BitMEX is one of the safest digital coin exchanges to buy and sell digital currencies. Read on to know more!
BitMEX crypto exchange is a peer-to-peer trading cryptocurrencies platform that provides a high amount of leverage contracts bought and sold in Bitcoin. It does not operate in any flat currencies. BitMEX was founded by Arthur Hayes, Samuel Reed, and Ben Delo in 2014 for new and professional traders to experience margin trading. As per the Commodity Future Trading Commission Regulations, the BitMEX trading engine is authorized to allow people to trade currency directly.
Types of Trading & Order Types available on BitMEX
The following are the types of trading available on BitMEX:
- Futures Contract: It is an agreement in buying and selling a currency or commodity at a particular time in the future. BitMEX offers lots of their trade products (cryptocurrencies) in the form of Futures Contracts with a cash settlement. The Future Contracts offered by BitMEX have linear, inverse, and Quanto payouts.
- Perpetual Contract: Perpetual Contract does not have an expiry date and settlement. Traders can hold on to a specific position for a long time. This trade closely tracks and spots underlying Index Prices using funding component mechanics.
There are different types of orders available on the BitMEX platform. You can click here https://www.bitmex.com/app/orderTypeFAQ to know more about the order types in detail.
- Stop Order: Stop order only enter the order book when the market attains a particular Trigger Price. Traders mostly use this order as a risk management tool for limiting their losses on existing positions and as an automatic tool for entering the market at a desired point of entry without waiting for the order to be placed. Stop orders are of three types. They are Stop Limit Order, Stop Market Order, and Trailing Stop Order.
- Market Order: Market Order immediately executes at the market current prices. Traders use it during urgency execution.
- Limit Order: Traders use this order to specify the minimum and maximum price to trade (buy or sell). It is used for minimizing trading costs.
- Take Profit Order: Take Profit Order executes when the price movement is in a favorable direction. It is of two types, namely, Take Profit Market Order and Take Profit Limit Order.
Is Verification Required – Verification Levels & Fees
Yes, verification of email is required on the BitMEX trading platform. Users have to click on the link BitMEX sent to their registered email. Upon doing this, their account is created. There is also two-factor authentication or verification.
The fees involved in BitMEX vary. The fees depend on the digital coin traded and the contract type the coin is. There are no charged fees on either withdrawal or deposit on the BitMEX trading platform. In BitMEX, the taker fee is at 0.0750%, while it is 0.0250% low for the maker fee. This means that during trading, the maker takes a little rebate. Although there are no deposit and withdrawal fees on BitMEX, traders will pay a little Bitcoin Network fee determined by the blockchain platform.
BitMEX Security Features
BitMEX features top-notch security. The USPs of BitMex security are:
- Wallet Security: BitMEX cryptocurrency wallet addresses have a multi-signature system for withdrawal and deposit with multiple keys and multiple holders.
- System Security: To gain access, various forms of authentication are required by BitMEX systems, including hardware tokens. There is no communication between individual systems except through approved and monitored channels.
- Trading Engine Security: Written in kdb+, the BitMEX Trading Engine is the first of its kind that offers unprecedented speed and reliability. After every order placement, trade, settlement, deposit, and withdrawal, it does a full risk check
Is your money safe with BitMEX?
Yes, your money is safe on the BitMEX digital coins trading platform. BitMEX is rated as one of the safest crypto exchanges for margin trading digital coins. You now are spot trading on BitMEX but will still deposit Bitcoin in it. This is why BitMEX has high-security measures in place. In addition to this, there is no major report on BitMEX inconsistencies or hacks. This could be traced to the fact that only a few individuals have knowledge of margin trade digital coins, and there are few reviews about it. When it comes to margin trading reviews, BitMEX is the best among all crypto exchanges. The daily volume is enough to convince you about its safety and legitimacy.
BitMEX Pros & Cons
The pros of BitMEX include:
- It is a streamlined digital coin exchange platform as it focuses only on cryptocurrency.
- A free access to trading related guide is available on the website.
- Top-notch security that supports 24/7 trading without stress.
- It supports both mobile and web access.
- High affordable fees.
- It features an inbuilt chat that supports traders to communicate across different countries.
- High liquidity on the market with high competitive leverage.
- BitMEX features excellent customer support. The customer service team is knowledgeable and always available.
The cons of BitMEX include:
- Only Bitcoin is accepted for deposit and withdrawal.
- Every trader is made to make particular deposit access.
- A few digital coins are available on BitMEX when compared to other exchanges.
BitMEX has been in existence since 2014 and has offered traders top-notch security features in storing and trading their digital assets. It supports different cryptocurrencies, such as Bitcoin, Ada (Cardona), and Ethereum. BitMEX is a safe trading exchange platform for new and professional traders with two-factor authentication and multi-sig withdrawal.