BitMEX is a popular cryptocurrency derivatives exchange that offers a wide range of trading features and tools to its users. As a leading player in the crypto trading industry, BitMEX has established itself as a reliable platform that caters to both seasoned traders and beginners. In this article, we will provide an overview of BitMEX account features to help you understand what the platform has to offer.
Account registration and verification is a crucial step in setting up a BitMEX account. The process is straightforward, and users are required to provide basic personal information and complete a KYC/AML verification process. Once the account is verified, users can start trading on the platform. BitMEX offers a user-friendly interface that allows traders to access a wide range of trading tools and features, including advanced order types, margin trading, and more.
BitMEX takes account security seriously and offers several security features to ensure that users’ funds and personal information are protected. The platform uses multi-factor authentication, cold storage, and other security measures to safeguard users’ accounts. Additionally, BitMEX offers a mobile app that allows users to manage their accounts and trade on the go. In the next section, we will provide a detailed overview of BitMEX account features.
Key Takeaways
- BitMEX offers a user-friendly interface that allows traders to access a wide range of trading tools and features.
- BitMEX takes account security seriously and offers several security features to ensure that users’ funds and personal information are protected.
- BitMEX offers a mobile app that allows users to manage their accounts and trade on the go.
BitMEX Overview
BitMEX is a cryptocurrency exchange that offers advanced trading tools for Bitcoin and other cryptocurrencies. The exchange was launched in 2014 by HDR Global Trading Limited, which is based in the Republic of Seychelles. The company was co-founded by Arthur Hayes, Ben Delo, and Samuel Reed.
BitMEX is known for its sophisticated trading platform that allows users to trade futures and perpetual contracts with high leverage. The exchange offers up to 100x leverage on some contracts, which is higher than most other exchanges in the market.
One of the unique features of BitMEX is its “Insurance Fund,” which is used to prevent auto-deleveraging. This fund is used to cover losses that occur when a trader’s position is liquidated. The fund is funded by a percentage of the profits made by the exchange.
BitMEX has a user-friendly interface that is easy to navigate. The platform provides real-time price data, advanced charting tools, and a range of order types. The exchange also offers mobile trading through its official app, BitMEX Mobile, which allows users to manage their accounts and trade on the go.
BitMEX has a robust security system that includes multi-signature wallets, two-factor authentication, and cold storage. The exchange also has a strong focus on customer support and provides 24/7 assistance to its users.
Overall, BitMEX is a popular choice for traders who are looking for advanced trading tools and high leverage. The exchange has a strong reputation in the market and is trusted by many traders around the world.
| Feature | Description |
|---|---|
| Trading Tools | BitMEX offers a range of advanced trading tools, including futures and perpetual contracts with high leverage. |
| Insurance Fund | The exchange has an “Insurance Fund” that is used to prevent auto-deleveraging. |
| User-Friendly Interface | BitMEX has a user-friendly interface that is easy to navigate. |
| Mobile Trading | The exchange offers mobile trading through its official app, BitMEX Mobile. |
| Security | BitMEX has a robust security system that includes multi-signature wallets, two-factor authentication, and cold storage. |
| Customer Support | The exchange provides 24/7 assistance to its users. |
Account Registration and Verification
BitMEX is a cryptocurrency derivatives exchange that allows users to trade with leverage. To access the platform, users need to register an account and complete the verification process. This section will cover the steps required to register and verify a BitMEX account.
Registration Process
To register for a BitMEX account, users need to provide their email address and create a password. Once the registration is complete, users will receive an email with a link to confirm their email address. After confirming their email, users can log in to their BitMEX account and start the verification process.
Verification Process
The BitMEX verification process is a four-step process that includes providing personal information, uploading identification documents, taking a selfie, and answering a few questions. The verification process is mandatory for all new users and is required before users can deposit, trade, or withdraw funds.
KYC and AML Compliance
BitMEX is committed to complying with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. The KYC process is designed to verify the identity of users, while the AML process is designed to prevent the use of the BitMEX platform for illicit activities.
