Bitmex App Review of 2023

Trading through cryptos has become the new normal in the digital we live in. And BitMEX is among the top platforms for trading in the market, which is also why a lot of affiliate marketers are participating in the BitMEX affiliate program. Also, it is a natural choice for traders using Bitcoins or any other crypto coin. Besides, traders now make use of the BitMEX app for more convenient trading. Thus, let’s dive into this article on the BitMEX app, its features, and how it fares as a trading platform.

Is there a BitMEX app?

BitMEX is among the largest trading platforms in the world. And in 2020, the BitMEX desktop app has been released as a mobile version. The BitMEX phone app gives users access to all its functions, tools, and products. The BitMEX download option is available across 140 countries, with new countries being included regularly.

How to get the BitMEX app on your phone? 

BitMEX app screenshot from the apple appstore

BitMEX App iPhone 

If you have an iPhone, the BitMEX app for iOS is available for download on the iOS app store for iOS 11.0 and above.

You will need to download the app and register for a free account.

BitMEX App Android

Like the iPhone, download the BitMEX app for android on the PlayStore. And register for a free account.  

BitMEX Features

BitMEX is a Bitcoin derivatives trading platform which means you can buy and sell Bitcoin futures contracts. But it is not a spot exchange. And this is because you cannot trade in other alts or against fiat currency. There is no price discovery on the BitMEX official android app. The contracts only represent the value of the old coins or fields. 

You can only deposit and withdraw Bitcoin contracts. The app charges the fees, profit, and losses in Bitcoin as well. Besides this, you can do up to 100x leverage. But this is, of course, highly speculative. It would be best if you did not use this to do gambling. You should only use it for responsible trading or if you want to hedge your Bitcoin positions.

Also, the app is not open to US citizens. Even though you can sign up with a VPN, BitMEX will automatically close your positions if you get caught. Also, it will terminate your account. 

XBT is the ticker symbol for bitcoin on BitMEX instead of BTC, which is the usual symbol for other exchanges.

BitMEX Trading App Price Index

The BitMEX phone app uses a price index to track the price. For Bitcoin, it is 50% Bitstamp and 50% Coinbase. And this is the basis for measuring and calculating different values related to the derivative contracts. These include the settlement of expired contracts. And the calculation of the Mark Price, which triggers a liquidation. 

So if you “long”/buy, you are speculating for the price to go up. And if you “short”/ sell, you are assuming the price to go down. The app will give you a signal or alert when the Mark Price moves.

Derivative Contracts 

The trading app has two main types of derivative contracts. And those are the perpetual contracts and futures contracts. 

The Perpetual Contracts

  • The perpetual contracts do not expire and do not settle. 
  • Tracks the price of the Bitcoin price index very closely because of its funding mechanism.
  • Charges or receives a funding rate after every 8 hours. It depends on if you need to pay, And when you are long or short. 
  • 100X leverage is the maximum amount for Bitcoin and 50X for Etherium 
  • There is no perpetual contract for the other altcoins. 

The Futures Contracts

  • The futures contracts do have an expiry date, and they settle quarterly.
  • There is no funding rate, but you may trade at a small premium or discount related to the price index.
  • 100X leverage is the maximum amount for Bitcoin and 50X for Etherium, and 20X for other altcoins. 

Maker/Taker Fee

There is a difference between the maker and taker fee. If you post a limit order, you will get a rebate. But if you post a market order, for example, a market stop order, you need to pay a fee. 

If the situation for your trading allows it, you should try to open and close positions with a post-only limit order manually. And this is because the fewer BitMEX fees you pay, the easier it will be to become profitable. For example, on a 100x leverage position, market order fees for opening and closing add 15% of the cost to the risk amount. So, at 100x leverage, the risk amount is 1%. 

Cross Margin Vs. Isolated Margin

Cross Margin 

  • The default for orders is the gross margin. It calculates the liquidation price over the entire available balance. 
  • The advantage is that you can take a larger position size. 
  • The disadvantage is that when you liquidated, you lose the entire account balance.

Isolated Margin 

  • Isolated margin is applicable if you adjust the leverage to the desired value. And this makes the available margin smaller. 
  • Also, the distance between entry price and liquidation becomes smaller. When liquidated, you only lose the reserved, isolated margin.

Exploring the Platform

Unlike the mobile app, the BitMEX Desktop app has two trading platforms, i.e., Demo Platform and Real Platform. Accounts on both platforms are separate. So, traders will need to register an account on the BitMEX testnet for Demo Trading and for Real Trading.

Those who are still suspicious of the app can register for the Demo version of the BitMEX app. Users can avail of the demo version for free. And this way, they can get a feel of how the app works. 

