BitMEX is a P2P crypto derivatives trading platform that caters to the needs of experienced or professional traders in the crypto industry. It is wholly owned and operated by Hongkong-based HDR Global Trading Limited and is currently based in Seychelles.
The exchange has gained a reputation as one of the few trading platforms that allow users to participate in the commodity futures market. It enables buying and selling of perpetual contracts on about 18 cryptocurrencies.
What most traders like about the BitMEX trading platform is the margin trading option with 100x leverage trading. While these are high-risk exchanges, it gives the opportunity to professionals to earn big. The platform introduced the user verification program in 2020 to enhance the security measures of the exchange.
Currently, the platform hosts thousands of users globally, but it has restricted jurisdictions in countries such as the United States, North Korea, and Cuba, among others. New customers can create a BitMEX account for free in one simple step and make deposits to start trading.
How To Deposit Money On BitMEX
Depositing money on BitMEX is easy and only takes a few minutes. However, remember that BitMEX accepts only three types of deposit methods: Bitcoin, Ethereum and Tether (ER20).
Initially, the platform accepted only Bitcoin deposits, but it started taking tether (ER20) deposits in 2020 and ETH most recently.
Though users can trade in 18 cryptocurrencies such as Dogecoin, Ethereum, Litecoin, it only accepts Bitcoin, tether, and Ethereum as deposits.
Note: Bitcoin is coded as XBT and not BTC in the BitMEX platform.
Follow the steps below to make a deposit.
- Sign in to BitMEX or create a new BitMEX account if you haven’t already (for your own sake, make sure to apply a BitMEX referral code, given by someone participating in the BitMEX referral program for you to save on the various trading fees)
- Go to your name located on the top right corner of the page. Place the cursor on your name click on “My Account” from the drop-down menu bar.
- Go to “Deposit” on the left-hand menu bar and choose the crypto you wish to deposit.
- Next, you will be directed to your wallet, which will show your total account balance and a breakup of crypto balances in your account.
- Click on “Deposit,” choose the coin once again, and your Bitcoin/Tether/Ethereum deposit address will popup.
- You can then copy your deposit address and paste it on the withdrawal field of your external crypto wallet and click on “Send” or “Transfer,” and your crypto coin will be deposited to your BitMEX account. You can even scan the QR code directly from your mobile.
Caution:
Every crypto deposit address is unique to that particular crypto; therefore, make sure to send Bitcoins only to the Bitcoin deposit address and not any other. For example, If you send Bitcoins from your external wallet to your Ethereum deposit address, then you will lose your coins.
Are There BitMEX Deposit Fees?
Although BitMEX fees are generally on the more expensive side, BitMEX does not charge any deposit fees on all three kinds of deposits. However, you may have to pay a transaction fee when depositing your crypto from an external wallet or when making a withdrawal from BitMEX.
How Long Do Deposits In The BitMEX Account Take?
The time for deposits to get credited in your BitMEX account will depend on the crypto coin you choose. For example, Bitcoin deposits will be credited after 1 confirmation on the Bitcoin Network, while Tether or Ethereum deposits take 12 confirmations on the Ethereum Network.
Another factor is the traffic on the network. If the network has many pending unconfirmed transactions, then your deposit may be delayed.
Why Is The Deposit Not Showing In My Account?
It may be possible that your deposit is not reflected in your account. There are many reasons for this, and some could be:
Server error
Your deposit may not be seen if BitMEX’s server is down or has some errors. In such a case, you can always contact customer support or submit a support ticket to check if there is an error from their end.
Slow Bitcoin network
Many a time, Bitcoin Network is slowed down due to heavy traffic. This happens when there are high fluctuations in Bitcoin price resulting in high activity on the network. You can try to fix such issues by using a Bitcoin accelerator service.
Wrong deposit address
There are chances that you may have used the wrong deposit address while depositing cryptos. If that is the case, then you have just lost all your crypto deposits.
BitMEX Deposit FAQs
If you want to trade o BitMEX, then the minimum deposit will depend on the Initial Margin of the product, and it differs among various products. There is no maximum deposit limit on BitMEX.
BitMEX has rigorous checks and balances in place to secure the funds of its users. It introduced a powerful cryptographic tool called multi-party computation (MPC), which ensures that your funds are secure even if all of BitMEX’s system is compromised.
The company employs at least two BitMEX experts who audit every Bitcoin withdrawal by hand before sending. Also, the deposit addresses on BitMEX are all verified by an external service. Its aim is to check if the addresses have the same keys that are controlled by the founders because if not, then the system is pulled down.
Go to “Account” on your BitMEX profile page, choose “Deposit” from the menu and choose “XBT coin,” which is the code for Bitcoin in BitMEX.
Currently, you can deposit three types of currencies into BitMEX: BTC, ETH & USDT.
It can take anywhere between 10 minutes to 1 hour to deposit BTC into the BitMEX account. BTC will be deposited into your BitMEX account after 1 confirmation on the Bitcoin network.
No, you cannot deposit LTC in BitMEX. BitMEX only allows deposits in Bitcoin, Tether, and Ethereum.
Conclusion
BitMEX has become a leading global trading platform in cryptocurrencies with its arsenal of advanced trading tools suited for seasoned traders. The company aims to introduce innovative products occasionally to give the best to its trading in the digital financial system as covered in our full BitMEX review.
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