Bitmex Review 2024

Autor

Revisor

Last update: 6 months ago

Our veredict

BitMEX stands out in the cryptocurrency trading landscape mainly for its focus on derivative products and its robust trading platform, which caters effectively to more seasoned traders looking for high leverage options. Notably, BitMEX offers a significant leverage of up to 100x on certain contracts, which appeals to traders aiming for substantial gains from small price movements. However, this high leverage also introduces a higher risk, which may not be suitable for beginners or those cautious about volatility.

While BitMEX excels in offering a sophisticated platform with advanced trading features, it does face challenges in regulatory scrutiny. The platform has been under the eye of regulatory bodies for not implementing required KYC (Know Your Customer) procedures in the past. This scrutiny has led to legal actions, notably from the U.S. Commodity Futures Trading Commission (CFTC), which could affect its operations and user confidence. Prospective users must weigh its powerful trading capabilities against these potential legal and regulatory risks.

Pros

Cons

4,1

Threenvest Score

Fees

≤0,10%

U.S Legal

With the confidence of Threenvest

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.

Best Crypto Exchanges

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About BitMEX

BitMEX, short for Bitcoin Mercantile Exchange, is a trading platform that primarily focuses on derivatives and futures contracts for cryptocurrencies. Established in 2014 by HDR Global Trading Limited, BitMEX is known for its high leverage offerings, sometimes up to 100x, allowing traders significant potential to amplify their gains (and losses).

Background and History

BitMEX was founded by Arthur Hayes, Ben Delo, and Samuel Reed, with the vision of creating a platform that catered to the needs of cryptocurrency traders looking to make leveraged bets on digital assets. Its headquarters is in the Seychelles, a choice reflective of the regulatory flexibility of the region. The platform quickly rose to prominence in the crypto community due to its unique offerings, such as perpetual swaps and highly leveraged futures.

Founders

Arthur Hayes, a former equity derivatives trader, brought financial industry expertise to the crypto world, focusing on creating a robust trading environment. Ben Delo, who holds a computer science degree from Oxford, contributed his technical skills to build the trading platform’s architecture. Samuel Reed, with his background in computer science and experience in banking software, provided the technical prowess needed to handle the platform’s complex trading engine. BitMEX differentiates itself with a feature-rich trading environment suitable for advanced traders. The platform’s design includes elements such as a highly customizable dashboard, detailed charting options provided by TradingView, and a variety of order types that appeal to professional traders seeking granular control over their trading strategies.

Why Choose Bitmex?

Firstly, High Leverage Opportunities: BitMEX allows traders to leverage up to 100x on certain contracts, providing the potential for significant returns on investments. This feature is particularly attractive for those who have a strong understanding of market mechanisms and risk management, as it allows for aggressive trading strategies.

Secondly, Sophisticated Trading Features: The platform offers a range of advanced trading tools and features, including futures contracts and perpetual swaps, detailed charting capabilities from TradingView, and a variety of order types. These features cater to the needs of professional traders who require detailed analytical tools and the ability to execute complex trading strategies.

Lastly, Robust Liquidity: BitMEX is known for its robust liquidity, ensuring that large orders can be filled without causing major price slippage. This is crucial for traders who deal with large volumes, as it provides more stability and predictability when entering and exiting positions.

Where it falls short

Regulatory Compliance: One of the most critical areas for improvement is BitMEX’s approach to regulatory compliance. The platform has faced legal challenges, notably from the U.S. Commodity Futures Trading Commission (CFTC). To build trust and ensure long-term viability, BitMEX should focus on enhancing its compliance with global financial regulations, improving transparency, and cooperating with regulatory bodies. This would not only help in mitigating legal risks but also in reassuring users of its commitment to lawful operation.

User Interface for Beginners: Although BitMEX excels in offering sophisticated tools for experienced traders, its platform can be quite intimidating for beginners. The interface is packed with advanced trading options and terminologies that can overwhelm new users. Improving the user experience with a more intuitive interface or a dedicated section for learning would make BitMEX more accessible to novice traders. Incorporating educational resources and simpler trading tools designed specifically for less experienced users could significantly broaden its appeal and user base.

