Bitmex Review 2024

BitMEX is a centralized cryptocurrency exchange founded in N/A. Its country of registration – Seychelles. On 10 April 2024 the number of trading pairs available for trading: 13. BitMEX last 24-hour trading volume is $526,090. It changes to +191.19% compared to the previous 24-hour period. XBT/USDT is the most popular trading pair, its trading volume is $472,481 in the last 24 hours. The exchange has 7 of 10 possible reliability scores and doesn't provide clients with access to fiat currencies.
Volume (24h)
$526,090+191.19% ↑
Pairs
13
Rating
7 / 10
Country of registration
Seychelles
Fiat
TOP 10 pairs by volume
Pair
Price
24h Volume
Spread
Price change in 24h
Pair
XBT/USDT
Price
$69,388.00
24h Volume
$472,481
Spread
+0.08%
Price change in 24h
+$466.00 ↑ / +0.68%
Pair
ETH/XBT
Price
$3,504.63
24h Volume
$21,297.00
Spread
+0.45%
Price change in 24h
+$2.050 ↑ / +0.06%
Pair
BMEX/USDT
Price
$0.27792
24h Volume
$16,885.53
Spread
+0.25%
Price change in 24h
-0.0005530 $ ↓ / -0.20%
Pair
SOL/USDT
Price
$169.14
24h Volume
$5,607.73
Spread
+0.45%
Price change in 24h
-5.72 $ ↓ / -3.27%
Pair
BONK/USDT
Price
$0.000021940
24h Volume
$3,386.06
Spread
+0.15%
Price change in 24h
-0.00000031000 $ ↓ / -1.39%
Pair
ETH/USDT
Price
$3,504.63
24h Volume
$2,411.47
Spread
+0.34%
Price change in 24h
+$2.050 ↑ / +0.06%
Pair
XRP/USDT
Price
$0.6195
24h Volume
$1,988.38
Spread
+0.37%
Price change in 24h
-0.0015110 $ ↓ / -0.24%
Pair
ATOM/USDT
Price
$10.74
24h Volume
$872.40
Spread
+0.48%
Price change in 24h
-0.20000 $ ↓ / -1.83%
Pair
TRX/USDT
Price
$0.11870
24h Volume
$362.84
Spread
+1.32%
Price change in 24h
-0.0019030 $ ↓ / -1.58%
Pair
MATIC/USDT
Price
$0.8733
24h Volume
$176.53
Spread
+1.82%
Price change in 24h
-0.031948 $ ↓ / -3.53%

    Bitmex is an originally Hong Kong crypto exchange with mandatory account verification. The platform uses the latest achievements in the field of multi-factor security: since its launch in 2014 and has never been hacked.

    Bitmex exchange works with cryptocurrencies only (Bitcoin ticker on Bitmex - XBT). Like others cryptocurrency exchanges, Bitmex allows you to trade on the spot market using your own funds. In addition, Bitmex has derivatives and marfin trading service supporting leverage up to 100x.

    You can figure out what advantages the exchange has, is Bitmex legit and how to work with it in review from TGDRatings.com experts.

    Sign Up and Verification

    First, you need to register an account on the exchange to use it. The instructions on how to do it are below:

    1. Select Register in the upper right corner on the official website;
      Bitmex cryptocurrency exchange
      Registration on Bitmex
    2. Enter required data: email and password;
    3. Accept the platform terms of work;
    4. Press Register;
      Bitmex registration form
      Bitmex registration form
    5. Then you’ll get a message to specified email address. Follow the link to verify your email address;
    6. After successful verification the registration will be completed.
    In order to deposit and withdraw funds, as well as to trade on Bitmex you must pass identity verification. In addition to access to the functionality of the exchange, verification increases account security.
    Bitmex verification form
    Bitmex verification form

    Account Security

    To increase security, it is also recommended to enable two-factor authentication. You can do this in your personal account by clicking on the profile and selecting the Security Center tab.

    There are two ways to enable 2FA on Bitmex:

    1. By downloading the TOTP application;
    2. Via the Yubikey service.
      Bitmex two-factor authentication
      Bitmex Two-Factor Authentication

    The Account is Created. What’s Next?

    After registering and setting up 2FA, you can start trading. To do this you have to have funds in your BitMEX account. Let’s use USDT coins (you can use any other coins – Ethereum for example) to show how to top up it.

