BitMEX Review 2020
Bitcoin Mercantile Exchange (BitMEX) is an online trading platform that offers cryptocurrency enthusiasts a convenient way to trade cryptos online. BitMEX is built by finance professionals with over 40 years of combined experience and offers a comprehensive API along with supporting tools.
BitMEX Review 2020, Pros & Cons
- Intuitive trading platform
- A selection of educational resources
- API trading tool
- Cryptocurrency trading only
- Cryptocurrency funding only
- No MetaTrader platforms
- No US clients
- No contact telephone number or live chat support
In this detailed BitMEX review, our online broker research team has covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
BitMEX is not ranked in our best forex brokers, best stockbrokers, best CFD brokers, best crypto brokers, or best online brokers categories. You can use our free broker comparison tool to compare online brokers including BitMEX.
BitMEX Review: Summary
BitMEX is a Bitcoin-based trading platform that allows traders to buy and sell cryptocurrencies, including Bitcoin, Ripple, Litecoin, Ethereum, and more. The exchange offers leveraged contracts that are bought and sold in Bitcoin. Transactions are recorded in Bitcoin, and all profit and loss are in Bitcoin. Clients get access to a range of trading tools and educational materials, as well as professional customer support.
BitMEX Review: Regulation
BitMEX is wholly owned by HDR Global Trading Limited, which was incorporated under the International Business Companies Act 1994 of Seychelles with a company number of 148707. There is no regulatory information on the Exchange’s website. Most experts and professionals would not trade with an unregulated broker as they cannot offer the same protection to investors that a regulated brokerage firm can. Please see our best trading brokers for alternative regulated brokers.
BitMEX Review: Countries
Traders from different parts of the world are welcomed to open a trading account with the exchange provided that it would not be contrary to local laws or regulations in their respective jurisdictions.
Some BitMEX features and products mentioned within this BitMEX review may not be available to traders from certain countries because of legal restrictions.
If you are looking for a trading broker in a particular country, please see our best brokers USA, best brokers UK, best brokers Australia, best brokers South Africa, best brokers Canada or our best brokers for all other countries.
BitMEX Review: Trading Platforms
BitMEX is a P2P crypto trading platform. It is a web-based trading platform. But the Exchange also provides an intuitive mobile app version of the platform for Android and iOS devices. The mobile trading app can be downloaded from the respective app stores free of charge. It enables traders to manage their accounts and place trades on the go, provided they have an internet connection.
BitMEX Review: Trading Tools
BitMEX has a REST and WebSocket API trading tool. The API is required for private data like orders, margin, and positions.
BitMEX Review: Education
The Exchange has a Knowledge Base section and an FAQ section in place to help you resolve some of the common pressing issues by yourself. There is also a trading blog that contains a range of educative articles.
BitMEX Review: Trading Instruments
BitMEX is a Bitcoin-based trading platform that allows traders to buy and sell cryptocurrencies, including Bitcoin, Ripple, Litecoin, Ethereum, and more.
BitMEX Review: Trading Accounts & Fees
The exchange offers two account types to their clients: the Individual Account and the Corporate Account.
BitMEX Review: Customer Service
The BitMEX customer support team can be reached through a support ticket form. They are also available on selected social media channels: Reddit, Twitter, and Telegram.
BitMEX Review: Deposit & Withdrawal
BitMEX only accepts Bitcoin for deposits and withdrawal. It is not possible to deposit USD or any fiat currency on BitMEX. Being a fully Bitcoin-denominated exchange, all deposits and withdrawals are therefore made in Bitcoin. BitMEX does not charge any fees on deposits and withdrawals.
As broker fees can vary and change, there may be additional fees that are not listed in this BitMEX review. It is imperative to ensure that you check and understand all of the latest information before you open a BitMEX broker account for online trading.
BitMEX Review: Account Opening
Prospective traders can open an account by clicking on the ‘Register’ button, fill out the form properly, and submit. Once approved, the client can start trading online, should they feel ready to do so.
It is imperative to ensure that when you are going through a broker application, you clearly read all of the broker’s terms, conditions, and policies. Only proceed if you fully understand and agree to them.
BitMEX Review: Conclusion
Overall, BitMEX is a Bitcoin-based trading platform that allows traders to buy and sell cryptocurrencies. The exchange offers leveraged contracts that are bought and sold in Bitcoin. Clients get access to a range of trading tools and educational materials, as well as professional customer support. However, BitMEX is unregulated which may be a red flag for some potential clients. You may wish to view our best crypto brokers for regulated alternatives.
The trading of cryptocurrencies involves significant risk. Price fluctuations can occur which may increase or decrease the value of your assets at any given moment. Any currency whether virtual or not may be subject to large swings in value and may even become worthless. You should not risk an amount you cannot afford to lose.