Verification Timeline
The BitMEX verification timeline can vary depending on the volume of verifications being processed. However, the average verification time is around 24 hours. Once the verification is complete, users will receive an email confirmation.
Comparing BitMEX Verification with Other Exchanges
| Exchange | Verification Time | Required Documents |
|---|---|---|
| BitMEX | 24 hours | ID, selfie |
| Binance | Instant | ID, selfie |
| Coinbase | 2-3 days | ID, address |
Conclusion
Registering and verifying a BitMEX account is a straightforward process that can be completed in a few steps. The verification process is mandatory for all new users and is designed to comply with KYC and AML regulations. BitMEX’s verification timeline is comparable to other exchanges, and users can expect to have their accounts verified within 24 hours.
Trading on BitMEX
Trading Platform Overview
BitMEX is a peer-to-peer trading platform that offers leveraged trading for cryptocurrencies. The platform is designed to be user-friendly and offers a range of trading features to help traders manage their positions effectively. BitMEX offers both futures and perpetual swap contracts, which allow traders to take advantage of price movements in the cryptocurrency market.
Trading Features
BitMEX offers a range of trading features to help traders manage their positions effectively. These include limit orders, stop orders, and market orders. Traders can also use up to 100x leverage to increase their exposure to the market. BitMEX also offers maker/taker fees, which incentivize traders to provide liquidity to the market.
Types of Trades
BitMEX offers both futures and perpetual swap contracts. Futures contracts are agreements to buy or sell a particular asset at a predetermined price and date in the future. Perpetual swap contracts are similar to futures contracts, but they do not have an expiration date. Instead, they are designed to track the price of the underlying asset.
Trading Fees
BitMEX charges trading fees based on the type of trade and the size of the position. Maker fees are charged when a trader provides liquidity to the market, while taker fees are charged when a trader takes liquidity from the market. BitMEX also offers a commission rebate program, which allows traders to earn a percentage of the trading fees they pay back in the form of a rebate.
To help traders understand the trading fees, BitMEX provides a fee schedule on their website. The fee schedule includes information on the maker and taker fees for each trading pair, as well as the commission rebate percentage for each trading pair.
| Trading Pair | Maker Fee | Taker Fee | Commission Rebate |
|---|---|---|---|
| BTC/USD | -0.025% | 0.075% | 10% |
| ETH/USD | -0.025% | 0.075% | 10% |
| XRP/USD | -0.025% | 0.075% | 10% |
| BCH/USD | -0.050% | 0.250% | 20% |
| ADA/USD | -0.050% | 0.250% | 20% |
| USDT/USD | -0.025% | 0.075% | 10% |
BitMEX also offers a tiered fee structure, which means that traders who trade larger volumes can receive lower fees.
Overall, BitMEX offers a range of trading features and competitive fees to help traders manage their positions effectively. With high trading volume and liquidity, BitMEX is a popular choice for traders looking to trade cryptocurrencies.
Account Security
When it comes to trading cryptocurrency, security is a top priority. BitMEX understands this and has implemented various security features to keep users’ accounts secure.
Security Features
BitMEX utilizes a variety of security measures to protect user accounts. One such measure is cold storage. Cold storage is a secure offline storage system that is not connected to the internet, making it less vulnerable to hacking attempts.
In addition to cold storage, BitMEX also offers Two-Factor Authentication (2FA) to provide an extra layer of security. 2FA requires users to enter a code from an authenticator app or a text message in addition to their password when logging in. This helps to prevent unauthorized access to accounts even if a password is compromised.
Two-Factor Authentication
BitMEX requires all users to enable 2FA to ensure the security of their accounts. Users can choose to use an authenticator app such as Google Authenticator or Authy, or receive a text message with a code to enter during login.
If a user loses their 2FA device or is unable to access it, they can still access their account by using a recovery code provided during the initial setup of 2FA. It is important to keep this recovery code in a safe place as it can be used to disable 2FA and gain access to the account.