    Deposit and Withdrawal Methods

    Depositing on Bitmex is available in cryptocurrency only. To replenish an exchange account:

    1. Login to your BitMEX account;
    2. Click on the Wallet icon (next to Alerts and Settings);
    3. Select the currency to deposit in the wallet and click Deposit;
    4. Specify the network (it must match the network in you crypto wallet, otherwise you will lose funds);
      USDT deposit on Bitmex
      Depositing USDT on Bitmex
    5. Scan QR code or copy wallet address to deposit and transfer funds.

    Withdrawals are also available in cryptocurrency only. The withdrawal process is the same:

    1. Login to your BitMEX account;
    2. Click on the Wallet icon (next to alerts and settings);
    3. Select currency for withdrawal in the wallet and click Withdraw;
    4. Specify the network in the withdrawal form (it must match the network in your wallet, otherwise you will lose your coins);
    5. Enter wallet address in the Address field;
    6. Specify the amount of USDT to withdraw in the Amount field;
      Withdraw USDT from Bitmex
      Withdraw USDT from Bitmex
    7. The transfer fee will be calculated automatically: if everything suits you, check the data and click Continue;

    Bitmex Trading Conditions and Tools

    Bitmex provides access to the derivatives market in addition to the classic spot market. You can also buy crypto from a card, and swap currencies. Let’s analyze available tools and conditions in more detail.

    Buy Crypto

    Bitmex offers a quick purchase of cryptocurrency with a bank card through Banxa and Mercuryo intermediaries.

    BitMEX does not directly convert fiat to cryptocurrency. All conversions are handled by the exchange's fiat gateway partners.

    To buy cryptocurrency with a card on Bitmex:

    1. Select the Buy Crypto tab in the main menu in your personal account;
    2. Fill out the purchase form: specify the fiat currency you are giving away, for example, USD and its amount;
    3. Select a cryptocurrency you want to buy;
    4. Select a payment method and click Select;
      Purchasing cryptocurrency from a card on Bitmex
      Buying cryptocurrency with a card on Bitmex
    5. The system will redirect you to the partner site: follow the instructions and complete the purchase.
    The following cryptocurrencies can be bought with a card: XBT, ETH, USDT, APE, LINK, AXS, UNI, SUSHI, TRX, USDC.

    Available payment methods include: Visa and Mastercard credit/debit cards, bank transfers, Apple Pay and more.

    Spot Market

    The exchange provides traders any tools they need to trade in the spot market. Click Spot → Trade in the main menu of personal account to go to the trading terminal.

    Convert Crypto

    You can convert one digital currency to another on Bitmex. To do this, click Spot → Convert in the main menu of your personal account, specify the currencies to convert and click Convert now.

    Swap to Bitmex
    Bitmex Swap

    Derivatives

    Bitmex is widely used for derivatives trading. The exchange supports leverage trading (the size of leverage can reaches up to x100 for Bitcoin). To trade in derivatives market, select Derivatives in the main menu of your personal account.

    Bitmex derivatives terminal
    Bitmex derivatives terminal

    Fees and Limits

    Bitmex doesn’t charge a fee when one replenishes an account. The fees for withdrawal depend on the cryptocurrency and on the network load at the time of coins withdrawing.

    Trading fees in the spot market depend on trading volume in the last 30 days. The base fee level starts with 0.1% for all market participants and goes down to 0% for a maker and 0.03% for a taker when a trader’s level rises.

    All Bitmex fees are displayed on the website in the Fees section. Commissions are subject to change, so check the terms and conditions before start trading.

    How to Trade on the Bitmex Cryptocurrency Exchange

    Here goes the instructions on how to buy an asset on the Bitmex spot market:

    1. Go to your personal account, click Spot → Trade in the main menu;
    2. Select a trading pair on the left part of trading terminal, for example, XBT/USDT;
    3. Fill out the buying form on the right: select Buy, specify the order type (for example, Market), specify the amount of XBT you want to buy in Amount field;
    4. Click Buy XBT.
      Buy bitcoin with USDT on spot Bitmex market
      Buying Bitcoin with USDT on the Bitmex spot market

    To sell assets, switch the terminal to Sell mode and then repeat the same procedure as for buying.

