The boom of cryptocurrencies led to the creation of exchanges to facilitate cryptocurrency trading.
While there are hundreds of exchanges worldwide, Pakistani traders, however, can’t access all of them.
BitMEX is another popular professional cryptocurrency exchange that offers special derivative trading services.
But is the exchange available for Pakistani users?
Let’s find out!
What is BitMEX?
BitMEX is a leading cryptocurrency exchange that allows Pakistani traders to purchase and sell perpetuals and futures, albeit with a limited variety of cryptocurrencies, something that experienced traders will easily welcome and appreciate. Unfortunately, its regulatory compliance overall does seem to be lacking, especially in light of the criminal charges put against its founders within the US. This might, unsurprisingly, deter potential users.
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. So, naturally, its headquarters are based in Seychelles.
Who created BitMEX?
BitMEX was initially released in 2014 by the combined efforts of Samuel Reed, Arthur Hayes, and Ben Delo, with a bit of financing from some of their friends and family.
Who owns BitMEX?
HDR Global Trading Limited is the company behind the ownership and management of BitMEX.
Does BitMEX have a native token?
Yes, it does have a native token known as BMEX, which launched in late 2022. So, it is fairly new, with a current price of around $0.70.
Is BitMEX exchange available in Pakistan?
From what we have gathered so far, it seems like BitMEX services might not be available for Pakistani investors. It’s surprising because even though Pakistan isn’t a prohibited location as per BitMEX website, Pakistanis can’t purchase crypto on BitMEX because Onramper, the third-party payment provider, doesn’t support PKR.
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 troublesome compliance history in the US.
Is BitMEX safe for Pakistanis?
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.
BitMEX Pros & 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.
- Pakistani investors can face difficulty in trading on BITMex since it doesn’t provide deposit/withdrawal options for said users.
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 can Pakistanis 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.
Creating an account on BitMEX is not that difficult and will only require a few minutes of your time.
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.
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.
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. However, Onramper doesn’t support PKR currency. Therefore, you might have to connect your wallet and trade using your existing cryptocurrency holdings.
How to deposit on BitMEX
Before depositing on the exchange, it should be noted that only three kinds of deposit methods are available, which are Tether, Ethereum, and Bitcoin (XBT.)
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 into 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.
BitMEX customer service
BitMEX provides its customers with a help centre filled with useful articles and videos that can simplify the onboarding process or make the processes of the platform easier to understand. Also, users can submit support tickets offered directly by the help centre 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.
Although a proper phone support line allocated to the task would be nice, what is already offered through live chat support and the ticketing system should suffice for most individuals.
Review and basic information of BitMEX are as follows.
|Crypto Exchange Basics||BitMEX|
|Exchange Representative (Founder)||Arthur Hayes|
|BitMEX Launch Date||2014-04|
|Number of Tradable Crypto Pairs||40 Pairs|
|Weekly Visits||301,367 Users|
|Overall Rating||⭐ 3.7 / 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 2023-03-29 14:41:11 data)
|Trading Volume Items||BitMEX Trading Volume|
|Daily Trading Volume (24h)||687,367,075,062 KRW|
|Weekly Trading Volume (7d)||5,076,643,583,444 KRW|
|Monthly Trading Volume (30d)||20,731,801,486,321 KRW|
|Daily Volume Change (24h)||-8.70%|
|Weekly Volume Change (7d)||-6.47%|
|Monthly Volume Change (30d)||56.29%|
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 Seychelles.
How many cryptocurrencies are tradable on BitMEX?
If you join BitMEX, you can trade a total of 40 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 687,367,075,062 KRW. Furthermore, the daily trading volume is showing a -8.70% change from the previous day.
How much is BitMEX weekly trading volume?
BitMEX's weekly trading volume is 5,076,643,583,444 KRW, with a total of 301,367 users. Furthermore, BitMEX's weekly trading volume is showing a change of -6.47% from the previous week.
How much is BitMEX monthly trading volume?
The monthly trading volume of BitMEX is 20,731,801,486,321 KRW. Furthermore, this month's trading volume is showing a change of 56.29% compared to the previous month.