BitMEX review: choosing the best bitcoin derivatives exchange
Bitcoin, Bitcoin Exchanges, Exchange Reviews, Online Income

BitMEX review: choosing the best bitcoin derivatives exchange


BitMEX is a derivatives exchange that deals in bitcoins solely. It is part of the asset portfolio managed under a Seychelles-incorporated company named HDR Global Trading Limited.

The CEO of BitMEX, Arthur Hayes, holds a master’s degree from the prestigious Wharton Business School.

Previously, he’d been an employee at Citibank but was laid off, and he met Samuel Reed, a programmer, and together they started BitMEX.

In that sense, BitMEX was built by financial programmers that had solid experience with international banking.

Getting started

Before you can access the website, you’ll need to first sign up for an account. You’ll enter your name and email and click “sign up”. Check your inbox to verify your email address. Next, you’ll come into the navigation tabs.

Trade

This panel displays the instruments of trade, scalable leverage, and the buttons for both placing and canceling orders.

Account        

Displays your account info’ like balances, deposits and withdrawals, and general trade history.

Contracts

Displays all the info’ that pertains your future contracts.

References

This is the knowledge-base section where obscure trade concepts are made bare. You’ll familiarize yourself with terms like future contracts, swaps, and liquidation.

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API

Contains the information you would want to know about API connections.

What are future contracts?

These are the types of contracts entered into at present but whose delivery and payment will occur at a later time.

In bitcoin context, it is when a customer agrees to either buy or sell bitcoins at an agreed price, except the delivery and payment will be made at a specified time in the future.

Future contracts must be approached with care because, while there’s potential to earn a large profit, also there’s the risk of losing it big.

BitMEX trading services  

  • Market order
  • Stop order
  • Iceberg orders
  • Close on trigger order
  • Limit order
  • Take profit order
  • Hidden order
  • Post only order

User experience

While its web portal may have a fast loading time, the website design can overwhelm new users a little. Basically, its design makes navigation a little hard.

Security     

BitMEX boasts first-rate system security, and that’s probably why it has never been hacked into, unlike other companies like Poloniex and Coinbase.

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Its servers have “guards” that block malicious entities from connecting with the network.

Customer accounts have multi-sig feature

The platform has the two-factor authentication system

It also features a risk analysis system

PGP encryption triggered in all communication

Greatest advantage

Allows trading with a high amount of leverage. For instance, a customer could buy 100 bitcoins of contracts with only one bitcoin to back it.

Greatest disadvantage

Web portal is a little hard to move around for the newbie

Conclusion

BitMEX is a decent bitcoin exchange with a lot going. It was founded by FinTech experts who understand that digital currencies are already a “big thing”. It helps that the exchange has high liquidity too.

More reviews

1. BestBitcoinExchange

2. CryptoCoinZone

3. BitcoinCurrent

Visit BitMEX

 


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