BitMEX is a cryptocurrency exchange, which is a large platform for futures trading of digital coins with the ability to store crypto capital on a trading account. Provides the ability to trade derivatives with leverage up to 100x, long and short trades are available (for an increase or decrease in the price). With 1 Bitcoin on your account, you can open a trading position with a volume of up to 100 BTC. The daily money turnover on this exchange almost always exceeds $ 1 billion (over 100,000 bitcoins).
The official website is bitmex.com. After registration, a 10% discount on commissions.
The BitMEX crypto exchange provides an opportunity to trade futures contracts for Bitcoin, BitcoinCash, Cardano, Ethereum, Litecoin, Ripple, EOS. The most liquid and popular instrument is the XBTUSD perpetual contract.
Note: on the Bitmex exchange, all accounting (profit, trade, deposits) are carried out in the Bitcoin cryptocurrency, which is assigned the XBT symbol, and not the usual BTC. You can open a position not only to buy an asset, but also to sell, thus making money not only in a growing market, but also in a falling one. The maximum leverage for Bitcoin is 100x, for other cryptocoins it is lower. Commission is paid only by takers, makers are paid extra. A real paradise for a crypto trader with the ability to profit from price changes or hedge risks.
Before starting work, be sure to read the reference information, since the Bitmex exchange differs from the usual spot trading platforms.
|Stock exchange||BitMEX (Bitmex)|
|Year of foundation||2014|
|Full title||Bitcoin Mercantile Exchange|
|Company||HDR Global Trading Limited|
|Co-founders, CEO||Arthur Hayes, Samuel Reed, Ben Case|
|Trading instruments||perpetual futures contracts and expiration|
|Making a deposit||Bitcoin (XBT)|
|Minimum deposit||0,0001 XBT ($0,9)|
|Commission on entry||0 %|
|Withdrawal commission||0 % (network commission)|
|Processing time for withdrawal requests||daily until 13.00 UTC (16.00 Moscow time)|
|Initial margin||1 %|
|Maintenance margin||0,5 %|
|Minimum contract amount||$1|
|Shoulder||up to 100x|
|Cross margin trading||Yes|
|Price||composite index (Bitstamp, Coinbase Pro)|
|Position liquidation mechanism||Auto-Deleveraging (ADL)|
|Account security||Google Authenticator, Yubikeys, IP|
|Feature||Makers receive a rebate (negative commission)|
|Types of orders||Market, limit, limit stop order, trailing stop, limit (market) with profit taking, hidden orders (iceberg)|
|Cryptocurrencies for trading (derivatives)||XBT (BTC), BCH, ADA, ETH, LTC, XRP, EOS|
|Trading volume as of 03/07/2020||USD 2.218 billion|
|Mobile application for trading||No|
|Account types||real; demo|
|Free demo account||go to demo|
|Social networks||https://twitter.com/BitMEXdotcom; https://www.reddit.com/r/BitMEX/|
|Assessment from Btcnewsweb.com||9 out of 10|
The founders and developers of this project implemented their planned ideas, creating a truly high-quality, albeit a little difficult to master, but reliable cryptocurrency exchange. The vast majority of BitMEX clients are experienced crypto traders.
In the ranking of crypto exchanges in terms of trading volume, it ranks first.
The editorial staff of Btcnewsweb.com will analyze in detail the most important and useful points regarding the Bitmex trading platform. We will analyze all the nuances so that difficulties with the registration procedure, trading and earning money do not arise even among inexperienced speculators who are not familiar with the principles of operation of such services.
Video review of the Bitmex exchange:
- 1 BitMEX Exchange Review
- 2 Registration on the BitMEX website
- 3 Features of BitMEX
- 4 Benefits of Bitmex exchange
- 5 Disadvantages of the Bitmex.com crypto exchange
- 6 How to replenish your Bitmex account
- 7 The main sections of the official website of BitMEX
- 8 Instructions for trading on BitMEX
- 9 How to trade on the BitMEX exchange
- 10 How to withdraw money from Bitmex
- 11 Questions and answers
- 12 Reviews on BitMEX
BitMEX Exchange Review
Cryptoexchange Bitmex began registering its first clients in 2014. The platform itself is registered in the Seychelles, and its head office is located in Hong Kong. The Managed Company Is HDR Global Trading Limited.