Features	Explanation
Minimum Trade	BitMEX allows for relatively small minimum trade sizes, making it accessible for traders who prefer to start with smaller amounts.
Trading and Transaction Fees	BitMEX offers competitive fees, especially for high-volume traders, but can be slightly on the higher side for low-volume or casual traders.
Number of Cryptocurrencies	While BitMEX supports major cryptocurrencies, its focus is more on derivatives and futures rather than providing a wide array of crypto assets.
Crypto-to-Crypto Trading Pairs	BitMEX provides a solid selection of trading pairs for major cryptocurrencies, especially in derivatives markets.
Website Transparency	The platform is quite transparent about its terms, fees, and trading options, though some users may find the information overwhelming.
Credit/Debit Card	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.
Storage Offering	BitMEX provides secure storage options, but as a derivatives exchange, it does not emphasize wallet services like other exchanges.
Staking and Rewards	Limited options for staking or earning rewards, as BitMEX is primarily a trading platform for derivatives.
Mobile App and Desktop	Both mobile and desktop platforms are robust and well-designed, offering high functionality for trading on the go or at a workstation.
Customer Service	Customer service is adequate, with support channels available, but response times and resolution effectiveness can vary.
Deposit and Withdraw	BitMEX supports efficient mechanisms for deposit and withdrawal, though primarily limited to cryptocurrency movements.

Xavier Tarrasó

EIP and Cryptocurrency Investor

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.

Fees

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.

Pros

Low Fee Rates: BitMEX offers competitively low trading fees, especially for makers who can even receive rebates, which incentivizes liquidity on the platform.
No Deposit Fees: There are no fees charged for depositing funds into BitMEX, reducing the cost for traders to start trading.
Transparent Fee Structure: The fees are clearly outlined on their website, allowing traders to plan their trading costs in advance without hidden charges.

Cons

Complex for Beginners: The fee structure, while advantageous for frequent traders, can be complex for beginners to understand, especially when considering how fees impact returns with high leverage.
Higher Fees for Takers: Taker fees are comparatively higher, which might discourage high-volume traders from executing large market orders, potentially impacting liquidity under certain market conditions.

Product selection

Derivatives Trading: BitMEX specializes in derivatives trading, providing contracts that include futures and perpetual swaps, allowing traders to speculate on the price movements of cryptocurrencies without actually holding the underlying assets. This is ideal for traders looking for leverage and hedging opportunities. Leverage Options: One of BitMEX’s standout features is the provision of high leverage. Traders can leverage their positions up to 100x, which significantly amplifies both potential gains and losses, making it a powerful tool for experienced traders. Advanced Trading Interface: The platform is equipped with a sophisticated trading interface that includes detailed charting capabilities provided by TradingView, various order types, and custom features for risk management. This makes it suitable for strategic trading that requires precise and flexible order execution. Risk Management Tools: Understanding the inherent risks of high leverage, BitMEX includes features like stop-loss orders and automatic deleveraging, which help traders manage their risks more effectively. Overall, BitMEX’s service offering is robust, catering to the needs of advanced traders who require detailed analytical tools, high leverage, and the ability to execute complex trading strategies. This makes it less suited for beginners but a powerful platform for professionals.

Pros

High Leverage Options: BitMEX allows traders to leverage up to 100x, providing significant potential for gains. This is especially beneficial for experienced traders who understand how to manage high-risk positions effectively.
Comprehensive Derivatives Marketplace: BitMEX is a leader in the derivatives trading space, offering a wide array of futures and perpetual contracts. This allows traders to hedge, speculate, and gain exposure to various cryptocurrency markets without the need to hold the underlying assets.
Advanced Trading Tools: The platform includes sophisticated trading tools and charting software from TradingView, catering to the needs of advanced traders who require detailed analytics and precise execution.

Cons

Complexity for Beginners: The complexity of the trading interface and the advanced nature of financial instruments offered can be overwhelming for new traders. The learning curve is steep, making it less accessible to the novice.
Regulatory Scrutiny: BitMEX has faced regulatory challenges, including accusations of facilitating unauthorized trading and other compliance issues. This has impacted its reputation and could pose risks for traders concerning the continuity and legality of their trading activities.

Read more about product selection in Bitmex

BitMEX offers a diverse range of services and products tailored to advanced cryptocurrency traders. This extensive analysis will explore the breadth of BitMEX’s offerings, which focus primarily on derivatives trading, advanced financial products, and unique features designed to enhance the trading experience.

