Look like I won't be trading on Bitmex O_O
Today I decided to join Bitmex because of its ability to short or go long on currencies. I was very excited about trying out this new way of trading on the exchange.
When I signed up and click my confirmation link in my email, I was greeted and reject by this page all in one fell swoop!
I thought maybe it was maybe a glitch in the system, so I decided to try to deposit some money into bitmex to see if it would work. Right when I clicked deposit I was immediately rejected with this web page.
To me this is very frustrating! I know that bitmex works in England, so why are they banning the united states? I was thinking about using a VPN to hide my location in the united states but first I wanted to figure out why they were banned in the U.S.
So first i did a search for "bitmex blocked in the U.S". When I went to investigate my results for the reason why, I found some very bad reviews that were very well explained. I clicked the link to the website http://bittrust.org/bitmex and here is the first review I found:
Complete crap service. There is no way in hell the five star reviews below were written by anyone other than the owners.
Bitmex is a complete scam. Please read this carefully if you're thinking of depositing money there, and especially if you're new to the bitcoin industry or to trading.
First off the fees drain your money: 0.075% at 100x is 7.5% on every open and close of every trade (they don't tell you that, they just show you 0.075% so you think it's small, but they charge you 7.5 fucking percent on your margin when you trade with leverage).
The "team" behind bitmex is just two guys in their twenties looking to get rich / scam uninformed/noob traders out of their money. It's an amateur operation. It's also completely UNREGULATED. There's no financial watchdog monitoring what these people are doing behind the scenes.
If bitmex were to be regulated, or should financial regulators catch on to them, the owners would be behind bars.
Especially because the owners have many times used pseudonyms in forums online to advocate for "US customers to use a VPN" (even in the bloody reviews on this page!) - not only are they encouraging illegal behavior but that's the only way their operation can survive because most of their volume is US-based.
They incorporated their operation in Seychelles to make it jurisdictionally hard to sue or pursue them. There are many stories online of people trying to do just that after losing their account balance on Bitmex.
The owners are also moderators of a semi-popular online bitcoin forum so they censor all kinds of criticism toward bitmex and use the forum to pump up and drive traffic to their operation.
There is not a single story, comment, or review online of anyone making money on Bitmex.
You get lost so easily in the trading interface. It's as if they make it complicated on purpose. Most of the volume on there is generated by the owners with their market making algorithms to make it seem like the site is popular.
You'll get liquidated pretty quickly, especially if you have a small account. They'll make the price feed wick instantly to hit your stops and liquidate you (it's simple to manipulate at 100x). That kind of liquidation is a straightforward transfer of money from your deposit to their coffers. Stay away, stay away, stay away.
Use Poloniex, Whaleclub.co, Okcoin, Bitstamp, or another reputable service. The owners of this operation only care about their own pockets.
Edit: On the reddit page here some of the confusion of the systems UI and the 50x margin trading "gambling" is talked about by some of the users there too.
Well bitmex isn't looking good after all. That review is well echoed by others on bittrust too saying it is not a good exchange service. Anyone have any experience using it?
So looks like I will just be sticking to bitshares and poloniex! Fine by me. Happy trading everyone!
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