BitMex.com Review – Pros and Cons of Trading on BITMEX
Check out the platform
MAIN FEATURES
Trading: "Real "crypto trading (actual crypto purchase)
Anonymous Accounts: yes
Cryptos: BTC, ZEC, REP, ETH, ETC, FCT, XRP, XMR
Payment Options: BTC only. No fiat currency transfer
Min. Deposit: $1 USD in BTC
Max. Withdrawal: no limit
Fees: Trading fees: 0.0-0.25%, Now: 10% fee discount for the first 6 months!
Leverage: 100x
Order Types: limit orders, market orders, stop limit orders, trailing stop orders, take profit orders; Additional settings: post-only, hidden order, iceberg order, fill or kill, good till cancel, immedate or cancel
Demo Mode: no
Security Measures: Bitcoin in cold storage (cold multi-signature wallet), two-factor authentication
Mobile App: no in-house App
Support: e-mail support, ticket support, social media
Supported Countries: Worldwide, excluding USA
PROS:
high volume
high leverage
full package of order types
good customer support
major altcoins tradable
high security
supports anonymity
CONS:
Restricted for US traders
Bitmex.com is one of the largest Bitcoin trading sites in the world, founded in 2014 by Arthur Hayes, Samuel Reed and Ben Delo. They have more than 540k accesses monthly and a daily trading volume of over 35000 BTC.
There is one major difference to most other Bitcoin trading sites: It only accepts deposits in Bitcoin, no USD wire transfers or so. Bitmex.com is specialized in sophisticated financial operations such as margin trading, which is trading with leverage.
How to Trade Bitcoin on BitMex (https://goo.gl/tTCv49)
In this review you’ll quickly get to know the site interface, what type of transactions can be made on the platform, which pairs can be traded and everything you need to start:
Sign up at https://goo.gl/tTCv49
quick signupFirst of all, let’s have a short look at how to create an account on BitMEX. The specialty at this point is, that at Bitmex.com you can create an anonymous account, which doesn’t have any connection to your real name, incase you use an anonymous e-mail address for this purpose.
Create an (anonymous) account: https://goo.gl/tTCv49
First, we have to click on the “Register” button. This will take us to the next page:
Fill in with your info (e-mail address) and set up a password. You will receive an email to confirm your registration, and you’re done.
How to navigate:
https://goo.gl/tTCv49 account
This is the main screen. On the left side, there is a panel where you can place an order, check your current position and see contract details. (We’ll be back on that later). In the central platform area the BTC deposit address of your account is placed (BitMEX only accepts deposits in BTC). On the top right, you can access your account & security options, where you can set a two-factor authentication.
On top in the middle, the other cryptos which you can trade on Bitmex.com are displayed as tabs. Your trading history is on the bottom of the platform interface, with the current positions on the first tab and the active orders on the third:
Bitmex widgets
The arrangement of those widgets within your account can be changed by clicking on the button placed right on the top bar (to switch from basic to advanced display). This gives you full control of what you want to display:
How to make a deposit/withdrawal:
To make a deposit, select “Account” in the top bar and then “Deposit” within the drop down menu. This will open a QR Code window to complete the transaction.
Bitcoin deposit
BitMEX only accepts deposits and withdrawals in Bitcoin. If you don’t own Bitcoins yet, you have to purchase them in another exchange. To make a withdrawal, you have to insert the amount and BTC address to complete the transfer.
How to analyze the graphs
For each currency pair which they support, Bitmex provides a chart section with a lot of features, making the traders who enjoy graphical analysis as happy as they can be.
Bitmex charts
You can see the bitcoin chart on the advanced interface; you can expand it, leaving only the left panel visible or even create a new window for it:
charts extended
The chart section offers all tools you need to analyze the price action. You can set different time periods, change the type (line, candlesticks, and more), apply several indicators on it (in this example, we have Bollinger Bands, and EMA applied on the chart, and Chaikin Money Flow under the graph).
chart full-screen
How to place an order on BitMEX.com
After your deposit is confirmed by the Bitcoin network, you arrange the trading platform widgets according to your personal preferences and make chart analysis with the tools available; finally you will be able to actually place orders on the BitMEX.com trading platform.
Bitmex.com place orders
You can use several order types:
Limit (the order is fulfilled if the given price is achieved);
Market (the order is executed at current market price);
Stop Limit (like a stop order, but allows you to set the price of the Order once your Stop Price is triggered);
Stop Market (this is a stop order that does not enter the order book, remain unseen until the market reaches the trigger);
Trailing Stop (It is similar to a Stop Market order, but here you set a trailing value that you be used to placing the market order);
Take Profit Limit (this can be used, similarly to a Stop Order, to set a target price on a position. In this case, you want to gain, and not to cut your losses);
Take Profit Market (same as the previous type, but in this case, the order triggered will be a market order, and not a limit one)
Where to check your orders and current position
All your orders can be easily viewed in the trading platform interface. There are tabs where you can select your Active Orders, see the Stops placed, check the Orders Filled (total or partially) and the history log. On the Active Orders and Stops tabs, you can cancel any order that you want, by clicking the “cancel” button.
You can also see all your currently open positions, with an analysis if it is in the black or red.
open and filled positions
How to use the leverage section
leverageHint: DO NOT USE leverage if you are a beginner. Margin trading is only recommended for experienced traders, because of the risk of higher losses. You should really know what you are doing when lending money for bigger positions.
BitMEX allows its traders to leverage their position. Leverage is the ability to place orders that are bigger than your current wallet balance. This could lead to a higher profit in comparison when placing an order with only your wallet balance. Trading in such conditions is called “Margin Trading.”
Inside margin trading, you have two sub-types: Isolated and Cross-Margin. The latter type of trading should be made with extreme caution because you can lose all your wallet money, and not only the money used to place the order. In the first type, you can select the amount of your wallet you want to use to hold your position after the order is placed.
In BitMEX trading platform you can set your leverage level by using the leverage slider.
BitMEX Margin Trading Fees:
The taker fee is 0.075% which gets multiplied with the leverage. So 10x leverage would cost 0.75% fees.
Critics of Bitmex
On this reddit page you find some criticism and opinions about Bitmex, so be aware of brokers having up and downsides and always some unsatisfied customers as well.
Further information
The BitMEX.com platform has a “References” section which covers any questions from a platform overview up to detailed explanation and examples of each order type or trading fees.
platform information
I hope this overview helps you to get started quickly on https://goo.gl/tTCv49 Bitcoin trading site!