Bitcoin miners for processing transactions. However, this is not one of the direct fees for BitMEX cryptocurrency.
Withdrawal fee applies to Ether (ETH) And Tether (USDT) coins and everything ERC-20 tokens. These fees are dynamic and depend on prevailing market conditions as well as the withdrawal amount.
other services
The BitMEX cryptocurrency exchange offers additional services for its clients. BitMEX Earnings is a staking and earning program that allows users to earn passive rewards for depositing assets. Users can bet on Tether (USDT) or Bitcoin (XBT) and choose their preferred investment product.
BitMEX also supports direct cryptocurrency purchases. Payments can be made via credit and debit cards, cash deposits or electronic transfers. The minimum required price of BitMEX cryptocurrency for purchase may vary depending on the requirements of the fiat gateway partner.
Developers can access two API offered by the BitMEX cryptocurrency exchange – Websocket and REST. They can be used to access current market data, account management and other information.
About company
BitMEX cryptocurrency exchange was founded in 2014 Arthur Hayes, Ben Delo and Samuel Reed. In January 2022 Ivo Sauter was appointed as the new CEO. The company’s headquarters is registered in the Seychelles.
The BitMEX derivatives market launched in 2016 and offers both traditional futures trading and new perpetual contracts.
In 2019, the BitMEX crypto exchange narrowed its availability. In August, BitMEX began closing US accounts due to SEC regulations. A few weeks later, the company added Hong Kong, Bermuda and Seychelles to its list of blocked regions.
The BMEX token was introduced at the end of 2021. In December of the same year, the BitMEX Earn program was first introduced.
In August 2022, the company announced the launch of its perpetual currency swap contractsor currency criminals. Such contracts can be traded with leverage up to 50x. According to Daniel Egloff, the goal of this launch was to provide institutional investors with a new way to develop cryptocurrency pairs for arbitrage.
BitMEX related pages
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A cryptocurrency exchange is an online platform where you can buy, sell, or trade cryptocurrencies like Bitcoin, Ethereum, and others.
Safety varies by exchange. Look for platforms with strong security measures, like two-factor authentication and cold storage for funds.
Consider factors like security, fees, available coins, user interface, and customer support.
Centralized exchanges are managed by a company, while decentralized exchanges operate without a central authority.
Many exchanges require Know Your Customer (KYC) verification for security and regulatory compliance.
Trading fees vary but typically include maker fees (for adding liquidity) and taker fees (for removing liquidity).
Yes, most exchanges offer cryptocurrency-to-cryptocurrency trading pairs.
Withdrawal times depend on the exchange and the cryptocurrency. Some are instant, while others may take hours or even days.
A wallet address is like a bank account number for cryptocurrencies. It’s required to send your crypto to the right place.
Yes, depending on your country’s tax laws, trading cryptocurrencies may have tax consequences. Consult a tax professional for guidance.
Yes, many cryptocurrency exchanges operate 24/7, allowing you to trade at any time.
A market order buys or sells at the current market price, while a limit order sets a specific price at which you want to buy or sell.
Yes, each exchange sets its own minimum and maximum trading limits, which can vary widely.
It’s not recommended. For security, it’s better to use a cryptocurrency wallet, especially for significant holdings.
Exchanges typically have account recovery processes, including password reset options and support for forgotten usernames.
Some exchanges offer insurance, but coverage can be limited. It’s essential to check an exchange’s insurance policy.
Use strong passwords, enable two-factor authentication, and be cautious of phishing scams and suspicious emails.
Yes, but it’s recommended to learn the basics of trading and understand the risks involved before you start.
Stablecoins are cryptocurrencies pegged to the value of a fiat currency like the US dollar. They provide stability and are commonly used for trading and transferring funds on exchanges.
Yes, regulations vary by country. Many countries have implemented or are considering regulations to govern cryptocurrency exchanges for consumer protection and financial stability.
