Economy
Thorough BitMEX Exchange Review Prepared By Analysts At Traders Union
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.
By Adedapo Adesanya
The duo of Geo-Fluids Plc and Afriland Properties Plc propelled the NASD Over-the-Counter (OTC) Securities Exchange up 0.13 per cent on Friday, January 10.
Investors gained N1.4 billion during the trading session after the market capitalisation of the bourse ended at N1.053 trillion compared with the previous day’s N1.052 trillion, and the NASD Unlisted Security Index (NSI) increased at the close of business by 4.07 points to wrap the session at 3,073.93 points compared with 3,069.86 points recorded at the previous session.
Geo-Fluids added 25 Kobo to its value to close at N4.85 per unit compared with the previous session’s N4.60 per unit, and Afriland Properties Plc gained 24 Kobo to close at N16.25 per share versus Thursday’s closing price of N16.01 per share.
There was a 35.4 per cent fall in the volume of securities traded in the session as investors exchanged 4.3 million units compared to 6.6 million units traded in the preceding session, the value of shares traded yesterday went down by 37.4 per cent to N17.2 million from the N27.5 million recorded a day earlier, and the number of deals decreased by 47.2 per cent to 19 deals from the 36 deals recorded in the preceding day.
FrieslandCampina Wamco Nigeria Plc remained the most active stock by value (year-to-date) with 1.9 million units worth N74.2 million, followed by 11 Plc with 12,963 units valued at N3.2 million, and Industrial and General Insurance (IGI )Plc with 10.7 million units sold for N2.1 million.
IGI Plc closed the day as the most active stock by volume (year-to-date) with 10.6 million units sold for N2.1 million, trailed by FrieslandCampina Wamco Nigeria Plc with 1.9 million units valued at N74.2 million, and Acorn Petroleum Plc with 1.2 million units worth N1.9 million.
By Adedapo Adesanya
The Naira witnessed a depreciation on the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, January 10.
According to data from the FMDQ Exchange, the local currency weakened against the greenback yesterday by 0.12 per cent or N1.80 to sell for N1,543.03/$1 compared with the preceding day’s N1,541.23/$1.
The pressure on the domestic currency came as the access granted to the Bureaux de Change (BDC) operators by the Central Bank of Nigeria (CBN) to purchase FX from the official market through the Electronic Foreign Exchange Matching System (EFEMS) platform prepares to end next week, precisely on January 19.
The CBN had given a 42-day window to the operators to access the platform to help stabilise the Naira in December, and this expires next week.
On Friday, the Nigerian currency tumbled against the Pound Sterling in the official market by N30.78 to sell for N1,889.29/£1 compared with the previous day’s N1,858.51/£1, but gained N5.48 against the Euro to finish at N1,583.81/€1, in contrast to Thursday’s rate of N1,589.29/€1.
As for the parallel market, the Nigerian Naira remained stable against the US Dollar during the trading session at N1,650/$1, according to data obtained by Business Post.
In the cryptocurrency market, it was bearish as the US economy added 256,000 jobs last month, the Bureau of Labor Statistics reported on Friday, topping forecasts for 160,000 and up from 212,000 in November (revised from an originally reported 227,000).
However, the readings came after a number of recent economic reports triggered a broad-market pullback across asset classes such as crypto as investors quickly scaled back the idea of a continued series of Federal Reserve rate cuts in 2025.
Cardano (ADA) fell by 3.6 per cent to trade at $0.921, Solana (SOL) slumped by 2.8 per cent to $185.93, Ethereum (ETH) depreciated by 1.4 per cent to $3,233.27, Litecoin (LTC) lost 1.3 per cent to finish at $103.62, Dogecoin (DOGE) shed 0.5 per cent to sell at $0.3315, Bitcoin (BTC), waned by 0.2 per cent to $94,154.43, and Binance Coin (BNB) went south by 0.1 per cent to $693.30.
On the flip side, Ripple (XRP) jumped by 1.5 per cent to settle at $2.34, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) sold flat at $1.00 each.
By Dipo Olowookere
Profit-takers took control of Customs Street on Friday, plunging it by 0.08 per cent at the close of trading activities.
The sell-offs were across all the key sectors of the Nigerian Exchange (NGX) Limited on last trading session of the week.
The insurance space went down by 1.53 per cent, the banking index depreciated by 0.41 per cent, the consumer goods sector weakened by 0.16 per cent, and the energy counter slumped by 0.08 per cent, while the industrial goods sector closed flat.
At the close of business, the All-Share Index (ASI) tumbled by 79.68 points to 105,451.06 points from 105,530.74 points and the market capitalisation retreated by N48 billion to N64.303 trillion from N64.351 trillion.
Yesterday, investors traded 1.5 billion shares worth N19.4 billion in 12,877 deals compared with the 489.5 million shares worth N13.1 billion transacted in 13,010 deals in the preceding day, indicating a decline in the number of deals by 1.02 deals and a rise in the trading volume and value by 203.14 per cent and 48.09 per cent, respectively.
Wema Bank was the busiest stock with 976.2 million units valued at N9.8 billion, Tantalizers traded 53.0 million units worth 129.6 million, Universal Insurance sold 34.8 million units for N26.8 million, Access Holdings exchanged 33.9 million units valued at N843.8 million, and Nigerian Breweries traded 27.3 million units worth N873.3 million.
The heaviest loss was suffered by Sunu Assurances with a decline of 9.99 per cent to trade at N7.30, Eunisell shed 9.96 per cent to N17.35, SAHCO crumbled by 9.87 per cent to N30.15, DAAR Communications plunged by 9.28 per cent to 88 Kobo, and Sovereign Trust Insurance went down by 7.04 per cent to N1.32.
On the flip side, C&I Leasing gained 10.00 per cent to close at N4.51, Honeywell Flour appreciated by 9.99 per cent to N10.02, Trans Nationwide Express jumped by 9.89 per cent to N2.00, RT Briscoe rose by 9.83 per cent to N2.57, and Secure Electronic Technology grew by 9.46 per cent to 81 Kobo.
Business Post reports that the bourse ended with 33 price gainers and 25 price losers, indicating a positive market breadth index and strong investor sentiment.
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