BitMEX.com – Scam or Not?
BitMEX is a trading platform owned by HDR Global Trading Limited. HDR was founded in 2014 by three experts in the market –
- Arthur Hayes, which serves as a CEO
- Samuel Reed, which serves as a CTO
- Ben Delo, which serves as a COO
The CEO of the company, Arthur Hayes, graduated from Wharton Business School in 2008 and moved to Hong Kong to work in both Deutsche Bank and Citi. But he left the big banking business in mid-2013 to devote his time and energy into what he thinks will be the future of finance – Bitcoin.
The company is based in Hong Kong, China. They focus on the International market.
Verification on BitMEX
The verification process is simple, and it consists only of verifying email address. There are no limits for trading after the simple and short verification.
The supported FIAT currencies are:
- US Dollar (USD)
- Japanese Yen (JPY)
- Chinese Yuan (CNY)
The situation with digital currencies is a bit better. The exchange supports these cryptocurrencies:
- Bitcoin (XBT)
- Zcash (Zec)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Monero (XMR)
- Ripple (XRP)
- Augur (REP)
- Litecoin (LTC)
- Factom (FCT)
BitMEX has a detailed fee schedule for all services they provide. It’s simple – the fees for traditional futures trading are placed below.
For Zcash (ZEC):
- Maker fee – 0 percent
- Taker fee – 0.25 percent
- Settlement fee – 0.25 percent
For all other coins:
- Maker fee – 0.025 percent REBATE
- Taker fee – 0.075 percent
- Settlement fee – 0.050 percent
When it comes to the leverage, the situation is a bit different:
- 5x – Zcash (ZEC)
- 10x – Augur (REP)
- 20x – Ethereum Classic (ETC), Factom (FCT), Ripple (XRP)
- 25x – Monero (XMR)
- 33.33x – Ethereum (ETH), Litecoin (LTC)
- 100x – Bitcoin (XBT), Bitcoin / Yen (XBJ), Bitcoin / Yuan (XBC)
Bitcoin Swaps offer leverage 100x with taker fee of 0.075 percent and a maker rebate of 0.025 percent. The long funding fee is 0.0245 percent, while short funding brings a rebate 0.0245 percent. The funding interval is every 8 hours.
In the case of perpetual Swaps, such as XBTUSD, funding is exchanged between longs and shorts over discrete Funding Intervals.
The exchange doesn’t charge any fees for deposits or withdrawals. The only cost users have to pay are those of the banks or digital currency network.
There’s one more fee – for hidden / Iceberg orders. A hidden order pays the taker fee or 0.075 percent until the entire hidden quantity is completely executed. Then, the order will become normal, and the user will receive the maker rebate for the non-hidden amount.
BitMEX.com Trading Analysis
BitMEX is one of the exchanges with the widest spectrum of trading services offered in the world. There are many order types:
- Market order
- Limit order
- Stop order
- Take Profit order
- Iceberg orders
- Hidden orders
- Close On Trigger Orders
- Post Only orders
More info about the orders can be found here.
The exchange offers margin trading in all of the digital currencies displayed on the website. It also offers to trade with futures and derivates – swaps.
Ease of Use
The interface looks good, but it’s too complicated for newbies. Only experienced users will manage to find their way around the website.
The website is relatively fast and responsive, so it looks good on mobile platforms. There’s an Android app, but it’s not official. There’s no iOS app available at the moment.
The trading platform has a 24/7 support on multiple channels. They offer a knowledge base which isn’t really great, but there are many ways to get help.
There are three live channels, email, ticket system and the support even responds to social media messages. Typical response time is within one hour, which is great. The support is polite and is ready to go deep in order to resolve the problem. Users can see all available support types here.
On the other hand, their FAQ page is incomplete, and many questions are answered rather poorly.
There are not many complaints about the BitMEX online, and the issues are usually of technical nature. People are mainly complaining about the complex website. Some older complaints are related to low liquidity, but that goes to the time when the exchange was new on the market.
The most important thing is that there are no scam reports.
The exchange has a top of the line security. They use miltisig deposit and withdrawal scheme which can be accessed only by BitMEX partners.
Amazon Web Services’ security is used to protect the servers with SMS and two-factor authentication, as well as hardware tokens. BitMEX also has a system for risk checks, which requires that the sum of all account holdings on the website must be zero. If it’s not, all trading is immediately halted.
They have email notifications, and PGP encryption is used for all communication.
The exchange hasn’t been hacked in the past.
Bitmex Review Conclusion
This is a reliable exchange for all those looking to make some advanced trading. Not the best fit for beginners.
- Available futures and derivates trading
- High leverage
- Many advanced features
- Good liquidity
- Not for beginners
- Complicated interface
A safe heaven for expert traders.
Do you have good or bad experiences with this Bitcoin Exchange? Please share them!