The official website of the BitMEX exchange compares favorably with an abundance of useful data, detailed information about the project’s employees, the availability of reference materials, a blog, etc. It is very important to have clearly presented reminders about futures contracts, margin trading and perpetual contracts. Provides a comparative analysis of indicators, capabilities of BitMEX and competitors, for example, Bitfinex, OkCoin. Detailed instructions on how to use the service are available.
The management and technical team of Bitmex are constantly trying to optimize the exchange and create optimal working conditions for traders. Attention is focused on professional speculators, which is why inexperienced beginners have to seriously study the features, functionality, tools and additional options.
Registration on the BitMEX website
On the Bitmex crypto exchange, registration is the least intricate action. Anyone interested in cryptocurrency trading will pass it quickly.
Step-by-step registration scheme on the Bitmex exchange:
- On the main page of the official website bitmex.com, on the top right, you need to click the “Register” button.
- A form will open, special lines of which must be carefully filled out. The system requires you to specify your last name, first name, login, double password, country, and email.
- Then the system requires the solution of the captcha and the acceptance of the rules and conditions of the exchange. It remains to click on the “Register” button.
Important! You need to wait for a letter from the robot with BitMEX for some time. Using the specified link, you must go back to the main page of the trading platform for the account to be activated!
This completes the registration on the BitMEX exchange. By transferring money to the trade balance, the user can trade cryptocurrencies by buying or selling futures contracts.
Features of BitMEX
There are no cardinal qualities that distinguish the BitMEX trading platform from competitors, but there are many small nuances that together make the exchange convenient and of high quality in terms of trading and exchange operations.
You can imagine the following nuances:
✅ Platform interface. It is impossible to say unequivocally about its clarity and simplicity. There are really a lot of complex elements here, so mastering such details will certainly take time. But traders who understand the intricacies are happy with the abundance of necessary and really important options, charts, tables and displayed data.
✅ Cryptocurrencies. Here is a relatively modest list of available virtual currencies, but they are all highly liquid. You can buy and sell here seven types of crypto coins and one fiat currency – the US dollar. These assets form currency pairs in different combinations.
Attention! On BitMEX, the Bitcoin cryptocurrency has a different ticker – XBT. It’s new, but completely unofficial. This acronym gradually began to take root in the cryptocurrency space as soon as the Bitcoin Cash fork appeared.
✅ The Bitmex cryptocurrency exchange supports only one fiat currency – USD, although funds are deposited and withdrawn exclusively in bitcoins. Of course, this is not to many traders’ liking.
✅ All users registered on the Bitmex platform are divided into takers and makers. The latter create a trade order and wait for its purchase by other exchange participants, while the former acquire open contracts if they are satisfied with the offer of the maker. There are slightly different commission rates for these groups of traders.
✅ A special level of security. Only BitMEX has a unique control scheme for withdrawing digital coins from the trading balance. The order will be executed if at least 2 people from the special commission on the service confirm that there are no signs of theft of funds. This guarantees the suppression of up to 80% of cases of theft of cryptocoins with a possible hacking of the account.
✅ In addition, the Bitmex.com exchange site uses multi-tabular deposits. Authentication can be activated.
✅ Good organization of information support. On the Bitmex trading platform, there are many blocks containing various data. If you hover the cursor over any interface elements (tables, labels, graphs, etc.), then an explanatory line is automatically displayed, in which the information is briefly presented. So you can quickly and comfortably navigate the exchange.
✅ Verification. This procedure is optional. You can trade anonymously, especially since transactions (withdrawal / replenishment) are made in bitcoins, and cryptocurrencies, as you know, are already characterized by exceptional anonymity.
