BitMEX Review

BitMEX Review

Robert McDougall 

July 18, 2022

Cryptocurrency

What Is BitMEX?

BitMEX is one of the industry’s leading cryptocurrency exchanges and was launched back in 2015. The platform is based in Eden Island, Seychelles, and they have offices in several other locations as well.

BitMEX allows their users to trade in the spot market and to trade derivatives too and has an advanced and feature-filled trading interface. In 2016, the platform added their XBTUSD perpetual swap, and it has become their most traded asset since then. BitMEX also offers the options to stake, earn, and buy crypto. 

To avail yourself of these services, you simply sign up on the platform by entering your email address and password—keeping in mind that BitMEX is not available in the US and a few other countries.

  • Web Address: www.bitmex.com
  • Main Location: Eden Island, Seychelles
  • Cryptocurrencies: XBT (BTC), USDT, ETH, APE, AXS, LINK, MATIC, UNI
  • Fiat Currencies: USD, EUR, GBP, and more
  • Mobile App: Android and iOS devices
  • Payment Methods: Apple Pay, Credit/Debit card, Bank transfer, Cryptocurrency
  • Deposit Fees: Crypto: free, Fiat: fee charged by third-party merchants when purchasing crypto
  • Trading Fees: 0.10% for makers and takers
  • Withdrawal fees: Crypto: Varies depending on coin; Fiat: not supported

My Overall Thoughts on BitMEX

BitMEX has proved itself to be a sustainable cryptocurrency exchange thanks to their focus on trading features and their own ecosystem. Traders can opt for the spot market or trade derivatives. And, thanks to the BMEX token designed by the exchange itself, users can now claim premium benefits like staking rewards and low trading fees by just holding the tokens. You can also make easy crypto purchases on the platform using third-party payment merchants. 

Here’s what I consider the best features of the platform.

1) Easy buying and swapping of crypto assets: You can easily purchase a variety of cryptocurrencies on the platform and even exchange them with a single click without any problems. BitMEX has partnered up with various payment merchants, allowing you some flexibility for your crypto purchases.

2) Diversity in trading markets and the interface: There are two different trading markets available at BitMEX for traders to explore. If you want advanced features and better returns, you can go with derivatives trading, whereas spot is more suited to beginners, casual traders, or traders who want to keep the risk level low. As for the trading interface, it’s advanced, professional, and premium, with all the necessary tools and features to make your trading experience better.

3) Stake and earnWith the BitMEX staking program, you can earn money with your crypto assets and get great returns that could help you expand your portfolio. Rather than letting them sit in your crypto wallet or BitMEX account, you can let them work for you. 

Despite all the benefits of BitMEX, the platform has some areas that could use improvement. For instance, BitMEX’s customer support is below average, as they don’t provide any quick communication option like live chat or phone.

Key Features and Advantages of BitMEX

BitMEX is truly an all-in-one cryptocurrency exchange that’s not targeted at a specific community. Their professional interface and the diversity in their markets gives them an edge over other platforms, and users can trade popular assets like BTC, ETH, APE, AXS, or UNI with a single click.

You can also earn money on the platform with their stake and earn feature. You simply invest your assets in the pool you like and get yearly returns depending on the interest rate. If you’re only interested in purchasing cryptocurrencies, BitMEX has you covered there too. Take a quick look at the list below to see all of BitMEX’s key features:

Negatives and Disadvantages of BitMEX

BitMEX scores quite high in its trading and investing features compared to other available crypto exchanges. But there are also negative aspects of BitMEX to be considered:

What Services Does BitMEX Offer?

BitMEX offers pretty much everything an everyday crypto user would require. Starting with trading, BitMEX offers spot markets and derivatives for diverse trading opportunities. BitMEX also supports a few popular cryptocurrencies. As far as directly purchasing crypto assets, BitMEX has made it possible through the third-party payment merchants they’ve partnered with. To invest and earn with little to no effort, you can check out their staking program and even claim extra benefits through the BMEX token.

