An Honest BitMEX Review
What is BitMEX?
BitMEX is a veteran in the cryptocurrency derivatives industry and stands out as the most liquid and powerful Bitcoin futures exchange currently available, the only real competition for BitMEX is Binance Futures.
Wide variety of cryptocurrency futures, including perpetual contracts
One of the oldest and most popular Bitcoin futures markets
Up to 100x leverage available
BitMEX Exchange Story
Initially launched in 2014, BitMEX became one of the first trading platforms to offer Bitcoin futures and quickly became a Titan in the industry. The platform now have a huge daily trade volume, liquidity is not a concern on the BitMEX exchange.
This success is because of the BitMEX team starring: Arthur Hayes, Samuel Reed and Ben Delo
BitMEX currently has its headquarters in Seychelles but also has a presence in Hong Kong and Bermuda, as well as several offices in the United States. The exchange platform is owned and operated by HDR Global Trading Limited, a business entity registered in the Republic of Seychelles under company number 148707.
BitMEX stands out as one of the most liquid Bitcoin futures trading platforms currently in operation.
As I'm editing this BitMEX BTC contracts have around $3 to $5 billion in 24-hour trade volume, its next most liquid contract is ETH, which achieves around $500 million in 24-hour volume.
When it comes to fees, BitMEX ensure that traders always know exactly how much they are going to be charged each trade.
For Bitcoin, XRP and Ethereum, BitMEX charges a flat 0.075% taker fee and provides a 0.025% maker rebate.
KYC (Know your Customer)
BitMEX doesn’t require KYC.
BitMEX Supported Countries
BitMEX is available for majority of countries. There are a few exceptions:
The United States of America
The province of Québec in Canada
The Hong Kong Special Administrative Region of the People’s Republic of China
The Republic of Seychelles
Cuba, Iran, Syria, North Korea and Sudan.
Customer Support at BitMEX
Being the huge platform BitMEX is it should in theory have slow customer support??
Fortunately, the answer is no. Customer support is one area where BitMEX performs well.
BitMEX doesn’t offer either live chat or telephone support, however the platform does a good job answering email and ticket support requests, most concerns are dealt with within 24 hours.
The Important question: Is BitMEX Safe?
We are talking cryptocurrencies, so security is very important. BitMEX know's this, thats why they have all cryptocurrency on cold storage for most parts of the day.
According to BitMEX, even if the entire system is compromised, including its web servers, trading engine, and database, an attacker would still be unable to steal user funds. Lastly, withdrawals are only processed once per day at 13:00 UTC, giving the team ample time to spot any anomalies before funds are released.
BitMEX also has by far the largest insurance fund of any cryptocurrency margin trading platform around—which currently has a balance of more then 36,000 BTC, that's more than $300 million at the time of this edit.
In short, our opinion is that BitMEX is one of the safest cryptocurrency platforms out there.
"BitMEX is safe, liquid and fast with decent customer support. There is also zero KYC requirements.
BitMEX is officially SlaBet Approved. The conclution in this review was quite easy."
Only supports Bitcoin deposits
Withdrawals are only processed once per day
Huge popularity sometimes leads to a platform overload