BitMEX Exchange Review

BitMEX, a P2P cryptocurrency derivatives trading platform, and is owned by the Hong Kong-based, HDR Global Trading Limited. Currently, BitMEX is not registered with any legislative board. Still, it is considered a trustworthy derivative exchange. Additionally, BitMEX takes extensive security measures to protect the digital assets of its customers.

BitMEX functions more like a futures trading platform than an exchange, as it allows users to buy futures and perpetual contracts. It is not a popular choice among novice traders since it only offers advanced trading options like margin trading with 100x leverage. BitMEX is aimed at seasoned, professional traders.

If you’re new to Futures and Perpetual trading, we recommend you check out our Best Derivative Exchanges article.

This BitMEX review will analyse the most important aspects of the platform to provide you with an all-rounded overview. Although Cryptimi does its best to provide you with accurate information and updates it on a regular basis, we strongly recommend that you to visit BitMEX for any updates which might occur afterwards.

Is BitMEX Exchange Safe?

In one word, Yes! BitMEX is considered a trustworthy platform to trade cryptocurrencies. It protects the account of its users using 2FA (Two Factor Authentication) making it almost impossible for hackers/fraudsters to steal information. Additionally, BitMEX provides the option of IP Pinning so that users are notified if a login is made from an unknown device. Users may also make use of the PGP encryption to avoid spam emails.

Even following an embarrassing privacy breach caused as a result of an internal email being cc’ed with 1,000 user emails, the platform has remained safe. The platform boasts that it carries out 100 audits a second and hasn’t lost a single BTC through intrusion.

BitMEX stores all user funds onto a cold storage multi-signature wallet to ensure maximum protection. Whenever a withdrawal request is placed by the customer, it is manually verified by two BitMEX employees in order to be approved. Moreover, BitMEX exchange never stores any private keys on its cloud-based servers.

BitMEX Exchange

How does BitMEX compare to other exchanges?

BitMEX, whose full name is Bitcoin Mercantile Exchange, functions as a P2P Crypto trading platform. As the name suggests, it allows users to buy digital currencies only using Bitcoins. It offers different types of trading contracts like Perpetual, Future, Up and Down Contracts.

BitMEX Wallet

The BitMEX wallet is considered to be extremely safe to use since it requires multiple signatures to place a withdrawal request. Even if an attempt is made to hack the exchange, it is almost impossible to steal the customer’s funds as they are stored offline on hardware wallets.

Here are some other recommended crypto wallets you could check out in addition to BitMEX’s wallet services:

The Ledger Nano X is the latest hardware crypto wallet offered by Ledger and it is designed to be the Bluetooth enabled Ledger Nano S on the go. Visit Ledger Nano X Ledger Nano X Review Launched in 2015, KeepKey Wallet is one of the oldest and most secure hardware wallets. Today it is run by the ShapeShift Exchange and ranks as the third-best wallet brand in the world. Visit KeepKey KeepKey Review If you are looking for one of the most secure hardware wallets, capable of storing a wide variety of cryptocurrencies and offering increased functionality, Trezor is definitely your go-to wallet. Visit Trezor Trezor Review

BitMEX Account

It won’t take you more than a couple of minutes to create an account on the BitMEX exchange. Conveniently, the platform supports password reset so in case you forget or misplace it, you can easily set a new one, with instructions sent to your registered email address.

How to Sign up on BitMEX

To create an account on BitMEX, follow these steps:

Navigate to their site and click the ‘Register’ link located on the top right of the page. Enter your email, password, and country of residence. You may enter your first and last name, but this is optional. Click the Register button after agreeing to the terms.

Within a few minutes, you should receive a confirmation email from the BitMEX team. Click the ‘Verify My Email‘ link on that email to finish setting up your account. After having done that, you are ready to log in for the first time.

How to Log in on BitMEX

To log in to your BitMEX account, follow these steps:

Navigate to their site and click the ‘Log In‘ link located on the top right of the home page. Enter your email address and password Click the Log In button. If 2FA is enabled, then you should enter the authentication code accordingly.

Verification Requirements

Users don’t have to submit any kind of documents in order to exchange cryptocurrency using the BitMEX exchange. They can start trading immediately after creating an account. In case users lose their authenticator device for 2FA, then they need to submit the ID documents to reset the 2FA code. This makes BitMEX one of the few reputable cryptocurrency exchanges which let you trade anonymously.

