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BitMEX Review (2022): Can It Be Trusted For Trading?

By: Hope
By: Hope
Welcome to my BitMex review. My goal is to answer common questions like: how much it costs, if it's a scam, & if you can actually make money with it. The end goal is to help you understand if it's a good fit for you personally, and if there are any better alternatives out there.
BitMEX Review

Disclaimer:

This BitMex review has been thoroughly researched with information and testimonials that are available online to anyone in the public. Any conclusions drawn by myself are opinions.

What I Liked

What I Didn't Like

Before we get into it... who am i?

Always good to put a name to a face, so firstly, my name is Hope!

Like you, I was stuck working 8-10 hour days building someone else’s dream.

I worked at one of those cool tech companies that has omelet stations for breakfast & craft beer on tap for after hours.

To a lot of people that’s a dream, but to me… something was missing.

All I really wanted, was to actually enjoy life – more vacations, less stress, buy myself nice things without worrying about the cost… but that was something my 9-5 couldn’t provide me.

That was until a few years ago when I discovered a way to make money online by actually helping real people. 

People in this case were local business owners across the US.

Me and My Puppy

The page above is an example of how I do it. That one-page site generates $1,500/mo and I haven’t even touched it since it was put up.

That’s an $18,000/year raise from just one page.

That’s why local lead generation is my #1 business recommendation for recurring, semi-passive income. If you want to learn about that business model, click here.

Important: I am not an affiliate

for BitMex

Why Does That Matter?

A lot of course reviewers have no experience with any of the business models or programs they review, and so they’re just making stuff up.

They do that because they want you to click through their link to buy from the person that the review is about!

They have no clue what it’s actually like to run the type of business BitMex is teaching you to do.
I have absolutely no relationship with BitMex, so you can rest easy knowing that I’m going to give you my honest opinion
This review is written based on my own experiences with crypto.

All that being said, let’s jump into things.

This review will go over BitMex to see if it really is the best cryptocurrency platform out there.

You’ll learn whether cryptocurrency is the right path for you.

If you’re like most of my readers, you came across BitMex for one main reason:

You want to make more money than you currently make by leveraging your existing resources.

Maybe you’re even looking for a quick turnaround on some of your cash instead of waiting years or even decades for it to double.

Well, you’re in good company – who wouldn’t want all of that?

There’s one thing you need to watch out for though: legitimate scammers.

The idea of making 10X on your money in a day is obviously something that would entice the masses, and so it naturally attracts a lot of bad actors into the financial products space.

But for purposes of this review, let’s assume these people had the best of intentions.

Even with the most sophisticated systems out there, most experts barely manage to get it right 10% of the time…

Obviously, there’s an argument to be made that 1 winning bet can outshine 10 losing ones…

But if you mess up and miss a trade even one time, your month can turn sour pretty quickly.

Suffice to say, there’s a whole lot of stress & uncertainty.

Now don’t get me wrong, it doesn’t mean you’re guaranteed to lose money. I’m just saying that you need to be aware of what you’re getting yourself into.

But what if you could build a different income stream, and start seeing profits within your first few days?

I’m talking about a system that doesn’t require:

  • Obsessively checking your phone and charts
  • The emotional turmoil of loss after loss, waiting for that win
  • Glorified gambling

Something that you could make anywhere from $2,000 – $10,000 with consistently, month after month?

A stream of income that you can build as high (or low) as you feel like building it, without spending every waking hour watching for alerts and pouring over charts?

If that sounds interesting, you might want to think about becoming a Digital Landlord.

If you wanna see what BitMex looks like on the inside, keep reading.

Bitmex Review: Leverage Trading?

Bitmex Review

It could be challenging to decide on a cryptocurrency trading platform. The platform’s features, charting interface, trading pairs, costs, security, and customer support are all important considerations.

BitMEX is one of the best leverage trading platforms in the world.

While I try to present you with correct and up-to-current information in my BitMEX review, I strongly advise you to check the website to stay up to speed on any subsequent changes.

Key Features:

  • One of the most popular crypto exchanges
  • 0.025% to 0.075% trading fees
  • Trade crypto pairs with up to 100 times leverage
  • Leading exchange for security with most of the funds in cold storage
  • High liquidity order-book with low spreads
  • Generous affiliate program

What Is BitMEX By HDR Global Trading?

What Is BitMEX By HDR Global Trading

What Exactly Is BitMEX?