✅ Withdrawing cryptocoins from the deposit and replenishing the balance. This is also a very nonspecific approach for modern cryptocurrency exchanges: all operations for crediting or withdrawing money amounts are carried out exclusively in Bitcoin.
✅ Technical support service. Definitely noteworthy. BitMEX exchange consultants are always working (all day round the clock), in addition, there are many communication channels available – telephone, leading social networks, instant messengers and email. As a rule, replies to letters and messages come quickly.
Benefits of Bitmex exchange
Of course, the features of trading on the site are positive qualities, but, in addition to them, there are a number of advantages that should be noted. So, the advantages of BitMEX:
✅ Support for 5 major languages, including Russian. Everything is translated with high quality.
✅ Low trading commissions – from -0.025 to 0.075% of the transaction volume.
✅ High liquidity, especially for the XTBUSD perpetual contract.
✅ The minimum deposit amount is only 0.0001 Bitcoin (about 1 USD at the current exchange rate).
✅ The main page of the crypto exchange is a great help for traders who do not want to speculate here. Various trading indicators, market depth indicator, price charts, quotes are available without registration. This can be used when activities are conducted on a resource that has a meager arsenal of analytical tools.
✅ Demo trading, where you can test all BitMEX functionality. You will need a separate account, but you can use one email. In the test mode, it is allowed to speculate with the XBTUSD asset, which automatically lowers its volatility.
✅ Margin trading on the Bitmex exchange platform. Leverage up to x100.
✅ An impressive amount of available training information and useful information.
✅ Many useful tools are provided for profitable trading.
✅ Fair Price Marking is a system that prevents the liquidation of orders with large leverage.
✅ Regular checking by specialists of the history of accounts and balances of users.
✅ The ability to use short positions when trading on the Bitmex exchange.
✅ Affiliate program.
Disadvantages of the Bitmex.com crypto exchange
The abundance of positive properties and characteristics is striking. Indeed, the BitMEX exchange is incredibly high-quality and functional, but it also has a number of shortcomings:
✅ The interface is complex, as it is full of many blocks, section tabs, graphs. But if you seriously analyze all the nuances, then the most effective trading is possible here.
✅ Few cryptocurrency derivatives and fiat. They are made up of 7 cryptocurrencies and a dollar.
✅ Low liquidity on altcoin contracts.
✅ Withdrawal of funds and replenishment of the balance of the Bitmex.com cryptocurrency exchange is carried out exclusively in XTB crypto coins (Bitcoin).
How to replenish your Bitmex account
Immediately after registering for Bitmex and activating the account, bitcoins should be credited to the balance of the exchange crypto wallet XTB. The allowed minimum is from 0.0001 Bitcoin or 10,000 Satoshi, which equals $ 1 at the exchange rate as of 09/23/2019. The transfer is credited after one confirmation on the blockchain network. On average, this time is 10-30 minutes. The speed is determined by the degree of congestion of the network and the exchange system.
Money should be entered according to the following scheme:
✅ In the top menu bar (page header), click the “Account” button, and in the “Wallet” window that opens, click on the green “Deposit” button.
✅ The site will automatically generate a unique personal bitcoin address that needs to be copied. Cryptocurrency should be transferred to it, thereby replenishing the wallet balance on the Bitmex exchange.
✅ Transfer cryptocurrency from your wallet, which contains bitcoins, indicating the address, transfer amount (min 0.00001 BTC), commission. Typically, the output section is labeled “Send”. For example:
✅ Bitcoins can be bought in exchangers or on fiat cryptocurrency exchanges for traditional money: LocalBitcoins, Currency, Exmo, Crex24. When transferring (withdrawing) or buying, you need to specify the Bitcoin address of your wallet on BitMEX. For example, when sending from exchanges, you need to write the address and amount, the commission is fixed:
When buying bitcoin in the exchanger, choose a payment system, indicate the amount, address and additional data:
✅ Make a transaction. Blockchain browsers are used to track the status and number of confirmations. The credited funds are displayed in the section “Funds balance” – “Transaction history” with the Completed status.