Leveraged Tokens and Derivatives

BitMEX is renowned for its comprehensive selection of derivative products, including futures, perpetual contracts, and options. These products allow traders to speculate on price movements without owning the underlying asset. Traders can engage in leveraged trading with up to 100x leverage, providing significant potential for profit (and risk).

Financial Products and Trading Tools

Futures Contracts: BitMEX offers a variety of futures contracts, including both traditional futures and perpetual futures, which do not have an expiry date, allowing for ongoing trading positions.
Options Trading: Provides traders the opportunity to purchase options, which give the right, but not the obligation, to buy or sell an asset at a predetermined price, adding a layer of strategy particularly suited for hedging.
Risk Management Tools: To assist with the high-risk environment of leveraged trading, BitMEX includes features like stop-loss orders, which can protect against significant losses by automatically closing a position at a specified price.

Staking and Earning Opportunities

While primarily known for its trading capabilities, BitMEX does offer limited opportunities for staking and earning through various promotions and incentive programs designed to enhance liquidity and trading activity on the platform.

Mobile App and Desktop Platforms

BitMEX supports both mobile and desktop platforms, ensuring traders can access the market and manage their trades from anywhere. These platforms are designed with an emphasis on security, speed, and reliability, featuring real-time updates and advanced order types.

Additional Services

API Access: BitMEX offers API support, allowing developers to create custom trading applications or integrate existing systems with BitMEX’s trading environment.
Educational Resources: For traders looking to expand their knowledge, BitMEX provides a range of educational resources, including tutorials and research articles that cover both basic and advanced trading concepts.

Customer Support and Security

Customer support is available via email and social media, offering assistance with technical issues, account queries, and trading support. BitMEX emphasizes security with multi-factor authentication, PGP email encryption, and mandatory address whitelisting for withdrawals. In summary, BitMEX’s offerings are extensive and primarily cater to experienced traders who seek advanced trading functionalities and high leverage options. The platform’s focus on derivatives and risk management tools, combined with strong technical support and educational resources, makes it a competitive choice for serious traders looking to capitalize on cryptocurrency volatility.

Account opening

BitMEX primarily targets experienced traders, offering a platform that supports complex and high-leverage trading strategies. The process starts with a simple registration that requires an email address and a password. Users are then encouraged to set up two-factor authentication (2FA) immediately, enhancing security right from the outset. Once registered, users can immediately access the trading dashboard but will need to complete additional identity verification steps to remove any deposit or withdrawal limits. This Know Your Customer (KYC) process involves providing personal information, proof of identity, and proof of residence. It’s designed to comply with global financial regulations, ensuring both the security of user accounts and the integrity of the trading platform. The verification process is typically quick, with most verifications being processed within a day. After verification, users can fund their accounts with cryptocurrency, as BitMEX does not support fiat deposits. The platform offers a variety of deposit options, predominantly in Bitcoin, which can then be used to trade various cryptocurrency derivatives. In summary, BitMEX’s account opening process is efficient and secure, tailored to facilitate quick access to the platform while ensuring compliance with regulatory standards. This makes it an appealing option for traders looking to explore advanced trading options in the crypto derivatives market.

Pros

Quick and Efficient Setup: The registration process is straightforward, allowing users to set up an account quickly with only an email required initially, making it accessible and convenient.
Enhanced Security Measures: BitMEX encourages setting up two-factor authentication (2FA) right from the start, significantly enhancing account security.
No Deposit Limits Post-Verification: Once the KYC process is complete, there are no deposit limits, allowing traders to freely fund their accounts according to their trading needs.

Cons

Read more about account opening in Bitmex

Setting up and using an account on BitMEX involves a series of straightforward steps, designed to onboard users efficiently while complying with necessary security and regulatory requirements. Here’s a detailed walkthrough of the entire process:

How to Sign Up on BitMEX

Registration:
- Visit the BitMEX website.
- Click on the “Register” button.
- Enter your email address, create a password, and provide your country of residence.
- Agree to the terms of service and privacy notice.
- Complete the captcha to prove you’re not a robot.
- Submit the form and confirm your email address by clicking on the verification link sent to your inbox.
Setting Up Security:
- Once registered, immediately set up two-factor authentication (2FA) using an app like Google Authenticator. This adds an extra layer of security to your account.

