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Founded by HDR Global Trading Limited (which in turn was founded by former bankers Arthur Hayes, Samuel Reed and Ben Delo) in 2014, BitMEX is a trading platform operating around the world and registered in the Seychelles.
Meaning Bitcoin Mercantile Exchange, BitMEX is one of the largest Bitcoin trading platforms currently operating, with a daily trading volume of over 35,000 BTC and over 540,000 accesses monthly and a trading history of over $34 billion worth of Bitcoin since its inception.
Unlike many other trading exchanges, BitMEX only accepts deposits through Bitcoin, which can then be used to purchase a variety of other cryptocurrencies. BitMEX specialises in sophisticated financial operations such as margin trading, which is trading with leverage. Like many of the exchanges that operate through cryptocurrencies, BitMEX is currently unregulated in any jurisdiction.
How to Sign Up to BitMEXIn order to create an account on BitMEX, users first have to register with the website. Registration only requires an email address, the email address must be a genuine address as users will receive an email to confirm registration in order to verify the account. Once users are registered, there are no trading limits. Traders must be at least 18 years of age to sign up.
However, it should be noted that BitMEX does not accept any US-based traders and will use IP checks to verify that users are not in the US. While some US users have bypassed this with the use of a VPN, it is not recommended that US individuals sign up to the BitMEX service, especially given the fact that alternative exchanges are available to service US customers that function within the US legal framework.
How to Use BitMEX
BitMEX allows users to trade cryptocurrencies against a number of fiat currencies, namely the US Dollar, the Japanese Yen and the Chinese Yuan. BitMEX allows users to trade a number of different cryptocurrencies, namely Bitcoin, Bitcoin Cash, Dash, Ethereum, Ethereum Classic, Litecoin, Monero, Ripple, Tezos and Zcash.
The trading platform on BitMEX is very intuitive and easy to use for those familiar with similar markets. However, it is not for the beginner. The interface does look a little dated when compared to newer exchanges like Binance and Kucoin’s.
Once users have signed up to the platform, they should click on Trade, and all the trading instruments will be displayed beneath.
Clicking on the particular instrument opens the orderbook, recent trades, and the order slip on the left. The order book shows three columns – the bid value for the underlying asset, the quantity of the order, and the total USD value of all orders, both short and long.
The widgets on the trading platform can be changed according to the user’s viewing preferences, allowing users to have full control on what is displayed. It also has a built in feature that provides for TradingView charting. This offers a wide range of charting tool and is considered to be an improvement on many of the offering available from many of its competitors.
Once trades are made, all orders can be easily viewed in the trading platform interface. There are tabs where users can select their Active Orders, see the Stops that are in place, check the Orders Filled (total or partially) and the trade history. On the Active Orders and Stops tabs, traders can cancel any order, by clicking the “Cancel” button. Users also see all currently open positions, with an analysis if it is in the black or red.
BitMEX uses a method called auto-deleveraging which BitMEX uses to ensure that liquidated positions are able to be closed even in a volatile market. Auto-deleveraging means that if a position bankrupts without available liquidity, the positive side of the position deleverages, in order of profitability and leverage, the highest leveraged position first in queue. Traders are always shown where they sit in the auto-deleveraging queue, if such is needed.
Although the BitMEX platform is optimized for mobile, it only has an Android app (which is not official). There is no iOS app available at present. However, it is recommended that users use it on the desktop if possible.
BitMEX offers a variety of order types for users:
Futures and SwapsA futures contract is an agreement to buy or sell a given asset in the future at a predetermined price. On BitMEX, users can leverage up to 100x on certain contracts.
Perpetual swaps are similar to futures, except that there is no expiry date for them and no settlement. Additionally, they trade close to the underlying reference Index Price, unlike futures, which may diverge substantially from the Index Price.
BitMEX also offers Binary series contracts, which are prediction-based contracts which can only settle at either 0 or 100. In essence, the Binary series contracts are a more complicated way of making a bet on a given event.
The only Binary series betting instrument currently available is related to the next 1mb block on the Bitcoin blockchain. Binary series contracts are traded with no leverage, a 0% maker fee, a 0.25% taker fee and 0.25% settlement fee.
