Review

Bitmex Cryptocurrency Exchange Review

Overview

BitMEX is a peer to peer cryptocurrency trading platform founded by HDR Global Trading Ltd registered in Seychelles. The name BitMEX stands for Bitcoin Mercantile Exchange.

On BitMEX traders can buy or sell cryptocurrency contracts and do margin trading with leveraged positions. Conventional trading with actual cryptocurrency is not possible, but BitMEX does offer trades on the future price through future contracts.

BitMEX testnet

BitMEX has created a training platform where you can try trading before starting to trade with real bitcoins. Testnet is exactly the same as real BitMEX platform but you are not risking real money.

Opening an account

You can register and open an account to BitMEX straight from their website. Simply register only using your email address. Verify your account by confirming the registration from the email you receive. After confirming your account, you are free to use the exchange platform straight away.

BitMEX USA

Unfortunately, BitMEX does not accept US customers and people from The United States can’t open an account on BitMEX.

Is BitMEX safe?

BitMEX has been an option for cryptocurrency trading since 2014. With years of service and high trading volumes BitMEX has proven to be a safe platform.

BitMEX uses multi signature deposit and withdrawal scheme. They are also hand checking all withdrawals with at least two employees every time and they do not store any customer private keys in the cloud. For all communication BitMEX is using PGP encryption. Like some of the biggest cryptocurrency exchanges, BitMEX has never been hacked.

Even though BitMEX is safe as an exchange, we never recommend storing any of your funds in exchanges for any longer than necessary.

Available currencies for exchange

Customers do have a good selection of altcoins for trading, but all profits or losses are shown in Bitcoin even though you were trading with altcoin contracts.

BitMEX supported cryptocurrencies:

  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Cardano (ADA)
  • Litecoin (LTC)
  • Tron (TRX)
  • EOS (EOS)   

BitMEX fees

Bitmex fees are different depending on the type of trading. You can either trade with perpetual contracts or traditional futures.

Perpetual Contracts

  • Taker fee 0.0750%
  • Maker fee -0.0250%

Negative maker fee means that the customer will be given a rebate.

Traditional Futures

Trading futures have different fees depending on the cryptocurrency being traded. Bitcoin also has a settlement fee of 0.050%.

SeriesLeverageMaker FeeTaker FeeSettlement Fee
Bitcoin (XBT)100x-0.0250%0.0750%0.0500%
Bitcoin Cash (BCH)20x-0.0500%0.2500%0.0000%
Cardano (ADA)20x-0.0500%0.2500%0.0000%
EOS Token (EOS)20x-0.0500%0.2500%0.0000%
Ethereum (ETH)50x-0.0500%0.2500%0.0000%
Litecoin (LTC)33.33x-0.0500%0.2500%0.0000%
Ripple (XRP)20x-0.0500%0.2500%0.0000%
Tron (TRX)20x-0.0500%0.2500%0.0000%

Withdraw fees

BitMEX withdraws are free and have no fees.

Deposit fees

BitMEX deposits are free and have no fees.

Payment methods

All deposits and withdrawals can be made with Bitcoin only. BitMEX does not have support for any fiat currency.

BitMEX supported countries

BitMEX is a worldwide service but does not accept any customers from the United States. All other countries are accepted. The company itself is registered in the Republic of Seychelles.

BitMEX has five different languages on the platform:

  • English
  • Chinese
  • Japanese
  • Russian
  • Korean

How to withdraw money from BitMEX?

Withdraws can be made only to your Bitcoin wallet. BitMEX does not have support for fiat currencies and all the deposits and withdraws can only be made in Bitcoin.

There are no withdraw limits on BitMEX.

BitMEX review & rating

Customer service

Rating: B

Bitmex offers customer support via email. They also have a comprehensive FAQ page which includes all the needed information to start trading.

Overall

Rating: B-

BitMEX is definitely not for the complete beginner looking for an easy way of starting to buy or trade cryptocurrencies. On BitMEX you are trading with perpetual contracts and futures, which is more targeted to advanced traders. For that purpose BitMEX is a valid choice. Fees are competitive compared to other exchanges and the platform is easy to use. A bad thing is that BitMEX does not accept US customers at the moment. If you are from anywhere else, we can definitely recommend trying BitMEX for trading.

Start trading