BitMEX traders can now long or short SUI with up to 50 x leverage, via two new listings – SUIUSD and SUIUSDT. Below, we’ve summarized our ratings for each section of the cryptocurrency exchange. However, United States residents cannot use the platform due to regulatory requirements largely outside of BitMEX’s control. The information provided on this page is for educational purposes only and is not intended as investment advice. We may receive compensation from our partners if you visit their website. A futures contract is an agreement to buy or sell a contract at a fixed price at a defined time in the future.
Price Takers have to pay only 0.075 percent commission on their trades, while Price Makers get a 0.01 percent rebate on each trade. No fee is charged on Bitcoin deposit or withdrawal on BitMEX, and users have only to pay the Bitcoin network fee. USDT (USD Tether) deposits are also free of charge, but the Ethereum gas fee is charged for the USDT withdrawal. BitMEX also has different fee structures for its high volume traders, the detailed information on which can be found on the BitMEX Fees page. Additionally, BitMEX has different trading fees for perpetual swap contracts, futures trading, and Quanto trading.
Our New Crypto Derivative
It must be expressed that this kind of trading involves high volatility. As this is the case, trading with BitMEX will prove advantageous to its users. Margin Traders can earn handsome profits by spending only a morsel of the traders’ actual earnings. But of course, this may also go the other way as one can easily lose money quickly.
The profit and loss calculator helps users make better margin trading calls. Its up to 100x leverage and low trading fees make it a popular choice for users. BitMEX has already established itself as https://forex-reviews.org/blackbull-markets/ the go-to exchange for seasoned traders. It’s a peer-to-peer cryptocurrency derivatives trading platform that offers leveraged contracts and is one of the largest margin trading platforms worldwide.
Why is BitMEX banned in the USA?
This is the closest cryptocurrency markets currently get to a pro-trading environment and the zero-level red tape will also appeal to many. BitMEX used to be one of the largest derivatives trading platforms in the market and was the first to offer Bitcoin perpetual futures contracts. With more competition coming into the crypto space, and the legal issues of its previous CEO, BitMEX has slowed its growth and volume of trading over the years.
And while BitMEX does not charge a fee for withdrawing Bitcoin or other altcoins, there will be a small network fee determined by the blockchain, not BitMEX. Derivatives trading offers a simplified fee schedule, with a BitMEX market Maker rebate of -0.01% available on all trades and a Taker fee of 0.075% for all transactions. Taker fee discounts are available to traders with over $1 million in 30-day trading volume, with a maximum fee discount of 66.67% for trading $50 million (or more). In a nutshell, the trading experience on BitMEX is designed for intermediate to professional-level crypto traders and boasts a good selection of trading tools. However, for newer leverage traders with less experience, the user interface may be too complicated.
Extremely Poor Experience
As noted previously, BitMEX only accepts deposits in Bitcoin and therefore Bitcoin serves as collateral on trading contracts, regardless of whether or not the trade involves Bitcoin. One thing that is clear from this review is that BitMEX is an advanced trading platform and is not for everyone. While mobile trading is not for everyone, it is handy to be able to quickly monitor your positions while you are away from your PC.
Customer support is offered via an email ticket, and the support even responds to social media messages. The exchange has a great website that is packed full of useful information and features. They also offer a knowledge base that gives a slick rundown of the exchange and helps to educate users on complex trades. For now, BitMex only has adequate liquidity on Bitcoin trading, while the liquidity of altcoins isn’t always reliable. For seasoned professional traders who would like to trade cryptocurrency futures and swaps, BitMex is a great option.
When it comes to any service that requires investment and stores your private information, it’s crucial to pay attention to security measurements and find out whether or not it’s actually safe to use. That’s the main reason I would like to begin this BitMEX review from security. Now, BitMEX cryptocurrency derivatives platform is owned by HDR Global Trading Limited that has offices worldwide, however, is registered in Seychelles (an island country in the Indian Ocean). The BitMEX team have used their financial and web-development experience to create a slick platform that allows smooth trading while keeping users informed. As mentioned above, BitMEX also offers a minor fiat gateway which facilitates instant crypto purchases using fiat currency.
One important note is that there are additional fees for hidden / iceberg orders. A hidden order is used to pay the taker fee until the entire hidden quantity is executed. Once the quantity is complete, the order will become normal, and the user will receive the maker rebate for the non-hidden amount. It means that for every BTC your deposit, you can leverage it up to 100x and trade as if you have 100 BTC in your pocket. While the exchange has never been hacked, the platform’s email addresses and Twitter accounts were taken over by hackers in 2019. The support team at Bitmex is a friendly, knowledgeable, and well-spoken group.
For traders, the Bitmex crypto exchange features Tradingview integration, providing users with various cryptocurrency indicators, time frames, charting tools, and charting tools. Furthermore, Bitmex offers a range of order types, including market, limit, or stop orders. A screenshot of the default Bitmex trading platform is shown below. Trading on the BitMEX exchange is complex and suitable for experienced professional traders ready to trade volatile risk assets.
- Withdrawals and deposits are both fee-free on Bitmex, which is always a nice feature to have.
- Because Margin Trading is not mainstream (meaning it is not understood by all), only a few reviews are out on the internet that focuses on BitMEX.
- BitMEX also offers spot trading, though its liquidity isn’t as good as other platforms.
- Now, if you want to gain as much as you can from a trading platform, you should always take a look at the fees.
- As the number of BitMEX users has increased, user complaints have increased accordingly.
Lost 1.5 BTC due to their platform not responding to trades when it was needed with no help given by their support team. Do not use this platform, use Deribit instead for perpetual BTC leverage trading. One is BitMEX market maker, an adaptation of Liquidbot and allows its users to quote two-sides market. The other is FMZ which is known as the largest algorithmic trading platform in China. To know more about the futures contracts, you can read our BitMEX margin trading article.
Cryptocurrency Trading Details
Beyond this, there are no requirements on how or when investors can use the platform, making it the ideal choice for those that prefer continual access to the service. The process of receiving money is relatively straightforward, with a quick and easy interface. On top of keeping the vast bulk of user funds in cold storage, BitMEX also offers a number of additional safeguards.
- While support will also respond to social media, the ticketing system is the primary method of getting help.
- You can have a look at the trading fees for perpetual contracts in the table below.
- BitMEX.com is a renowned cryptocurrency derivatives trading platform.
- This is something that is found as a standard in all trading exchange platforms and brokerage firms in the present era.
- In addition to individual customer accounts, BitMEX also supports corporate accounts.
- BitMEX utilizes a range of processes to help keep funds and transactions safe.