BitMEX (Bitcoin Mercantile Exchange) was launched in 2014. Its owner is HDR Global Trading Limited. Where is BitMEX located? Headquarter is in Hong Kong, but the exchange is aimed at the international market.
Is BitMEX legit? Although the platform isn’t regulated, it is very reliable and safe, with a high volume of trades (included in the TOP-10). The official site is www.bitmex.com. Now BitMEX reviews 5 languages for working with the site.
How to use BitMEX? Firstly, you need to register. Please note, if you register via a referral link, you can get a discount on all your BitMEX fees. The system will inform you about it during filling out the registration form. Once you have verified your e-mail and got BitMEX, login you can start work.
An interesting fact, sometimes when withdrawing funds or with suspicious activity, the exchange can request verification (for example, a photo with the ID in the background of an open site). This happens very rarely, but it shows that there is no BitMEX scam.
Now we will partially answer the question “how to buy on BitMEX”, namely, what fees the exchange takes. It is convenient that you can quickly find all the information about the cards directly on the site in the “Fees” tab, including marginal trading. The cool feature of the exchange is that for commission makers the commission is -0,025% because they provide liquidity of the market. For takers, this sum is 0,075%.
Below you can see the full list of fees, as well as the leverage of margin trading. Here you can see a complete list of all BitMEX alternative coins.
The exchange takes the minimum fee for withdrawing. Unfortunately, BitMEX limits the use of a fiat currency, so deposit and withdrawal are only available in digital coins.
Now we are moving to one of the main issues of this BitMEX review – “is BitMEX safe” and how it is implemented on the exchange.
Is BitMEX safe?
The exchange takes security seriously to prove that BitMEX fraud is absent. First of all, it’s 2FA, with which you provide the basic security of your BitMEX wallet. It differs from other exchanges, in that you need to use a cryptographic token (USB-key) to disable it. For the security of communication, the platform uses PGP-encryption.
To ensure the speed and reliability of the work, the language kdb+ was used. In addition, the platform used the security system Amazon Web Services. But the most important proof of the exchange’s reliability is the absence of hacks and BitMEX down.
For the most reliable storage of all funds, the exchange uses not just cold storage, but a cold multi-signature wallet. This is one of the safest storage systems today.
You can contact BitMEX support via the Ticket System. Unfortunately, BitMEX phone number isn’t present.
Now let’s sum up the results of BitMEX review 2018.
- The high volume of trades;
- Very high level of security;
- Good liquidity;
- Multilingual interface and chat for users of each of them;
- 12 Cryptocurrencies;
- Margin trading.
- Does not work with the currency;
- Users mark high commission for withdrawal;
- The interface is not the easiest (sometimes unsuitable for beginners).