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BitMEX Review 2019 – Risks You Need to Know About

Read our long form review here:

BitMEX is a futures exchange that lets traders enter BTC contracts with leverage all the way up to 100x. It was started in 2013 and has generated a reputation for itself given the lethal efficiency with which it takes out trades (liquidation engine).

BitMEX allows for anonymous user accounts which means that you do not have to complete KYC if you want to trade there. However, they do block US based IP addresses.

Looking at security, BitMEX has not suffered any hacks or breaches and they operate a cold storage protocol as well as multisig key management. If you are concerned about security and privacy then you can always use their PGP encryption.

BitMEX also operates their insurance fund which will is a reserve fund in case they do not have the funds to back up clients who are winning. This fund is replenished with the liquidation fees that BitMEX charges with their engine.

BitMEX operates a maker taker fee model where you will earn a rebate for adding liquidity. For most coins, the rebate is 0.075% and the taker fee is 0.025%. There is also a 0.05% settlement fee on all contracts.

Leverage on the exchange will go all the way up to 100x but this is really risky and beginner traders should consider starting with lower leverage limits.

The web-based trading platform is quite advanced and has most of the features that any serious trader could want. There is also a REST API that can be used to code bots and other algorithms.

Unfortunately, there is no mobile application so for those traders who like to monitor their positions on the go, you will have to find another futures exchange.

In summary, BitMEX is a well-known futures exchange that has developed an advanced platform. Trading futures with them is really risky and they have become well known for capitalizing on newbie traders. Always practice risk management!

This is for informational purposes only. Coin Bureau does not provide investment advice, nor is it an offer or solicitation of any kind to buy or sell any investment products. Rates and terms set on third-party websites are subject to change without notice.

Source: Coin Bureau

5 Responses

  1. Most binary options companies out there are fraudulent. They are all scams. I have been a victim of their activities. I invested about $25,000 and when i wanted to withdraw after some weeks, I was unable to reach their contact numbers or emails with which we stayed in touch. I assumed they were having some maintenance routing check, as that had happened in the past. After some weeks, I was contacted again by them and was asked to invest which i refused and told them i wanted to withdraw my money. After this, i didn't hear from them again. At this point, I started to feel like i had been duped. I was lost and shattered as i had lost most of my savings. I was depressed for about 4 months. I was too ashamed to tell anyone about it, not even my children. I finally summoned the courage to tell my friend who came to visit me in the UK from New Zealand. He told me about a binary recovery expert(James) who specializes in helping binary traders get money back.. I contacted him and he guided me on steps to take and recover my money. I now have all my lost money back, as i had given up all hope…You can also contact him via email at:Jamesluscious1@gmail.com

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