If you’re an experienced trader, chances are that you must have heard about BitMEX — a crypto exchange stacked with professional trader tools. One of the most noteworthy features of the exchange is that it offers 100x leverage trading. Yes that’s right!
Oh and if you’re a beginner trader, don’t worry if you find trading on BitMEX a bit intimidating at first, because once you get the hang of it, it’s actually pretty straightforward.
Let’s begin with a general overview of the steps involved in trading on BitMEX:
How to Trade on BitMEX (in 5 Quick and Easy Steps)
Step 1. Register on BitMEX
First you need to create an account on their website. It’s easy; you just need to provide some information, such as your name, email address, and set up a password.
Register with a special Coin Labs referral code by clicking the link below:
Step 2. Complete KYC
If you want to use BitMEX for trading, you may need to provide some personal information through a process called KYC, or ‘Know Your Customer.’ This is to make sure that everyone using the exchange is legit and not trying to do something sketchy.
Step 3. Add funds
To start trading on BitMEX, you’ll need to add some funds to your account. Here’s how you can do it:
- Log in to your BitMEX account.
- Click on the ‘Account’ tab.
- Then select ‘Deposit’ from the drop-down menu.
- Choose the cryptocurrency you want to deposit and copy the unique deposit address. BitMEX provides you with.
- Go to your external wallet or exchange where you hold the cryptocurrency and send the amount you want to deposit to the BitMEX deposit address.
- Once the transaction is confirmed by the network, the funds should appear in your BitMEX account.
Step 4. Buy crypto
Once you’ve successfully deposited funds into your BitMEX account, you can start buying cryptocurrencies. Once logged in, click on the ‘Trade’ tab located on the top left corner of the screen. From there, choose the cryptocurrency that you want to buy by clicking on its corresponding tab (such as BTC for Bitcoin or ETH Ethereum).
Next, decide on the type of order you want to place. BitMEX supports two types of orders. First is the limit order, for which you need to set the price at what you want to buy the cryptocurrency. If you choose the second type, being the market order, the purchase will be made at the current market price.
After selecting the order type, enter the amount of cryptocurrency you want to buy. Make sure to review the details of your order and double-check that everything looks correct. Then click the ‘Buy’ button to submit your order. And that’s it! You have successfully bought crypto on BitMEX.
Fiat currency
To buy cryptocurrency on BitMEX using fiat currency, you will need to first fund your account with a supported currency, as stated earlier. Once you have successfully deposited, follow the same steps above, except that this time, choose the fiat currency that you deposited before clicking on the ‘Buy Crypto’ button.
Debit/credit card
If you want to buy crypto with a debit or credit card, you may need to use a third-party service to purchase crypto with your card, and then transfer the crypto to your BitMEX account. Buy Crypto is a service that you can use through a third-party provider, Onramper. However, BitMEX accepts no liability for any services provided by third parties.
P2P
BitMEX encourages peer-to-peer (P2P) trading. It enables you to buy and sell cryptocurrencies directly with other individuals without going through a centralized exchange or using a third-party service, to work around P2P restrictions. This can be helpful if you want to have more control over your trades and avoid the fees and regulations of a centralized exchange.
Just go to the Buy Crypto page and browse through the list of offers to buy. Review the terms of the offer and any fees charged by the seller. Enter the amount of crypto that you want to buy and follow the instructions of the seller to complete your purchase.
Step 5. Start trading
Now that you have purchased your crypto on BitMEX, you can start trading by clicking on the ‘Trade’ button on its homepage.
FAQs
How to sign up for BitMEX?
Use the Coin Labs referral code link listed above. This will take you to a registration page. Enter your email address and create a strong password. Review and accept the terms of service and privacy policy. Click on the ‘Register’ button to submit your information. Verify your registration through an email that will be sent to your inbox.
What are BitMEX fees?
BitMEX charges fees for trading all of its products, and these fees are based on a standard fee structure that can be found here: BitMEX | Fees. If you trade frequently, you can get discounts on the fees you pay. The amount of discount you get depends on your 30-day trading volume, how much BMEX you own, and whether you’re part of the VIP program. The discounts can be combined, but there are limits to how low the fees can go and how high the rebates can get (0.0175% and 0.0125% respectively).
How to deposit in BitMEX?
To deposit funds on BitMEX, you need to log in to your account and click on the ‘Account’ tab. From there, you can click on the ‘Deposit’ link, which will provide you with the addresses to which you can deposit your desired cryptocurrency. After you have sent your deposit, it will need to be confirmed by the cryptocurrency network before it can be credited to your account on BitMEX. Once the required network confirmation is received, your account will be credited with the deposited funds.