Bitcoin Mercantile Exchange, or BitMEX for short, is an online marketplace for buying and selling Bitcoin. You can buy and sell leveraged contracts with Bitcoin on this P2P trading platform.

Sounds like a bunch of gibberish, right?

Yeah, I’ve been there.

However, I soon discovered leveraged contracts, margin trading, and derivatives. Margin trading, often known as leverage trading, is a trading phrase. Another type of trading market is the derivative market.

BitMEX platform is a peer-to-peer (p2p) cryptocurrency derivatives trading platform that provides leveraged contracts. It is one of the world’s largest and most extensively utilized margin trading platforms.

Users can purchase and sell contracts for crypto assets (not the actual coins) up to 100 times with margin trading. This means that Bitcoin deposits and withdrawals are the sole options. It is an excellent platform for digital bitcoin traders aiming to expand their BTC holdings through market trading.

Quick Overview

  • Exchange Name: BitMEX
  • Leverage: Up to 100x
  • Cryptocurrency: BTC, ETH,XRP, BCH, LTC, LINK, TRX, ADA
  • Fiat Gateway: No
  • Trading Fee: -0.025% and 0.0075%
  • TP/SL Orders: Yes
  • Withdrawal Fee: 0.0005 BTCFar
  • Mobile App: Yes

Is BitMEX Safe? Is BitMex Legit?

Is It Safe

BitMEX trading engine uses security measures similar to those used by banks to protect customer funds.

Secure withdrawals with multiple signatories and Two-Factor Authentication have been implemented (2FA).

This implies that users must give several verification measures to successfully log in, confirm withdrawals, and modify account details, such as a password and a unique mobile device code.

How To Trade Crypto Using BitMEX

How To Trade Crypto Using BitMEX

Signing up for BitMex is a quick and simple process that can be completed in under a minute. No cumbersome “Know Your Customer” (KYC) process requires users to submit photos or scans of identification documents. You can start trading Bitcoin immediately after depositing funds if you have a working email address.

To open a BitMex account, follow these steps:

  • Go to the BitMex website and click on the ‘Register’ button at the top right of the page.
  • Enter your email address, password, and country of residence, and then click the Register button.

You will be asked to validate your email address. Check the registered email address and click the ‘Verify My Email’ button. This concludes the registration process. That’s all! You have just established an account on the BitMEX exchange.

Depositing Funds On BitMEX

Depositing Funds On BitMEX

After registering an account and logging in, a Bitcoin deposit is required to begin trading on BitMEX. What you need to do to make a deposit is:

  1. At the website’s upper left, click ‘Account,’ which will take you to your BitMEX wallet.
  2. Click on the green ‘Deposit’ button to view the address link.

The Bitcoin address will be displayed on the deposit screen. This is the Bitcoin address to which you should send Bitcoin. You need to copy the given address and paste it into your hardware wallet or anywhere you want to make a withdrawal. You can acquire the deposit address by scanning the barcode with a mobile web wallet.

Remember that this is exclusively a crypto-to-crypto trading exchange and does not accept fiat deposits. As a result, only send Bitcoin (BTC) to your BitMEX deposit address.

BitMEX Leverage

BitMEX Leverage

Trading in Bitcoin, Ethereum, Cardano, Tron, Ripple, Litecoin, EOS, and Bitcoin Cash is available on BitMEX and is leveraged. Product-to-product variations in leverage exist.

Because it’s a cryptocurrency-only service, you can only trade with cryptocurrency as collateral. This implies that if you have a leverage of 100x, you must put up a margin of 1% of the trade’s initial notional amount. If the notional on a ten Bitcoin contract is $10,000, you must put up $100 in the initial margin.

Deposit Methods

Deposit Methods

BitMEX does not support deposits of fiat currency. The platform only serves as an exchange for digital currencies. That means anyone looking to trade cryptocurrencies on a business will have to go out and buy Bitcoin before making a deposit. You can do this by finding a local spot market exchange that accepts deposits in your country’s fiat currency.

BitMEX Trading Fees

BitMEX Trading Fees

When deciding on a Bitcoin trading exchange, it’s crucial to consider the trading fees involved. Trading larger position sizes and on the futures market, where you pay fees on positions significantly larger than your margin, highlights the importance of this even more.

