As one of the top cryptocurrency trading platforms, BitMEX is growing rapidly. Currently, BitMEX also offers one of the best crypto affiliate programs in the cryptocurrency world.
This is a fantastic opportunity for Bitcoin traders and investors as it offers a profitable opportunity to earn commissions from it. This is in addition to leverage trading, which is very popular on the platform.
This comprehensive BitMEX affiliate program review breaks down everything you need to know about this crypto affiliate program. You will also learn how to sign up for the BitMEX affiliate program further on in the post.
First, a crash course on BitMEX, the company.
What is BitMEX?
BitMEX is a trading platform for Bitcoin and its derivatives. It is an offshore company with headquarters in Seychelles but operates worldwide. It was founded in 2014 by Ben Delo, Arthur Hayes, and Samuel Reed.
The platform trades exclusively in Bitcoin, and all leveraged contracts are in the same currency. However, BitMEX supports all major types of cryptocurrencies.
Currently, BitMEX supports the following cryptocurrencies:
- Bitcoin – BTC. On the BitMEX platform, XBT represents Bitcoin.
- Bitcoin Cash – BCH
- Ethereum – ETH
- Tron – TRX
- EOS Token – EOS
- Litecoin – LTC
- Ripple – XRP
- Cardano – ADA
- Dogecoin – DOGE
- Polkadot – DOT
- Uniswap – UNI
- Stellar – XLM
- Chainlink – LINK
However, BitMEX is not a spot exchange. This means that this virtual trading platform does not trade in fiat or other alts.
Among all other trading platforms, BitMEX stands out from the rest because it supports 100% leveraged trading. In addition, the level of security on the platform is robust, which makes it a trustworthy site.
BitMEX joined the crypto sphere in 2014 and blew up within a couple of years from 2016. One of the top reasons includes the platform’s ability to long and short Bitcoin with extremely high leverage. In addition, BitMEX was also the first crypto exchange platform with very high liquidity. Although the platform now faces stiff competition from other platforms such as Binance Futures and PrimeXBT, BitMEX remains a favorite crypto trading platform.
Another reason why this trading platform dominates the crypto market is the BitMEX affiliate program. The BitMEX referral program is one of the few platforms that pay out a generous amount for referrals both within and outside the crypto sphere.
What is the BitMEX affiliate program?
BitMEX offers an affiliate program where affiliates sign up to make a certain commission from their referrals. The percentage from the commission collects in the BitMEX wallet on the trading platform. Furthermore, the percentages of earnings depend on the value and turnover of Bitcoin at the time of the transaction.
A lot of other platforms and companies also have similar crypto affiliate programs. However, the BitMEX affiliate program has some pretty unique features that make it one of the best on the market, which we will discuss in the next section.
Features of the BitMEX affiliate program
BitMEX referral program offers excellent benefits to both the referrer and referee. Below are its best features.
BitMEX affiliate program is one of the few schemes that offer a lifetime commission for referrals. So when you refer someone to the BitMEX platform, you will continue to receive the commissions as long as the user keeps trading.
Another fantastic feature of the BitMEX referral scheme is the tiered commission. There are three tiers, namely, 10%, 15%, and 20% commissions.
Discount for new users
BitMEX affiliate program also offers a 10% discount to every user that signs up on the platform with a BitMEX referral code. Other trading platforms also offer to join discounts, but BitMEX’s 10% is a very generous discount that few platforms can match. In addition, the joining discount on BitMEX is valid for six months after you share the affiliate link.
BitMEX affiliate payout is another fantastic feature of the program. If you are an affiliate at this crypto program, you will receive daily payments at 12:01 UTC. The payments will collect in your BitMEX wallet.
Another great feature of the BitMEX referral program is that there are no charges for making a deposit or a withdrawal on the platform. This is a definite attraction for investors as well as crypto enthusiasts as it makes a big difference.
When it comes to Bitcoin withdrawal, a certain amount is deducted. However, this is a network fee towards the blockchain load which is set dynamically by the network and is not under BitMEX’s control, per se.
In addition, there are no charges for Funding Intervals on the BitMEX platform. This applies to both the positive amounts where you pay the funding and the negative amount where you receive the funding.
