Comparison of Bitmex vs Wirex [ 2024 ]

The crypto exchanges compared by their commissions, cryptos, security and much more. Here is the Bitmex vs Wirex comparison!

Your expert: Alejandro Borja

Bitmex

Your expert: Xavier Tarrasó

Wirex

Main points

Fees

≤0,10%

Earns

Yes

Customer service

3/5

Fees

Earns

3/5

Customer service

Recommended for

Beginners

Trading

Yes

Passive income

Yes

Buy and hold

Yes

Beginners

Trading

Passive income

Yes

Buy and hold

Comparison of fees

Rating

4.2 – Competitive fees with a focus on leveraged trading.

3.8 – Reasonable fees with additional benefits for cardholders.

Level

≤0,10%

Brief explanation

BitMEX’s commission structure is geared towards facilitating a dynamic trading environment, particularly favorable for traders who engage in high-volume trading. The platform primarily charges a trading fee based on the maker-taker model, where makers, who add liquidity to the market by placing limit orders, generally pay a lower fee compared to takers, who remove liquidity by executing against existing orders. The fees on BitMEX vary depending on the product being traded but are typically in the range of 0.025% to 0.075% for makers, which can actually go negative, effectively rewarding makers for adding liquidity. Takers, on the other hand, face fees from 0.075% to 0.25%. This competitive fee structure is particularly advantageous for frequent traders who can benefit from lower costs as their trading volume increases. Moreover, BitMEX does not charge fees for deposits or withdrawals, though standard blockchain network fees apply when withdrawing cryptocurrency. This aspect of the fee structure makes it straightforward and cost-effective for users to manage their funds, aligning with BitMEX’s user-centric approach to crypto trading.

Wirex’s fee structure is designed to encourage both the use of its native token and engagement with its broad range of services. The platform charges a clear, competitive trading fee of 1% for buying or selling cryptocurrencies, which is straightforward and easy to understand for all users. For crypto-to-fiat transactions, Wirex imposes a fee that includes a small percentage of the transaction amount plus a fixed nominal fee, which varies depending on the currency involved. This system allows users to manage their costs effectively by understanding the exact fees in advance, making financial planning simpler and more predictable. Wirex also incentivizes the use of its native WXT tokens by offering reduced fees, enhancing savings for regular users.

Bitmex

Security Methods: BitMEX employs robust security measures, including multi-factor authentication and manual checks for withdrawal processes. This comprehensive approach ensures that all transactions are secure and user funds are protected against unauthorized access.
Trading Volume and Liquidity: The platform is known for its high liquidity and substantial trading volume, which enables traders to execute large trades without significantly affecting the market price. This high volume and liquidity make it a preferred choice for serious traders looking for effective trade execution.
Reputation and Reviews: BitMEX has built a strong reputation in the cryptocurrency trading community, particularly among experienced traders who require advanced trading tools. Despite facing regulatory challenges, it maintains positive reviews for its technical capabilities and innovative financial products.
Year Founded: Established in 2014, BitMEX is one of the more seasoned platforms in the rapidly evolving crypto exchange landscape. Its longevity in the market speaks to its resilience and ability to adapt to the changing regulatory and technological environments.
Customer Service: BitMEX provides dedicated customer service that assists users with any inquiries or issues. The availability of responsive support helps in building trust and ensures that users can rely on prompt assistance whenever needed.

Wirex

Security Methods: Wirex employs robust security measures including cold storage for funds, 2FA, and the latest encryption technology to protect user data and transactions.
Reputation and Reviews: Wirex has established a strong reputation in the cryptocurrency space, backed by positive reviews from users appreciating its ease of use, innovative features, and reliable customer service.
Regulation: As a principal member of Mastercard, Wirex adheres to strict regulatory standards, ensuring a secure and compliant environment for handling your digital and traditional currencies.
Customer Service: Wirex supports its users with a dedicated customer service team, providing help and guidance to ensure a smooth user experience across its platform.
Volume Managed and Liquidity: Wirex handles a significant volume of daily transactions, offering high liquidity which ensures that users can perform transactions efficiently and at competitive rates.

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Account Minimum

Get started with just $100.

And 1% fee on all cryptocurrency trades.

