Key Takeaways
- BitMEX is a well-established cryptocurrency derivatives trading platform with a strong track record in the industry.
- Prioritizes security with advanced measures and a clean security record.
- BitMEX has competitive fees and provides reasonable trading fees and low withdrawal costs.
What is BitMEX?
BitMEX is a well-established cryptocurrency derivatives trading platform with a strong track record in the industry. It was founded in 2014 and offers advanced tools, security, and transparent fees. Beyond derivatives, the platform is expanding its offerings to include spot trading, brokerage services, custody solutions, and educational resources.
With its focus on security, low latency, and high liquidity, BitMEX suits experienced traders seeking a comprehensive and reliable platform for trading Bitcoin, Ethereum, and Litecoin derivatives.
Pros
- High Liquidity: Easily buy and sell large amounts of cryptocurrencies.
- Leveraged Trading: Utilize high leverage for increased returns (and potential risks).
- Diverse Asset Selection: Trade a wide range of popular altcoins.
Cons
- Restricted Jurisdictions: US persons and residents of certain countries may not be allowed to use the platform.
BitMEX Faces Legal Consequences for BSA Violations
Cryptocurrency exchange BitMEX has admitted to violating the Bank Secrecy Act (BSA) for failing to implement adequate anti-money laundering (AML) and know-your-customer (KYC) procedures from 2015 to 2020. This plea comes after similar charges were brought against four BitMEX executives in 2020.
BitMEX’s lack of AML/KYC measures allowed the platform to be used for money laundering and sanctions violations. The company and its executives also made false statements to a bank to obtain a bank account.
The U.S. Department of Justice (DOJ) has charged BitMEX and its executives with violating the BSA. The exchange has already paid substantial fines and penalties related to these charges. BitMEX has stated that the guilty plea will not impact its business operations and remains committed to providing a safe and secure trading platform.
Creating a BitMEX Account
- Visit the BitMEX Website: Go to the BitMEX homepage and click “Register.”
- Provide Your Information: Enter your email address, create a strong password, and complete the identity verification process.
- Start Trading: You can access BitMEX’s trading features and products once verified.
Note: The registration process is the same for desktop and mobile users.
BitMEX Mobile
Enjoy the flexibility of trading perpetual and futures contracts on the go with the BitMEX Mobile app. Benefit from the same high-security standards you expect from the BitMEX platform, ensuring your trades are protected even when you’re on the move.
What Are BitMEX Features?
BitMEX is a well-established cryptocurrency exchange specializing in derivatives trading. It offers a range of advanced features and tools for experienced traders.
APIs
BitMEX has invested effort into developing its Application Programming Interfaces (APIs). Their open and comprehensive APIs allow developers to build custom applications on the BitMEX platform.
Perpetual Swap
BitMEX pioneered the XBTUSD perpetual swap in 2016, a contract that has become one of the most popular in the crypto market. Unlike traditional futures contracts, perpetual swaps have no expiration date, mimic a spot market, and require lower margin requirements, allowing for higher leverage.
Spot Exchange
BitMEX has announced plans to launch BitMEX Spot, a full-service spot trading platform. This will allow users to directly buy and sell crypto assets, expanding the platform’s offerings beyond derivatives. With its user-friendly interface and focus on security, BitMEX Spot is a promising addition for traders seeking a comprehensive cryptocurrency exchange.
Multilingual Customer Support
BitMEX offers customer support in multiple languages, including English, Chinese, Russian, and Turkish. You can contact their support team through the in-app portal. Additional languages may be added in the future.
Unique Features of BitMEX
BitMEX offers several distinctive features that set it apart from other cryptocurrency exchanges.
- Crypto Converter: Easily convert Bitcoin and Ethereum to Tether (and vice versa) with zero fees.
- BitMEX Earn: Earn interest on your Bitcoin or Tether holdings through various high-yield products.
- BMEX Token: Enjoy trading rebates at better rates.
- Security: Benefit from advanced security measures, including multi-signature authentication and risk checks.
These features, combined with BitMEX’s user-friendly interface and advanced trading tools, make it a choice for cryptocurrency traders.
Regulatory Compliance
HDR Global Trading Limited operates BitMEX, registered in Seychelles (company number 148707). Due to regulatory restrictions, BitMEX is unavailable to US persons or residents of certain countries. For more information, please refer to the list of restricted jurisdictions.
Reliability and Security
BitMEX has a strong reputation for security and has never experienced a successful hack or data breach. In 2021, BitMEX achieved ISO/IEC 27001 certification, demonstrating its commitment to security measures. This certification thoroughly assesses the platform’s IT systems, security controls, and risk management processes.
User Experience
BitMEX is a well-regarded cryptocurrency exchange that offers advanced trading features and tools. While it’s popular among experienced traders, beginners might find navigating the platform complex. The exchange has received mixed reviews, with some users praising its advanced features and customer support while others expressing concerns about its complexity. Overall, BitMEX is a suitable choice for experienced traders who value advanced trading capabilities and are willing to invest time in learning the platform.
Customer Support
BitMEX offers customer support to help users troubleshoot issues and get answers to their questions. You can contact their support team through email or live chat 24/7. The knowledgeable and experienced support agents are dedicated to providing prompt and helpful solutions. Additionally, BitMEX’s FAQ section covers a wide range of topics, allowing you to find answers to common questions independently.
Final Thoughts
BitMEX is a well-suited platform for experienced traders seeking advanced features and security. However, beginners might find the platform complex and challenging to navigate. The exchange offers high liquidity, leverage, and a wide range of products.
Before deciding to trade on BitMEX, conduct thorough research to ensure it aligns with your trading goals and experience level. Remember that BitMEX is unavailable to users from certain countries, including the US.
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