Learning About BitMEX Before Using it to Trade Crypto

BitMEX

If you are a beginner and interested in using BitMEX then you should first know the kind of exchange it is and the features and services it offers to the users. Different exchanges offer support to different kinds of features that are not all suitable for every kind of crypto trader and investor. The needs and requirements of people who are new to the crypto space can very well vary from those who have been in the crypto space for quite some time.

Therefore, if you are a novice crypto investor then you should first take your time and predefine your criteria. If you know the kind of exchange you want to use, it can make it easier for you to narrow down your available options and choose a platform that ticks all the right boxes for you.

If you want to use the BitMEX exchange and start trading crypto then you should first know the details that are mentioned below.

What is BitMEX?

This exchange is one of the peer-to-peer trading platforms available in the crypto space. It enables the users to buy and sell leveraged contracts in the flagship crypto asset, Bitcoin. The name BitMEX stands for Bitcoin Mercantile Exchange and has had a controversial reputation over the years.

Apart from having an impressively high trading volume, this exchange also has had a debatable reputation caused by several allegations it faced.

Therefore, any crypto trader who is looking to use the exchange should first have some information about the platform.

Team Behind the Exchange

This brief BitMEX review gives an idea about the experienced team that is behind the crypto trading platform. The members of the team working behind the exchange come from different backgrounds, including several economists, developers, high-frequency traders, and more.

Each member contributes something unique to BitMEX, which is why the exchange offers different types of contracts to the traders.

Trading with Leverage

As mentioned above, this exchange offers support to one of the most popular and sought-after forms of trading called leverage trading. It is also known as margin trading and allows the traders of exchange to borrow funds from the brokers.

The borrowed amount is called leverage and it enables the traders to open bigger trading positions without investing a lot of money from their own pockets. A lot of crypto traders want to start leverage trading because it offers the possibility to get huge financial profits. However, it is important to keep in mind that the profits are never guaranteed and leverage trading can also result in huge financial losses.

However, if you have some familiarity with the concept of leverage trading then you can opt for an exchange such as BitMEX and start trading with leverage. This exchange also offers one of the highest leverages in the market, which is up to 100x.

What to Know About Withdrawals and Deposits?

Knowing about the BitMEX fees at the time of making deposits or withdrawals is one of the most important factors that should not be overlooked, especially by people who are new to the exchange. This can be one of the deciding factors that can help you determine whether the available exchange is suitable for you to use or not.

The overall fee charged by BitMEX is quite straightforward and fair and does not include any hidden or additional charges. Apart from that, here are some other details you need to know:

  • No fee for deposits
  • No fee for withdrawals
  • Minimum network fee based on network load of the blockchain

The BitMEX exchange only accepts deposits in BTC and has no limit for withdrawals. However, there is a set limit for deposits according to which the minimum deposit you can make is 0.001 BTC.

Digital Assets Supported

As a potential user of the exchange, you need to know different aspects of the platform such as BitMEX liquidation, fees, and the digital currencies supported by the exchange.

Knowing the available crypto assets can help you decide what you want to invest in. Therefore, here are some of the available cryptocurrencies on BitMEX.

  • 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)

Swap and Futures Contracts

One of the most important features to know about in this brief BitMEX review is that offers support to swap and futures contracts that are mentioned below.

  • Downside profit contracts
  • Perpetual contracts
  • Traditional contracts or futures
  • Upside profit contracts

Key Takeaways!

There are several crypto exchanges in the crypto space but not all of them are likely to suit your needs. This is why it is important that you gather essential information about each exchange and choose wisely. Similarly, as a potential user of BitMEX, you should have the above-mentioned information.

That was it for this article. If you found it helpful, consider checking out our blog STORIFYGO!