What is BitMEX?
BitMEX is a Bitcoin exchange and other cryptocurrencies are derivatives of Bitcoin with leverage up to x100 times. Founded in 2014 in Hong Kong, Bitcoin Mercantile Exchange – or BitMEX is the exchange owned by HDR Global Trading Limited.
Transaction fees on BitMEX
BitMEX does not charge a fee whenever you deposit or withdraw Bitcoin.
For traditional futures contracts, transaction fees are calculated according to the following fee schedule:
Explain:
- Maker Fee: The fee of the order maker
- Taker Fee: Fee of an order matcher
- Settlement Fee: This fee is only charged when the contract is made.
When you deal with a perpetual contract, this fee is zero.
In the table above you can also see that the Settlement Fee of Bitcoin (XBT) is 0.05%, other coins have this fee equal to 0.
Features of BitMEX
On BitMEX you can only deposit or withdraw Bitcoin. After depositing BTC into the wallet on BitMEX, the amount of BTC will be put into a cold wallet to ensure safety.
Your BTC amount will be exchanged for XBT (you can consider this as your BTC value on BitMEX). From there you use it to buy other Altcoins (essentially derivatives of these altcoins) and conduct transactions on the exchange.
This means you do not need to actually own coins to trade them. You can learn more about the difference of BitMEX with other exchanges here.
The coins are different from Bitcoin in that they are all derivatives of Bitcoin. So the fact that you are trading on BitMEX with these coins is actually you are trading based on the increase or decrease of that coin. This makes BitMEX different from other big exchanges like KuCoin, Binance, Huobi ..
Allow users to trade margin (margin trading) with leverage up to x100. This leverage is only applied when trading with BTC (also known as XBT). This means that even if you trade other Altcoins than BTC, your profit / loss will be calculated in BTC.
Prices on BitMEX are aggregated from 2 UK BitStamp and US GDAX platforms at the rate of 50-50%. In the future, this rate may change. Of course, they will officially announce when there is a change.
BitMEX’s opponents are Deribit, OKCoin, CrytoFacilities ..
Advantages
- Large trading volume (is the “cryptocurrency” exchange with the largest volume in the market currently). You can easily liquidate your assets.
- Large leverage up to x100 times. Outperform other competitors like OKCoin x20 times, Bitfinex x3.33 times.
- Low transaction fee of only 0-0.25%
- High security: When you deposit Bitcoin into BitMEX, BTC will be stored in cold wallets, isolated from the Internet environment to help ensure your assets.
- Deposit / Withdraw: you can deposit Bitcoin 24/7, but when withdrawing BitMEX, there is a manual way (2 employees verify the transaction – confirm this information).
Disadvantages
- BitMEX is primarily for professional traders, so new players will find it quite difficult to use.
- There is no USDT support, so players do not have a safe place to stay when the market is stormy.
- No App on mobile, a bit inconvenient for traders to move a lot.
Instructions for registering
First, you access the link: https://www.bitmex.com/register
You fill in the above table, check the box “I accept the Terms of Service”. Then, Click the Register box. BitMEX will send a confirmation to the registered email address.
Now, you just need to go to that email, Click the “Verify my Email” button and you’re done. So you have successfully created an account on the exchange.
Verify account
BitMEX does not require account verification by sending a photo of Passport or CMT. You can deposit Bitcoin into your wallet and exchange at the same time.
Conclude
BitMEX is a professional trading platform for Bitcoin and derivatives, suitable for experienced Traders. With the largest trading volume today and high liquidity, there is a potential exchange that novice traders should consider.
Hopefully, with the previous instructions, you have been able to create an account and conduct steps to deposit / withdraw BTC on BitMEX.
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