The notification about the replenishment of the Bitmex balance is sent to the email:
The main sections of the official website of BitMEX
In one article, it is impossible to examine in detail the interface of the BitMEX crypto exchange website due to the abundance of tabs, settings, additional windows, subsections, etc. This all needs to be scrupulously studied and worked out in practice. Now let’s touch on the general navigation through the account in the trading platform in order to better navigate the first visits to it.
- “Deal” is directly a trading terminal.
- “Account” – here wallet and transaction history.
- “Contracts” – a summary of the perpetual contract, margin, leverage, fair price labeling, price index, and more.
- “Reference Materials” is an impressive information base where you can find all the data you need to successfully trade on BitMEX. Here all the terms or designations that are present on the site are explained in detail, for example, risk limits, auto-deleveraging, perpetual contracts, and many others. dr.
- “API” – here the architectural style of REST API interaction is described, as well as the essence of the WebSocket API connection protocol.
- The balance is displayed on the right, there is a drop-down menu with general settings.
In the center of the page: the price chart of the selected asset, cryptocurrency and basic exchange data on them, the order book, the latest transactions on the exchange.
- Selecting the order type – market, limit and market stop. There are also options for the latter: limit with profit fixing, trailing stop, market with profit fixing and trailing stop.
- Block for opening a sell / buy position (short / long).
- Leverage selection.
- Information on the selected contract.
BitMEX website footer with several subsections and their menus. There are ways to contact technical support, an overview of the exchange, reference materials, rules, commissions and terms of the affiliate program.
Instructions for trading on BitMEX
BitMEX is one of the most popular cryptocurrency exchanges. Here, traders have access to a variety of tools with highly customizable parameters to control the trading process. The abundance of different values for each type of order allows planning the trading process to the smallest detail, but beginners may have some problems with understanding and effectively using the opportunities provided by the platform. In fact, everything is very simple. In this review, we’ll show you how to trade on BitMEX.
The interface of the BitMEX exchange has been translated into Russian, but the help system is a rather complex and confusing structure, which can be understood only by having experience in making real transactions. To make it easier for beginners to get used to the functionality, the developers launched a demo version of the exchange at testnet.bitmex.com. The algorithm for working with this version of the platform is almost no different from the real one. The only difference is that trading is carried out with “virtual” money, which means you don’t have to worry about possible mistakes when placing orders.
Before proceeding directly to the instructions for trading on BitMEX, you need to understand the main features of the exchange.
- BitMEX’s main trading asset is XBTUSD, which is a derivative financial instrument based on bitcoin quotes. This means that by buying it, the user will not become the owner of BTC coins, but he will be able to play for a fall (sell this instrument), even if he does not have a previously purchased contract on his account. The second plus is access to margin trading, in other words, the use of leverage. Thanks to this opportunity, a trader can open positions of a multiple of a larger value, which opens up new opportunities for making money on changes in cryptocurrency rates, but also increases risks. In addition, the XBTUSD contract is unlimited. This means that you do not need to adjust the time of the transaction to the expiration (completion) date. It is important that the quotes for this instrument almost completely coincide with the spot market (ordinary crypto exchanges, where transactions are concluded with the transfer of cryptocurrency between the accounts of participants).
- The second option for transactions is cryptocurrency futures. This is also a derivative instrument, but, unlike a perpetual contract, it has an expiration date, and quotes can differ significantly from the spot market.
