What is BitMEX and how does it work?

What is Bitmex? Bitmex is a cryptocurrency exchange that was launched in 2014 and it offers different financial products. Among these products we find cryptocurrency margin trading for Bitcoin, Ethereum and Litecoin up to 100x in the case of Bitcoin.

Is BitMEX hacked?

As of today, Bitmex has never been hacked. Many other important cryptocurrency exchanges have been hacked several times before. For example, MtGox is the most famous case. It was the biggest cryptocurrency exchange at the moment and when it got hacked Bitcoin price suffered from a crash and a long period of stagnation.

Is BitMEX a double-edged sword?

In the case of Bitmex, it offers 100x leverage on some of its products. That means that the investor can buy 100 times more contracts than what he is able to pay for. But many experts call this trading method a ‘double-edged sword’, and we will explain why.

What is a bot and how does it work?

A bot is a software application that is programmed to do certain tasks. Bots are automated, which means they run according to their instructions without a human user needing to start them up. Bots often imitate or replace a human user's behavior. Typically they do repetitive tasks, and they can do them much faster than human users could.