BitMEX is a popular cryptocurrency exchange in the crypto market. However, the reasons for its popularity are somewhat conflicting as it is known for its high trading volume on one hand and a reluctant reputation on the other. The security it offers to the users is questioned the most as it has been compromised in the past.
However, the BitMEX exchange has made some changes and makes an effort to help people have a safe and secure experience of trading or investing in crypto assets.
Despite the fact, people remain skeptical of its reputation and trustworthiness. This is why you need to know more details of the platform before you decide if it is a suitable platform for you or not.
Here is what you should know about the crypto exchange.
What to Know About BitMEX?
BitMEX stands for Bitcoin Mercantile Exchange, which is a peer-to-peer trading platform. It is a well-known crypto platform, however, its reputation has been compromised to some extent due to security breaches it experienced in the past.
This exchange offers leveraged contracts to the interested parties so they can buy or sell in BTC. In this BitMEX review you can get to know about its highlighting factors as well as some factors regarding its security and more.
This platform has faced allegations of insider trading, liquidation of customer’s funds and leaking data of the users. These are some of the factors that make BitMEX exchange an unsuitable platform according to many.
Fees on the Exchange
BitMEX fees is one of the factors to know about, especially if you are new to the crypto space. Checking the fee structure of every exchange is important before you choose it to start trading or investing in crypto.
Unlike some other exchanges in the market, BitMEX has a simple, fair and transparent fee structure. This platform enables the users to trade with up to 100x. Even though trading on a high leverage is only possible, for experienced and institutional investors.
However, if you are new to the crypto space then here are the details of its fee structure you should know about.
- No deposit or withdrawal fee
- Minimum network fee for withdrawing BTC based on blockchain’s load
- Only BTC deposits are accepted
- Minimum deposit is 0.001 BTC
Availability of BitMEX
Before you intend on using BitMEX, you should check its availability in your country or region. This is an important aspect you should know about as it can make it easier to buy or trade digital assets.
If you choose a platform that is not available in your country or region then crypto investing or trading can be stressful and difficult. One of the countries this exchange does not support is the United States. Therefore, if you are in the USA and you want to use this platform then you should know that BitMEX USA is not available.
Supported Currencies on BitMEX
With the help of this brief BitMEX review, you can also get to know about the digital currencies that are available on the platform. It has a small collection of crypto assets, but it covers some of the major ones.
If you intend on using BitMEX then you should know that it supports the following cryptocurrencies:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Cardano (ADA)
- Dash (DASH)
- EOS Token (EOS)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Litecoin (LTC)
- Monero (XMR)
- Ripple Token (XRP)
- Tron (TRX)
- Zcash (ZEC)
Liquidation on the Exchange
BitMEX liquidation is yet another important and major aspect that you should know about before you choose the platform to trade cryptocurrencies. Liquidation can be a financially draining thing if you do not fully understand the concept and begin trading.
As mentioned above, BitMEX has faced numerous allegations in the past. One of those is liquidating the funds of the users. This occurred when the exchange introduced the XRP/USD perpetual swaps on the exchange on the platform and the stop-losses of the users failed to trigger.
As a result, all the holdings of the users were liquidated, which caused quite the commotion and frustration among the users of the exchange. However, the exchange did not take much responsibility for it, which is why it lost the interest of numerous crypto traders.
There are numerous cryptocurrency exchanges in the market and BitMEX is one of them. However, it is crucial for every interested party to know the details of the platforms they want to use so they can get a good picture regarding the kind of services they can expect. Similarly, if you are interested in using this platform then you should know some of its details as mentioned above.