Opening An Account

Identity Verification (KYC):
- Log into your dashboard.
- Navigate to the account verification section.
- Provide personal information including your full name, date of birth, and address.
- Upload government-issued ID documents such as a passport or driver’s license.
- Complete a facial verification check using your webcam or smartphone camera.
- Verification is usually processed within a few hours to a day.

How to Buy Your First Cryptocurrency

Depositing Funds:
- Once your account is verified, go to the ‘Deposit’ section.
- Generate and copy your unique deposit address for the cryptocurrency you wish to use.
- Transfer funds from your external wallet or another exchange to this address.
- Wait for the network confirmation to complete the deposit.
Executing Your First Trade:
- Access the trading interface.
- Choose the market in which you want to trade.
- Enter the details of your trade, such as the order type (e.g., market, limit), amount, and price (if applicable).
- Review your order and confirm the trade.
- Monitor your open position and close it as desired.

Account Types

Understanding Different Account Types:
- Standard Account: Access to all trading tools and no withdrawal limits post-KYC.
- Professional Account: For high-volume traders, offering lower fees and higher leverage options. Requires additional financial information and trading experience documentation.

How to Use X?

Navigation and Tools:
- Utilize the comprehensive trading dashboard to monitor markets, manage trades, and analyze performance.
- Use risk management tools available on BitMEX to protect against potential losses.

Registration and KYC

Continued Compliance:
- Ensure your account details remain up-to-date as required by ongoing KYC regulations.
- Respond to any compliance review requests from BitMEX promptly to avoid restrictions on your account.

This comprehensive guide should help new users familiarize themselves with the BitMEX platform and navigate the complexities of cryptocurrency trading more effectively. Remember, trading involves risk, and it’s important to approach it with education and caution.

Security

BitMEX prioritizes the security of its trading platform through several advanced measures designed to safeguard user assets and data. It employs multi-factor authentication (MFA) for all accounts, which is a critical requirement for accessing and executing transactions. The platform uses hardware security modules (HSMs) with rigorous cryptographic standards to store sensitive data and cryptographic keys securely. Additionally, BitMEX enforces a system of manual withdrawals processed only a few times a day, which allows for human oversight and additional verification of large transactions or unusual activity. This layered approach to security not only minimizes the risk of unauthorized access but also enhances the overall integrity of the trading environment.

Pros

Multi-Factor Authentication (MFA): BitMEX requires all users to set up multi-factor authentication, significantly enhancing account security by requiring multiple forms of verification before access is granted or transactions are approved.
Hardware Security Modules (HSMs): The platform uses HSMs to securely store sensitive data and cryptographic keys. These devices are designed to resist tampering and ensure that critical data is not exposed, even if other parts of the system are compromised.
Manual Withdrawal Checks: Withdrawals are processed manually at predetermined times each day, which adds a layer of human oversight to prevent fraudulent transactions and ensure the integrity of fund transfers.

Cons

Limited Withdrawal Windows: The policy of scheduled manual withdrawals can be a double-edged sword. While it increases security, it also limits the flexibility for users who may need immediate access to their funds, which can be a significant inconvenience in a fast-moving market.
Complexity for Users: The high level of security measures, while beneficial for protecting assets, can add complexity and potentially slow down the user experience. New or less tech-savvy users might find the security protocols daunting, leading to a steeper learning curve and possibly deterring them from actively using the platform.

Is BitMEX Legit?

BitMEX is considered a legitimate exchange that specializes in cryptocurrency derivatives trading. It operates under HDR Global Trading Limited, which is registered in the Seychelles. While it has faced regulatory challenges, particularly with the U.S. Commodity Futures Trading Commission (CFTC), it remains a popular platform for advanced traders.

Regulation and Licensing

While BitMEX is registered in the Seychelles, it has historically operated without a formal banking or financial services license from major financial regulatory bodies. This has sometimes put it at odds with financial regulations, particularly in jurisdictions like the U.S., where it is not permitted to offer services to residents without appropriate licensing.

Is BitMEX Safe?

BitMEX employs several high-grade security measures to ensure the safety of user funds and data:

Cold Storage: The majority of funds are kept in cold storage, which is disconnected from any network and thus provides an extremely high level of security against hacking attempts.
Multi-Signature Wallets: Withdrawals from BitMEX are secured through multi-signature addresses which require multiple independent approvals before they can be executed, adding an additional layer of security.
Two-Factor Authentication (2FA): BitMEX requires users to set up two-factor authentication for logging in and withdrawing funds, providing an extra layer of security against unauthorized access.

