Today we will review Bitnymex, a cryptocurrency exchange that has appeared on our radar. Our review will evaluate the risks and the potentials of using this company to invest in cryptocurrencies.
What is Bitnymex?
Bitnymex presents itself as one of the most advanced trading platforms in the cryptocurrency market today. It provides the user with “up to 100x leverage” and enables trading without expiry dates. Also, the company claims to have more Bitcoin/USD liquidity than any traditional platform would have.
The company also states that it has never lost any Bitcoin due to hacking or something like this and that it always keeps all the funds of the investors in cold storage (although it also states that it is easy to withdraw them).
How to Use Bitnymex?
In case you want to use this company, you just have to register by using an email and then depositing your funds to be used on the trading platform. There is no need to prove your real identity to register.
We do recommend that you read the whole review before registering because the next topic is important for you.
Is Bitnymex a Scam?
Looks like there’s might be a good chance that Bitnymex is a scam. The main indication is that the company states that it is owned by HDR Global Trading Limited. This company and it does own a company called Bitmex. Is this just a coincidence or a company trying to scam? We think that the answer is obvious.
Bitnymex also has an “advanced API” that you cannot find anywhere in the site. What is the point of having an API and announcing it if you are not letting anybody use it? It looks like it is just a buzzword thrown out to lure people in.
Another suspicious point is that the company makes plenty of claims that are hard to believe. Would you believe that Bitnymex has the highest Bitcoin/USD liquidity when it clearly is not one of the Top 10 exchanges in the world? It’s probably not even in the Top 50. So, the company clearly wants to deceive and to lie to you.
Finally, the company states that the creators of the site are enthusiastic adopters of crypto which have already made notable products but there is no information about who is anyone of them and about any of the products that were created. Odd, right?
There are all red flags for scam. Scams want you to believe that they are secure and successful when they are simply badly made sites that will steal your money and our analysis of this company shows that there are plenty of chances that Bitnymex is one of these companies.
The Bitnymex Verdict
This does not look like a company that would be a good idea for you to invest. While we are unable to be completely sure that this company is a scam, there are enough red flags for us to advise you to just ignore Bitnymex and find another company for trading.