What is BitMEX?
Bitmex is a leading crypto Exchange that allows traders to trade cryptocurrencies in both future and spot. The exchange was co-founded by three crypto enthusiasts including Ben Delo, Samuel Reed and current CEO Arthur Hayes, born in 1985 is an African American youngest crypto billionaire.
Where is BitMEX Located?
The International Business Companies Act, which was initially established in 1994 in the Republic of Seychelles, is what BitMEX has been registered under. Although, headquarter location of Exchange is not mentioned but its parent company HDR Global Trading Limited is operating from Republic of Seychelles which can be considered as a headquart of BitMex.
Who Owns BitMEX?
HDR Global Trading Limited is the company behind the ownership and management of BitMEX.
Who Created BitMEX?
Is BitMEX Exchange Available in the US?
From what we have gathered so far, it seems like BitMEX is not available to US-based investors. This shouldn’t come as a surprise since, earlier on, the exchange failed to implement the anti-money laundering measures required by the United States and welcomed US-based investors despite that.
BitMEX Customer Service
BitMEX provides its users with a help center filled with useful articles and videos that can simplify the onboarding process or make the workings of the platform easier to understand. Also, users can submit support tickets offered directly by the help center that can help them track the status of or receive updates on any issues brought forward.
It was only recently that BitMEX launched a live chat support system, enabling users to get in touch with a representative from customer support. According to some reviews, the response times of the BitMEX team tend to be a bit slow. Still, the support is a lot better than it was at one point.
Is BitMEX Legit?
As far as legitimacy is concerned, the exchange has been around long enough to prove that it is, in fact, a legitimate exchange, despite its history.
Is BitMEX Safe?
Concerning safety, however, things tend to look a bit different. This is because the exchange’s safety or trustworthiness might be affected by the recent controversy involving its founders.
Nouriel Roubini, who is a cryptocurrency critic, claimed in July 2019 that the exchange was involved in various illicit activities, such as trading against clients and allowing traders to be a bit too reckless with risk-taking. Following that, Bloomberg reported that the CFTC (Commodity Futures Trading Commission) had started to investigate BitMEX and discern whether the exchange had broken any rules by allowing US-based investors to engage with its trading services.
In October 2020, Gregory Dwyer, Delo, Reed, and Hayes had charges placed against them for conspiring to violate the United States Bank Secrecy Act, which arose from allegations claiming that the four individuals did not adopt any AML measures. As a result, during the years that followed, one by one, they pleaded guilty and paid hefty fines levied against them. All this can obviously dampen the reliability of a platform, which it did for BitMEX until they decided to actively change things by implementing a KYC process on their platform.
Still, despite its history, BitMEX does feature some proper security measures to ensure the safety of its users. Consequently, the exchange has adopted several protection layers, such as 2FA (two-factor authentication) and multi-signature withdrawals. Moreover, users’ assets and their private keys are stored entirely offline. So, if the system is, in fact, compromised, the exchange will not lose the assets through its web servers. Hence, despite its controversies, BitMEX is safe for users to store their funds on and trade on.
The how-tos of BitMEX
The following section will take you through the standard steps of how you can properly make use of what the exchange has to offer, including how to buy, deposit, and withdraw cryptocurrencies.
How to buy cryptocurrency on BitMEX?
Prior to buying cryptocurrencies on the exchange, you will obviously have to sign up on the exchange first, which this section will cover.
1. Signing up
Creating an account on BitMEX is not that difficult and will only require a few minutes of your time, unless you are from a country that has banned the platform, like the United States, for instance. This might necessitate the use of a VPN if you really want to trade on it, although that is not something BitMEX recommends.
Just go to its official website and select the “Register” option that you will find on the navigation bar’s top right side. You will then be redirected to a page where you can add your email address and password. Once you have done that, click on the “Register” button below, and a puzzle will show up that you will have to complete to confirm that you are human. Click on “Submit” once you are done with that.
A verification email will then be sent to the email address you just entered. Select “Confirm your email” to complete the initial registration process. After that, you will be redirected to the exchange’s login page, where you can enter your email address, password, and two-factor authentication token (if you have enabled it) to log in.
Now that you have created an account on the exchange, you will have to verify it, i.e., go through the KYC process, to start trading.
2. Completing KYC
The verification process on the exchange is straightforward and can be completed in a few steps. Simply log in, and the verification page will be immediately visible. Click on “Get Started” once you have checked the box that asks you to confirm that you are not a US-based investor. Just go through the steps outlined one by one, which will entail you providing photos of the relevant documents, your location, a selfie, or a video capturing your presence, a declaration highlighting your citizenship, and more, for instance.
