What is Bitmex?
Bitmex is one of the biggest Bitcoin Mercantile exchange sites in the world, having hundreds of thousands of users who uses the trading platform to trade on a daily basis. The company behind Bitmex was founded in 2014, with the platform itself going live in 2015. It has grown tremendously in size since its birth and is now considered one of the main places to trade Bitcoins and other cryptocurrencies.
Bitmex now has a massive trading volume for Bitcoin, much bigger than many of its competitors, while not having an equally large share of the trading volume market for the other coins. You can see the Bitcoin trading volume for the past 24 hours by visiting CoinMarketCap, where you can also find more information about the site itself.
Bitmex offers multiple languages for its users to trade in. While it does not have many smaller languages, they offer Enlighs, Chinese, Russian, Korean as well as Japanese, showing that they cater mainly to english speaking countries and to the Asiatic market. This is great for the Asian markets, as they may not be as strong in english and trading in their native tongue ensures that there will not be any errors made while trading.
What can I Trade in Bitmex?
Bitmex is a Bitcoin trading platform, but that doesn't mean that you can only trade Bitcoins. Bitmex currently offers traders to trade Bitcoins against the USD and then it offers nine Bitcoin/cryptocurrency trading pairs, including Bitcoin Cash, Ethereum, Litecoin and Ripple. Other cryptocurrency pairs are being added as Bitmex sees the need for it, as they don't want to add coins that will not provide any decent volume for them.
Bitmex Trading Platform
Bitmex offers a very clean-looking trading platform that is easy to understand and navigate through, while offering all the features that both new and advanced traders need. This provides a great platform for users to make the right decision and to follow the market as it changes rapidly throughout the day.
So when you go into Bitmex's trading platform, you will first need to choose which cryptocurrency you are looking to do a trade with. These markets can be found in the top of the screen, where each cryptocurrency has their own tap that you simply click on to view all the information about the market, including price, market movements and everything else you could imagine.
Once you have selected the market you want to trade, you can start trading. To trade you will need to place an order and there you will have three different trade methods to choose from. You can choose between Limit, Market and Stop Limit, with the option buy/long or sell/short the market. Here you simply choose the method you are looking to do and then you enter the quantity you want to buy/sell and you will be given the price of the trade in Bitcoins.
When you are placing a trading order you also the option to leverage your position. This can be done by moving the leverage bar under your position, choosing the leverage of your liking. Once you have selected your leverage you can see all the necessary information, such as when it will automatically be sold to avoid you losing more than you have in your account. Then you simply submit the order and once the market hits the market price you have chosen to buy or sell at, the order will be executed, given there are buyers or sellers at that price point.
Once you have submitted your order and it has been approved, you can follow the movement of your position in the “positions” tab. Here you find all relevant information regarding your position, including its value, your entry price, current market price, marking, your current return of investment and your current profit/loss. From there you will also be able to close your position, either by setting a price point you want to sell at our by simply closing it at market price. This can lead to profits and losses and you should always check before closing if it is really beneficial for you to do so at that moment.
Other features includes that you can view your closed positions, your active orders, your stops, your fills and also your full order history. This gives you a full overview of all the positions you currently have open, which are still looking to be finalized, which trades you successfully have completed and everything else you want to know.
To be able to trade accordingly with the market, you will of course also need to be able to follow the market movement in real time. This can be done on Bitmex with their real-time orderbook, recent trades as well as market charts. The orderbook shows you the orders being placed on the site, whether it is buy orders or sell orders and provides you with some information about what other traders thinks are going to happen. The recent trades shows you the positions that are being closed and also provides you with valuable insights to what is happening in the market. If you see hundreds of users selling at the same moment, it might provide you with the information that they think the market is going down, while hundreds of buy orders provides information about the market going up.
The chart section is also something that Bitmex has done right from the start. Here you can customize the charts to show exactly what you want it to show, so you have the perfect overview for trading. You can set the time period for the price of the cryptocurrency and you can choose from the last minute up to the last month. You can also customize the look of the chart, so it shows the colours and timezone you prefer.
We all know that indicators can be crucial in order to make correct trades. Bitmex offers you a wide variety of different indicators that you can apply to the charts, including the most well known and some more niche ones. You can also compare it to other cryptocurrencies in the chart and should the chart be too small, you can even open it up in a full window for the best possible overview. The sky is the limit with the trading platform of Bitmex.
If you are looking to use third party software with Bitmex, that is also an option. Bitmex supports Sierra Charts and NinjaTrader, with easy integration for both. Simply follow the steps for integration of these programs under your “account” tap and you are ready to go within minutes. Bitmex even offers API trading for those who prefer that.
Can I Buy Coins?
You cannot purchase any coins of any sort in Bitmex. Bitmex is a trading platform where you can increase the amount of Bitcoins you have by trading well in the financial Bitcoin market, but you cannot deposit fiat-currencies or any other cryptocurrency and purchase new Bitcoins that way, that is not what Bitmex does.
If you are looking for a place to purchase Bitcoins or other cryptocurrencies, either with fiat-currencies or with other cryptocurrencies, we recommend that you go with one of the reputable online Bitcoin and cryptocurrency exchanges that are available out there. We have plenty of recommendations in the footer menu of this site, where you can also read more about what currencies they accept and sell, so have a look and get started today. Alternatively you are always more than welcome to contact us and we'll help you get started on the exchange that is right for you and help you get started.