Security Methods

BitMEX’s platform is designed with several advanced security protocols:

System Security: The trading system is written in kdb+, a database and toolset used by major banks in high-frequency trading applications.
Communication Security: All communication is encrypted using SSL, which helps to secure user data and privacy.
Audit and Compliance: Regular security audits are conducted by external firms to ensure that security practices meet the highest standards.

Historical Security Incidents

BitMEX has had a relatively secure operational history, but like many platforms, it is not completely immune to issues. In the past, there have been instances of email data leaks and accusations of possible system manipulation. However, there have been no significant losses of funds due to these issues.

Conclusion

In summary, BitMEX takes extensive measures to secure its platform and user assets, making it one of the more secure options for trading cryptocurrency derivatives. However, potential users should be aware of the regulatory and security risks involved, particularly given the complex nature of the products offered and the platform’s history with regulatory bodies.

Customer service

BitMEX provides a comprehensive customer service framework designed to support its users effectively. The platform offers 24/7 support primarily through email, complemented by a detailed Help Center that includes FAQs, guides, and tutorials. These resources help users navigate the platform and resolve common issues independently. The customer service team is knowledgeable, particularly in handling complex trading and technical issues, which is crucial for a platform specializing in derivatives and high-leverage trading. Despite these strengths, user feedback on BitMEX’s customer service is mixed. While many appreciate the depth of information available and the expertise of the support team, others have expressed concerns about slow response times, especially during periods of high market activity. Additionally, the lack of live chat or phone support can be a drawback for users who need immediate assistance. Overall, while BitMEX provides solid customer support, there is room for improvement in responsiveness and communication channels to enhance user satisfaction.

Pros

Comprehensive Resources: BitMEX provides an extensive help center that includes detailed FAQs and user guides. These resources are invaluable for both new and experienced traders, offering insights into navigating the platform and understanding complex trading mechanisms.
Technical Expertise: The support team at BitMEX is well-versed in the platform’s technical aspects and the broader cryptocurrency market. This expertise is essential for effectively addressing the complex issues that can arise in derivative trading.
24/7 Support Availability: The platform maintains a 24/7 customer support service via email, ensuring that users can receive assistance at any time. This is particularly crucial in the fast-paced environment of cryptocurrency trading, where issues need to be resolved quickly to avoid potential losses.

Cons

Response Times Can Vary: While BitMEX offers round-the-clock support, the response times can be inconsistent, especially during high-volume periods. This variability can be a significant drawback for traders who need immediate help to manage their positions.
Limited Direct Contact Options: BitMEX primarily offers support through email, which might not be sufficient for urgent issues. The lack of instant communication options like live chat or phone support can hinder the effectiveness of resolving pressing concerns swiftly.

Read more about customer service in Bitmex

BitMEX’s customer service is designed to support a complex trading environment, addressing the needs of its primarily advanced trading clientele. Here’s an in-depth exploration of the customer service section at BitMEX:

Customer Support

BitMEX’s customer support system is geared towards providing users with the necessary tools and information to resolve issues and optimize their trading experience. The platform offers a comprehensive Help Center that includes detailed FAQs and user guides covering everything from account setup to understanding derivatives trading.

Reputation and Customer Feedback

What Users Have to Say:

Positive Feedback: Many users commend BitMEX for its detailed resources and the expertise of its support team, particularly when dealing with complex trading inquiries.
Negative Feedback: Some traders express frustration over delayed response times during peak trading periods, which can be critical given the fast-paced nature of cryptocurrency trading. There are also mentions of difficulties in resolving account-specific issues, which can be cumbersome and time-consuming.

Methods of Contact

BitMEX provides the following main avenues for customer support:

Email Support: This is the primary channel for support inquiries. Users can submit their questions or issues directly through an email interface provided on the website.
Help Center: An online repository of FAQs, troubleshooting guides, and trading advice, accessible directly from the BitMEX website.
Social Media: BitMEX uses its social media channels, primarily Twitter, to post updates, announcements, and occasionally respond to user queries, although it is not the main avenue for support.

