Bitcoin Mercantile Exchange (BitMEX) is an online cryptocurrency exchange that allows traders to buy and sell several cryptocurrencies, including Bitcoin, Ripple, Litecoin, Ethereum, and more. The Exchange offers leveraged contracts that are bought and sold in Bitcoin. Clients get access to a range of trading tools and educational materials, as well as professional customer support. There are two account options, while the deposits and withdrawals are done by Bitcoin only.
BitMEX Review Introduction
In this BitMEX review, we will take a look at some of the most important factors worth considering when choosing a forex broker for your online trading needs. This includes trading platforms, trading tools, research and education, account funding options, customer support, and broker regulation.
You may also wish to view my best brokers based on countless hours that I have spent researching and testing hundreds of brokers, all of which you can see in my forex broker reviews. You can also use my free trading tool to compare brokers including BitMEX.
BitMEX Platforms & Tools
Traders are able to trade cryptocurrencies using the BitMEX platform, which is a Bitcoin-based trading platform. The platform is available as a WebTrader that can run directly on most modern web browsers, including Chrome, Safari, Firefox, and Edge, without the need to download and install the platform first. There is also a mobile app version of the platform for Android and iOS devices. The mobile trading app is easy to use and can be downloaded from the relevant app stores free of charge. It offers the full functionality of the platform on mobile devices, thus, allowing traders to from anywhere and at any time, provided they have an internet connection.
Clients also benefit from a few trading tools, such as the REST and WebSocket API trading tools. The API is required for private data like orders, margin, and positions.
BitMEX Research & Education
The Exchange’s website has a Knowledge Base section and an FAQ section where you can find answers to some of the common questions about trading with the Exchange. There is also a trading blog that contains a range of educational articles that help to keep you informed about the factors that move the markets.
BitMEX Trading Accounts
The Exchange offers two account types to their clients: the Individual Account and the Corporate Account.
BitMEX Account Funding
BitMEX only accepts Bitcoin for deposits and withdrawal. It is not possible to deposit USD or any other fiat currency on BitMEX. Being a fully Bitcoin-denominated exchange, all deposits and withdrawals are therefore made in Bitcoin. BitMEX does not charge any fees on deposits and withdrawals.
BitMEX Customer Service
The BitMEX customer support team is available to respond to clients’ general, technical, or account-based inquiries. They can be reached through a support ticket form and selected social media channels: Reddit, Twitter, and Telegram.
BitMEX is wholly owned by HDR Global Trading Limited, which was incorporated under the International Business Companies Act 1994 of Seychelles with a company number of 148707. However, there is no regulatory information on the Exchange’s website at the moment. Most experts and professionals would not trade with an unregulated Exchange as they cannot offer the same protection to investors that a regulated Exchange can.
BitMEX Review Summary
BitMEX is a Bitcoin-based trading platform that was founded in 2014 in Seychelles to enable traders to buy and sell cryptocurrencies via its web and mobile versions. The Exchange offers leveraged contracts that are bought and sold in Bitcoin. Clients get access to a range of trading tools and educational materials, as well as professional customer support. There are multiple account options, whereas the deposits and withdrawals are processed via Bitcoin only. However, BitMEX is unregulated which may be a red flag for some potential clients.
It is worth mentioning that some of the trading products and services in this BitMEX review may differ or not be available to traders in some countries due to regulations. As brokers’ terms can change over time, please verify all information is up to date directly from the BitMEX broker website which you can visit by using the link below.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A large percentage of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.