BitMEX Review 2023
By:C, FionaBitMEX Review: Our rating for Binance exchange is 3/5.
BitMEX is a market-leading crypto derivatives exchange that enables investors to trade futures and perpetuals on a range of cryptocurrencies. The exchange’s lack of regulatory compliance and its founders’ criminal charges in the U.S., however, may deter potential users.
What is BitMEX?
BitMEX, which stands for Bitcoin Mercantile Exchange, was launched in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed to provide a professional-grade Bitcoin derivatives trading platform.
Operated by HDR Global Trading Limited out of Seychelles, BitMEX quickly established itself as the preferred leveraged trading platform for Bitcoin traders.
In 2016, BitMEX created and launched perpetual leveraged swap contracts on Bitcoin to allow traders to trade Bitcoin futures with up to 100x leverage and no expiry date. The innovative new crypto derivative helped BitMEX become of the highest volume Bitcoin exchanges in the world.
Despite the trading platform’s sophisticated user experience and product offering, BitMEX has not been without controversy.
BitMEX has been subject to numerous lawsuits by former customers, alleging that BitMEX has engaged in market manipulation, money laundering, trading against its customers, and breaking international compliance laws. In 2020, the Commodity Futures Trading Commission (CFTC) also charged BitMEX for illegally operating a virtual currency exchange and breaking anti-money laundering laws while conducting business out of the U.S. and allowing U.S. customers to trade on the platform.
Today, BitMEX is trying to shake off its bad reputation and aims to become the world’s largest regulated crypto derivatives exchange. In 2020, BitMEX introduced identity verification for all users, marking the first step in the exchange’s new direction.
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BitMEX Summary
| Official Website | https://www.bitmex.com/ |
| Headquarters | Hong Kong |
| Found in | 2014 |
| Native Token | None |
| Listed Cryptocurrency | BTC, ETH, LTC, XRP, BCH, LINK, TRX, ADA |
| Trading Pairs | 15+ |
| Supported Fiat Currencies | No |
| Supported Countries | Worldwide, except US |
| Minimum Deposit | Depends on the Initial Margin of products |
| Deposit Fees | Free |
| Transaction Fees | Depends on the products |
| Withdrawal Fees | Free, but do take network fee |
| Application | Yes |
| Customer Support | FAQ, Knowledge Base, & Submit form support |
BitMEX Review – Pros & Cons
Pros
- Professional derivatives trading platform
- Up to 100x leverage on Bitcoin and Ethereum
- Deep liquidity for Bitcoin perpetuals
- Low trading fees
Cons
- Only crypto-to-crypto trading
- Lack of regulatory compliance
- Not available to U.S. customers
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Cryptocurrency Selection on BitMEX
The crypto derivatives exchange supports 18 digital currencies and tokens, including but not limited to:
- Bitcoin (XBT)
- Ethereum (ETH)
- Dogecoin (DOGE)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Binance Coin (BNB)
- Cardano (ADA)
- Polkadot (DOT)
- Solana (SOL)
- Shiba Inu (SHIB)
- Avalanche (AVAX)
BitMEX Review – Trading Experience
BitMEX is known for offering an institutional-grade trading platform for experienced users.
While beginners may struggle with the platform’s professional setup, seasoned traders will likely find all the features they need to execute a wide array of crypto derivatives trading strategies.
The trading platform’s standout features include:
- The ability to trade bitcoin with 100x leverage
- Low latency market data and trade execution
- State-of-the-art crypto trading and pricing APIs
- The option to place idle funds into BitMEX Earn to receive up to 10% APR
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BitMEX Fees
BitMEX offers some of the lowest fees in the crypto exchange landscape. Price takers pay only 0.05% commission, while price-makers receive a 0.01% rebate on each trade.
High-volume traders receive discounted price taker fees as outlined in the table below. Discounted fees are based on a user’s 30-day Average Daily Volume (ADV).
| Tier | 30-Day ADV (USD) | Taker Fee |
| 0 | <5,000,000 | 0.050% |
| B | ≥5,000,000 | 0.040% |
| M | ≥10,000,000 | 0.035% |
| E | ≥25,000,000 | 0.030% |
| X | ≥50,000,000 | 0.025% |
BitMEX doesn’t charge deposit fees or withdrawal fees for Bitcoin. Only Bitcoin network fees apply for withdrawals.
