Economy

Thorough BitMEX Exchange Review Prepared By Analysts At Traders Union

Published

2 years ago

06/07/2023

BitMEX, a peer-to-peer cryptocurrency trading platform under HDR Global Trading Limited, conducts daily trades worth over $3 billion. It’s reputed as one of the biggest digital asset exchanges globally, headquartered in Seychelles and operating worldwide.

In a BitMEX exchange review, the XBTUSD Perpetual Contract stands out as its principal product, commanding the highest industry trading volume. BitMEX aims to broaden its portfolio with additional perpetual contracts, conventional futures, and innovative quantum futures.

Pros and cons of BitMEX

Traders Union delves into the advantages and drawbacks of using the BitMEX trading platform.

Pros:

Remarkable trading volume and liquidity.
Streamlined sign-up process.
Leverage up to 1:100 for margin trading.
Capability to open short positions.
Top-tier security infrastructure provided by Amazon Web Services.
Swift fund deposit and withdrawal process.
Robust in-account analytical and referencing tools.

Cons:

Exclusive Bitcoin deposits and withdrawals.
Trading terms like “liquidation trigger” tied to index marking price might be confusing for some users.
Potential for significant losses from high leverage misuse.

Overall summary

BitMEX stands out as a widely recognized cryptocurrency exchange offering extensive trading options. Its forward-thinking analytical tools, flexible interface customization, high leverage, and attractive affiliate program contribute to its reputation as one of the most sought-after platforms in the cryptocurrency trading industry.

Expert review of BitMEX

TU experts have compiled key insights into BitMEX, a major player in the global cryptocurrency exchange market:

Established in 2013, BitMEX has grown into a leader in cryptocurrency trading, with its daily trade volume exceeding $3 billion in Bitcoin alone.
BitMEX is known for its progressive approach and commitment to enhancing its users’ trading experience. For instance, in 2018, it integrated with Sierra Chart, a popular charting and trading software.
Recently, BitMEX collaborated with NinjaTrader, allowing full access to BitMEX market data in Ninjatrader’s 8th version trading terminal. Comprehensive instructions for these integrations are also available on their site in multiple languages.
It utilizes multi-signature addresses and maintains all funds in offline storage. Importantly, no wallet or transfer data is stored in cloud services, enhancing its security against potential cyber-attacks.

BitMEX affiliate program

TU analysts highlight the referral program offered by BitMEX, which allows users to earn a portion of the transaction fees from referred users:

Users earn a commission based on the number of referrals and their trading volumes.
A 10% commission is earned for referred users trading over 0 XBT.
A 15% commission is garnered for referrals with trades exceeding 1,000 XBT.
For trades over 10,000 XBT by referrals, the commission is raised to 20%.
Referrals benefit from a temporary discount on their trading fees.
The payouts from this program are dispensed daily at 12:00 UTC.

BitMEX comparison with other exchanges

Traders Union provides an insightful comparison between BitMEX and other brokers in the cryptocurrency trading industry.

Bybit: Unlike BitMEX, which only allows Bitcoin deposits and withdrawals, Bybit supports multiple cryptocurrencies, providing greater flexibility.
OKEx: OKEx offers a wider range of cryptocurrencies for trading compared to BitMEX, which primarily focuses on Bitcoin derivatives.
Binance: Binance, with its larger user base and more extensive coin selection, presents a more diverse trading environment than BitMEX.
Huobi Global: Huobi Global stands out with its fiat-to-crypto exchange feature, a service not available on BitMEX.
KuCoin: Unlike BitMEX which focuses on high-leverage trading, KuCoin offers a balance between beginner-friendly features and advanced trading tools.

In considering these comparisons, it’s crucial to also contemplate the integration of hardware wallets for additional security. For instance, the Ledger Wallet app could significantly bolster the safety of your cryptocurrency holdings, irrespective of the exchange used. This aspect provides an extra layer of protection to your digital assets, enhancing your overall trading experience.

Conclusion

In conclusion, BitMEX holds its ground as a dynamic cryptocurrency trading platform, especially for high-volume and leverage traders. Its security measures, referral program, and continuous platform enhancements reinforce its position in the competitive crypto market. For further insights and comprehensive broker comparisons, don’t hesitate to visit the Traders Union website for expert advice and reliable information.

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Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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Economy

FrieslandCampina, Afriland Properties Weaken NASD Index by 0.24%

Published

2 days ago

26/04/2025

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange fell by 0.24 per cent on Friday, April 25 after the duo of FrieslandCampina Wamco Nigeria Plc and Afriland Properties Plc landed on the losers’ table.

FrieslandCampina Wamco Nigeria Plc depreciated by N2.58 to sell at N35.37 per unit compared with the previous day’s N37.95 per unit, and Afriland Properties Plc lost 2 Kobo to close at N17.78 per share versus Thursday’s closing value of N17.80 per share.

However, Geo-Fluids Plc appreciated by 10 Kobo during the trading day to sell for N1.80 per unit, in contrast to the preceding session’s N1.70 per unit. The rise in the price of the stock could not prevent the fall of the bourse yesterday.

Consequently, the market capitalisation of the trading platform went down by N4.64 billion to N1.914 trillion from N1.918 trillion and the NASD Unlisted Security Index (NSI) declined by 7.92 points to 3,269.06 points from 3,276.98 points.

