HDR Global Trading Limited established BitMex exchange in 2014 and since then it has witnessed meteoric growth to become a leading cryptocurrency exchange. The Seychelles domiciled exchange is a popular derivative trading and Bitmex margin trading. However, BitMex trading is somewhat different because it does not offer direct Bitcoin or cryptocurrency directly.
Traders deal with contracts instead of direct currency which is more volatile compared to traditional trading. Therefore the platform is meant for experienced traders and investors that require very little guidance. To open an account on BitMex all you need is confirmation that you are over 18 years and an email address. Unfortunately because of legal issues, the BitMex platform is not available for US traders but that should not be a problem because TrailingCrypto supports various top crypto exchanges one can use.
Bitmex exchange interface
Although the trading platform interface is a bit cluttered it is nonetheless very fast and reliable with numerous widgets that can be personalized according to the trader’s preference. The trading view has diagrams at the center and on the left, there is the current order book and on the right history.
After making a trade you can track the order via Active Orders which allows for fast and effortless management as well as cancelation of orders. Unfortunately, the platform is only meant for desktop but it is usable and user friendly.
Bitmex trading and markets supported
The BitMex platform exclusively supports crypto trading through derivative and specialized margin trading. The exchange offers leveraged trading for margin traders and other trading options. Leverage is appealing for experienced traders who are willing to risk and have great experience in speculative trading. Traders get to enjoy the leverage of up to 100X on futures and spot for short and long orders. Although leverage can result in massive returns it also can lead to significant losses.
Despite BitMex only allowing for Bitcoin deposits it nonetheless allows trading of different types of cryptos and fiat currencies such as the US dollar, Chinese Yuan and Japanese Yen. After depositing bitcoin one can then purchase other cryptocurrencies such as Bitcoin Cash, Ethereum, Ethereum Classic, Dash, Monero, Litecoin, Tezos, Ripple, and Zcash.
Payment fees and commissions
The platform doesn’t offer variety in their commissions, fees, and spreads but they rather have a fee scheduled for conventional future trading. Besides the standard fees the exchange also offers leverage of up to 100X on certain crypto traders. For instance, Bitcoin fees are 1% of the initial margin and 0.5% maintenance. The settlement, maker and taker fees are 0.5%, -0.25% and 0.075% respectively.
Bitmex exchange’s taker fees which are at 0.075% is quite low and this gives the exchange a competitive edge to other exchanges. Also, makers have a negative fee which means that they get paid for making orders. Although the pay isn’t that much at least there is some reward.
Most importantly with the exchange is that it focuses mainly on options trading. As a result, its fees are divided into contract groups that include downside and upside profit contracts, traditional futures as well as perpetual contracts.
The only exception for the standard fees for Bitmex trading is varying charges for Zcash and Tezos that do not have a taker fee but an incredible 0.25% taker and also settlement fee.