Bitcoin Mercantile Exchange, which is known as BitMEX, is a trading platform that provides leveraged contracts. The main point is that all these contracts are bought and sold in BTC. Since its inception in 2014, this supplier is one of the biggest ones. In compliance with the current data, the daily dealing volume makes 35,000+ BTC, monthly admittance shows 540,000 logins, while the trading recording includes $34 billion. However, like everything, this digital token also has its advantages and downsides. Let us observe them now.
|Security and trustworthiness
Exchange of high volume
Qualitative business engine
Good customer support service
Options for margin trading
|No available fiat currencies
Complicated for beginners
No USA customers accepted
BTC funding only
Sign Up Process
According to the current situation, the registration process at BitMEX is rather straightforward. Once no account is formed, you can own one by entering your email and name. Of course, you are to mention your name and country also. Unfortunately, due to the lack of licenses, the platform doesn’t operate for US residents. As the service doesn’t require more precise and personal documents, you can sign up totally anonymously. However, the email address you provide should be valid, cause you are to confirm the registration to complete it, as well as affirm the withdrawals.
Dealing with BitMEX, you have 2 ways to trade derivative assets. These are the Perpetual Swap and plain vanilla futures. Let us observe them in details. The first alternative (PS) is a future that has no end, or an expiry date. To make it even more clear, the future is an instrument, which is settled every quarter beforehand (so, in the future). The leveraged dealing is the reason for being favored worldwide by various digital money traders. The maximum benefit with Bitcoin instruments can reach up to 100x. Depending on the quantity of initial margin to put up, other assets present a lower max advantage.
Within your activity, you can meet several types of purchases. Market order is realized in pursuance of the rate of the marketplace. Limit alternative lets you set your personal price. With the stop market, there is a chance to end up with the process at the moment when the stop level is achieved in total. The stop limit meanwhile allows a trader to settle a bound as the rate is gained. Trailing stop follows the accounted cost to scatter about the market rate. Also, you can use take profit limit and take profit market, which act much like the stop ones.
Bearing in view the possible service payments is the essential thing to do. Once you are willing to trade large amounts, you should be aware of several kinds of charges. Maker charge applies when you create a purchase and add the data into the book of order, setting a certain limit. Taker duty is for those who accept the contract already mentioned in the register. Below, you can observe the table with the taxes for various electronic cash.
|Series||Maker Fee||Taker Fee||Settlement Fee|
Buy and Sell Cryptos
Both transaction processes are rather simple. In the first place, you are to enter your account or register a new one as long as you still haven’t. Then, enter your page and you will see options to deposit and withdraw. Setting up your wallet, you can click Deposit and observe a QR code for your Bitcoin address. Scan the multisignature and go ahead, choosing the amount and other facilities. The withdrawal page requires the destination URL and the sum you are willing to forward. They count the payment for the service and you confirm the operation easily.
As it was mentioned above, BitMEX makes transfers in Bitcoin and nothing else. That is why this e-money takes part in all transactions notwithstanding whether the contract includes BTC or not. The minimum amount to be transferred is 0.001 BTC. Speaking about the cashing out moment, no bounds are obliged, however, again, only Bitcoin can be utilized as a digital currency.
Once there occur any problems or questions, the commerce platform offers its FAQ page with the top questions asked and answered. Also, the 24/7 available customer care is at your disposal, which comes in the way of social media, electronic message and ticket systems. The site warns that the common reaction rate can be about an hour.
The service takes the leading place dues to its popularity, quality and business volume. However, once you are a beginner who takes their first steps, this site and operations may seem too complicated for you. Anyway, no one but you know whether the commerce house matches your liking or not.