Bitmex, which is one of the most popular cryptocurrency exchanges. Learn everything about it - how to play, how it works and what are the opinions about it.
Bitmex - what is it?
Bitmex is a cryptocurrency exchange founded in 2014 by Artur Hayes, Ben Delo and Sauel Reed. The three gentlemen are quite famous. Artur Hayes mainly thanks to his fortune he made on cryptocurrency trading. Ben Delo is a mathematician, entrepreneur and programmer, considered the youngest British billionaire who built his own assets. Samuel Reed is an expert in creating web applications. This combination gave an excellent result and the place that today the platform occupies in the world of cryptocurrency. Bitmex is the most popular portal enabling CFDs on cryptocurrencies. This means that it gives you the opportunity to earn not only on increases in a given asset, but also on bets on decreases.
Another thing that significantly distinguishes the stock exchange from the competition is the possibility of using up to 100x leverage. Largest players like Binance have only recently introduced this option. Another distinctive aspect is the lack of a KYC requirement during registration. This means that there is no need for verification and you only need to enter your email address to be able to use the platform, which is highly appreciated among cryptocurrency enthusiasts. The combination of these aspects and the fact that the platform is very intuitive to use gives the exchange turnover of one billion dollars a day.
How to play Bitmex?
The platform allows you to play on 8 cryptocurrency pairs. Because the portal offers futures, you can play on both increases and decreases. An important information is that the Bitmex account is billed in XTB, i.e. Bitmex Bitcoin. Deposits and withdrawals from the account can only be made using BTC. Making a deposit is free, while the current withdrawal cost is 0.001 BTC. Currently, the exchange enables two non-expiring BTC contracts to USD and ETX to USD and 8 futures contracts:
- BTC / USD with max leverage x100
- ADA / BTC with max leverage x20
- BCH / USD with max leverage x25
- EOS / BTC with max leverage x20
- ETX / USD with max leverage of 50
- LTC / BTC with max leverage x 33.3
- TRX / BTC with max leverage x20
- XRP / USD with max leverage x50
Commissions on the platform are from 0.025% to 0.05% for the maker and from 0.075% to 0.25% for the taker. The stock exchange has the ability to make advanced stop loss and take profit games. Placing an order on Bitmex is not complicated. The panel for this is located on the left and looks as follows:
Enter the appropriate price and quantity of the asset in the appropriate places. Then select the lever with which you want to take. The choice of jack has been marked with a yellow arrow. The next and last step is to choose whether the game is to be on increases, i.e. long marked with a green arrow, or on declines, i.e. short marked with a red arrow.
Reviews on Bitmex
Because Bitmex is one of the most popular platforms, you can find various opinions about it. Starting with security issues, the stock exchange has never been hacked. It is true that some time ago there were scams with data leakage, but when it comes to the measures themselves, they were never stolen. As for the transparency of the platform, there are sometimes inexplicable increases in fees and commission for withdrawals. Most likely, this happens at times when a large number of users want to withdraw money at one time to discourage them and that the stock market does not lose liquidity.
Bitmex is also accused of manipulating the BTC rate and manipulating the course to liquidate the position. Among other things, the last big decline in BTC that took place in March is associated with the mass liquidation of positions on the Bitmex stock exchange. Despite this, the daily turnover of the platform is very large, and users are happy to try their hand at Bitmex. The reason for this is probably not required KYC and large levers that give an idea of great profits.