Before talking and giving a review on the digital coin exchange, You need to understand that what is it and how it works so, here’s a short introduction to crypto exchange.
Trading/ Investing in cryptocurrency can be difficult at first. Once you understand an exchange, you can softly trade on it. A cryptocurrency exchange is an online platform that allows investors to trade cryptocurrencies for other assets. Different exchanges have different payment methods, it may accept credit card payments, wire transfers, or other forms of payment for digital currencies.
Investors/ traders buy or sell digital currency from digital currency exchanges where most exchanges work independently. The process of buying, selling, and trading is easy. Whatever the platform you use, the first and the foremost step is to create an account to jump into it. Some of the most commonly used exchanges are Coinbase, Binance, Cashapp, BitMex, etc.
What is BitMex?
BitMex stands for Bitcoin Mercantile Exchange. BitMEX is the next-generation digital currency trading exchange. It is completely owned by HDR Global Trading in 2014 that is one of the fastest-growing and successful cryptocurrency exchanges. It is HongKong based company, currently, its headquarter is in Seychelles. It is founded by the talented and professional team, Arthur Hayes (CEO), Ben Delo (CTO), and Samuel Reed (CSO).
It is a crypto-to-crypto trading exchange. The BitMEX platform supports margin trading. It offers margined /leveraged contracts that you can buy and sell in Bitcoin. It trades as derivative trading. The common types of derivating are; Futures, Options, and Swaps. These are in the form of currency, stocks, or commodities, etc.
Derivative Trading is; The trading between two or more parties that drive its price from the underlying asset.
BitMex is a platform where you buy/ sell crypto derivate instruments on margin trading. Margin Trading means;
A trader trades with the help of a third person. The third person gives him funds that he wants to invest.
Here’s an example for your understanding;
Suppose you want to invest $6000 BTC, but you’ve only $3000. Now, you bring $3000 extra through the margin trading. Simply means that you’ll get $1 extra by the third party on each dollar you invest.
If you haven’t any idea about margin trading, do not trade. It can be risky for your financial health.
Here is an unbiased review of BitMex, that will help you choosing the right crypto exchange for you.
There’s no doubt that BitMex is the large and fastest margin trading platform in the world. Leverage and margin trading are the unique features of BitMex and that makes it worthy. The BitMex platform serves hundreds of customers that invest billions of USD per day. It is the platform that trades in only Bitcoin. (It means that whenever you trade on BitMex, you need to make Bitcoins first. Everything your profits and losses will in the BTC. It supports many cryptocurrencies like Bitcoins, Ethereum, Litecoin, Ripple, and many more.
BitMex is the only cryptocurrency exchange that provides 100x leverage, which is a big plus. It also introduced the perpetual swap product that is the most rated product in the digital exchange. It is open to all the customers throughout the world except the USA. BitMex offers multiple leverages for multiple cryptocurrencies and contracts such as Futures contracts, Perpetual Contracts, Upside profit Contracts, and Downside profit Contracts. These contracts bring variety that attracts investors. The process is easy, quick, and simple. You all need to enter your correct email address and after that, complete the two-Factor-Authentication process. Now, you’re all set to trade on BitMex. It offers a fast, safe, and flexible way to trade cryptocurrency. BitMex also has a mobile app.
BitMex fees depend on the cryptocurrency that you are trading in and the type of the contract. You can choose different orders to trade. The orders that it offers are; Limit order, Market order, Stop limit order, Stop Market order, Trailing Stop order, Profit Limit order, and Profit Market order.
- Limit order: You choose your desire price to buy/sell.
- Market Order: An order that you buy/sell at market price.
- Stop Limit Order: You set a specific price to buy/sell, and you will able to trade when it reaches the price that you set.
- Stop Market Order: You set a specific market price to buy/ sell, and you will able to trade when it reaches the market price.
- Trailing Stop Order: An order that has a specified trailing value. It is used to trigger a market order.
- Profit Limit Order: Take profit of an order that reaches the specific price you had set.
- Profit Market Order: Take profit of an order that reaches the specific market price.
The company offers highly attractive opportunities and products. It often provides discounts and special offers to its potential users. You will get opportunities to work at the international level. The BitMex even allows you to invest a small amount if you don’t wanna take the risk. This platform is maybe the ideal one for those who want to invest in leverage trading. Leverage is the prominent feature of the BitMex. It helps you to make a profit faster but it is a highly risky instrument for unprofessional. There’s a lot of risk of hacking and online scamming.
Is BitMex legit and do we recommend BitMex?
BitMex has a user-friendly system. It allows a demo cryptocurrency trade to its users without any risk. It is safe to say that BitMex is legit as it is one of the safest margin trading exchanges. The customer service of BitMex is better than other digital platforms. It is admired and trusted by worldwide customers. BitMex provides 24/7 customer support through different communication channels like Support Ticketing System, Wechat, Weibo, etc. The company didn’t introduce its coin, one has to deposit BTC in it to trade. Therefore, it has firm security measures than the rest.
Margin trading has high potential profit than traditional trading. It is highly risky for inexperienced and beginners. On the other hand, it offers advanced trading techniques that are perfect and preferable for professional traders.