    Other Bitmex Services

    In addition to tools for trading, the exchange provides extra offers to make some money. Let’s consider them in more detail.

    Bitmex Referral Program

    From 2021 exchange users can earn extra funds with a special referral service https://www.bitmex.com/refer-a-friend. To do this, you have to attract new users to the platform using the referral link. Exchange pays a reward up to 20% from commissions on referrals’ transactions to user.

    Bitmex referral program
    Bitmex referral program

    API

    The Bitmex exchange supports API trading. It allows developers to create and run any application using BitMEX’s API.

    API
    API

    BMEX Token

    The exchange has its own currency with the ticker BMEX.

    BMEX Token
    BMEX Token

    Features for holders of BMEX:

    • Up to 15% off trading fees
    • Refund of withdrawal fee;
    • Exclusive perks: early access to products, BitMEX SWAG and tickets to sports events;
    • VIP services for big clients;
    • Earn by staking BMEX.

    Bitmex mobile application

    You can also trade on Bitmex using your smartphone. You can download the mobile app for Android and iOS devices. This allows you to get quick access to the exchange account from anywhere.

    Bitmex Reviews

    You can find a lot of reviews from users of exchange on the process of working with it.

    Among the benefits people notice are: favorable conditions for trading derivatives, support of margin trading, low commissions and the possibility to reduce them, no withdrawal restrictions, a high degree of reliability and so on.

    The negative reviews are related to the limited number of trading pairs, no fiat pairs and mandatory verification.

    Bitmex Pros and Cons

    High liquidity;
    Spot, margin and derivatives market;
    A possibility to buy cryptocurrency with a card;
    Cryptocurrencies converting service;
    Reducing trading fees by large trading volumes and ownership of BMEX tokens;
    Trading leverage up to 100x for Bitcoin;
    Additional services: referral program, API, BMEX token;
    High security level.
    No pairs with fiat;
    Small amount of trading pairs;
    Mandatory identification;
    Complex interface.

    FAQ

    Can I trust Bitmex?
    Yes. There is no public information on Bitmex been hacked, the exchange has a high level of security (KYC,2FA) and guarantees up to 80% of user's deposit refund in a case of account hacking.
    Where is Bitmex based?
    The exchange is headquartered on Seychelles, but originally it's from Hong Kong.
    Does Phemex accept Paypal?
    No, the exchange supports only crypto funds replenishment. One also can top up the account using Buy Crypto service, but it doesn't support Paypal transaction.
    How much does Bitmex charge to withdraw?
    It depends on cryptocurrency. Actual information on withdrawal fees available on Fees page.
    Can you withdraw from Bitmex without KYC?
    No. You have to go through KYC procedure to withdraw anything from the exchange.
    Can I withdraw from Bitmex to а bank account?
    No. Bitmex supports only cryptocurrency withdrawal.
    Can I withdraw from Bitmex with a credit card?
    No. Bitmex supports only cryptocurrency withdrawal.
    Why are my funds frozen on Bitmex?
    There can be a lot of reasons why it happened. You should contact exchange's support service to figure out why your funds are frozen.
    Was this article helpful?
    Thanks for your opinion!
    Your opinion is important for us
    Voted: 123
    96% Yes
    No 4%
    Agatha Redich
    Agatha Redich
    Articles author, editor
    Articles author and website editor. Works with texts for over 12 years. Among Agatha’s clients: Rossman, Zara, Bosch, ING Bank, Lexus and others. Crypto journalist since 2018. She wrote more than a hundred articles about cryptocurrencies and the crypto market. Agatha's professional credo is to reveal complex topics in an accessible and simple way.
    Read more
    Emil Rabin
    Emil Rabin
    Site expert
    Cryptocurrency expert and financial analyst. Emil has working experience in Bain and KPMG, collaborated with PayPal and Revolut, organized more than 30 educational events about blockchain and cryptocurrencies in Eastern Europe. An expert of the TGDRatings.com portal since 2022.
    Read more

    Comments (0)

    Add a comment to the article

    Other users will see your name. Your email won’t be shown.
    Clicking the button “Leave a comment” I give my consent to the processing of personal data and agreed with privacy policy.
    Your comment sent successfully!
    Now it’s on moderation and will be published after checking by our specialists.