Bitmex Review 2024
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.
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:
- Select Register in the upper right corner on the official website;
- Enter required data: email and password;
- Accept the platform terms of work;
- Press Register;
- Then you’ll get a message to specified email address. Follow the link to verify your email address;
- After successful verification the registration will be completed.
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:
- By downloading the TOTP application;
- Via the Yubikey service.
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:
- Login to your BitMEX account;
- Click on the Wallet icon (next to Alerts and Settings);
- Select the currency to deposit in the wallet and click Deposit;
- Specify the network (it must match the network in you crypto wallet, otherwise you will lose funds);
- 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:
- Login to your BitMEX account;
- Click on the Wallet icon (next to alerts and settings);
- Select currency for withdrawal in the wallet and click Withdraw;
- Specify the network in the withdrawal form (it must match the network in your wallet, otherwise you will lose your coins);
- Enter wallet address in the Address field;
- Specify the amount of USDT to withdraw in the Amount field;
- 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.
Bitmex offers a quick purchase of cryptocurrency with a bank card through Banxa and Mercuryo intermediaries.
To buy cryptocurrency with a card on Bitmex:
- Select the Buy Crypto tab in the main menu in your personal account;
- Fill out the purchase form: specify the fiat currency you are giving away, for example, USD and its amount;
- Select a cryptocurrency you want to buy;
- Select a payment method and click Select;
- The system will redirect you to the partner site: follow the instructions and complete the purchase.
Available payment methods include: Visa and Mastercard credit/debit cards, bank transfers, Apple Pay and more.
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.
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.
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.
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.
How to Trade on the Bitmex Cryptocurrency Exchange
Here goes the instructions on how to buy an asset on the Bitmex spot market:
- Go to your personal account, click Spot → Trade in the main menu;
- Select a trading pair on the left part of trading terminal, for example, XBT/USDT;
- 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;
- Click Buy XBT.
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.
The Bitmex exchange supports API trading. It allows developers to create and run any application using BitMEX’s API.
The exchange has its own currency with the ticker BMEX.
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.
You can find a lot of reviews from users of exchange on the process of working with it.
The negative reviews are related to the limited number of trading pairs, no fiat pairs and mandatory verification.