Commissions and funding
What happens when trading with leverage? On BitMEX, everything is organized in much the same way as on financial platforms where ordinary (fiat) assets are traded. Dollar futures, for example. To keep things “fair,” the parties to the transactions periodically exchange payments calculated on the basis of the difference in interest rates. At BitMEX, this process is called “funding”. And although Bitcoin does not have a Central Bank, and there is no one to set the refinancing rate, to maintain the correspondence of the XBTUSD rate to the spot quotes, the parties exchange commissions in the amount of 0.0100% of the transaction every 5 hours. If the rate is positive, the holders of long positions pay the holders of the short ones; if the rate is negative, vice versa. In order not to pay a commission, it is necessary to close the deals before the financing deadline comes. Information about the remaining time is available in the terminal window.
There are also commissions (-0.025% and 0.075%), which are charged to those who provide liquidity (place an order, are makers), and are charged from the balance of those participants who satisfy orders, reducing liquidity and acting as takers. The maker or taker status is assigned depending on the current balance of orders, but the surest way to pay an additional commission is to place an order at the current price.
✅ Perpetual contract terms:
✅ Futures conditions:
It is also important to understand what the margin is before you start trading. In fact, this is the collateral for XBT contracts that are leased from BitMEX. You can sell them by opening a short position or buy a contract by opening a long trade. At the same time, profit for a short transaction will be formed in the event of a decrease in the rate and timely repurchase of the contract at a lower price (closing of the transaction), for a long one, a sale is required with an increase in the rate. The trader puts in his pocket all the difference between the value of the contract at the time of opening a deal and before its completion (well, or loses if the price moves in the opposite direction). Leverage allows you to increase your profit (and loss), it works as follows:
✅ No leverage: Buying 1 XBT at $ 7900 and then selling at $ 8000 will generate a profit of $ 100 minus commissions. Required collateral (margin) – 1 XBT or $ 7900.
✅ With a leverage of 1:10: Buying 1 XBT at $ 7900 and then selling at $ 8000 will generate a profit of $ 1000 minus commissions. Required collateral (margin) – 0.1 XBT or $ 790.
Bitmex offers two options for calculating Maintenance Margin – Cross and Isolated. With cross-calculation, you can open two oppositely directed trades of the same or equal volume, and the margin requirements will be calculated for only one order of a larger volume. With an isolated margin for each order, the requirements are calculated individually.
If the market went against the trader, then a situation may arise in which the floating loss will exceed the amount of funds on the account (this situation is possible when using leverage). In this case, liquidation is inevitable – partial or complete closing of the order. Its goal is to reduce the maintenance margin. People who are familiar with trading with Forex brokers probably know about Margin Calls. Liquidation is its analogue, with the exception that the liquidation of an order on the Bitmex exchange is carried out in parts, and for large-volume transactions it begins to be applied a little earlier in order to protect the transactions of other traders from an inevitable price jump when a large volume is closed at once.
Trading process on Bitmex
For each transaction, you need to select the type of order, indicate its volume, select the leverage and confirm the placement of the order.
Types of orders
Before opening your first trade on Bitmex, you need to select an order type. A total of seven options are available, two of which lead to the opening of a new trade, two more are created for trades with automatic profit taking, and the other three allow you to automatically close trades with a loss (except for the trailing stop, thanks to which you can close a trade in a plus):
✅ Limit – the trader himself chooses the price level at which the order will be activated (opening a deal).
✅ Market – immediate opening of a position at the quotes that will be on the market at the moment of activation.
✅ Limit with profit fixing – analogue of a limit order but with an additional field for specifying the price at which the trade will be automatically closed with a profit.
✅ Market with profit taking – the same for a market order.
✅ Market stop – allows you to set a stop level for an already open trade.
✅ Limit stop is a regular limit order for which you can immediately set a stop-loss level.
✅ Trailing stop – an analogue of a trailing stop, allows you to set the distance from the price, followed by the stop loss.
In order not to pay additional commission as a taker, it is better to use limit orders.
Let’s assume that the quotes chart suggests that the XBT / USD rate will decline. To make a profit, you need to sell the contract. To do this, you need to select “Limit order”, and then enter the contract amount – the amount of money for which the deal will be concluded. It is important to pay attention to the automatic calculation of the margin, which is displayed under the buttons for setting deals: margin requirements cannot be higher than the amount of funds on the balance.