Overall, BitMEX takes security seriously and has implemented measures such as cold storage and 2FA to ensure the safety of user accounts. By using these features, traders can have peace of mind knowing that their funds are secure.
| Security Feature | Description |
|---|---|
| Cold Storage | Secure offline storage system |
| Two-Factor Authentication | Extra layer of security requiring a code in addition to password |
| Recovery Code | Used to disable 2FA and gain access to account if 2FA device is lost |
Deposits and Withdrawals
Deposit Process
BitMEX only accepts Bitcoin (BTC) deposits, which can be made by sending BTC to the deposit address provided on the Deposit page of the user’s account. The minimum deposit amount varies depending on the product used, and users should ensure they send the correct amount of BTC to avoid delays. BitMEX uses an alternative acronym for Bitcoin, XBT, which is the same as normal Bitcoin.
Withdrawal Process
BitMEX processes withdrawals once a day at 13:00 UTC. Users can withdraw their BTC by specifying the amount they wish to withdraw and the destination address. BitMEX charges a withdrawal fee, which varies depending on the current network fees and the type of cryptocurrency being withdrawn. Withdrawals can take up to 24 hours to process, but most are completed within a few hours.
BitMEX does not support fiat currency deposits or withdrawals. However, users can convert their fiat currency to Bitcoin using a third-party exchange or service and then deposit the BTC to their BitMEX account.
Deposit Fees
BitMEX does not charge any deposit fees. However, users should be aware of any fees charged by their BTC wallet provider or exchange when sending BTC to their BitMEX account.
Withdrawal Fees
BitMEX charges a withdrawal fee, which varies depending on the current network fees and the type of cryptocurrency being withdrawn. Users can check the current withdrawal fee on the Withdrawal page of their account.
For example, at the time of writing, the withdrawal fee for Bitcoin was 0.0005 BTC, and the withdrawal fee for Ethereum was 0.005 ETH.
| Entity | Information |
|---|---|
| Deposit | BitMEX only accepts Bitcoin (BTC) deposits |
| Withdraw | Users can withdraw their BTC by specifying the amount they wish to withdraw and the destination address |
| Deposit Fees | BitMEX does not charge any deposit fees |
| Withdrawal Fees | BitMEX charges a withdrawal fee, which varies depending on the current network fees and the type of cryptocurrency being withdrawn |
| Fiat Currency | BitMEX does not support fiat currency deposits or withdrawals |
| Convert | Users can convert their fiat currency to Bitcoin using a third-party exchange or service and then deposit the BTC to their BitMEX account |
BitMEX Mobile App
BitMEX offers a mobile app for both iOS and Android devices, allowing users to trade cryptocurrencies on the go. The app provides access to all the critical account features, including wallet and portfolio management, transaction history, deposits, and withdrawals. With the BitMEX mobile app, users can trade derivatives and spot, making it a convenient tool for active traders.
The app is designed to be simple, smart, and highly secure, ensuring that users can trade with confidence. It offers all the functions users need at their fingertips, making it easy to manage their accounts and stay up-to-date with the latest market developments.
One of the key benefits of the BitMEX mobile app is its ease of use. It features an intuitive interface that is easy to navigate, even for novice traders. The app is also highly customizable, allowing users to set up their dashboard to suit their individual preferences.
Another significant advantage of the BitMEX mobile app is its security features. The app employs advanced encryption and multi-factor authentication to ensure that users’ accounts are protected from unauthorized access. It also offers real-time notifications of any suspicious activity, allowing users to take immediate action if necessary.
Overall, the BitMEX mobile app is an excellent tool for traders who want to stay connected to the market at all times. Its ease of use, customization options, and robust security features make it a top choice for anyone looking to trade cryptocurrencies on the go.
| Pros | Cons |
|---|---|
| Easy to use | Limited charting tools |
| Highly customizable | Limited order types |
| Robust security features | No margin trading on the app |
| Real-time notifications | Limited research and analysis tools |
API Features
BitMEX offers two APIs for traders, the WebSocket API and the REST API. The WebSocket API is a complete pub/sub API with table diffing over WebSocket. It allows users to subscribe to real-time changes on any available table. On the other hand, the REST API is a comprehensive API that covers authentication, market data, account management, trading, and more.