No minimum payout
Regardless of whether it is a crypto affiliate program or not, platforms that have a minimum payout policy can be very inconvenient. BitMEX is exceptional in that there is no minimum payout for those who are part of the BitMEX referral scheme. As an affiliate of this virtual platform, you will earn daily payouts at no additional charges.
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How to sign up for the BitMEX affiliate program?
After a thorough look at the features, the next question is how to sign up for the BitMEX affiliate program. Below we share a step-by-step guide to signing up with the BitMEX trading platform for the referral program.
Open your web browser of choice and access bitmex.com. At the top right corner, locate the “Register” button and click on it. A new dialogue box will pop up.
Here, you fill in your details, including:
- Your email address
- Your country of residence
To complete, check the box to agree with the terms and service and click “Register” to submit.
BitMEX will redirect the page to your email account at this point. When you access your email, there will be a link to verify your email address. After verification, you will need to log in on the platform with the password you just created.
On the new page, you will see the BitMEX trading page.
At the bottom of bitmex.com, under the “About” section, you will find the “Affiliate Program.” Click on it.
BitMEX has two platforms – testnet.bitmex.com for demo trading and bitmex.com for real trading. On the simulated platform, BitMEX automatically generates the affiliate link that you can share with others. However, this is not the proper affiliate link that you want to use on your blogs or webpage for referrals, as it is just a demo.
On the normal BitMEX platform, clicking the Affiliate Program button will take you to a page for verification. This is a mandatory step for all new traders, individual and corporate, that want to use this virtual platform. Important information and documentation for identity verification you need to provide, according to the new changes made operational from November 5, 2020, are:
- Identity proof document – Typically, a government-issued identity card with a photo will suffice.
- Proof of address – Here, you can either upload a document or use your web browser so that BitMEX can identify your IP address.
- A selfie or a short video to establish proof of human presence. This step requires you to have a webcam as well as a microphone on your system. Alternatively, you can also use your mobile phone to complete the step through the BitMEX app.
- Finally, you will need to answer a few questions related to your funding and trading operations.
After the verification process is complete, BitMEX will generate your affiliate link. You can copy the link and share it with friends and family through blogs, websites, social media, and forums.
Signing up for the BitMEX referral program is relatively easy and should not take more than a few minutes to complete.
Right below your shareable BitMEX referral link, you will see the affiliate dashboard. The affiliate dashboard contains the following information:
- Number of traders you referred and who have registered on the platform
- Total turnover – This column shows the details of the cryptocurrency traded by all your referrals.
- Commissions paid – This shows the commissions you have received from your referrals.
- Affiliate level or the percentage of commission – This will show the details of your commission tier, whether it is 10%, 15%, or 20%.
- Affiliate payouts – Here, you can view the details of the BitMEX affiliate payout you have received on the platform.
When you first start using the BitMEX referral program, the above information on your affiliate dashboard will be blank. However, as you start making successful referrals, the details will start populating on the dashboard.
There are no BitMEX affiliate fees for registering on the platform, as it is completely free. So whether you have a balance in your BitMEX wallet or not, you can sign up on the platform.
How does the BitMEX affiliate program work?
BitMEX referral program works similar to other crypto affiliate programs on the market. Therefore, every time someone uses your shareable affiliate link from BitMEX to trade on the platform, you earn a commission from it.
Nevertheless, different platforms have specific commission structures and rules. So here is a low down on how BitMEX affiliate payout works –
There are three commission tiers in the BitMEX referral system:
- 10% Commission – At the base of BitMEX referral benefits is the 10% commission. As an affiliate, you will earn this percentage for every trader you refer on the trading platform. The only term in the base referral commission is that the person you refer should use your BitMEX referral link to sign up on the platform within 30 days.
- 15% Commission – The second tier of the BitMEX referral system is 15%. For you to earn this percentage of commission, a trader that uses your BitMEX referral code should trade a minimum of 1,000 XBT, or Bitcoin, worth of contracts on the platform. The 15% is not an aggregate of all the referrals since you will earn 15% for every person that trades on the platform using your affiliate link.