The second stage is setting the price at which the deal will be opened. For example, you can expect that the price will first rise slightly from the current values and then continue to decline. In the example, the price is set above the market, but the opposite situation can also be assumed: the achievement of a certain price below the current quotes and the subsequent continuation of the downward movement. In this case, the price must be placed below the current level.
Next, you need to set the size of the leverage. The larger its value, the larger the transaction volume is available for the amount of money that was entered in the first step. Do not get carried away with increasing this parameter: a larger leverage leads to an increase in potential loss if the price goes in the opposite direction from the direction of the transaction.
Since we are talking about placing a pending order, you can configure a number of parameters related to its execution.
- Passive. Checking this item allows you to protect yourself from paying the taker’s commission. The problem is that when the price reaches the set level, the order can be activated at the worst price if there are only orders from other makers in the order book.
- Hidden. Excludes information about an order from the order book. A useful option if, due to the very large volume, you do not want other traders to use information about this order.
- GoodTillCanceled. By default, the order will wait for activation until its owner deletes it himself, but you can set the date and time during which it is valid. If the price reaches the level of the limit order during this time, it will be activated. If not, the system will automatically delete it within the specified period.
- Decrease. Allows you to manage risks and not increase the overall margin. A limit order with this mark will only be used to decrease the total position. That is, if a volume of 100 XBT is opened with longs and shorts, then this order will be opened only if there is a position directed in the opposite direction (the total volume deal will be closed as a result).
To place an order, you need to click “Sell / Short”. As soon as the price reaches the specified level, the deal will be activated and will appear in the “Active orders” list. You can manage the order – set the closing price (analogous to Take Profit) or close it at the current market price. A position is closed by placing an oppositely directed order of equal volume – a long is opened for short and vice versa.
The “Unrealized PNL” parameter shows the current value of profit or loss. Part of it will become “realized” only if the position is partially closed (by placing a counter order of a smaller volume).
The “Liquidation Price” indicates at what price level the order will be forcibly closed by the BitMEX trading platform.
Setting stop loss
To mitigate risks, it is imperative to use stop loss orders. Their task is to close the trade before the loss becomes too large.
To place such an order on BitMEX, you need to select the “Market Stop” order type and set the order price. To limit losses, the order should be placed below the activation price for long trades and above for short trades.
It is worth paying attention to the “Trigger” parameter and the “Close Trigger” checkbox. They determine the behavior of the order. “Trigger – last” assigns a stop to the last open order (but you can select a different value from the drop-down list and enter the identifier number). For the order to be completely closed, the volume of the stop order must be equal to the already open order.
You can always close a trade before the stop order is triggered and manually fix the loss.
Basic trading rules
Despite some peculiarities, BitMEX is a classic exchange with the possibility of margin trading. This means that you need to be careful when choosing the order size and leverage. To understand how the account balance will change when you open a particular position, you can use the calculator (the icon under the exchange logo).
With its help, you can know in advance the size of the margin, the liquidation price for the order and the amount of profit or loss for different volumes and prices of open and close.
If you follow the classical principles of risk management, then to protect your funds from loss, you need to adhere to the following rules: the risk per order should not exceed 1–2% of the deposit, and the total risk for all open transactions should remain within 3–5%. With this approach, even a long continuous series of unprofitable orders will not lead to a “drain” of the deposit: the trader will always have the opportunity to compensate for the losses.
By adhering to this rule and the information about trading on BitMEX from this guide, you can make a profit, making the most of all the capabilities of the trading platform.
How to trade on the BitMEX exchange
The BitMEX cryptocurrency exchange provides registered users with:
✅ Trading (cryptocurrency trading).
✅ Conversion of crypto coins.
✅ Storage of virtual currency XBT.