Direct link to the website

Product selection

Native token

Earns

Yes

NFT marketplace

Cripto/debit card

Full name

HDR Global Trading Limited

Wirex Limited

Regulation

Not regulated, enfrentó acciones legales en los EE. UU.

Regulated in the Reino Unido

Year founded

2014

Founder

Arthur Hayes, Ben Delo, Samuel Reed

Pavel Matveev and Dmitry Lazarichev

Payment methods

Transfers

Yes

Mastercard

Yes

Wire transfer

Yes

Card

Yes

Comparative table

Bitmex	FEATURES	Wirex
BitMEX allows for relatively small minimum trade sizes, making it accessible for traders who prefer to start with smaller amounts.	Minimum Trade	Wirex allows flexible trading amounts, making it accessible for users of all investment levels, though specific minimums depend on currency pairs.
BitMEX offers competitive fees, especially for high-volume traders, but can be slightly on the higher side for low-volume or casual traders.	Trading and Transaction Fees	Wirex offers competitive trading fees, but its foreign exchange fees can be higher than average, which might affect those trading or using multiple currencies frequently.
While BitMEX supports major cryptocurrencies, its focus is more on derivatives and futures rather than providing a wide array of crypto assets.	Number of Cryptocurrencies	Wirex supports a solid range of cryptocurrencies including major ones like Bitcoin, Ethereum, and Litecoin, making it suitable for most traders’ needs.
BitMEX provides a solid selection of trading pairs for major cryptocurrencies, especially in derivatives markets.	Crypto-to-Crypto Trading Pairs	There is a good selection of trading pairs available, providing users with various trading strategy options.
The platform is quite transparent about its terms, fees, and trading options, though some users may find the information overwhelming.	Website Transparency	The Wirex website provides clear information about fees, services, and user guidelines, making it easy for users to find the information they need.
BitMEX lacks a debit or credit card feature for spending or earning rewards, limiting its utility for everyday transactions compared to other exchanges that offer such cards.	Credit/Debit Card	Wirex offers a Visa card that integrates with cryptocurrency accounts, allowing users to spend their cryptocurrency at any Visa-compatible point of sale. The card functionality scores highly for its convenience and integration.
BitMEX provides secure storage options, but as a derivatives exchange, it does not emphasize wallet services like other exchanges.	Storage Offering	Wirex provides secure cryptocurrency wallets with cold storage options, ensuring safety for user funds, though it’s less customizable than dedicated crypto wallet services.
Limited options for staking or earning rewards, as BitMEX is primarily a trading platform for derivatives.	Staking and Rewards	Offers rewards such as Cryptoback™ rewards on card purchases, but the staking options are somewhat limited compared to dedicated staking platforms.
Both mobile and desktop platforms are robust and well-designed, offering high functionality for trading on the go or at a workstation.	Mobile App and Desktop	The Wirex app and desktop platform are user-friendly and provide a seamless experience for managing cryptocurrencies and fiat currencies.
Customer service is adequate, with support channels available, but response times and resolution effectiveness can vary.	Customer Service	Customer service is a known issue with reports of slow response times and unresolved issues, impacting the overall user experience.
BitMEX supports efficient mechanisms for deposit and withdrawal, though primarily limited to cryptocurrency movements.	Deposit and Withdraw	Deposits and withdrawals are generally smooth with support for multiple fiat currencies, but sometimes can experience delays which should be noted.

Key features

Analysis tools

High-level technical analysis tools, derivatives trading features

Basic price tracking

Mobile APP

Security

High 4,9/5

High 4,6/5

Additional features

High leverage trading, futures contracts, perpetual contracts, BitMEX Academy

Crypto debit card, staking, Wirex rewards, fiat on/off ramps

Anonymity

Key points

Available cryptocurrencies

Primarily derivatives, few direct cryptocurrencies

10+

User-friendliness

BitMEX, while offering advanced trading features, has a relatively user-friendly interface. However, it may be more suited to those with some experience in trading due to its focus on leveraged trading.

Wirex features an intuitive and user-friendly interface that is easy to navigate, making it suitable for beginners. The platform focuses on providing a seamless trading experience.

Value for money

Delivers reasonable value for money with competitive fees and advanced trading features, though its focus on leveraged trading may not suit all users.