The final trading session of the week ended with a surge of 1,695.8 per cent in the volume of securities transacted to 3.7 billion units from the 206.2 milion units transacted in the previous trading day.

Equally, the value of transactions jumped by 2,592.6 per cent to N9.5 billion from N354.1 million on Thursday, and the number of deals decreased by 47.4 per cent to 20 deals from the 38 deals recorded a day earlier.

Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 533.9 million units sold for N520.9 million, followed by Geo-Fluids Plc with 259.3 million units worth N456.1 million, and Okitipupa Plc with 153.6 million units valued at N4.9 billion.

Also, Okitipupa Plc remained the most active stock by value on a year-to-date basis with 153.6 million units valued at N4.9 billion, trailed by FrieslandCampina Wamco Nigeria Plc with 15.6 million units worth N598.5 million, and Impresit Bakolori Plc with 533.9 million units sold for N520.9 million.

Economy

Nigeria’s Stock Market Gives up 0.30% Friday

Published

2 days ago

26/04/2025

Dipo Olowookere

stock market how to invest in US stocks in South Africa

By Dipo Olowookere

A 0.30 per cent fall was recorded by the Nigerian Exchange (NGX) Limited on Friday as a result of profit-taking in the industrial goods sector.

This was mainly caused by sell-offs in Dangote Cement Plc, which released its financial statements for the first quarter of 2025 yesterday.

The cement maker lost 10.00 per cent during the session to trade at N432.00, Regency Alliance lost 8.06 per cent to close at 57 Kobo, VFD Group depreciated by 7.57 per cent to N17.10, Chams declined by 7.27 per cent to N2.04, and Sovereign Trust Insurance crashed by 6.12 per cent to 92 Kobo.

Conversely, International Breweries, Legend Internet, and Ikeja Hotel gained 10.00 per cent each to sell for N7.70, N6.82, and N12.10 apiece, Vitafoam Nigeria surged by 9.93 per cent to N44.85, and Eterna rose by 9.92 per cent to N39.90.

The industrial goods index was down by 4.73 per cent on Friday, as the others finished in green territory.

The consumer goods space rose by 2.21 per cent, the banking sector appreciated by 1.55 per cent, the insurance counter expanded by 1.50 per cent, the energy sector increased by 0.07 per cent, and the commodity industry went up by 0.04 per cent.

At the close of transactions, the All-Share Index (ASI) went down by 321.21 points to 105,753.05 points from 106,074.26 points and the market capitalisation shrank by N202 billion to N66.465 trillion from N66.667 trillion.

The level of activity increased yesterday as the trading volume, value, and number of deals grew by 30.40 per cent, 94.23 per cent, and 17.64 per cent, respectively.

This was because investors transacted 428.1 million shares worth N20.2 billion in 14,284 deals compared with the 328.3 million shares valued at N10.4 billion in traded in 12,142 deals a day earlier.

GTCO led the activity chart with 60.7 million equities sold for N3.8 billion, Fidelity Bank traded 41.4 million stocks worth N829.3 million, Access Holdings exchanged 40.6 million shares valued at N968.3 million, MTN Nigeria sold 33.0 million equities for N8.2 billion, and Zenith Bank transacted 22.9 million stocks worth N1.1 billion.

Economy

Naira Now N1,599/$1 at Official Market, N1,605/$1 at Black Market

Published

2 days ago

26/04/2025

Adedapo Adesanya

By Adedapo Adesanya

The Naira extended its gains against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, April 25 by 0.22 per cent or N3.59 to sell for N1,599.42/$1 compared with the N1,603.01/$1 it was traded in the previous session.

The Nigerian currency also improved its value against the Euro in the official market by N1.36 to close at N1,818.53/€1 compared with Thursday’s closing price of N1,819.89/€1.

However, the domestic currency depreciated against the Pound Sterling in the same market segment yesterday by N1.90 to wrap the session at N2,130.44/£1 versus the preceding session’s rate of N2,128.50/£1.

At the black market segment, the Naira appreciated against the greenback on Friday by N2 to quote at N1,605/$1, in contrast to the previous day’s value of N1,607/$1.

In the cryptocurrency market, a possible regulatory progress about digital assets in the US spurred buying interest among investors during the trading session.

The chairman of the US Securities and Exchange Commission, Mr Paul Atkins, was at a crypto roundtable on Friday and he devoted his inaugural speech to assuring the industry that he will continue to remake securities policy to favor digital assets innovation.

The agency and industry have been awaiting congressional action to establish crypto market-structure oversight that will likely set guardrails, and Atkins told an audience at the SEC’s Washington headquarters that the regulator will work toward delivering “a rational, fit-for-purpose framework” for crypto.

Litecoin (LTC) rose by 3.0 per cent to $87.24, Dogecoin (DOGE) grew by 2.7 per cent to $0.1862, Bitcoin (BTC) increased by 1.3 per cent to $94,687.84, Ethereum (ETH) jumped by 1.2 per cent to $1,797.51, Cardano (ADA) improved by 0.9 per cent to $0.7235, and Ripple (XRP) gained 0.6 per cent to close at $2.20.

On the flip side, Solana (SOL) depreciated by 0.9 per cent to $151.64, and Binance Coin (BNB) lost 0.8 per cent to sell for $602.89, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.