Response Time

Typical Response Time: Response times can vary; during regular operations, users can expect to receive a reply within a few hours. However, during periods of high demand or system updates, responses may take longer, sometimes up to 24 hours.
Peak Periods: During market surges or notable drops, response times can be significantly delayed due to the higher volume of inquiries, which can be a point of contention among users needing swift support.

Additional Considerations

Language Support: BitMEX offers support in several major languages, accommodating a global user base.
Technical Support: Given the technical nature of the platform, BitMEX’s support is well-equipped to handle detailed and complex queries, especially related to the trading tools and derivatives offered.
Security Issues: For security-related concerns, such as account breaches or unauthorized transactions, BitMEX tends to prioritize responsiveness, recognizing the urgency of such issues.

Suggested Improvements

Introduction of Live Chat: Implementing a live chat feature could significantly enhance the user experience by providing real-time assistance, helping traders resolve issues quickly, which is crucial in a volatile market.
Dedicated Phone Support: For high-stake traders, dedicated phone support could provide personalized and immediate assistance, further enhancing user trust and satisfaction.

In summary, while BitMEX’s customer service is comprehensive and technically adept, enhancing responsiveness during peak times and expanding direct contact options could greatly improve overall user satisfaction.

Is bitmex Right for You?

Experience with Advanced Trading and High Leverage: BitMEX is tailored primarily for experienced traders who are familiar with complex financial instruments such as derivatives, futures, and perpetual contracts. The platform offers leverage of up to 100x, which can significantly increase both potential gains and losses. If you have a solid understanding of risk management practices and are comfortable navigating high-risk trading environments, BitMEX could be a suitable choice.
Interest in Cryptocurrency Derivatives Trading: If your trading strategy focuses on cryptocurrency derivatives, BitMEX provides a comprehensive suite of options that could align well with your needs. The platform is known for its depth in derivatives markets, offering a variety of contracts that enable sophisticated trading tactics. For traders looking to hedge, speculate, or gain exposure without holding the underlying assets, BitMEX offers the necessary tools and liquidity.
Priority on Security and Platform Integrity: Security is a critical aspect when choosing a trading platform. BitMEX employs robust security measures, including multi-factor authentication, hardware security modules, and manual withdrawal checks to ensure the safety of user funds and data. If you value a trading environment where extensive measures are taken to protect user information and assets, BitMEX’s commitment to security could be a significant advantage.

By evaluating these aspects in relation to your trading goals, experience level, and security expectations, you can make an informed decision about whether BitMEX aligns with your investment strategy and operational preferences.

Bitmex compared to other crypto exchanges

Threenvest score

4,1

Fees

≤0,10%

US Legal

Security

High 4,9/5

On the exhange website

Threenvest score

4,9

Fees

0,40%/0,60%

US Legal

Yes

Security

High 4,9/5

Coinbase

Threenvest score

4,9

Fees

US Legal

Yes

Security

High 4,9/5

Available cryptocurrencies and countries available

Available Cryptocurrencies:

While BitMEX does not boast a vast array of cryptocurrencies like some other exchanges, it provides robust trading options for the available ones, especially in terms of futures and perpetual contracts. Major cryptocurrencies like Bitcoin and Ethereum are the primary assets, with other options including only the most liquid and commonly traded digital assets.

Not Available Cryptocurrencies:

Notably, BitMEX does not offer some emerging and less liquid cryptocurrencies and tokens that might be found on other platforms. Cryptos like Cardano (ADA), Polkadot (DOT), and smaller altcoins are not available for trading on BitMEX, which might be a limiting factor for those looking to trade a broader range of digital assets.

Available Countries:

BitMEX is available to users in many countries around the world, but it primarily serves areas with less stringent regulations towards cryptocurrency derivatives trading. This includes parts of Asia, South America, and Europe.

Restricted Countries:

Importantly, BitMEX does not offer services to several major markets due to regulatory restrictions. Notably, residents of the United States, the province of Québec in Canada, the Seychelles, Bermuda, Cuba, Crimea and Sevastopol, Iran, Syria, North Korea, and Sudan are prohibited from holding positions or entering into contracts at BitMEX. This restriction is significant as it excludes a substantial potential user base, particularly in the highly lucrative U.S. market. This delineation of available cryptocurrencies and the geographical accessibility of BitMEX should help potential users determine if the platform meets their trading needs based on location and interest in specific crypto assets.

