We all know the journey trading cryptocurrencies almost always start with cash. Anyone who wants to buy cryptocurrencies needs to visit a platform to deposit fiat money (aka cash)in order to buy BTC or other major cryptocurrencies.
Unless you haven’t received cryptocurrency from someone as a donation or in exchange for a product or service this is the path you will follow as well.
You cannot start trading on Bitmex with your cash since Bitmex only accepts BTC deposits. There is no USD pairing on Bitmex, and all cryptocurrencies are matched with BTC. In fact, it is not even BTC, Bitmex calls all its BTC pairs with its original naming XBT. They are pretty much the same thing.
If you have never traded on Bitmex the term XBT may confuse you but it really shouldn’t. Let’s say you will deposit 1 BTC to your Bitmex wallet, your BTC will appear as you have 1 XBT in your wallet.
Starting with the cash you need to visit an exchange like Coinbase or Binance that accepts your cash to sell you cryptos.