Bitmex LeverageBitMEX allows its traders to leverage their position on the platform. Leverage is the ability to place orders that are bigger than the users’ existing balance. This could lead to a higher profit in comparison when placing an order with only the wallet balance. Trading in such conditions is called “Margin Trading.”
There are two types of Margin Trading: Isolated and Cross-Margin. The former allows the user to select the amount of money in their wallet that should be used to hold their position after an order is placed. However, the latter provides that all of the money in the users’ wallet can be used to hold their position, and therefore should be treated with extreme caution.
The BitMEX platform allows users to set their leverage level by using the leverage slider. A maximum leverage of 1:100 is available (on Bitcoin and Bitcoin Cash). This is quite a high level of leverage for cryptocurrencies, with the average offered by other exchanges rarely exceeding 1:20.
BitMEX FeesFor traditional futures trading, BitMEX has a straightforward fee schedule. As noted, in terms of leverage offered, BitMEX offers up to 100% leverage, with the amount off leverage varying from product to product.
However, it should be noted that trading at the highest leverages is sophisticated and is intended for professional investors that are familiar with speculative trading. The fees and leverage are as follows:
However, there are additional fees for hidden / iceberg orders. A hidden order pays the taker fee until the entire hidden quantity is completely executed. Then, the order will become normal, and the user will receive the maker rebate for the non-hidden amount.
Deposits and WithdrawalsBitMEX does not charge fees on deposits or withdrawals. However, when withdrawing Bitcoin, the minimum Network fee is based on blockchain load. The only costs therefore are those of the banks or the cryptocurrency networks.
As noted previously, BitMEX only accepts deposits in Bitcoin and therefore Bitcoin serves as collateral on trading contracts, regardless of whether or not the trade involves Bitcoin.
The minimum deposit is 0.001 BTC. There are no limits on withdrawals, but withdrawals can also be in Bitcoin only. To make a withdrawal, all that users need to do is insert the amount to withdraw and the wallet address to complete the transfer.
Deposits can be made 24/7 but withdrawals are processed by hand at a recurring time once per day. The hand processed withdrawals are intended to increase the security levels of users’ funds by providing extra time (and email notice) to cancel any fraudulent withdrawal requests, as well as bypassing the use of automated systems & hot wallets which may be more prone to compromise.
Supported CurrenciesBitMEX operates as a crypto to crypto exchange and makes use of a Bitcoin-in/Bitcoin-out structure. Therefore, platform users are currently unable to use fiat currencies for any payments or transfers, however, a plus side of this is that there are no limits for trading and the exchange incorporates trading pairs linked to the US Dollar (XBT), Japanese Yen (XBJ), and Chinese Yuan (XBC).
BitMEX supports the following cryptocurrencies:
Trading Technologies International PartnershipHDR Global Trading, the company which owns BitMEX, has recently announced a partnership with Trading Technologies International, Inc. (TT), a leading international high-performance trading software provider.
The TT platform is designed specifically for professional traders, brokers, and market-access providers, and incorporates a wide variety of trading tools and analytical indicators that allow even the most advanced traders to customize the software to suit their unique trading styles. The TT platform also provides traders with global market access and trade execution through its privately managed infrastructure and the partnership will see BitMEX users gaining access to the trading tools on all BitMEX products, including the popular XBT/USD Perpetual Swap pairing.
The BitMEX Insurance FundThe ability to trade on leverage is one of the exchange’s main selling points and offering leverage and providing the opportunity for traders to trade against each other may result in a situation where the winners do not receive all of their expected profits. As a result of the amounts of leverage involved, it’s possible that the losers may not have enough margin in their positions to pay the winners.
Traditional exchanges like the Chicago Mercantile Exchange (CME) offset this problem by utilizing multiple layers of protection and cryptocurrency trading platforms offering leverage cannot currently match the levels of protection provided to winning traders.
In addition, cryptocurrency exchanges offering leveraged trades propose a capped downside and unlimited upside on a highly volatile asset with the caveat being that on occasion, there may not be enough funds in the system to pay out the winners.
To help solve this problem, BitMEX has developed an insurance fund system, and when a trader has an open leveraged position, their position is forcefully closed or liquidated when their maintenance margin is too low.
Here, a trader’s profit and loss does not reflect the actual price their position was closed on the market, and with BitMEX when a trader is liquidated, their equity associated with the position drops down to zero.
