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.
Modupe Gbadeyanka 
Adedapo Adesanya