Bitmex Review- Is it safe?

/Bitmex Review- Is it safe?

Bitmex Review- Is it safe? 2018-02-14T10:47:08+00:00

What is Bitmex?

Bitmex peer 2 peer Cryptocurrency exchange was founded in 2014 in Hong Kong, China by Arthur Hayes, Samuel Reed & Ben Delo, the owners of HDR Global Trading Ltd. It offers a trading with a leverage of 100x on Bitcoin. Their services are not so badly off. Recently, both the liquidity for Bitcoin spot and the markets in the future has been seen to grow in the past 5 years. This is one of the things that gives investors like me hope to and the courage to invest in Bitmex. Nevertheless, the volume on other cryptocurrency that is traded on Bitmex is not there, in terms of the prices that come in and those that go. Bit MEX is one of the best exchanges and this article is written as a BITMEX review so that, you can learn more about it.

Bitmex Review

Bitmex allows operations from countries in the whole world except United States, Cuba, Crimes, Sevastopol, Iran, Syria and North Korea.

  • It only allows deposits and withdrawals of Bitcoins.
  • It uses systems that are automated for transactions.
  • It also uses hot wallets.
  • It uses multi-signature wallets.
  • It bans customers from the US.

It supports only three currencies;

  1. US Dollar (USD)
  2. Japanese Yen (JPY)
  3. Chinese Yuan (CNY)

Bitmex supported Cryptocurrencies

It only offers bitcoin as its trading option.

Customers, however, can access altcoins such as;

Bitmex Verification

Bitmex requires verification.

To open an account, you need an email address.

They require;

  • Your National ID
  • Names
  • Phone number
  • Postal address
  • Then click ‘Register’ and wait for verification.
  • After verification, you can buy or sell.

Bitmex Fees

Series Leverage Maker fee Taker fee Long funding Short funding Funding interval
Bitcoin (XBT) 100x -0.025% 0.075% 0.1709% -0.1709% After 8 hours
  • The negative sign shows that a customer must get a rebate.

The following is a table of funding rates depending on the market lending rates.

Series leverage Maker fee Taker fee Settlement fee
Bitcoin (XBT) 100X -0.025% 0.075% 0.05%
Bitcoin/yen( XBJ) 100X -0.025% 0.075% 0.005%
Bitcoincash (BCH) 20X 0.000% 0.25% 0.25%
Dash (DASH) 20X -0.025% 0.075% 0.05%
Eth. Classic (ETC) 20x -0.025% 0.075% 0.05%
Etherum (ETH) 50x -0.025% 0.075% 0.05%
Litecoin (LTC) 33.33X -0.025% 0.075% 0.05%
MONERO (XMR) 25X -0.025% 0.075% 0.05%
Ripple (XRP) 20X -0.025% 0.075% 0.05%
Tezos (XTZ) 2X 0.00% 0.25% 0.25%
Zcash (ZEC) 5X 0.00% 0.25% 0.25%
  • Deposits and withdrawals are not charged any amount.
  • There are no hidden costs.

Is BITMEX safe?

  • Community trust

It has stayed long in the industry.

Bitmex has no much reviews if you noticed. Especially on famous review websites.

  • Security

Is Bitmex safe? Yes, it is. A customer can see the owner of the platform. The site also allows a customer see how the funds are being kept. There are withdrawals that only those in the partnership can sign, such as Multisig. It stores coins in cold storage, in case there is any theft or hacking. It uses Amazon web services to safeguard servers’ with SMS. It also uses 2FA and tokens from the hardware. Bitmex also has a system that checks risks. The system checks by ensuring the total of account holdings on Bitmex website is zero. If not, then all trading is stopped. It also has a PGP encryption used for communication purposes.

  • Costumer support

It has an email ticket. Customers can contact Bitmex by sending them an email. They respond to customers within a day. Bitmex also has an announcement box on the top left of their page. Customers are updated through that box. Bitmex also allows live chat amongst traders at the bottom right of the page. Their trading system works for 24 hours in a day.

  • Handling speed

They take less than 24 hours to reply to customers. It has a trading engine that is fast. The high-speed engine does security audits after every transaction and placement of an order.

How to use BitMEX

To use Bitmex you have to have an account.

  • Bitmex has a website page, where it indicates the various margin trading in the different currencies.
  • You can deposit on the “deposit” tab.
  • There are various minimum requirements for trading which depend on the product according to the first margin.
  • On the page, you can also choose to trade with derivatives.
  • You can also send Bitcoin to the wallet address.
  • To trade, you only need to click “trade” and which digital currencies you want to trade with then click on the type of currency you will use.

There are 5 types of orders;

  1. Market orders
  2. Stop orders
  3. Limit orders
  4. Advanced orders; Iceberg, Hidden
  5. Take profit orders

Bitmex Review Summary

Bitmex is more complex and is Bitmex legit? Yes, it is. However, it is not the best exchange for beginners who only need a simple platform to start with. If you are sure you know how to use cryptocurrency, then Bitmex is the best for you to trade Bitcoin. Bitmex keeps on updating their customers on the website’s page therefore, they are aware of the latest happenings. Bitmex fees are affordable and if you have experience, you can make a whole fortune out of investing in Bitmex. Some people think that they should improve their verification process. They care about their customers with the live updates and live chats but can I trust Bitmex? Sadly, some don’t think so. Some users think that care should be mostly shown where the customer is most interested in. Their money! By ensuring that account owners are real. Verifying an email address is not enough. Theft of identity could easily occur. This worries me so much as their trader. Bitmex should also keep up with the pace of technology. It has no mobile app. Withdrawing has to be done manually. It gets tiresome at times. They should stay updated! The withdrawal fees are also too high. The fee amounts to (0.001 BTC). That is too high. They should consider reducing it.

Thank you for reading this review. We hope it gave you a better idea about Bitmex. Make sure to visit our website and learn a lot more about various exchanges, ICOs and everything else regarding the crypto economy.