- 20% Commission – At the top of the BitMEX referral scheme is the 20% commission. This is about the best commission you can earn from any virtual trading platform and is one of the best features of the BitMEX affiliate program.
To earn the full 20%, a trader that uses the BitMEX referral code must trade a minimum of 10,000 XBT or Bitcoin. The 20% commission is also not an aggregate, so you can earn the percentage for every person that you refer.
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General Rules and Regulations About BitMEX Referral System
BitMEX’s referral system is straightforward, considering that it is a cryptocurrency trading platform. Nevertheless, some general rules and regulations dictate the affiliate program. Here are the key takeaways:
- Individuals signing up for the affiliate program must be of legal age.
- The affiliate and the referred user must both be from a country where BitMEX is operational.
- Affiliates are only eligible for the commission if the referred user registers on the platform within 30 days of receiving the BitMEX referral code.
- Every referred user who registers using a valid BitMEX referral link is eligible for a 10% discount on trading fees for six months after registration.
- As an affiliate of the BitMEX referral scheme, there is no limit on the number of persons who can use your affiliate code. However, duplicate referrals are counted as fraud and are, therefore, invalid.
- You can only use the BitMEX referral code on platforms such as a website, electronic blog, or newsletter, where you can use the affiliate link as an internet hyperlink.
- BitMEX pays out daily. However, the fee structure and other terms of the affiliate program can be changed anytime the trading platform sees fit.
To learn more about the terms of service of the BitMEX referral system, visit this link.
In which countries is the BitMEX referral system available?
BitMEX trading platform, along with the BitMEX referral system, is not available worldwide. This means only select countries have access to the platform. Countries and jurisdictions where the BitMEX referral program is not available are:
- The US
- Quebec and Ontario, Canada
- Hong Kong
- North Korea
In addition to the above-mentioned locations, any jurisdiction, state, or country under the United States’ governance is also barred from using BitMEX. This crypto trading platform enforces restrictions by identifying the IP address of your browser. So, the BitMEX website will usually pop up a warning if you are a resident of the places mentioned above.
However, if you live anywhere in the US or the above-restricted countries and still want to use the BitMEX platform, you can install a VPN.
Using a VPN or a Virtual Private Network is a safe way to use the BitMEX trading platform and its crypto affiliate program. Since BitMEX is a very profitable platform for crypto traders, using a VPN will allow you to use the platform from places like the United States.
Most of the credible VPNs are paid programs. However, if not all, the majority have a 30-day money-back guarantee if you are not satisfied with the service. So you can easily buy a VPN, try out the BitMEX affiliate program within the 30-day period and decide whether or not you want to use it for the longer term.
Top ways to promote your BitMEX referral scheme
After you get your affiliate link from BitMEX, the next step is to get it to as many people as you can. Promoting and sharing your referral code is essential so that you can maximize your earning potential through the BitMEX referral system and its commissions.
Popular ways to get your BitMEX referral code across a wider audience are:
Almost everyone who uses the internet has a social media account, and some even have accounts on multiple platforms. You might even have a decent number of followers or at least friends and family.
So a social media account is a fantastic opportunity to promote your crypto affiliate program. You can include the affiliate link in relevant crypto-related posts and encourage them to register on BitMEX using your link. Two popular social medias where the crypto community thrives are Facebook and Twitter. From experience, the Facebook groups in which crypto is discussed, there’s a whole lot more spam going on than on say Twitter where the discussion is more sober and less spammy. So if you’re going for the spammy approach, Facebook is proably your best bet, otherwise Twitter is a good platform to get your content (read: affiliate links) seen.
Blog and website
If you run a blog or a website, you can use it to maximize your BitMEX referral benefits. It is even more relevant if your site deals with cryptocurrency topics, whether it is related to trading or not.
You can include the BitMEX referral code through a creative Call to Action or something similar at the end of the blog posts.
A lot of crypto traders – especially aspiring ones, are looking to Youtube to gain information about cryptocurrencies and thus it’s the perfect place to be visible with your BitMEX videos showcasing the features of BitMEX and leveraged trading.