Because the BitMEX exchange operates on a maker-taker model, trading costs vary depending on the kind of order (for example, futures or contracts) and the cryptocurrency coin. Users who place typical futures BTC orders will receive a little bonus, as BitMEX refunds the maker trader 0.025 percent and charges the taker 0.075 percent.

More information on how makers and takers work can be found in this article.

Deposit & Withdraw Fees

No transaction fees are charged for making deposits or withdrawals. BitMEX has no control over the BitMex fees deducted from withdrawals, so users must rely on the blockchain to determine the exact amount. Trading costs are lower, but withdrawal fees are high.

How To Trade Using BitMEX

How To Trade Using BitMEX

When it comes to buying and selling bitcoins, the user interface is crucial. BitMEX’s trading interface is extremely well-designed and straightforward upon first use.

The top bar is static and allows quick access to the ‘Trade’ window, ‘Accounts,’ and ‘Contract’ information, among other things. Compared to contemporary exchanges like Bybit, the interface appears to be old-fashioned.

TradingView provides the charting package known for its smooth, intuitive, and responsive charts. Traders can use TradingView’s advanced trading tools to fine-tune their trading edge to maximize earnings and minimize risk.

BitMEX charts provide various time frames and tools for drawing trend lines, adding indicators, and drawing chart patterns to properly time a trading order using a market, limit, or stop order.

Active positions are shown at the bottom and are easily accessible. The asset, entry price, position size, margin, and unrealized P&L are displayed in real-time and updated. Pending orders can be seen by clicking on the ‘Active Orders’ tab, allowing you to review, edit, or delete the order.

The market order book and depth chart on the left will be helpful to more experienced traders. BitMEX’s margin calculator is also beneficial for risk management.

BitMEX Advanced Orders

BitMEX Advanced Orders

Traders can use the BitMEX ordering system to set their take profit and stop loss using limit orders such as:

  • Limit Order (order is fulfilled if the specified price is reached)
  • Stop Limit Order (order is filled once the Stop Price is triggered)
  • Market Order (order is executed at the current market price)
  • Stop Market Order (the order that is not visible in the order book until the market reaches a specified price)
  • Take Profit Limit Order (order is fulfilled if the specified take profit price is reached)
  • Trailing Stop Order (the order that has a specified trailing value that is used to trigger a market order)
  • Take Profit Market Order (order is fulfilled if the specified take profit at market price is reached)

BitMEX Security

BitMEX Security

BitMEX is the first cryptocurrency exchange to implement a multi-signature system for making deposits and withdrawals. Therefore, users’ BitMEX addresses are multi-signature, and all assets, including Bitcoin private keys, are kept in cold storage.

An attacker wouldn’t have suitable keys to take funds if the entire system was compromised, including the web servers, trading engine, and database. No private keys are stored on any cloud server, and most funds are kept in deep cold storage.

An external service verifies all deposit addresses sent by the BitMEX system to ensure they include the keys managed by the founders. If the public keys don’t totally match, the system is immediately shut down and halted trade.

BitMEX Customer Support

BitMEX customer service can be reached using a ticket system. To file a technical support ticket, go to the left menu and select ‘Contact.’ The contact box will appear.

Simply enter your email address, subject, and the message body, and click ‘Submit’ to submit it to the BitMEX customer care team. BitMEX’s customer service is available in English, Chinese, Russian, Korean, and Japanese.

Another option is to read the guides and articles in the ‘Knowledge Base’ section, including general trading FAQs, deposits and withdrawals, ID verification, and security.

BitMEX Supported Countries

Except for the United States, individuals can register and begin trading on BitMEX from anywhere globally. This is due to restrictions in the United States, which are mainly outside BitMEX’s control. There are supposedly workarounds for US clients that use a secure VPN. I must emphasize that this is against BitMEX policy and I certainly don’t recommend it. I suggest that you use another bitcoin exchange in the United States.

BitMEX vs. Binance

Two heavyweights in the bitcoin trading sector, each focusing on a different cryptocurrency trading product. Binance just added margin and futures trading to its exchange to compete with BitMEX.

Binance, as most people are aware, accepts a wide range of altcoins and stablecoins for trading, whereas BitMEX exclusively takes Bitcoin. BitMEX has traditionally been the preferred exchange for professional traders looking to optimize their BTC returns with up to 100 times leverage and powerful trading tools. I anticipate increased competition soon as Binance continues developing and launching new trading engine experiences and products to attract new customers.