The BitMEX API is a method for traders to automatically trade cryptocurrencies on BitMEX via code. It is a powerful tool that allows users to create custom trading bots and algorithms. The API supports multiple programming languages, including Python, Node.js, and Java.
The WebSocket API provides real-time market data, including trades, order book updates, and quotes. It also allows users to create, modify, and cancel orders in real-time. The WebSocket API is ideal for high-frequency trading and algorithmic trading strategies.
The REST API provides access to historical market data, including trades, quotes, and order book snapshots. It also allows users to manage their accounts, including deposit and withdrawal requests, position management, and order management. The REST API is ideal for building trading bots and backtesting trading strategies.
BitMEX also provides an API Explorer, which is a web-based tool that allows users to interact with the BitMEX API without writing any code. The API Explorer provides documentation for all API endpoints and allows users to test API requests and responses.
In summary, the BitMEX API provides traders with a powerful toolset for automating their trading strategies. The WebSocket API provides real-time market data and order management, while the REST API provides access to historical market data and account management. The API Explorer is a useful tool for testing and exploring the BitMEX API.
Customer Support
BitMEX offers comprehensive customer support to its users. The support team is available 24/7 and can be reached via email or live chat. Users can submit a request through the BitMEX help center, which is accessible from the platform’s homepage.
The BitMEX support team is known for its quick response time and high-quality service. They are able to assist users with a wide range of issues, including account setup, trading, and technical difficulties. The team is also multilingual, with support available in English, Chinese, Turkish, and Russian.
In addition to the support team, BitMEX provides users with a detailed knowledge base that covers a wide range of topics. The knowledge base includes articles on account security, trading strategies, and platform features. Users can search for specific topics or browse the articles by category.
If users are unable to find the information they need in the knowledge base or require further assistance, they can contact the support team. The support team is able to provide personalized assistance and can help users navigate the platform and troubleshoot any issues they may encounter.
Overall, BitMEX’s customer support is comprehensive and reliable. Users can expect quick and effective assistance from the support team, as well as access to a wealth of information through the knowledge base.
| Support Features | Details |
|---|---|
| Availability | 24/7 |
| Contact Methods | Email, Live Chat |
| Multilingual Support | English, Chinese, Turkish, Russian |
| Knowledge Base | Comprehensive articles on account security, trading strategies, and platform features |
BitMEX Earn
BitMEX offers an interest-bearing product called BitMEX Earn, which allows users to earn interest on their deposited crypto assets. The product is fully backed by the BitMEX insurance fund, which provides an additional level of security for users. BitMEX Earn is available for Bitcoin (BTC) and Tether (USDT ERC-20) deposits.
Users can earn up to 10% APR on Tether and up to 6% APR on Bitcoin with BitMEX Earn. The interest rate varies depending on the amount of time the user subscribes their funds for. BitMEX also occasionally offers limited-time promotions that allow users to earn even higher returns on their deposits.
To subscribe to BitMEX Earn, users must first deposit their BTC or USDT into their BitMEX account. They can then select the amount they want to subscribe to BitMEX Earn and the length of time they want to subscribe for. The longer the subscription period, the higher the interest rate.
BitMEX Earn has a minimum deposit requirement of 0.001 XBT for Bitcoin and 100 USDT for Tether. The product also has a minimum subscription period of one day, and users can subscribe their funds for up to 90 days.
Here’s a table summarizing the BitMEX Earn interest rates:
| Crypto Asset | Interest Rate |
|---|---|
| Bitcoin (BTC) | Up to 6% APR |
| Tether (USDT) | Up to 10% APR |
Overall, BitMEX Earn is a useful feature for users who want to earn interest on their crypto assets while holding them on the BitMEX platform. The product is easy to use and offers competitive interest rates compared to other similar products in the market.