If you don’t run a blog or social media, you can still access trading forums to promote your BitMEX referral code and earn commission. Many of the top cryptocurrency trading forums allow users to sign up for discussion on different topics. Therefore, you can include your affiliate link as a CTA or your forum signature at the end of the topic. The largest Bitcoin/crypto forum is Bitcointalk.org.
Regardless of the platform where you promote your BitMEX referral link, a creative Call To Action or CTA is the most popular way to promote it. Nevertheless, you can use creative ways to insert the affiliate hyperlink in your posts and get as many referrals as possible.
How to make money on BitMEX?
Since its inception, BitMEX has been a goldmine for crypto traders to make money from the trading platform. Trading is the primary way to make money on the BitMEX platform. But the affiliate program is also a great way to earn passive income on the platform.
Since we have discussed at length the BitMEX referral program earlier in the post, in this section, we will focus on how to trade on BitMEX.
BitMEX is primarily a crypto trading platform so investors trade a huge amount of money on the platform daily. And leverage trading is undoubtedly one of BitMEX best selling points.
Even if you do not have a substantial amount of money in your BitMEX wallet with leverage trading, you can trade with big orders. So any trader can buy long and sell short with leverage trading to the value of $1 per contract.
How to start trading on the BitMEX platform?
BitMEX has a user-friendly interface, which makes it very convenient even for beginners. Nevertheless, if you are not familiar with crypto trading, getting familiar with the terms and the nitty-gritty of virtual trading is a smart move.
In this regard, BitMEX has a demo platform where you can get a real online trading experience without the actual risk of losing money. We are talking about testnet.bitmex.com.
BitMEX’s testnet interface is the same as the one on the normal trading platform, making it extremely beneficial for beginners who are foraying into crypto trading. You can sign up on the BitMEX demo platform free of cost and get a better understanding before trading with real Bitcoin.
How to sign up on the BitMEX demo platform
Note: testnet.bitmex.com and bitmex.com are separate platforms. Therefore, you need to have a separate account to use the simulated trading account.
- First, access testnet.bitmex.com from your browser of choice.
- Locate “Register for a Free Account” on the right-hand corner of the page. You will need to input some details in the dialogue box – email address, password, and country of origin.
- Next, check the box to agree with the terms and service and click “Register” to submit.
- BitMEX directs the page to your email account at this stage, where you will need to verify your email address. After you verify it, you will need to log in on testnet with your email address and the password you just created.
- The next page will take you to the BitMEX simulated trading page, which has the same interface as the normal trading page.
BitMEX typically credits 0.01 XTB or 1,000,000 satoshis into your demo account so you can get an authentic trading experience. This is not real Bitcoin and you cannot withdraw it, so bear that in mind. Another important thing about using the testnet platform is not to transfer any amount of real Bitcoin into the demo account. Nevertheless, you can practice buy and sell on the market using this fake Bitcoin.
In addition to real-time trading with Bitcoin in the testnet platform, you can also try to get familiar with the terms. The Contracts and the Reference section is where you will find the most valuable information about cryptocurrency trading.
Your account name is displayed at the top right corner of the interface, where you can make changes according to your preference. After you get the hand of trading on the BitMEX demo site, you can proceed to the normal BitMEX platform.
Best strategies to make money on the BitMEX platform
After you get the hang of the BitMEX trading platform on the simulated platform, you can register or log in on the normal BitMEX trading platform using real Bitcoin. Bitcoin has one of the highest margins on BitMEX among all other trading platforms.
Below we share our favorite strategies to make money on the BitMEX platform.
Capitalize on the XBTUSD swap
One of the best strategies that allow crypto traders and investors to make a good amount of money on BitMEX is cashing in on the BTC/USD swap or the XBTUSD. Every XBTUSD contract on the BitMEX platform is worth $1 of Bitcoin or XBT as it is known on the platform.
Through the XBTUSD swap, you can buy long or sell short. Although you may find this option on other trading platforms, BitMEX is the only crypto platform where you can leverage up to 100x.
