BitMEX is an exchange platform that claims to help you trade “the next generation of bitcoin derivatives”. Here’s our BitMEX review.
What Is BitMEX?
BitMEX is a cryptocurrency exchange that offers up to 100x leverage on trades. Traders can trade without expiry dates while enjoying industry-leading security. Overall, BitMEX claims to offer the next generation of bitcoin derivatives.
BitMEX, by the way, stands for Bitcoin Mercantile Exchange.
BitMEX was launched in November 2014. The company is based in Hong Kong. BitMEX is particularly popular among Chinese bitcoin users, and many Chinese use it to gain access to international markets. However, BitMEX also operates in Europe, South Korea, and Japan.
Unlike other cryptocurrency exchanges, BitMEX isn’t designed for small individual investors. This is a professional trading platform for professional investors. Whether you’re an institutional investor or a high-volume trader, BitMEX may be the right choice for you. Let’s take a closer look at its features.
BitMEX Contract Types
BitMEX offers a wide range of contract types. All contracts are bought and paid out in bitcoin. BitMEX is also the only exchange that has a “perpetual P2P swap”, which is a contract that trades like a future – but it never expires. Some of the BitMEX contract types include:
A speculative bitcoin swap that offers up to 100x leverage with no expiry and low fees.
Go long or short the world’s only Monero future with up to 25x leverage.
Trade with up to 33x leverage on Ethereum and Ethereum Classic futures.
Many Other Cryptocurrencies:
BitMEX offers about a dozen altcoins, all of which come with 5x to 100x leverage. Other cryptocurrency options include Augur (REP), Dash (DASH), Factom (FCT), Gnosis (GNO), Litecoin (LTC), Monero (XMR), Qtum (QTUM), Ripple (XRP), and Zcash (ZEC).
BitMEX offers multiple fiat currencies for futures trading, including Yen and Yuan. Both currencies can be traded for bitcoin. The most popular pair on the BitMEX platform is Bitcoin/USD.
Back when BitMEX launched in 2014, some people called the platform “the Goldman Sachs of Bitcoin”. The platform originally only focused in currency futures trading.
BitMEX offers maker fees of -0.0250% and taker fees of 0.0750% on bitcoin trading. Traditional futures trading comes with similar fees. The (-) symbol means that you receive a rebate on fees.
There are no fees for deposits or withdrawals. When withdrawing bitcoin, the minimum bitcoin network fee is set dynamically based on blockchain load.
BitMEX was founded in 2014 by Samuel Reed, Arthur Hayes, and Ben Delo. The platform is based in Hong Kong and is popular throughout China. However, it also operates in Europe, South Korea, and Japan.
Arthur Hayes (CEO) has a background in equity derivatives trading, while Samuel Reed (CTO) has a background in computer programming.
Ben Delo graduated from the University of Oxford with a Masters and First Class Honors in Mathematics and Computer Science and spent 10 years developing high-frequency trading systems for companies like JP Morgan and IBM.
You can contact the BitMEX team by email at [email protected]
BitMEX is a cryptocurrency trading platform specializing in derivatives. The exchange is based in Hong Kong and is targeted towards professional investors. Using BitMEX, you can trade bitcoin and other cryptocurrencies with up to 100x leverage. You can start using BitMEX today by visiting the exchange online at BitMEX.com.