BitMEX is an exchange offering leverage up to 100 times for Bitcoin and other cryptocurrency derivatives.
Known as the Bitcoin Mercantile Exchange, BitMEX is a Hong Kong-based exchange owned by HDR Global Trading Limited founded in 2014 by three financial, trading, and technical experts: Arthur Hayes (CEO), Ben Delo (COO) and Samuel Reed (CTO).
It is not an overstatement to say that BitMEX is currently among the most established and respectable exchanges. Due to it formally launched on November 24, 2014, becoming one of the first derivatives exchanges.
According to CoinMarketCap data, BitMEX is an exchange with tens of millions of monthly visits and a trading volume in the top 10, roughly 236,730 BTC, at the time of writing.
Prominent features of the BitMEX exchange
For BitMEX, you can only deposit or withdraw BTC. The system will place the amount of Bitcoin into a cold wallet to ensure security after it has been deposited into the BitMEX wallet.
The amount of BTC will be automatically converted to XBT (1 XBT = 1 BTC). It can be utilized for the purchase and sale of other cryptocurrency derivative products and trading on the exchange.
Find out more about BitMEX’s distinctions from one another here.
Presently, prices on BitMEX are compiled from two exchanges, BitStamp and GDAX (50%-50%), of which one is British and the other is American.
Currently, BitMEX is supporting trading of the following coins: Bitcoin (BTC), Cardano (ADA), Bitcoin Cash (BCH), EOS, Ethereum (ETH), Litecoin (LTC), Tron (TRX), Ripple (XRP).
BitMEX transaction fees
- Bitcoin deposit/withdrawal fees at BitMEX
- Buy/sell transaction fees at BitMEX
- Maker Fee: Fee of the person placing the order
- Taker Fee: Fee of the order matcher
Settlement fee
Settlement fee is a fee charged when a term contract is agreed. There is no cost when trading with a perpetual contract. This fee is 0% for LTC, 0.5% for BTC and 0.25% for other coins.
Funding Rates
The amount of the transaction between Long and Short is known as Funding Rates. If the Funding Rates number is positive, the Long player must pay the Short player and vice versa. The goal of Funding Rates is to guarantee that BitMEX transaction prices are equal to the reference price.
Funding takes place 3 times per day, each time 8 hours apart, 11:00 am, 7:00 pm and 3:00 am Vietnam time. You only pay or receive Funding if you are holding a position during these periods.
The purpose of Funding Rates is to incentivize traders to take positions in opposition to the market majority. You will be paid according to the announced rate if you initiate a short position during that period if the Long player team is larger and the Funding Rates index is positive. If the number of Short orders is larger, it will be the opposite.
In the upper right corner of the main interface, under Contract Details, you can see the Funding Rate. Hovering over it will reveal the Predicted Rate, the expected value for the subsequent instance.
Visit BitMEX at https://www.bitmex.com/app/fees for more detailed information about Funding Rates.
Advantages of BitMEX exchange
- Large trading volume makes it easier for you to buy and sell your assets.
- High leverage up to x100, meeting user requirements
- Low transaction fees from only 0-0.25%
- High security: To help ensure optimal assets, Bitcoin will be stored in cold wallets when you deposit it into BitMEX.
- Depositing Bitcoin is possible at any time (24/7), but it takes until 13:00 UTC each day for deposit requests to be approved, which helps to increase the exchange’s security.
Drawbacks of the BitMEX exchange
- BitMEX mainly serves professional traders. You risk losing your money in your account if you lack experience.
- Does not support USDT.
- Many mobile users find it inconvenient because there isn’t a mobile application yet.
Is it secured to trade on BitMEX?
The exchange has never experienced security issues or hacker attacks since it was founded in 2014, partly because of its high-security regulations and procedures. This is the most beneficial for the exchange as well.
Instructions for registering and verifying an account
Create an Account
Access the following link:
Fill in all information and select “Register”
You will finish after you confirm an email sent by BitMEX.
Click “Verify my Email” to conclude the account setup process.
Verify an account
Unlike other exchanges, BitMEX does not require account verification (KYC) by sending a photo of an ID card or passport. You can immediately start trading after depositing Bitcoin in your wallet.
Set up security using Google Authenticator
Apply Google Authenticator for setting security by going to
https://www.bitmex.com/app/account.
In the Security Center section, select “Add TOTP”. BETOMON has already instructed you on the remaining operations, so you can refer back to them!
https://betomon.com/google-authenticator/
Basic BitMEX trading guidelines
Directions for adding Bitcoin to your BitMEX wallet
You can either click Account ->Deposit or go straight to this link to deposit Bitcoin into BitMEX for trading: https://www.bitmex.com/app/deposit
Please take note that you can only deposit and withdraw Bitcoin; you cannot deposit any other tokens. A minimum deposit of 0.0001 XBT is allowed.
Overview guidelines for the BitMEX exchange
Instructions for withdrawing BTC from wallet on BitMEX
Go to Account ->Withdraw to take out Bitcoin from BitMEX. Alternatively, follow this link to access Bitmex: https://www.bitmex.com/app/withdraw
After entering all information including:
- Destination Address: Enter the receiving wallet address
- Amount (XBT): The amount of XBT you want to withdraw.
- Two-Factor Token: Enter 6 Google Authenticator numbers.
To complete the task, choose “Submit”. However, don’t forget to check your email to confirm the transaction since the system sends you a withdrawal email (“Confirm Withdrawal”) then you’re done.
Notes:
- Emails confirming BitMEX transactions are only available for 30 minutes. The withdrawal process will be canceled if you click “Confirm Withdrawal” after this time.
- Employees will verify and examine the transaction. I mentioned this above
Instructions for trading on BitMEX
Click Trade to access the Trade interface, or go to: https://www.bitmex.com/app/trade
Although I find the interface to be a little more complicated, the structure of BitMEX is the same as other exchanges, including:
- Recent Trades: Trade orders have been recently executed
Chart: Graph - Order Book: Buy/sell orders are being placed, along with details about the quantity, price, and total USD value of each order.
- Place Order: allowing you to use the platform to directly place Buy/Sell (Long/Short) orders. Below, Betomon will give comprehensive instructions on how to place buy and sell orders.
Several types of orders are supported by BitMEX
- Market Order: Match orders at the current market price.
- Limit Order: Match the order at the price you want to buy and sell.
- Stop Limit Order: Match the order at the Limit price or better if the requirements specified at “Set Sell Stop” are met.
- Trailing Stop Order: Similar to a Stop Market order but it will execute at a price that varies with the market.
- Stop Market Order: This order resembles the Stop Limit Order; the only distinction is that the Stop Limit is replaced with the current market price when the conditions you have set are met.
- Take Profit Market Order: Take profit at the market price.
- Take Profit Limit Order: Take profit at the price set at “Limit”.
For instance: You would like to use $200 USD to purchase XBT with leverage x 100 because you believe the price of XBT will drop from 6700 USD to 6600 USD.
Proceed as indicated below:
- Quantity: 200 (USD)
- Stop Price: 6600 (USD)
- Leverage: Pull up x100
After that, click Buy, the exchange will automatically match the order when the price drops to 6600 USD. Selling is similar but the only difference is the selling price
>>> Which Exchange Is Better for You, BitMex or Binance?
Conclusion
Through this article, Betomon hopes that you can create your own BitMEX account. Nonetheless, the information in this article should not be construed as investment advice. You should conduct thorough research prior to choosing to engage in this kind of exceedingly risky transaction. Betomon wishes you success!
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