However, you don’t have to commit to the maximum 100x leverage for every contract. In fact, keeping your leverage low can considerably minimize the risk and the constant need to monitor the XBTUSD swap on the platform.
Selling contracts the smart way
Another way to minimize the risk and make money on BitMEX is to sell up to 10000 XBTUSD contracts at $5000 each. Simultaneously, if you transfer a minimum margin of 0.2 BTC to the BitMEX platform, you can easily lock in the value of 20 XBT at $10,000. After the trading is complete, you will $10,000 worth of Bitcoin in your BitMEX wallet regardless of the market fluctuations.
Withdraw interests regularly
On the BitMEX platform, you can also go ahead and withdraw the interests from your trading anytime you want. BitMEX payouts happen daily, so it is a smart move to withdraw your interests and earnings regularly.
Historically, the margin of Bitcoin has been volatile. But 2022 has been especially trying for the entire cryptocurrency ecosystem as a whole. So if you see the high interest of BTC at any time and want to capitalize on it, withdrawing your interests daily is a great choice.
This is a fantastic move, especially if you don’t have a lot of expertise in predicting the behavior of Bitcoin or the market in general. Nevertheless, experts also have nothing to lose by cashing in on the income interest.
Comparison between BitMEX, Binance, and PrimeXBT Affiliate Programs
Until late 2018, BitMEX was the only trading platform that had an affiliate program. However, around 2018-2019, Binance and PrimeXBT came into the scene. Despite being relatively new in cryptocurrency trading, these two platforms are giving good competition to the BitMEX platform.
So before we wind up the BitMEX affiliate program review, let’s take a look at what Binance and PrimeXBT affiliate programs have to offer.
Binance affiliate program – the key points to know.
The Binance affiliate program works pretty much like BitMEX affiliate scheme – you get a unique Binance referral code from the platform and share it with others. New users need to sign up on Binance through the link, and you and the referred user earn a certain amount from the company. Individuals, crypto communities, and business organizations can participate in this crypto affiliate program.
However, there is a strict requirement for the potential participants.
For instance, only individuals with more than 5000 followers on any social media platform can submit a proposal for the affiliate program. The requirements for communities and businesses are different.
In addition, you cannot sign up for the Binance affiliate program directly. You have to submit a form to the platform, and only you meet the requirements, do you receive an invitation. This is in stark contrast to the free registration on the BitMEX platform.
The percentages of commissions at the Binance affiliate program are exceptional. Affiliates can earn anywhere from 30 to 40% of commissions. On the other hand, referred users get a 10% on trading fees. Furthermore, the Binance affiliate scheme also has several benefits for the participants. However, qualifying for the commissions is stringent as well.
Binance platform is not operational worldwide, similar to PrimeXBT and BitMEX. These places include Myanmar, Serbia, Iran, and Bosnia. However, Binance is not restricted in the US.
For in-depth details on the Binance referral program, visit this link.
PrimeXBT Affiliate Program – the key takeaways
PrimeXBT is a platform that offers a profitable affiliate program. Between the three platforms, PrimeXBT offers the highest percentages of commission, with affiliates earning up to 70% of revenue shares. But of course, PrimeXBT has its set of rules and regulations that you have to meet to make such an income.
The PrimeXBT affiliate program is also unique as it offers cash returns for every successful referral. In this regard, the PrimeXBT affiliate scheme is different from both BitMEX and Binance.
Anyone can participate in the PrimeXBT affiliate system, including individuals, social media influencers, and professionals. In this case, PrimeXBT is very similar to BitMEX.
Another similarity between PrimeXBT and BitMEX is the places of operation. PrimeXBT is also restricted in the US. Other places that restrict PrimeXBT include Japan, Israel, Syria, Crimea, North Korea, and Sudan.
For full details about the PrimeXBT affiliate program, click here.
Despite the fluctuations in the crypto sphere, cryptocurrency is here to stay. Several platforms offer affiliate programs that help companies and individuals to increase their trading volumes and customer base.
BitMEX affiliate program is one of the most profitable ones on the market currently. The platform is straightforward to navigate, and its free registration is definitely a plus point. In addition, its demo platform is something that no other platform can boast about and is definitely worth checking out.