How to Deposit Bitcoin (BTC) on BitMEX

Follow this procedure to deposit Bitcoins on BitMEX. Before making your deposit you should ensure that the amount of BTC is greater than the minimum deposit amount for a particular trade. Scroll down to ‘Deposit Fees’ to learn more.

Log in to your BitMEX account. Click ‘Account’, located at the top left of the page, followed by ‘Deposit’. You should now be able to see the deposit address to which to send the Bitcoin (BTC). If your wallet has a mobile app, then you can scan the barcode to get the address. Otherwise, you have to copy this address and paste it on your wallet in order to make the transfer.

How to Trade Digital Currency on BitMEX

BitMEX exchange doesn’t accept fiat currencies like EUR, USD, GBP. The only available option to trade digital currency on BitMEX is by first depositing Bitcoins (BTC).

How to Buy Bitcoin (BTC) on BitMEX

Since the platform only supports Bitcoin payments, if you have another cryptocurrency or fiat currency you must first exchange it. Reputable exchanges, including Coinbase and Coinmama, are great choices to make the conversion. You can then transfer your BTC into your BitMEX account.

How to Buy Ethereum (ETH) on BitMEX

This example shows how to trade ETH using BTC. It is assumed that you have already deposited Bitcoins on your account.

Log in to your BitMEX account and click the ‘Trade’ link on the top left of the page. Select the tab named ‘Ethereum’ On the left side, you will see a heading named ‘Place Order’. Enter the amount of digital currency you would like to exchange and select the type of order: Limit/Market/Stop Market. In the above example, the Market order is chosen. It is not recommended to use the Market option as limits can get quite high with high leverage trades, as using the ‘Market’ tab counts you as a ‘taker’. If you use the Limit tab, you’re counted as a ‘Maker’ and BitMEX rebates you. However, using the limit tab comes with its own risks, so be sure that you understand the associated risks of margin trading before you proceed. Click the ‘Buy’ button to place your order.

Following the purchase, you should receive them on your wallet within 5-30 minutes once the transaction gets completed.

How to Buy Ethereum Classic (ETC) on BitMEX

ETC is not available on BitMEX. If you would like to buy ETC using a credit card, then Coinbase will be the best option. Alternatively, you can try Binance if you would like to buy altcoins using BTC or other cryptocurrencies.

How to Buy Litecoin (LTC) on BitMEX

Follow Step 1 from the How to buy Ethereum section. Select the tab named ‘Litecoin’ Follow Step 3 from the section How to buy Ethereum.

How To Buy Bitcoin Cash (BCH) On BitMEX

Follow Step 1 from the section How to buy Ethereum. Select the tab named ‘Bitcoin Cash’ Follow Step 3 from the section How to buy Ethereum.

How To Cash Out On BitMEX

BitMEX processes withdrawals once in a day (13.00 UTC). Apart from BTC, users cannot withdraw any other currency.

Log in to your BitMEX account. Click ‘Account’ on the top left-hand part of the page. Then, click the ‘Withdraw’ button. Enter the receiving/destination address and the amount you wish to withdraw. Click the ‘Submit’ button.

Since withdrawal requests are processed manually, you should ensure that the request is placed before the cut-off time. Otherwise, it won’t get included in that day’s batch. Note that BitMEX will send a confirmation email before processing your withdrawal request to keep you in the loop.

If you intend to cash out using fiat currency you can send your BTC from BitMEX to your Coinbase wallet and then cash out on Coinbase.

Check out our recommended crypto casinos where you can deposit and play with Bitcoin and other cryptocurrencies, once you withdraw from BitMEX:

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Supported Cryptocurrencies

BitMEX allows its members to buy altcoins, but only by exchanging Bitcoin.

Supported Countries

BitMEX accepts users from almost all countries in the world including the UK, EU, Australia, and Canada, but not from the US.

Supported

The list of supported countries is very long and encompasses every country except the ones listed in the next section.

Excluded

BitMEX is not available to residents in the US. Other excluded countries include Crimea, Cuba, Iran, North Korea, Quebec (Canada), Sevastopol, Syria, and Sudan.