Controversies and Issues
BitMEX has faced several controversies and issues since its inception. One of the most significant controversies was the criminal charges brought against the owners of BitMEX by American authorities in 2020. The owners were accused of allowing the Hong Kong-based exchange to be used for money laundering and other illegal activities. This case highlighted the need for cryptocurrency exchanges to comply with anti-money laundering (AML) laws and regulations.
Another issue that has been raised regarding BitMEX is its restriction on US-based investors. BitMEX does not allow US-based investors to use its platform due to regulatory restrictions. This has led to some criticism from US-based investors who feel that they are being unfairly excluded from the platform.
In addition, BitMEX has faced criticism for its high leverage trading options, which can be up to 100x. Critics argue that such high leverage trading options are too risky and can lead to significant losses for traders. However, supporters of BitMEX argue that the platform provides traders with the tools they need to manage their risk effectively.
Finally, there have been concerns about the security of BitMEX’s platform. In 2019, BitMEX accidentally leaked thousands of its users’ email addresses. While no funds were lost as a result of the leak, it raised questions about the security protocols in place at BitMEX.
| Controversies and Issues |
|---|
| Criminal charges brought against the owners of BitMEX |
| Restriction on US-based investors |
| Criticism of high leverage trading options |
| Concerns about platform security |
Conclusion
BitMEX is a popular cryptocurrency trading platform that offers advanced financial products and services to traders worldwide. It provides users with a broad range of trading options, including futures and perpetuals on a range of crypto assets. The platform is known for its high leverage trading, which can be up to 100x, and its competitive trading fees.
One of the main advantages of BitMEX is its user-friendly interface, which makes it easy for traders to navigate and execute trades quickly. The platform also offers live price charts for cryptocurrencies, an overview of all previous orders, and a cryptocurrency wallet that gives users the chance to earn extra rewards.
However, it is important to note that BitMEX is not regulated by any government agency, which can be a concern for some traders. Additionally, the platform only operates using bitcoins, which may limit its appeal to some users who prefer to trade in other cryptocurrencies.
Overall, BitMEX is a reliable and trustworthy cryptocurrency trading platform that offers a wide range of features and services to its users. Its high leverage trading and competitive trading fees make it an attractive option for traders who are looking to maximize their profits. However, traders should be aware of the platform’s limitations and risks before using it to trade cryptocurrencies.
Frequently Asked Questions
What are the different leverage options available on BitMEX?
BitMEX offers leverage ranging from 1x to 100x for different cryptocurrency products. The leverage option allows traders to amplify their trading positions, which can result in higher profits but also higher losses. It is important to understand the risks associated with high leverage trading.
How do I create a BitMEX demo account?
To create a BitMEX demo account, users can visit the BitMEX website and click on the “Register” button. From there, they can select the “Demo” option and follow the prompts to create a demo account. The demo account allows users to practice trading with virtual funds without risking their own money.
Is BitMEX available for US citizens to trade?
No, BitMEX is not available for US citizens to trade due to regulatory restrictions. US citizens are prohibited from accessing the BitMEX platform and trading on it.
What are the differences between futures and perpetual contracts on BitMEX?
Futures contracts on BitMEX have a set expiration date, while perpetual contracts do not. Perpetual contracts are designed to mimic a traditional futures contract without an expiry date. Additionally, perpetual contracts on BitMEX use a funding rate mechanism to keep the price of the contract in line with the index price of the underlying asset.
Are there any recent news or updates regarding BitMEX?
In 2020, BitMEX faced charges from the US Commodity Futures Trading Commission (CFTC) for violating anti-money laundering regulations and failing to implement proper Know Your Customer (KYC) procedures. BitMEX settled the charges for $100 million in early 2021. Since then, BitMEX has implemented stricter KYC procedures and has made efforts to improve its regulatory compliance.
Do people still actively use BitMEX for trading?
Yes, BitMEX remains a popular platform for cryptocurrency derivatives trading. Despite the regulatory challenges it faced in the past, BitMEX continues to attract traders due to its high leverage options and advanced trading features. However, it is important for traders to conduct their own research and understand the risks associated with trading on BitMEX.