Understanding BitMEX Fees
BitMEX, a popular cryptocurrency exchange, offers different types of fees for its users. This section will cover the trading fees, deposit and withdrawal fees, and special fees associated with the platform.
Trading Fees
On BitMEX, there are two types of trading fees: maker fees and taker fees. The maker fee is a rebate you receive when placing passive orders that provide liquidity to the market, whereas the taker fee is charged when an order immediately executes upon entering the order book. Here’s a brief overview of BitMEX’s trading fees:
| Fee Type | Fee Rate |
|---|---|
| Taker Fee | 0.075% |
| Maker Fee | -0.02% (rebate) |
BitMEX charges taker fees at a 0.075% commission, while the makers receive a 0.02% rebate on each trade. It’s important to note that high-volume traders are eligible for discounted taker and maker fees.
Deposit and Withdrawal Fees
When it comes to deposits and withdrawals, BitMEX has a straightforward fee structure:
- Deposit Fees: BitMEX does not charge any fees for deposits made to the platform.
- Withdrawal Fees: BitMEX charges a fee for withdrawals to cover the transaction costs on the blockchain network. The exact fee depends on the cryptocurrency being withdrawn and the network load at the time.
Special Fees
Apart from trading and deposit/withdrawal fees, BitMEX introduces additional fees under specific circumstances:
- ADV Discount: High-volume traders who meet the criteria of Advanced Discounts receive further discounts on their trading fees.
- Maker Rebate: As mentioned earlier, the maker rebate rewards users who place passive orders, providing liquidity to the market.
It’s essential to stay aware of the different fees charged by BitMEX to make informed decisions when trading on the platform.
Frequently Asked Questions
How are BitMEX fees calculated?
BitMEX fees are calculated based on the type of order you place. There are two types of fees: maker fees or rebates and taker fees. Maker rebates are a fee you receive when you place passive orders that provide liquidity, i.e., orders that don’t immediately fill as they hit the order book. Taker fees are charged when you place an order that is executed immediately at the market price, taking liquidity from the order book.
What are the differences between BitMEX and Phemex?
BitMEX and Phemex are both cryptocurrency exchanges offering various derivative products like perpetual swaps and futures contracts. While both platforms charge trading fees, their fee structures might be different. It is important to evaluate each platform’s fees, features, liquidity, and security to determine the most suitable option for your specific needs.
Does BitMEX charge fees for withdrawals?
BitMEX does not charge any fees for withdrawing cryptocurrency from the platform. However, the network fees for processing the transaction are directly passed on to the user. These network fees vary depending on the blockchain traffic and the cryptocurrency being withdrawn.
Are there any discounts for high volume trading on BitMEX?
Yes, BitMEX offers discounted taker fees for high-volume traders based on their rolling 30-day Average Daily Volume (ADV), measured daily at 00:00 UTC. The more you trade, the lower your fees can be. Additionally, staking BitMEX’s native token BMEX may result in further fee discounts.
What is BitMEX’s liquidation process and related fees?
BitMEX’s liquidation process is designed to handle positions that are at risk of default. When a position is at risk, a liquidation order is placed in the market to close that position. The liquidation fee varies depending on the product being traded. Generally, the liquidation fee is calculated as a percentage of the underlying asset’s value, and it is charged in addition to any other applicable trading fees.
How can I manage my fees on BitMEX to minimize costs?
To manage and minimize costs on BitMEX, consider the following strategies:
- Utilize maker orders as they often come with a maker rebate that allows you to earn a fee instead of paying one.
- Keep track of your trading volume and available fee discounts, and adjust staking of BMEX tokens to maximize your savings.
- Monitor blockchain network fees when planning cryptocurrency withdrawals, as these fees are passed on to you.
- Understand and carefully manage your position to avoid liquidation and the associated fees.
By following these strategies, you can effectively manage your fees on BitMEX and minimize your costs.