BitMEX vs. ByBit

Both exchanges compete in the Bitcoin derivatives trading area and are frequently contrasted. There are some similarities between the two conversations, but we will concentrate on the significant distinctions.

For starters, BitMEX has a lot higher daily volume to brag about, commands significantly more users, and has a well-established market reputation. It does have server overload difficulties, which may be really aggravating. Furthermore, there is a lack of fresh features and innovation to keep traders interested.

Bybit exchange, on the other hand, is a new platform that has attracted over 100,000 traders in a short period of time.

Trading competitors, price manipulation control, rapid trade speed and low latency, insurance fund, and up to 100 times leverage on Etherium contracts are just a few of the unique features of Bybit.

Types Of Contracts Available On BitMEX

  • Traditional Contracts or Futures: A conventional futures contract is a derivative product agreeing to buy or sell a commodity, currency, or another item at a predetermined price at a future date. This is accessible for BTC and other altcoins that are supported.
  • Perpetual Contracts: A perpetual contract is a derivative contract comparable to a typical Futures Contract. However, unlike traditional futures, it has no expiry or settlement date. The Perpetual contracts trade close to the underlying reference Index Price because they mirror a margin-based spot market. This is only accessible for BTC.
  • BitMEX Upside Profit Contracts: It enables contract buyers to share the underlying instrument’s possible upside. This is only accessible for BTC.
  • BitMEX Downside Profit Contracts: It permits contract buyers to partake in the underlying instrument’s potential downside. This is only accessible for BTC.

What Is HDR Global Trading Limited?

HDR Global Trading Limited is a Seychelles International Business Company founded in 2014. Throughout the Relevant Period, HDR Global Trading Limited has owned and operated the BitMEX trading platform and is regulated in the Republic of Seychelles as part of the International Business Companies Act of 1994.

Despite its incorporation in Seychelles, HDR has no operations or employees there. HDR has New York, San Francisco, Milwaukee, Hong Kong, Singapore, and Bermuda offices. The initials of the three principal ultimate owners of HDR Global Trading Limited and its many subsidiaries, Hayes, Delo, and Reed, are used to form the acronym “HDR.”

Frequently Asked Questions (FAQ) – BitMEX Trading Platform Review

Frequently Asked Questions

Does BitMEX Trading Platform Have An App?

BitMEX mobile app is available for users to trade cryptocurrencies on Google Play Store and Apple App Store.

BitMEX also provides a well-designed mobile app that allows you to perform the same functions on the desktop platform, including trading with multiple order types, leveraged trading, and derivatives.

Please see the website for additional information on BitMEX Mobile if you want more specifics.

Can You Demo Trade With BitMEX?

BitMEX features a Testnet that allows users to practice trading crypto without taking risks with their funds. Using a paper trading account on BitMEX will enable beginners to become familiar with the exchange while also learning how to trade cryptocurrencies with leverage.

Why Is BitMEX Banned In The US?

The US prohibits high-leverage CFD trading. Leveraged derivatives are typically forbidden from trading in the US.

Various supervisory authorities’ rules interact here. The CFTC classifies trading objects. Some people now regard bitcoins as commodities.

The SEC’s rules also apply here. It regulates futures and derivatives but not crypto.

Another entity that regulates a bitcoin price and business in the US is FINCEN. To meet FINCEN’s regulations, all transactions must be traceable. In the USA, trading platforms and brokers must verify ID.

What Happened To BitMEX?

US regulators charged BitMEX with breaking Bank Secrecy Act and failing to follow the anti-money laundering. US authorities have closely monitored the bitcoin business. The Devi sector is not immune to law enforcement efforts.

Anti-money laundering (AML) rules, regulations, and procedures are designed to prevent criminals from passing off unlawfully obtained funds as legitimate income. Anti-Money Laundering (AML) also aims to dissuade criminals by making it more difficult for them to conceal ill-gotten gains.

Conclusion: BitMex Trading Platform Review

To summarize my BitMEX review, I can say that the exchange provides complex trading tactics that are well-suited for expert traders familiar with trading volatile risk assets and having exposure to margin trading to maximize profits.

Are There Alternatives To BitMex?

Other Business Models To Choose From

Yes, there are plenty of other business models to choose from if you want to pursue this making money online.  Here are just a few:

Is BitMex A Scam?

Is It A Scam

Alright, time for the $1,000,000 question: is BitMex a scam?

No, not technically. You can 100% make money with it, but it’s not NEARLY as simple as BitMex wants you to think it is.