Can Bitmex Hold My Coins?
Bitmex is not a wallet service, neither is it a exchange where you can hold different cryptocurrencies. Bitmex does of course offer a wallet for you to keep your Bitcoins in as you have to have funds available to trade, but it is not meant as a place where you keep a large portion of your Bitcoins, as it is not as safe as other wallet choices out there.
With that said, you should always keep as small an amount of Bitcoins as possible in the site. The withdrawal fees are higher than it is other places, making it an expensive place to keep Bitcoins just for the sake of having them somewhere. Bitmex does not support any other cryptocurrencies than Bitcoin, which means that if you try to deposit any other coins, they will go lost and you will not be able to retrieve them.
That being said, the security/safety of Bitmex is amongst the best in the industry and the Bitcoins you hold in the site should be safe if you enable the security features they have available. You can read more about those in the safety paragraph further down the page.
To get started trading on Bitmex, you'll need to fund your account with some Bitcoins. This is done by making a deposit from the wallet you hold your Bitcoins in, to your Bitmex account wallet from where you will be able to choose the trade amount. To make a deposit couldn't be much simpler than it is, as all you have to do is to go to your account, select deposit on follow the on-screen instructions.
In the deposit page you will see a QR code which you can scan if you have a mobile wallet and want to send the money that way through or alternatively you can copy your unique Bitcoin deposit address and send it manually. It is worth noting that Bitmex has a minimum deposit of 0.0001 Bitcoin, just to ensure that you don't send less than that, as it will not be in your account. Once the funds has been sent, it will be available in your account after one confirmation on the Bitcoin blockchain.
Now if you want to make a withdrawal, the process is quite similar, but there are some things that is important to notice. To start the withdrawal process you simply go to your wallet and press the “Withdraw” button. From there you will be prompted to enter your Bitcoin wallet address and the amount you want to withdraw and then you have to set the Bitcoin network fee you are willing to pay for your withdrawal.
It is worth noting here that you should always just pay the minimum required by Bitmex, as they process all withdrawals manually each day, to ensure that no fraud is happening. If you submit your withdrawal before 13.00 UTC you will have your withdrawal processed the same day, otherwise you'll have to wait until the next day before your withdrawal hits your account. While this is different than many other sites that processes them automatically, this leads to fewer instances of hacked accounts that lost their Bitcoins and is something that traders should appreciate.
Are There Any Fees?
In order for a site like Bitmex to survive, they do need to charge some fees to make money. While they are not a traditional exchange site, such as Binance, they do need to charge fees for trades where you use leverage or similar.
That being said, all the fees are described in the Bitmex fee menu, where you can see what the contract or future of your choice, with the leverage of your choice, will be charged in fees.
Bitmex also charges a withdrawal fee, as mentioned earlier in the article. This fee changes accordingly with the value of the Bitcoin, in order to ensure that the withdrawals will not become too expensive for the traders of the site.
Bitmex takes safely very seriously, not just because they have to, but also because they want to be industry leading in the area. Great safety is a key point when you are looking for a place to trade, to ensure that malicious attacks will not be successful on your account so that you will not lose any coins or funds. There are multiple ways and tools they have integrated to ensure just that.
The main method to ensure your account, besides choosing a very strong and difficult password, is to enable the two-factor authentication. Two-factor authentication means that you will have to get a unique password sent to you every time you try to login, withdraw or even change your password. This makes close to impossible for anyone to login to your account without having access to other private things of yours, for example your phone.
Bitmex offers two different methods of two-factor authentication. The first method is one of the most widely used in the cryptocurrency trading industry and is provided by Google. Google Authenticator is a setting you have to set up with Google, which can push the unique code to your device and ensure you can login wherever you go. The other method is Yubikey, which is a multi protocol security key with NFC which you can use with Android, Windows, Mac and Linux and get your codes that way through. Both are quite good tools, but Yubikey is something everyone who trades and holds massive amounts of coins should consider.
Another way they provide great security for your account is by limiting the time you can be “away-from-keyboard” from the site, before it automatically logs you out. This is to ensure that if you should forget to log out, the system will do it for you before someone discovers this and tries to withdraw your coins to their wallet, change your password or anything similar. Furthermore you can enable the “Strict IP Pinning” feature, where IP's that are not approved by you, will be automatically logged out of your account once they try to log in.
All of these safety features makes Bitmex one of the most safe and reliable places to trade cryptocurrencies. They also have great security measures installed to avoid that they themselves get hacked, but they prefer to keep those features a secret so that no one can start looking for holes in it.
Bitmex offers top notch customer support to all of their customers, in multiple languages for your convenience. You can get in touch with their support agents around the clock in one of their many different contact methods, which includes the good old email. Further contact methods is to submit a ticket through their helpdesk, where you can also find articles and FAQ's that answers the most common questions.
You can also get in touch with the team from Bitmex through social media. Bitmex has their own subreddit where you can start threads and get help from users and the staff, as well as a Twitter account you can DM. You can also try and write in the “Trollbox” on the site, where many active users can provide great help with issues, as well as in their IRC channel.
Where do I Sign Up?
Glad you asked. You can register your account with Bitmex here and begin trading today. It is easy to get started, but if you need any help you can always contact us or Bitmex support to help you get started.