In the following example, the trader has taken a 100x long position. In the event that the mark price of Bitcoin falls to $3,980 (by 0.5%), then the position gets liquidated with the 100 Bitcoin position needing to be sold on the market.
This means that it does not matter what price this trade executes at, namely if it’s $3,995 or $3,000, as from the view of the liquidated trader, regardless of the price, they lose all the equity they had in their position, and lose the entire one Bitcoin.
Assuming there is a fully liquid market, the bid/ask spread should be tighter than the maintenance margin. Here, liquidations manifest as contributions to the insurance fund (e.g. if the maintenance margin is 50bps, but the market is 1bp wide), and the insurance fund should rise by close to the same amount as the maintenance margin when a position is liquidated. In this scenario, as long as healthy liquid markets persist, the insurance fund should continue its steady growth.
The following graphs further illustrate the example, and in the first chart, market conditions are healthy with a narrow bid/ask spread (just $2) at the time of liquidation. Here, the closing trade occurs at a higher price than the bankruptcy price (the price where the margin balance is zero) and the insurance fund benefits.
Illustrative example of an insurance contribution – Long 100x with 1 BTC collateral
(Note: The above illustration is based on opening a 100x long position at $4,000 per BTC and 1 Bitcoin of collateral. The illustration is an oversimplification and ignores factors such as fees and other adjustments.
The bid and offer prices represent the state of the order book at the time of liquidation. The closing trade price is $3,978, representing $1 of slippage compared to the $3,979 bid price at the time of liquidation.)
The second chart shows a wide bid/ask spread at the time of liquidation, here, the closing trade takes place at a lower price than the bankruptcy price, and the insurance fund is used to make sure that winning traders receive their expected profits.
This works to stabilize the potential for returns as there is no guarantee that healthy market conditions can continue, especially during periods of heightened price volatility. During these periods, it’s actually possible that the insurance fund can be used up than it is built up.
Illustrative example of an insurance depletion – Long 100x with 1 BTC collateral
(Notes: The above illustration is based on opening a 100x long position at $4,000 per BTC and 1 Bitcoin of collateral. The illustration is an oversimplification and ignores factors such as fees and other adjustments.
The bid and offer prices represent the state of the order book at the time of liquidation. The closing trade price is $3,800, representing $20 of slippage compared to the $3,820 bid price at the time of liquidation.)
The exchange declared in February 2019, that the BitMEX insurance fund retained close to 21,000 Bitcoin (around $70 million based on Bitcoin spot prices at the time).
This figure represents just 0.007% of BitMEX’s notional annual trading volume, which has been quoted as being approximately $1 trillion. This is higher than the insurance funds as a proportion of trading volume of the CME, and therefore, winning traders on BitMEX are exposed to much larger risks than CME traders as:
This system may appear controversial as first, though some may argue that there is a degree of uniformity to it. It’s also worth noting that the exchange also makes use of Auto Deleveraging which means that on occasion, leveraged positions in profit can still be reduced during certain time periods if a liquidated order cannot be executed in the market.
More adventurous traders should note that while the insurance fund holds 21,000 Bitcoin, worth approximately 0.1% of the total Bitcoin supply, BitMEX still doesn’t offer the same level of guarantees to winning traders that are provided by more traditional leveraged trading platforms.
Given the inherent volatility of the cryptocurrency market, there remains some possibility that the fund gets drained down to zero despite its current size. This may result in more successful traders lacking confidence in the platform and choosing to limit their exposure in the event of BitMEX being unable to compensate winning traders.
How suitable is BitMEX for Beginners?BitMEX generates high Bitcoin trading levels, and also attracts good levels of volume across other crypto-to-crypto transfers. This helps to maintain a buzz around the exchange, and BitMEX also employs relatively low trading fees, and is available round the world (except to US inhabitants).
This helps to attract the attention of people new to the process of trading on leverage and when getting started on the platform there are 5 main navigation Tabs to get used to:
In addition, BitMEX provides a variety of educational resources including an FAQ section, Futures guides, Perpetual Contracts guides, and further resources in the “References” account tab.
For users looking for more in depth analysis, the BitMEX blog produces high level descriptions of a number of subjects and has garnered a good reputation among the cryptocurrency community.
