So you’ve been at it all night, trading with leverage on BitMEX, and have made a considerable profit. Good for you; now, you’ll want to withdraw your earnings from the BitMEX platform.
If you’re a long-term user of BitMEX, you shouldn’t have any issues with this. However, if you’re fairly new to the platform or haven’t even registered a BitMEX account yet, you might run into some difficulties.
The BitMEX withdrawal process can confuse users who are not familiar with the process. Luckily for you, we’re here to guide you through this tricky situation.
Here’s everything you need to know about making withdrawals from the BitMEX platform. For a broader perspective and more general information about the exchange, visit our full BitMEX review.
How To Make A Withdrawal In BitMEX
Making a withdrawal in BitMEX is a fairly straightforward process and can be done in a few steps. First of all, you’ll want to head over to your profile icon on the top right corner of the screen. While hovering the cursor over the icon, you’ll notice a drop-down menu appear. Select my account from the drop-down menu to open a new page.
You will now be taken to the BitMEX account settings page and will find sections for wallet and account. Below the wallet section, you will find the option for making a withdrawal. Clicking on it will present you with different currency options such as ETH, USDT and XBT (Bitcoin). Select the currency you wish to withdraw.
You will notice that a ‘new withdrawal‘ page has popped up in the center of the screen. The first slot will be for the destination address of the account that you want to transfer to. Enter your current destination address into the blank section.
The second slot will be for the amount you want to withdraw. Note that the withdrawal amount must be higher than the minimum required amount. The minimum amount itself varies from asset to asset and is subject to further calculation. Either way, the minimum amount will show up right below the slot. Go ahead and enter the withdrawal amount to continue the process.
The third slot is for the withdrawal fee charged by BitMEX. Technically, the platform itself does not charge any fee for making withdrawals. However, a fee is calculated depending on the amount of traffic currently in the blockchain. The minimum fee is around 0.0002 BTC, but it may increase if there is a clog in the blockchain. This can happen when there is too much activity taking place at the current hour. For more information, read about the BitMEX fees and how applying a BitMEX referral code during registration can reduce your fees by 10%.
That being said, we have made multiple withdrawals from the platform without paying above the minimum fee. So the chance of withdrawal fees increasing is a rare occasion. You will most likely encounter a hefty fee only during extreme cases when there is traffic in high volumes. If that is the case for you, we suggest waiting it out and withdrawing when it is more favorable.
Lastly, you will find a slot where you can type in a note to yourself. This is optional and doesn’t need to be touched unless you’re keeping track of records. Now, all you have to do is submit the request and wait for the transfer to take place. This is generally done within the next few hours.
Things You Need To Know About BitMEX Withdrawals
Apart from the withdrawal process, there are certain factors that you must know as a BitMEX user. The first thing to mention is the time taken for each withdrawal. BitMEX processes withdrawals every day at exactly 1 pm UTC timezone. That means you have to submit your request before the cut-off period to receive it the same day. This is an important thing to know if you’re a day trader.
On the other hand, if you fail to submit your request before 1 pm, BitMEX will process the transfer the next day. This means that your transfer will take place at the next cut-off session. Note that you will have to confirm your order every time you submit a withdrawal request. BitMEX automatically sends you a confirmation mail which you need to respond to within 30 minutes. Failure to do so will cancel the withdrawal order.
It is also important to point out that any instances of liquidation can affect your withdrawal process. Suppose you have submitted a withdrawal request; however, you also have a liquidation coming your way. In this case, BitMEX will only process your request if the amount is still in your wallet post liquidation. In other words, you can’t withdraw what you don’t have.
There may be cases where you have submitted the request before 1 pm and confirmed it, yet there is no withdrawal. This delay might be due to the speed of the bitcoin network being low at the moment. We advise you to be patient in this scenario and wait for the network to broadcast your request. BitMEX will provide you with a link to your withdrawal in your email for you to follow the transaction in a block explorer.
BitMEX will make you go through an I.D verification process if you’re depositing on BitMEX or withdrawing for the first time. Simply go through the process and submit the required documents to verify your identity. The I.D verification is a one-time thing and should not happen again. So the next time you withdraw, there will be no need for verifying your I.D.
Tether users might have to go through one more hurdle while withdrawing their coins. If you choose to withdraw tether coins, the order will be processed immediately. However, there might be a manual review of your withdrawal request to ensure the transaction is legal. This might delay the transfer for a few days. Nevertheless, your transfer will occur as soon as the review is finished with a satisfactory result.
BitMEX Withdrawal FAQs
BitMEX withdrawals usually shouldn’t take more than 24 hours. Withdrawals take place every day at 1 pm UTC timezone. If you have failed to submit and confirm your request before the deadline, it will be carried into the next cycle.
BitMEX makes withdrawals only once a day.