With the last point, everything is clear – you need to credit a certain amount to the Bitmex trading account and just leave it, and when necessary, withdraw the cryptocurrency.
Exchange transactions are also simple. Here you just need to purchase some kind of electronic currency and transfer other coins to an external cryptocurrency wallet.
Trading digital money on Bitmex is a core purpose of the exchange. It is proposed to use USD and 7 types of virtual coins. Listing: ripple (ripple, XRP), bitcoin cash (bitcoin cash, BCH), ethereum (ethereum, ETH), cardano (cardano, ADA), NEO (neo, NEO), the leader of the crypto market bitcoin (bitcoin, XBT) and also litecoin (litecoin, LTC).
To speculate in cryptocurrencies, you need to go to the section of the site “Deal (Trade)”, where there is an optimal set of options and capabilities. The deal is executed in the upper segment of the left column, but initially above the chart, you need to select the asset of interest and for it.
In the order registration block, you should indicate the type of transaction, enter the number of crypto coins, select a leverage, if necessary, view information about the transaction and activate the “Short / Sell” or “Long / Buy” button.
Nuance! When placing an order, these buttons will contain the amount of the trading commission, which the system will add to the cost of the transaction. This must be taken into account!
When a regular conversion is performed, this stage ends all work steps. When trading, you should first analyze the market conditions, watch the mood of traders, and carefully analyze the price chart. As soon as the level of the planned profit for the trade is reached, the order is closed. Here everything happens according to the classical scheme.
It is worth clarifying the types of deals that exist on BitMEX. You can choose:
✅ A limit order is the most convenient for traders. The volume of purchased or sold cryptocurrency is entered, the transaction price is set, which suits the speculator. When an identical counter-offer appears on the exchange, the contract ends.
✅ Stop limit and its variants. The principle here is identical for all orders of this category. This type of contracts is almost similar to a limit contract, but here, in addition to the trading price, you need to specify the order activation threshold.
Explanation! In a disadvantageous state, the stop-limit trade remains in a “sleep” mode invisible to traders. If the price approaches the indicator set by the speculator and crosses the activation cost line, the order is instantly activated. Other merchants are starting to see him!
For traders on the BitMEX crypto exchange, the possibility of margin trading is provided. The maximum leverage for each cryptocurrency is different: for Bitcoin – 100x, for Ethereum – 50x, and the minimum – 1x. Newbies are advised not to speculate in cryptocurrencies using high leverage.
How to withdraw money from Bitmex
Previously, it was noted that there was a limited possibility of crediting and withdrawing funds from the Bitmex exchange. BitMEX uses exclusively bitcoins or satoshi for this. When there is another type of cryptocurrency on the balance, the system automatically converts when the order is executed. The procedure for receiving earned or residual funds is almost the same as for replenishing a balance.
Cryptocoins can be quickly transferred to a cryptocurrency wallet account. You can withdraw from 0.0001 XBT. Bitmex exchange charges a commission for processing an application and making a transaction.
Interesting! The trader sets the commission percentage for the withdrawal of money independently. There is a minimum value over which he can add more percent. The higher the established commission, the faster the transaction is carried out! By default, it is 0.001 XBT. The minimum is 0.0002 XBT.
Instructions on how to withdraw cryptocurrency from the exchange:
- In the “Account” tab, open the “Withdrawal” section.
- Enter the address of your own bitcoin wallet in the “Destination address” line.
- Indicate the withdrawn amount.
- Establish an acceptable commission percentage.
- Click “Send request”.
All requests for withdrawal from Bitmex are considered only once a day. To get crypto coins faster, you need to have time to send a request before 16.00 or 13.00 Moscow time (UTC). The processing of orders is done manually, since this ensures the security of the clients’ crypto-money. The order can be canceled before the execution time.
After the request, the withdrawal operation must be confirmed – an email will be sent to the email, in which you need to follow the link.
Next, you need to confirm the withdrawal or cancel it on the Bitmex website.