You need to understand that you are taking a very big risk with financial products.

So while it’s entirely possible that you hit the big leagues and retire to a vineyard… the path to get there is so stressful, it might just shave a decade off your life… IF you even get there.

A friend of mine actually writes advertisements for one of the largest financial program advertisers in the world… so believe me when I say that most of the “awesome” numbers they use in their ads & landing pages are borderline false.

What they conveniently leave out are the dozens of losing bets and trades that came before the big win you’re reading about.

Now, most people don’t have the emotional bandwidth to stick out 3 months of back-to-back losses before (hopefully) getting a big win.

I’d rather use that 3 months of work (in my spare time) building Digital Rental Properties, and then collect a handful of nice little $500-$2,000 checks every single month afterward (AKA passive income).

And the cool part is that you can do it in a lot less time than 3-months (I personally did it in my first 2 weeks of being a Digital Landlord).

You can do it from anywhere in the world, so it’s a genuine “laptop-lifestyle” business.

All you need is a laptop and an internet connection.

Some of my friends are Digital Landlords that run their 6-figure businesses from:

  • Camping trips at national parks
  • Beachfront in Hawaii
  • On the road in a camper van (with a pet pig!)

They focus on living an enjoyable life first, and focus on income second. All thanks to this program

They can take weeks or months off, and money keeps rolling in.

Living happily is the top priority.

If the thought of living perpetually at your dream vacation spot interests you, being a Digital Landlord might be for you!

What Is My #1 Recommendation For Making Money Online In 2022?

Make Money Online With Digital Landlord

I’ve personally tried all of the major online business models:

  • I’ve traded crypto & purchased a bunch of fancy “insider stock tip” newsletters
  • I’ve sold fidget spinners through Amazon FBA
  • I’ve drop-shipped a toilet bowl putting green on Shopify
  • I’ve sold women’s health supplements via Clickbank affiliate marketing

And I made money with all of them, so trust me when I say: there is no “perfect” business model.

That being said, my #1 recommendation for making real money online is, hands-down: being a Digital Landlord.

Whether you’re a complete newbie or you’ve been around the block before but have never had that “big win” to propel you forward, becoming a Digital Landlord is for you.

Why?

1)Time: If you’ve got a spare hour or two each day, you can do this. If you want to drop everything and go all-in, you can do this. More time obviously means faster results, but even putting in a few hours per day is enough to see real success.

And because of that flexibility, you don’t need to trade your time for money. Once the income starts, it’s recurring.

That means you can take a month off, travel the country, pursue a passion project, chill on the beach, or charter a boat across the world.

But you can only do that once you’ve created an income stream that doesn’t require YOU to be there all day, every day.

2) You Own & Control EVERYTHING: When it comes to the markets, nothing is in your control. You have zero influence over market-shifting macro-economic trends.

The number of people that have ACTUALLY beat the market consistently can be counted on one hand.
Why pour your soul into a business that you realistically have zero control over?

When you’re a Digital Landlord, you literally own all of the assets, which means you have ultimate control.

3) It’s Effectively Copy-Paste: Here’s my favorite part: once you have your first Digital Rental Property up, you can literally copy-paste another version of it and find another willing “renter” in a few days. DOUBLING your income doesn’t get much easier than that…

If you wanted to double your income in the markets, you would need to make twice as many winning trades, or double your profit on each trade. And I can guarantee you that’s a lot harder than a few clicks & a phone call.

4) Make Money Helping Real People: When you make money in the markets, you’re not really helping anyone but yourself. There is a loser on the other end of that trade.

But when you’re a Digital Landlord, you’re helping solve REAL problems that people are ASKING for help with:

Small local businesses around the world need one thing: customers. Without them, their business would fall apart. If you can provide those customers, they’re going to be really happy – and they’re going to pay you for it.

You’re helping a struggling mother or father put food on the table for their families, put their kids through college, or simply live life a little bit more comfortably.

Having this type of impact on the world is what will help you sleep soundly at night.

So, the rest is up to you. You could keep looking at other programs like BitMex, which might make you money if you luck out.

You could keep researching and researching for the next few months (or few years), never making a concrete decision.

OR, you can look deep inside, think about those dreams, hopes, & desires, and make the decision to ACTUALLY make it happen, just like it has for thousands of other students before you.

Making a fortune while actually helping real people that need it.

If this sounds like you, click here to see how it all works.

 

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