BitMEX Testnet Guide of 2023

As we all know, BitMEX is a p2p bitcoin-based trading platform for cryptocurrency owners worldwide. Using BitMEX requires a lot of practice and experience; you could say that it isn’t for beginners. The platform’s interface is so complex that you would be nervous about doing anything here. One quick look at the website is enough for beginners to be persuaded not to give this a try.

We have to say that we, too, had a hard time making sense of this platform. Opening the website for the first time was hectic since we come from an amateur background. Making an actual trade is not a good idea when we know nothing about the currency. So wouldn’t it be great if there was a demo version for the platform? 

It is precisely for this reason that BitMEX Testnet came into development. BitMEX Testnet, as the name suggests, is a demo testing platform where we can practice our trading skills. It is an official testing version of BitMEX for beginners, BitMEX trading bot creators and other BitMEX leverage traders to learn and test things out. For a full overview of the live platform, check out our in-depth BitMEX review.

What is BitMEX Testnet?

BitMEX Testnet is a sub-platform within the BitMEX trading website. It was created so that users could test out their trading skills without spending any actual money. It does this by using testnet coins, zero value replica crypto-currencies. Members can freely use these coins without spending any real money.

Bitcoin trading is a difficult process and requires some level of knowledge regarding cryptocurrency. Members who trade do so with in-depth knowledge about stocks and margin trading. Putting your money into any kind of investment acquires a lot of risks. Not to mention, we have to take into account all the inter-currency differences in exchange rates. BitMEX Testnet helps us with exactly that.

The BitMEX Tesnet was created as a practice zone for any user who wants to trade. Using this special trading platform, we can figure out the dos and donts of crypto trading. Here we can establish how much returns an investment will actually bring to us. So to be exact, the BitMEX Testnet is an elaborate replica of the original site where we can do test trading. 

How To Use The BitMEX Testnet

To use the Bitmex Testnet platform, we have to create a separate account in Bitmex Testnet. It is a simple process of registering on the BitMEX platform with your email I.D. and verifying it. All you have to do now is log into your Testnet account and see what the platform offers you. 

Note that you will receive a notification asking you to confirm that you are not a citizen of the USA. Bitmex services are unavailable in the United States of America due to CFTC regulations. The platform itself is operated from the Republic of Seychelles to avoid complications. 

Using Bitmex Testnet can be a complicated task and will take some time if you’re a beginner. The first thing to check out is the interface of this platform, which is almost identical to the Bitmex page. Take a look at the surroundings and get familiar with all the sections. 

The first thing that catches our eyes is the Bitmex chart located in the middle of the page. This trading chart informs us of our current positions by visualizing that point. We will find that the chart informs us of the last price of our selected asset. 

To state the obvious, we must know how to read the chart to have any kind of success. Additionally, we can customize the trading chart by heading to the settings option. Here, we can make adjustments according to our time zones, add indicators, etc. Do take the time to make these adjustments, as they will make your trading experience visually smoother.

Now let’s get into the actual application of the platform by checking our account wallet. Every BitMEX Testnet account will have some amount deposited into its account by default. You can see this amount on the top of the screen under ‘Total‘ and ‘Available‘. Usually, the minimum amount you have is around 0.0100 XBT. However, you can always add more coins to your deposit account.

To make a deposit into your wallet, simply click on account and then deposit. This will show your deposit Q.R. code and your deposit address, which appear as random characters below. Now, you have to highlight all the characters that make up your deposit address. Finally, click on ‘Copy to clipboard.

How BitMEX makes deposits for testnet coins is by using one of the many faucets on the internet. BitMEX Testnet will provide you with various links to faucets from where you can get testnet coins. Clicking on the faucet links will give you a form that you will have to fill up. After doing so, simply copy the deposit address onto the form. Lastly, you will have to go through a test to confirm you aren’t a bot. 

Once this process is complete, you will receive a notification that the coins have been sent. Check your account to see whether the coins have reflected on your balance. The transfer might take around 10 minutes to complete, after which you will get a confirmation. Once you have the funds in your account, you can start your trading experience with BitMEX Testnet.

BitMEX Testnet FAQs