BitMEX is one of the crypto exchanges in the market, however, it is somewhat unusual than the rest due to its debatable reputation. Despite the fact that it has faced some allegations in the past, it does offer an impressive trading volume and even offers some remarkable features.
One of the topmost factors to know about this platform is that it is a peer-to-peer crypto trading platform and was founded by ex-bankers.
BitMEX stands for Bitcoin Mercantile Exchange and enables the users to buy and sell leveraged contracts in the flagship cryptocurrency. There are several other features that the exchange offers to the users, whether they are experienced or not.
Therefore, if you are interested in using the BitMEX exchange then here are some details you should know beforehand.
Team Behind BitMEX
Every major crypto exchange in the market has a team of experts working behind it. This crypto exchange also has a team of experts that comprises of people from different fields, such as:
- Economists
- Developers
- High-frequency traders
This diverse team of professionals is what makes the exchange capable of offering various types of contracts to the crypto traders who use it.
Trading with Leverage on the Exchange
This brief BitMEX review addresses one of the most important factors every potential user and especially crypto trader should know. This is that the exchange supports one of the most popular forms of trading, which is leverage trading. This type of trading is also called margin trading.
Trading with leverage means borrowing funds from the brokers, where the borrowed amount is called leverage. This leverage allows the traders to open bigger trading positions, which can either help them get some profits or experience huge financial losses, depending on which exchange is chosen by the traders and how well they are familiar with the concept.
BitMEX not only supports leverage trading but also offers one of the highest leverages, which is up to 100x. If you are interested in trading with leverage, you should know that the profits are never guaranteed and you should not dive into it without choosing a secure and suitable exchange.
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Different Contracts Supported
Apart from knowing about factors such as BitMEX liquidation and such, you should also be familiar with the different types of contracts supported by the exchange if you want to use it. Therefore, as a potential user of the BitMEX exchange you should know that it offers support to futures and swap contracts that are mentioned with some of their details below.
Downside Profit Contracts – if there is an underlying instrument and there is a possibility of its downside, this allows the buyers of the contract to be a part of the downside. This contract is only available for Bitcoin.
Perpetual Contracts – this contract is a derivative product and has no date of expiration or settlement like the traditional futures. These contracts supported by BitMEX copy a margin-based spot market and are only available for Bitcoin.
Traditional Futures or Contracts – this is also a derivative product that means it is an agreement to purchase or sell a currency, commodity or instrument at a specific price and time. This is not only available for Bitcoin but also for other altcoins.
Upside Profit Contracts – this is similar to the downside profit contracts, however, the only difference is that it allows buyers to be a part of a potential upside of an underlying instrument. This too is available for Bitcoin only.
Fee Charged by the Exchange
BitMEX fees is an essential aspect of the exchange, you should know about before you use it to buy or trade crypto. The fee structure of every exchange is important as not every platform offers a fair and transparent fee structure.
However, the BitMEX exchange has a simple and straightforward fee structure, which means that the fee is safe from any kind of hidden or additional charges.
As a user of the exchange you will also not be required to pay any fee for deposits or withdrawals. However, you will have to pay a minimum network fee based on the load on the network when you withdraw BTC.
Crypto Assets Supported
Apart from other features offered by BitMEX mentioned above, this crypto exchange also offers support to a number of digital assets. This is yet another major aspect you need to know about if you are interested in using the exchange.
This can give you a good idea of your available options. Here are the supported digital assets.
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Cardano (ADA)
- Dash (DASH)
- EOS Token (EOS)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Litecoin (LTC)
- Monero (XMR)
- Ripple Token (XRP)
- Tron (TRX)
- Zcash (ZEC)
Conclusion!
BitMEX is a well-known crypto trading platform, however, the reasons for its popularity may be divided. If you are interested in using this exchange then you need to know the details mentioned above.