BitMEX: review of the leading cryptocurrency exchange
The cryptocurrency exchange BitMEX was founded in 2013 by Arthur Hayes, a well-known bitcoin enthusiast and former market maker at Deutsche Bank and Citibank. Today bitmex.com is the leader in trading volume over the past 30 days ($65 billion). In this article, we will explore the features of the exchange, types of available orders, trading conditions, and customer reviews.
History of BitMEX cryptocurrency exchange
The platform was launched in April, coinciding with the first significant increase in the price of bitcoin to $75. In addition to Hayes, the project involved specialists such as trading system developer Ben Delo and programmer Samuel Reed.
BitMEX is part of HDR Global Trading Limited, registered in Hong Kong. The parent company is registered in the Seychelles.
The exchange positions itself as a “peer-to-peer trading platform,” offering access to trading in eight cryptocurrencies, including Bitcoin, Ethereum, Ripple, and others. All profits and losses are displayed in bitcoins regardless of the traded cryptocurrency.
Being one of the most reliable platforms, BitMEX has not been without scandals and conflicts. There have been cases of data leaks and accusations of bitcoin advertising manipulation. However, no serious security breaches have been recorded.
Registration on bitmex.com
Registering on the BitMEX platform is straightforward. After providing an email address, name, surname, and country of residence, the user needs to confirm the email address.
The cryptocurrency company does not cooperate with citizens of certain countries due to the requirements of local regulators and economic restrictions. After email verification, the user can access their account and wallet.
BitMEX review: orders and trading
After registration, traders can start trading on the exchange by placing various types of orders. There are six types of orders, including stop order, market order, limit order, take profit order, and others.
The choice of order type for executing a trade is available in the top right corner of the “Place Order” interface.
BitMEX provides traders with a variety of tools for trading on the exchange, ensuring fast and secure order execution.
BitMEX wallet overview
In the user’s account, they can see the wallet balance, transaction history, unrealized PNL, and other financial indicators. Wallet replenishment is possible only with bitcoins.
BitMEX stores client funds in multisignature offline wallets for security purposes. To withdraw funds, the user needs to provide a bitcoin wallet address and amount. The fund withdrawal process is done manually once a day.
For enhanced security, it is recommended to enable two-factor authentication.
Reviews about BitMEX
Most reviews of the BitMEX cryptocurrency exchange are positive. However, some users express dissatisfaction with withdrawal limits and fees.
The BitMEX cryptocurrency exchange offers a high level of security, a variety of trading orders, and a qualified support service. Nevertheless, withdrawal restrictions and dealing exclusively with digital assets may be drawbacks for some traders.
Author: Tatiana Galchinskaya
Also, you can read a review of the financial project LBLV: user reviews about the broker.
I had a very disappointing experience using BitMEX. Their interface is overly complicated and not user-friendly at all. The customer service is absolutely lackluster – I had issues and questions about certain transactions but my emails and calls were left unanswered. Furthermore, their fees are quite high compared to other platforms which makes it less attractive to use. The platform also seems to lack the security measures that are essential for such exchanges. I have suffered from several delays in processing transactions as well, which is extremely inconvenient when dealing with time-sensitive trades. Overall, I would not recommend their services.