What is BitMEX?
Introduction of BitMEX trading platform
BitMEX is a Bitcoin exchange and other cryptocurrencies are derivatives of Bitcoin with leverage up to x100 times.
Founded in 2014 in Hong Kong, the Bitcoin Mercantile Exchange - or BitMEX is the floor owned by HDR Global Trading Limited.
This is the largest cryptocurrency exchange.
At the time of writing, BitMEX has the largest trading volume of almost 140.000 BTC (above statistics). CoinMarketCap), with over 13 million monthly visits.
BitMEX floor features
With BitMEX you can only deposit or withdraw Bitcoin. After placing the BTC in the BitMEX wallet, the BTC value will be placed in a cold wallet to ensure safety.
Your BTC value will be exchanged for XBT (you can consider this as your BTC value on BitMEX).
From there you will use it to buy other altcoins (important derivatives of these altcoins) and conduct exchange trading.
This means you do not have to actually own the coins to trade them. You can learn more about the difference between BitMEX and other exchanges here.
Other Bitcoin coins in that they are all derivatives of Bitcoin.
So the fact that you are trading on BitMEX with these coins is actually that you are trading based on the rise or fall of that coin.
This makes BitMEX different from other major exchanges such as KuCoin, Binance, Huobi.
Allow users to trade margin (margin trading) with action up to x100.
This usage is only applied when trading with BTC (also known as XBT on the floor).
This means that even if you trade altcoins other than BTC, your profit / loss can be calculated in BTC.
Prices on BitMEX are aggregated from 2 UK BitStamp and US GDAX platforms at a rate of 50-50%.
In the future, this rate may change. Of course, they will be officially announced if there is a change.
BitMEX competitors are Deribit, OKCoin, CrytoFacilities.
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BitMEX transaction fees
BitMEX does not charge a fee for depositing or withdrawing Bitcoin.
BitMEX transaction fees:
For traditional futures contracts, transaction fees are calculated according to the following payment schedule:
Manufacturer Fee: Order manufacturer fee
Taker Payment: Charges of people matching orders
Settlement Fee: This fee is charged only when the contract is made.
When you deal with a perpetual contract, this fee is zero.
In the table above you can also see that the Bitcoin Settlement Fee (XBT) is 0.05%, the other coins have this value equal to 0.
Advantages of BitMEX
Large volume of trading (the exchange of "cryptocurrency" with the largest volume on the market at present). You can easily liquidate your assets.
Large action up to x100 times. Especially other competitors like OKCoin x20 times, Bitfinex x3.33 times.
The low transaction fee is only 0-0.25%
High security: When you place Bitcoin on BitMEX, BTC will be stored in cold wallets, isolated from the Internet environment to help secure your assets.
Deposit / Withdraw: you can deposit Bitcoin 24/7, but when withdrawing BitMEX, there is a manual procedure (2 staff to verify transactions - confirm this information).
Until 13:00 UTC, new requests are approved daily, this time the BTC will be removed from your wallet. This increases security.
BitMEX Disadvantages
BitMEX is primarily for professional traders, making it difficult for new players to use.
There is no USDT support, so players have no safe place to stay when the market is stormed.
There is no mobile App, it is quite difficult for traders to move a lot.