Main cryptocurrencies available

Bitcoin (BTC)
Ethereum (ETH)
Ripple (XRP)
Bitcoin Cash (BCH)
Litecoin (LTC)
Cardano (ADA)
Polkadot (DOT)
Solana (SOL)
Chainlink (LINK)
Binance Coin (BNB)
Stellar (XLM)
EOS (EOS)
Tron (TRX)
Monero (XMR)
Tezos (XTZ)
Cosmos (ATOM)
Aave (AAVE)
Uniswap (UNI)
Yearn.finance (YFI)
Algorand (ALGO)

Main countries where you can open an account

United Kingdom
Germany
Netherlands
Australia
South Korea
Japan
Brazil
Mexico
South Africa
Singapore
Hong Kong
India
Russia
Switzerland
Sweden
New Zealand
Turkey
Argentina
United Arab Emirates
Thailand

FAQs

1. What types of trading options are available on BitMEX?

BitMEX specializes in derivatives trading, offering products like futures, perpetual contracts, and options. These allow traders to speculate on the future prices of cryptocurrencies without holding the actual assets.

2. Can I use BitMEX if I am new to cryptocurrency trading?

BitMEX is geared towards more experienced traders due to the complexity of its products and the high leverage offered. It might be challenging for beginners. However, the platform does provide comprehensive resources and guides to help new users understand its functionalities.

3. How does BitMEX ensure the security of my funds?

BitMEX employs several high-level security measures including multi-factor authentication, hardware security modules for cryptographic storage, and manual checks for withdrawals to ensure the safety of user funds and data.

4. What are the fees for trading on BitMEX?

BitMEX charges a trading fee that varies between contracts and positions, such as maker and taker fees. Fees are competitive and designed to encourage liquidity. Importantly, there are no fees for deposits, and withdrawal fees are set at minimal levels to cover network costs.

5. How can I deposit funds into my BitMEX account?

Currently, BitMEX only accepts Bitcoin deposits. You can transfer Bitcoin to your BitMEX wallet from another wallet or exchange by using the deposit address provided in your BitMEX account under the ‘Deposit’ tab.

6. Are there any restrictions on who can use BitMEX?

Yes, BitMEX is restricted in several countries including the United States, the province of Québec in Canada, Cuba, Crimea, Iran, Syria, North Korea, and Sudan due to regulatory restrictions and economic sanctions.

7. What should I do if I have a problem with a transaction on BitMEX?

If you encounter any issues with a transaction, the first step is to consult the detailed FAQs and user guides on the BitMEX website. If these resources do not resolve your issue, you can contact the customer support team via email. BitMEX prioritizes security-related concerns and aims to respond to inquiries as quickly as possible, especially those that impact account integrity or funds.

Final opinion on Bitmex

At Threenvest, we recognize that BitMEX stands out in the competitive landscape of cryptocurrency exchanges, primarily for its robust offerings in derivatives trading. Specializing in high-leverage and derivative products, BitMEX provides an advanced platform that caters predominantly to experienced traders who seek dynamic trading capabilities. The leverage options of up to 100x are a significant draw for those looking to amplify potential returns, a feature that is considerably higher than many competitors. However, this high leverage also introduces a higher risk level, which is an important consideration for potential users.

On the downside, BitMEX’s accessibility is somewhat limited by its lack of support for fiat currencies, which might deter newer users who are not yet fully immersed in cryptocurrencies. Additionally, the regulatory challenges and the restrictions in major markets like the United States and Canada could impact its potential user base. Despite these challenges, BitMEX remains a strong player in the field of cryptocurrency derivatives, backed by a commitment to security and customer support. For traders who are well-versed in complex trading mechanisms and looking for a platform that supports high-stakes trading, BitMEX offers compelling features that are well-regarded at Threenvest.

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.

Alejandro Borja Fuentes

Economist | Cryptocurrency exchange analyst

The author of the review

Alejandro Borja is an accomplished economist with a distinguished career spanning various facets of the financial industry. His academic journey began with a degree in Economics, laying the foundation for his deep understanding of financial markets.

Over the years, Alejandro has honed his skills by working with some of the largest financial media outlets, analyzing and reporting on economic trends and investment opportunities. His expertise in financial analysis has made him a respected voice in the economic community.