Tether USD deposits are also free of charge. However, BitMEX does charge withdrawal fees for USDT, which vary depending on Ethereum network fees.
BitMEX Review: Is BitMEX Safe?
BitMEX operates multi-signature wallets, holds all funds in cold storage, and at least two employees audit all withdrawals.
Additionally, BitMEX deploys a multi-party computation (MPC) system that lets two or more parties complete a function on encrypted data without any information leaving the encrypted domain, except for the desired outcome. BitMEX claims that the MPC prevents an attacker from stealing funds even if all of BitMEX’s systems are compromised.
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BitMEX Review: How BitMEX Compares to Other Crypto Exchanges
BitMEX pioneered Bitcoin’s perpetual futures contracts, establishing itself early as one of the leading Bitcoin derivatives trading platforms in the crypto market. However, the exchange’s initial lack of KYC procedures and the ability to take highly leveraged positions gave BitMEX a reputation as more of a casino than an exchange.
While the Seychelles-based company has been trying to clean up its image in recent years, introducing an identity verification process in 2020 and parting ways with its founders who are facing criminal charges, other crypto exchanges have been able to grab a large share of the crypto derivatives pie.
BitMEX’s main competitors include Binance, ByBit, FTX, and Huobi Global. Each of these platforms offers similar tools and features to BitMEX, and it may be worth considering if you’re interested in trading crypto.
Alternatives to Consider
If you want to diversify your investments to include stocks and crypto: BTCC has a decent selection of cryptocurrencies as well as stocks and commodities.
Founded in 2011, BTCC is one of the world’s longest-running exchanges with over 11 years of stable and secure operating history focused on the Bitcoin and Ethereum trading. BTCC offers trading service in US, Canada, and many other countries in Europe.
Sometimes, users feel more comfortable working with an exchange if they know that the exchange has a footprint in the industry. BTCC has over 1 million registered users, and it has a trade volume (24H) of $9.80 billion.
Here are some key reasons why BTCC is also a good choice for you:
Safe & Secure
BTCC places strong emphasis on security, offering multiple strict measures to ensure the safety of user assets, with no reported hacks or security breaches to date.
High Liquidity & Volume
One of the largest crypto futures exchange by volume and open interest, dominating the derivatives sector with huge market share.
High Leverage for Crypto Futures Trading
BTCC offers a wide range of popular trading pairs such as BTC/USDT, ETH/USDT, ADA/USDT with high leverage up to 100x.
User-Friendly
Simple user-friendly interface and intuitive trading platform, ideal for both beginners and advanced users. It also offers a range of educational resources and market updates to help users expand their understanding of the crypto and trade more easily.
One-Stop Trading Platform
Apart from large crypto selection, BTCC also supports tokenized futures, allowing users to trade stocks and commodities futures with USDT. With the integration of spot and futures markets, BTCC offers a complete ecosystem to fully utilize crypto/stock/commodity assets and manage portfolio risks.
If you want a U.S. based full-service crypto exchange: Headquartered in the U.S., Gemini is easy to use and offers a good range of cryptocurrencies, trading features, staking, and rewards.
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BitMEX Review: Final Verdict
In the early days of crypto, BitMEX established itself as the go-to Bitcoin derivatives trading platform for professional investors. This exchange made a name for itself by allowing traders to take 100x leveraged positions on bitcoin and providing a highly professional crypto-to-crypto trading experience.
However, it has made more headlines in recent years due to a lack of regulatory compliance and its founders facing criminal charges in the U.S. for violating the Bank Secrecy Act. Regardless, BitMEX has managed to retain a leading position as a crypto derivatives exchange and an institutional-grade trading dashboard.
Inexperienced investors should probably steer clear of BitMEX, as its complex trading dashboard and advanced financial products can be overwhelming for new cryptocurrency buyers.
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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.
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