After that, the status of the request changes to Confirmed. In the “Wallet” section of your personal account, withdrawal from the Bitmex exchange can be canceled, but only until 13.00 UTM.
Questions and answers
What is Bitmex?
It is an exchange for trading cryptocurrency futures contracts with up to 100x leverage.
How to go to the official website?
What contracts are on the exchange?
Perpetual and futures.
Is it possible to physically buy bitcoins on Bitmex?
No, the exchange trades in derivatives without delivery.
Who can trade on the platform?
How does the abbreviation “BitMEX” stand for?
Bitcoin Mercantile Exchange.
Where is the exchange officially registered and who manages it?
Management company HDR Global Trading Limited. Registration in the Republic of Seychelles.
Who runs Bitmex cryptocurrency exchange?
Arthur Hayes, Ben Case, Samuel Reid.
Can I trade in test mode?
On the BitMEX Testnet platform.
Do you need verification on the Bitmex exchange?
How old is registration allowed?
From 18 years old.
What do you need to register for Bitmex?
Email address and name.
What leverage is available on the platform?
For perpetual contracts: XBTUSD 100x; ETHUSD 50x; XRPUSD 50x.
For futures with expiration date: Bitcoin (XBT) 100x, Bitcoin Cash (BCH) 20x, Cardano (ADA) 20x, Ethereum (ETH) 50x, Litecoin (LTC) 33.33x, Ripple (XRP) 20x, Tron (TRX) 20x, EOS Token (EOS) 20x.
What is the trading commission for perpetual contracts?
For makers -0.0250%; for takers 0.0750%.
What is the funding interval for perpetual contracts?
Every 8 hours.
What is the commission for deposit and withdrawal on the Bitmex exchange?
No commission is charged. When withdrawing, a network commission is taken to confirm the transaction. As of April 13, 2020, its minimum size is 0.0002 BTC.
How to top up my account balance?
Go to the Account section and click Deposit. Transfer bitcoins to the specified wallet address. The minimum amount is 0.0001 XBT or 10,000 Satoshi. As of 04/13/2020, this equals $ 7.1. To be credited, you need 1 confirmation in the blockchain network.
If I don’t have bitcoins to transfer to BitMEX, where can I buy them for rubles, dollars or other fiat money?
Where does the exchange store bitcoins?
On multi-sign wallets.
How to withdraw Bitcoins from Bitmex?
By creating and confirming a withdrawal request. Applications are processed once a day at 13:00 UTC.
How do I set up two-factor authentication (2FA)?
In the Security Center section, download the TOTP or Google Authenticator applications.
How to trade on the BitMEX cryptocurrency exchange?
General scheme: you need to select a contract, order type, specify the number of contracts in USD, set leverage, click Buy or Sell.
What are the orders on the Bitmex crypto exchange?
Market, limit, stop orders (market stop order, limit stop order, trailing stop order (trailing stop)), with profit taking (take profit).
What additional functions are available for orders?
Hidden Orders, “Iceberg”, “Placement Only”, “Close When Triggered”.
What is the initial and maintenance margin?
For example, for the XBTUSD perpetual contract: 1% and 0.5%, respectively.
How can I see all the terms of the contracts?
They are available in the specification for each contract.
What is liquidation?
Forced closing of a position.
Is Bitmex a reliable exchange or a scam?
The platform has been operating since 2014 and is the most popular for derivatives trading with traders from all over the world.
What are the alternatives?
Reviews on BitMEX
The modern crypto exchange BitMEX is a technologically advanced, extraordinary trading platform focused primarily on professional traders. At the same time, she never ignores beginners, for whom amazing conditions have been created for mastering crypto trading and working out their trading strategies.
The BitMEX platform is a powerful and convenient service where competent, judicious traders can consistently receive maximum income. Bitmex exchange never lures clients with empty slogans and deceitful promises. Here are the most experienced speculators, as the site guarantees safety and quality, which is confirmed by numerous positive reviews.