Delivers reasonable value for money with competitive fees and a user-friendly platform, though it may lack some advanced features.

Countries of operation

Global, including United States, Canada, United Kingdom, Australia, Germany

Best for

Ideal for experienced traders interested in leveraged trading and advanced trading features.

Best for global traders looking for a reliable platform with competitive fees and a wide range of supported cryptocurrencies.

Base currencies available

BTC, USDT (for derivative products)

USD, EUR, GBP, BTC

Account

Trading

BitMEX is renowned for its derivatives trading and leverage options, making it ideal for experienced traders. However, it is not suitable for beginners due to its complexity and high-risk trading environment.

Wirex provides a secure platform with easy fiat integration and a good range of cryptocurrencies. It offers additional services like a debit card but has higher fees compared to some exchanges.

Deposit and withdrawal

BitMEX focuses on cryptocurrency deposits and withdrawals, with no support for fiat currencies. Withdrawals are processed daily, and fees are minimal, but users must manage the timing of their requests.

Wirex supports multiple deposit options, including bank transfers, credit/debit cards, and cryptocurrencies. Withdrawals are processed quickly, with competitive fees.

Account opening process

BitMEX has a straightforward account registration process, requiring personal information and identity verification. The process is quick and fully digital, making it easy for users to start trading within a short period.

Wirex provides an easy and fast account registration process. Users need to fill out personal details and verify their identity. The process is fully digital and usually completed within a day.

KYC required?

Yes

Customer Service

BitMEX offers customer support through email and live chat. The support team is knowledgeable and responsive, but the absence of phone support and limited availability can be a disadvantage.

Wirex provides comprehensive customer support through email, live chat, and a help center. Support is available 24/7, and the response times are quick, ensuring users get timely assistance.

Security

BitMEX ensures security with 2FA, encryption, and cold storage. It is not regulated by top-tier financial authorities, which might be a concern for some users regarding the safety of their funds.

Wirex ensures security through 2FA, encryption, and cold storage. It is regulated by several financial authorities, making it a highly secure platform for investors.

Which of these exchanges is for you?

Alejandro Borja

As an expert reviewing cryptocurrency exchanges, I find BitMEX to be a compelling option for experienced traders who are looking for high leverage and sophisticated trading options. However, due to its complexity and the high risk associated with its leverage capabilities, I recommend it primarily for seasoned traders. New users should approach with caution and consider starting with smaller trades until they become more familiar with the platform’s functionalities.

Xavier Tarrasó

As a Wirex exchange expert, I’d like to share a little advice on why you might consider using Wirex for your crypto transactions. Wirex offers a uniquely integrated platform where you can manage both fiat and cryptocurrencies seamlessly. The ability to use a Visa card linked directly to your Wirex account allows you to spend your crypto holdings just as easily as fiat, virtually anywhere Visa is accepted. This feature alone makes Wirex an excellent choice for those who want to make cryptocurrencies a regular part of their financial toolkit. Plus, their user-friendly interface makes navigating through crypto transactions straightforward, even for beginners.

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How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

Comparison of Bitmex vs Wirex [ 2024 ]

Bitmex

Wirex

Main points

Recommended for

Comparison of fees

Rating

Level

Brief explanation

Bitmex

Wirex

Product selection

Native token

Earns

NFT marketplace

Cripto/debit card

Company information

Full name

Regulation

Year founded

Founder

Payment methods

Transfers

Mastercard

Wire transfer

Card

Comparative table

Minimum Trade

Trading and Transaction Fees

Number of Cryptocurrencies

Crypto-to-Crypto Trading Pairs

Website Transparency

Credit/Debit Card

Storage Offering

Staking and Rewards

Mobile App and Desktop

Customer Service

Deposit and Withdraw

Key features

Analysis tools

Mobile APP

Security

Additional features

Anonymity

Key points

Available cryptocurrencies

User-friendliness

Value for money

Countries of operation

Best for

Base currencies available

Account

Trading

Deposit and withdrawal

Account opening process

KYC required?

Customer Service

Security

Which of these exchanges is for you?

How do we review crypto exchanges?

Risk Disclaimer

More comparatives Bitmex and Wirex