Below are some of the few steps on how to use the demo account:

  • Go to Click register. 
  • You can register your accounts. And adjust the settings according to your needs. 
  • On the top right corner, you will see your account name. If you click on it, a short menu will appear. You can select the balance you want to display, which is either Bitcoin or Satoshi. 
  • When you open an account on BitMEX, the app will credit your account with a small amount of Bitcoin. You can use it to start trading. 
  • You should never send real bitcoin going to this account. This is because you will lose it. This account is only for demo/trial. 
  • There will also be a contracts section and a basic overview. You must go over these sections carefully before you start trading. 
  • Use the demo platform to make trades as you would do on a normal platform. 

After getting used to the demo account, you can create a Real account. The Real/Normal BitMEX platform and the Demo platforms have the same interface.

  • Go to and register your account – (Optional) input your BitMEX referral code if you have one.
  • Go to your accounts in the top right corner. Under the security option, set your two-factor authentication. 
  • You can then proceed to deposit funds to your BitMEX account
  • Proceed to wallet deposits. You will get a QR code that you can scan with your mobile phone wallets. You can also copy-paste the address in your Bitcoin wallet. 
  • When you send your bitcoin, the app will credit the amount to your account after the one block confirmation.

Deposit Coins

Now that we know the types of contacts and margins, how do you deposit coins?

If you want to place an order for the perpetual, you can place a limit order. And then add the quantity you want to deposit if you add 100 in quantity. It means you are buying $100 worth of the contracts. If you do not want the trade to execute immediately, you will have to select the “post only” option. 

You will then have to add the limit price to make sure the order lands in the order book/ trading system. Before you confirm your order, you can choose to keep it on a cross margin or adjust the leverage. And this will show you the estimated liquidation price. You can change the leverage to see the different prices. 

After you buy/submit the order, you will be able to see it under “active order.” You also have the option to modify or cancel the order. You can change the order by moving the chart. By moving the price, it will automatically amend your limit order and my order field.

If you click on positions, you will be able to see the value in Bitcoin. You will be able to view the entry price, mark price, liquidation price, and margin. It also allows you to view the unrealized profit and realized profit. 

The unrealized profit calculates the entry price and the market price. You will also be able to view the realized profit and loss under positions. And the realized profit and loss will show you when the funding rate is charged or credited.

Withdrawing Coins

To withdraw your Bitcoin from BitMEX, go to withdraw and fill in the details. The BitMEX app charges only the network fee and no other additional fees. After you submit it, BitMEX alerts app will send signals to process your order.

Stop loss

It is important to have a stop-loss set at all times. Without a stop loss, error messages will occur, and it will not process your orders. This will happen especially at times of high volatility when there is much activity on the platform. If you do not have any order in place, you cannot get your order through. And it will result in a high risk of losing more than you intended. 


Liquidation is not triggered by the actual index price but by the marked price. After triggering the liquidation, price different actions may occur in your account.

It can cause a cancellation of orders, liquidation, bankruptcy price, and/or auto deal. In most cases, it will be best if you keep the liquidation price far away from your stop-loss price.

So, to summarise the article here is a rundown of everything we know about BitMEX app.

BitMEX App Review 2023

BitMEX is an exchange platform. It allows investors to join BTC contracts. And the highest amount for the contacts is 100x leverage for Bitcoin. It has been operating since 2013 and is well known for its highly efficient trading engine. BitMEX android app is among the few exchanges that do not require trader identification. They do, however, block IP addresses from the United States. 

BitMEX has not been hacked or breached in terms of data security. And they use a secure storage system as well as multisync key management. But if you are extra concerned about your privacy, then you can choose to have all communication emails PGP encrypted. 

It also runs on the BitMEX insurance fund which is a reserve fund designed to protect the trading pool. In order to keep this pool fully funded, BitMEX android app runs a liquidation engine. And that takes out losing positions with lethal efficiency.

BitMEX app uses a make-or-take model, in which traders are charged a fee if they take liquidity off the accounts. The app will even offer other traders a discount if they create liquidity in the order books. For most coins, the rebate is 0.075%, and the take fee is 0.025%. There is also a 0.05% settlement fee on all contracts start with lower leverage levels. 

BitMEX app is a crypto-only trading platform. This means that you cannot fund an account in fiat. You will have to use a Fiat gateway to get crypto to fund your BitMEX account. You can find a number of these exchanges on the coin bureau.

The BitMEX’s web-based trading platform is quite advanced. And it has a host of features that would satisfy most traders. It has charging capabilities as well as numerous order placement features. For those algorithmic trades, It also has a pretty advanced REST API. 

BitMEX app is not meant for a get-rich-quick gamble platform because it will result in a loss. Instead, use solid techniques of risk management and proper position sizing. You also need to understand that leverage is only a marketing gimmick. Remember to take responsible and reasonable position sizes.

For a complete overview of the platform, check out our BitMEX review to learn more.

Crypto Affiliate Programs » Bitmex App Review of 2022
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