Most importantly, the exchange also maintains a testnet platform, built on top of testnet Bitcoin, which allows anyone to try out programs and strategies before moving on to the live exchange.
This is crucial as despite the wealth of resources available, BitMEX is not really suitable for beginners, and margin trading, futures contracts and swaps are best left to experienced, professional or institutional traders.
Margin trading and choosing to engage in leveraged activity are risky processes and even more advanced traders can describe the process as a high risk and high reward “game”. New entrants to the sector should spend a considerable amount of time learning about margin trading and testing out strategies before considering whether to open a live account.
Is BitMEX Safe?BitMEX is widely considered to have strong levels of security. The platform uses multi-signature deposits and withdrawal schemes which can only be used by BitMEX partners. BitMEX also utilises Amazon Web Services to protect the servers with text messages and two-factor authentication, as well as hardware tokens.
BitMEX also has a system for risk checks, which requires that the sum of all account holdings on the website must be zero. If it’s not, all trading is immediately halted. As noted previously, withdrawals are all individually hand-checked by employees, and private keys are never stored in the cloud. Deposit addresses are externally verified to make sure that they contain matching keys. If they do not, there is an immediate system shutdown.
In addition, the BitMEX trading platform is written in kdb+, a database and toolset popular amongst major banks in high frequency trading applications. The BitMEX engine appears to be faster and more reliable than some of its competitors, such as Poloniex and Bittrex.
They have email notifications, and PGP encryption is used for all communication.
The exchange hasn’t been hacked in the past.
How Secure is the platform?As previously mentioned, BitMEX is considered to be a safe exchange and incorporates a number of security protocols that are becoming standard among the sector’s leading exchanges. In addition to making use of Amazon Web Services’ cloud security, all the exchange’s systems can only be accessed after passing through multiple forms of authentication, and individual systems are only able to communicate with each other across approved and monitored channels.
Communication is also further secured as the exchange provides optional PGP encryption for all automated emails, and users can insert their PGP public key into the form inside their accounts.
Once set up, BitMEX will encrypt and sign all the automated emails sent by you or to your account by the [[email protected]](mailto:[email protected]) email address. Users can also initiate secure conversations with the support team by using the email address and public key on the Technical Contact, and the team have made their automated system’s PGP key available for verification in their Security Section.
The platform’s trading engine is written in kdb+, a database and toolset used by leading financial institutions in high-frequency trading applications, and the speed and reliability of the engine is also used to perform a full risk check after every order placement, trade, settlement, deposit, and withdrawal.
All accounts in the system must consistently sum to zero, and if this does not happen then trading on the platform is immediately halted for all users.
With regards to wallet security, BitMEX makes use of a multisignature deposit and withdrawal scheme, and all exchange addresses are multisignature by default with all storage being kept offline. Private keys are not stored on any cloud servers and deep cold storage is used for the majority of funds.
Furthermore, all deposit addresses sent by the BitMEX system are verified by an external service that works to ensure that they contain the keys controlled by the founders, and in the event that the public keys differ, the system is immediately shut down and trading halted. The exchange’s security practices also see that every withdrawal is audited by hand by a minimum of two employees before being sent out.
BitMEX Customer SupportThe trading platform has a 24/7 support on multiple channels, including email, ticket systems and social media. The typical response time from the customer support team is about one hour, and feedback on the customer support generally suggest that the customer service responses are helpful and are not restricted to automated responses.
The BitMEX also offers a knowledge base and FAQs which, although they are not necessarily always helpful, may assist and direct users towards the necessary channels to obtain assistance.
BitMEX also offers trading guides which can be accessed here
ConclusionThere would appear to be few complaints online about BitMEX, with most issues relating to technical matters or about the complexities of using the website. Older complaints also appeared to include issues relating to low liquidity, but this no longer appears to be an issue.
BitMEX is clearly not a platform that is not intended for the amateur investor. The interface is complex and therefore it can be very difficult for users to get used to the platform and to even navigate the website.
However, the platform does provide a wide range of tools and once users have experience of the platform they will appreciate the wide range of information that the platform provides.