3. Buying cryptocurrency
Buying cryptocurrency once you are done with signing up and verifying your account can be done either through your credit card or by depositing funds and trading on the platform. Also, the credit card option will only take a few minutes and is actually a third-party service provided by Onramper. So just click on the “Buy Crypto” option at the top, once you log in, to access this service.
How to deposit on BitMEX?
Before depositing your funds on the Exchange, keep in mind that Exchange has recently upgraded their deposit system and now support deposits of all listed cryptocurrencies including Solana, BNB, Ethereum, Bitcoin and more.
- To deposit your funds, simply click on your profile icon and then select the “My Account” option.
- On the menu bar, select “Deposit” and the cryptocurrency you want. Following that, you will be redirected to your own wallet, which will display the various balances in your account.
- Select the coin and click on “Deposit” once more, after which the deposit address will pop up.
- Copy this address and paste it in your external wallet’s withdrawal field to initiate a “transfer” and deposit your funds in your BitMEX account.
How to withdraw on BitMEX?
- To withdraw from the exchange, select “My Account” by clicking your profile icon. On the account settings page, select the withdrawal option, which is below the wallet section.
- Choose the cryptocurrency you want to withdraw, and a “new withdrawal” page will pop up, displaying three slots. The first slot on the page indicates the destination address that you wish to send your funds to; the second slot is allocated to the withdrawal amount; and the third slot shows the network fees.
- Add in the destination address and the withdrawal amount, then submit your request and wait for the process to complete.
What coins does BitMEX support?
Unfortunately, the cryptocurrency selection on BitMEX is by no means vast, as it only supports a total of 18 tokens.
Pros and Cons
- It offers a professional trading experience.
- Leverage can go up to 100x on Ethereum and Bitcoin.
- Bitcoin perpetuals have deep liquidity.
- The trading fees are low.
- Deposit, withdrawal, and overall cryptocurrency options are limited.
- Only crypto-to-crypto trading is supported.
- US-based investors cannot trade on this platform.
Review and basic information of BitMEX are as follows.
|Crypto Exchange Basics||BitMEX|
|Exchange Representative (Founder)||Arthur Hayes|
|Headquarters Location||Republic of Seychelles|
|BitMEX Launch Date||2014-04|
|Number of Tradable Crypto Pairs||90 Pairs|
|Weekly Visits||121,173 Users|
|Overall Rating||⭐ 3.4 / 5.0|
BitMEX Fee 2023
The fees charged to you for transactions at BitMEX are as follows.
|Maker/Taker Fees||BitMEX Transaction Fees|
|Spot Maker Fee||0.025%|
|Spot Taker Fee||0.075%|
|Derivatives Maker Fee||0.01%|
|Derivatives Taker Fee||0.05%|
BitMEX Trading Volume
Trading Volumes of BitMEX are as follows. (Based on CoinMarketCap 2023-09-28 14:41:11 data)
|Trading Volume Items||BitMEX Trading Volume|
|Daily Trading Volume (24h)||615,891,433,624 KRW|
|Weekly Trading Volume (7d)||4,389,506,916,841 KRW|
|Monthly Trading Volume (30d)||25,578,110,366,505 KRW|
|Daily Volume Change (24h)||122.14%|
|Weekly Volume Change (7d)||12.03%|
|Monthly Volume Change (30d)||62.61%|
Communicate with BitMEX
You can check exchange's messenger and SNS information in the table below.
Who founded BitMEX exchange?
BitMEX was founded in 2014 by Arthur Hayes.
Where is BitMEX located?
Currently, BitMEX's headquarters is known to be located in the Republic of Seychelles.
How many cryptocurrencies are tradable on BitMEX?
If you join BitMEX, you can trade a total of 90 crypto pairs.
How much is BitMEX trading fee?
BitMEX has a spot maker fee of 0.025% and a taker fee of 0.075%. On the other hand, the maker fee for futures trading is 0.01% and the taker fee is 0.05%. Please note that these fees are for regular users, and the higher your membership level within BitMEX, the lower the fees.
How much is BitMEX trading volume 24h?
BitMEX's trading volume 24h is 615,891,433,624 KRW. Furthermore, the daily trading volume is showing a 122.14% change from the previous day.
How much is BitMEX weekly trading volume?
BitMEX's weekly trading volume is 4,389,506,916,841 KRW, with a total of 121,173 users. Furthermore, BitMEX's weekly trading volume is showing a change of 12.03% from the previous week.
How much is BitMEX monthly trading volume?
The monthly trading volume of BitMEX is 25,578,110,366,505 KRW. Furthermore, this month's trading volume is showing a change of 62.61% compared to the previous month.