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Prohibit financial institutions from the Central Bank of Bitcoin transaction services At 9:25 on March 27, 2014 Financial Industry observation
Caixin reporter Zhang Yuzhe Li Xiaoxiao \ text
Late last year to prevent the continuation of bitcoinRisk, Prevention of Money Laundering regulation No. 289 Wen ideas, China's central bank [microblogging] again stressed banks and third-party payment institutions may not serve Bitcoin transactions cleared in the current account deadline April 15. Central Bank spokesman told reporters confirmed the new fiscal policy trends.
Caixin reporter confirmed that the central bank branches to the central bank issued a report entitled "further strengthen risk prevention bitcoins work notice" (the "Notice") in mid-March, the document requires banks and third-party payment institution, shut down all trading accounts within the territory of more than a dozen Bitcoin platform. This means that financial institutions trading account opening Bitcoin website platform is not legitimate unless cash transactions, investors not to bitcoin bank transfer transactions in China, third-party payment, unprecedented intensity.
"Notice" requirement that all commercial banks and third-party payment agencies to close all accounts of these platforms, the deadline is April 15. Before this deadline, these accounts can still withdraw cash, but can not recharge. Overdue closed, the central bank will be punished. In addition, the central bank also asked the Association to continue to track the payment and settlement platform recharge means change, and timely notification to commercial banks.
After the central bank in March, "notice", all Bitcoin website company can open a bank account, while using personal accounts recharge once found will be banned. Also means that, after a grace period of April 15, bitcoin site to the customer no longer has legal access to cash.
The document also contains the name of a Bitcoin China (BTCChina), fire currency network, OKCoin currency transactions and other 15-bit platforms, including the list (see below). Awareness among China's three highest Bitcoin Bitcoin platform for China (BTCChina), OKCoin and fire currency net. Bitcoin China was founded in June 2011, was the first carrier in China's trading platform, is China's largest Bitcoin trading platform, trading volume is also the world's first.
Not long ago, the world's largest Bitcoin trading platform Mt.Gox therefore internal mismanagement and collapse of the world's three largest trading platform for bitcoins Bittamp, Bitfinex, btc-e.
( 6.2119 , 0.0025 , 0.04% )
Although this case has been tightening policy environment, disease Bitcoin prices rose again, to March 5, again to 4068. In mid-March after the central bank notice came down again, to March 27, each costing Bitcoin China price is 3561 yuan.
Bank exit deadline
March 24, a Beijing-based small Bitcoin Exchange Vircurex announced a freeze on all accounts. But March 36 date, the aforementioned list of two bodies, both to the new financial reporters that the central bank did not receive notification.
March 19, online news that "the central bank ban Bitcoin trading platform" message. March 21, fire Wright currency currency net price from 100 dollars all the way down to a dollar.
In this regard, the central bank released the same day official microblogging microblogging called "'4 before April 15 to stop all Bitcoin transactions' is untrue, the People's Bank [microblogging] Bitcoin has been the attitude of the People's Bank and other five ministries in the "About Prevention Notify Bitcoin risk "clearly expressed."
However, according to the new financial reporter confirmed that the central bank "notification" true. Just the wrong time news spread that the central bank is not prohibited Bitcoin trading platform, but prohibits banks account for the Bitcoin trading platform, payment, clearing and other services. Central Bank official microblogging day of suspected Oolong, because even within the central bank, then understand this "notice" the presence of people is very limited.
The industry believes that if "notification" message once open fire coins network "1 per incident" fear will again be staged, including bitcoin, Wright coins and other virtual currency will be subject to a significant impact on prices. Currently, China is the world's largest virtual currency market, to a certain extent about the virtual currency prices. To Bitcoin, for example, is currently China accounted for 60% of global bitcoin trading volume. In April 2013, this proportion was only 10%.
Insiders said that if the commercial banks and third-party payment agencies to close all accounts of these platforms is in effect in the territory of those platforms requires close. "In this case, the platform is only one way out, the platform is completely moved abroad to connect third-party payment and banking abroad, but China only provides for an annual equivalent of $ 50,000 convertible currency per person, so that, Those one million domestic large customers would not be able compliance traded. "insiders said.
Man modest 289
Industry insiders said the "notification" of the regulatory requirements had 289 text the same strain, but the text is more stringent than the 289. In the industry view, the text milder No. 289, and the "notice", "blocked Bitcoin existing recharge channels, completely cut off the funding chain Bitcoin transactions."
October 2013, Bitcoin trading platform GBL responsible with money running, involving the loss of more than 30 million yuan of funds. This is the first piece from the domestic platform bitcoins fraud outbreak is believed to directly promote the introduction of 289 packets. December 5, 2013, a line of three and the Ministry will jointly issued the relevant documents to prevent Bitcoin risk that 289 packets. 289 paper defines the nature of Bitcoin is a virtual goods, not the true meaning of money. Requires financial institutions and payment institutions shall not, directly or indirectly, to provide customers with bitcoin other related services. No. 289 Wen said bitcoin belonging to a particular virtual goods market because of its small capacity, with anonymity and without geographical restrictions, there may be a higher speculation, money laundering risk, there may be criminals use.
No. 289 issued after the text, contact Bitcoin transactions between third-party payment platform and is cut off. In China, for example bitcoin, you need to recharge the users on the platform through Taobao [microblogging] channels such as electricity providers looking for distributors to purchase the platform recharge code, then buy a few yards after the recharge to the trading platform A code number is equivalent to a dollar. Equivalent to the use of third-party payment from - transfer "user platform" to "user - recharge codes Agents - platform" to achieve. Taobao January 7 night announcement, announced moratorium from January 14 Bitcoin virtual currency Wright currency and other commodities such as Internet
But the banks are not constrained by the text of the 289 current users can still bank card cash withdrawal from the trading platform. In other words, the bank account for the Bitcoin website direct services for the company, to account for the indirect recharge code platform services.
No. 289 Wen did not scare venture interest in Bitcoin trading platform. Just after the document issued shortly Bitcoin trading platform OKCoin completed the ten million U.S. dollars level A round of financing, investment institutions, including Ceyuan, Man Figure capital, entrepreneurial workshops and so on. Fire is also underway ten million U.S. dollars net currency class A round of financing, has signed a letter of intent, the investor does not open, but industry speculation is Sequoia Capital.
Currently, there are a lot of bits online currency trading institutions, to accept bitcoin exchange and legal tender. China also appeared in a number of trading platforms, the number of participating Bitcoin transactions are increasing. But these trading trading platform is also being in a gray area unsupervised. Bitcoin trading platform currently has more than 10, the vast majority of sites regarded domain name server set up overseas, there is no record.
Insiders said before mid-2013, all domestic bitcoin platforms are not registered company, through a personal account transactions. After mid-2013, several large platforms have been registered company, business license content for the "Internet hardware and software development."
At present, Germany has clearly Bitcoin legalize the birth of Canada's first Bitcoin ATM machine; birth of the black market in order to avoid similar electronic cash economy, the IRS recently for the first time to determine the substance of bitcoin property for regulated stock rules and barter transactions.
Bitcoin in China is an increasingly popular investment products, from five ministries "289 text" to the central bank in March, "notice", the Chinese government's current measures, apparently to prevent Bitcoin transactions become huge foam. But the implementation of these provisions ultimately how the situation is still difficult to say. ■
PS: be required to terminate the existence of institutions with banks and third-party payment account transactions Bitcoin trading platform has the following 15:
Bitcoin China (BTCChina)
Fire currency net
Bitcoin trading network
Cattle currency net
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Note: Exchanges provide highly varying degrees of safety, security, privacy, and control over your funds and information. Perform your own due diligence and choose a wallet where you will keep your bitcoin before selecting an exchange. The Bitcoin Mercantile Exchange is one currently the largest Bitcoin trading platforms currently operating, with a daily trading volume of over $2,665,310,000 and over 540,000 accesses monthly and a trading history of over $34 billion worth of Bitcoin since its inception. Coinbase can be referred to as the best crypto trading platform as it is one of the largest bitcoin exchanging websites. It is trendy because of its liquidity and security. As a significant bitcoin broker, it also has features like wallet, API for developers to connect third-party apps, and trading. BTC China the world's largest Bitcoin trading platform. As trading in the virtual currency gains momentum, the Chinese Bitcoin trading platform claims to be the world's biggest, and is newly flush First, you open a forex trading account with a broker who accepts bitcoins (like AvaTrade, eToro or Liteforex). You then deposit 2 bitcoins from your digital wallet to the forex broker's digital wallet. Assuming the current bitcoin to U.S. dollar rate is 1 bitcoin = $500, your deposit of 2 bitcoins is equal to $1,000.
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