Take a look below to find out more about BitMEX’s services:

Buy crypto with a variety of payment methods: You can buy crypto coins on BitMEX using various fiat payment methods to process your transaction. BitMEX has partnered with multiple third-party payment merchants like Banxa and Mercuryo that provide their users several payment gateways, including credit or debit cards, bank transfers, and Apple Pay.

Cryptocurrencies available directly for sale on BitMEX include XBT, USDT, ETH, APE, LINK, MATIC, UNI, and AXS. You can also select the fiat currency through which you want to make the payment on the buying page.

Swap cryptocurrencies instantly: BitMEX provides a quick swap or convert option to users who want to exchange their cryptocurrencies for any other crypto asset available on the platform.

Now you can easily, efficiently, and instantly convert your crypto assets without executing a trade or understanding the complexities of trades. BitMEX might charge a minimal fee at the time of conversion, but the whole process usually takes a second to complete.

There are multiple crypto assets available that can be instantly exchanged on the platform. You simply pay USDT, and in return, you can get XBT, ETH, APE, LINK, and other crypto assets right away.

8 popular crypto assets available to trade and buy: BitMEX might not have the greatest diversity in the tradable assets arena, but they do support some of the most popular cryptocurrencies for trading and purchasing, which is great for users who don’t want to worry about investing in scam or rug pull projects. Available cryptocurrencies include XBT (the new abbreviation for BTC), ETH, APE, AXS, LINK, MATIC, UNI, and USDT.

Trade spot and derivatives: Users can trade spots and derivatives on BitMEX. While the spot market is focused more on the popular crypto assets, BitMEX has an impressive variety when it comes to derivatives.

Having both trading markets allow users of all types and skill levels to trade on the platform and to create diversity in their trading portfolios by investing in different pairs rather than only investing in spots. BitMEX also offers up to 100x leverage on some of their derivative pairs, which is impressive.

Enhanced mobile apps for iOS and Android: You can download BitMEX’s mobile applications on your iOS or Android phone and have an advanced trading experience from wherever you want. The apps don’t require much space nor need high specifications to run, and they’re available in your phone’s app store.

BitMEX’s mobile applications are integrated with pretty much all the features that are available in their desktop interface. You can easily and efficiently trade, evaluate the charts, fetch data, buy crypto assets, stake your assets, and do much more right from your handheld device.

Professionally designed trading interface: The trading interface is one of the things that BitMEX has not compromised on—it’s professional and has kept up with the latest advancements in the crypto industry.

BitMEX’s trading interface shows the charts for the selected pair in the middle. In the left-hand panel, you can select the pair you want to trade. In the right-hand panel, you can execute the trades by customizing your orders accordingly. As for the tools, features, and functions, you can do pretty much everything an advanced interface should be able to. You can use indicators on every single pair, select different time slots, draw, replace the candles, write, use patterns, and much more.

Stake and earn an interest rate on different tokens: BitMEX Earn is a newly introduced earning feature for investors who want to earn a few extra bucks with their idle assets. BitMEX provides an opportunity to invest in different assets and earn APR.

With the BitMEX earning program, you can expand your portfolio much quicker and let your assets work for you. You can earn up to 1.5% indicative APR in less than a month or the specific maturity period stated for each of the assets available to invest. Some of the investment products even come with low-risk indications to provide investors with a safer experience.

The returns that BitMEX is offering are considerably higher than what other crypto platforms offer to their investors. You can sit back, relax, and wait patiently for the maturity period to get rewarded for a simple staking activity.

Earn up to 45% commission with the affiliate program: BitMEX offers an industry-high affiliate commission to their users who can bring people to the platform. The affiliate payout percentage starts at 25% and goes all the way up to 45% for users who meet additional requirements.

The BitMEX affiliate program works on a trading-fee basis, and you can earn money each time your referrals trade on the platform. BitMEX provides you with a special referral link that you can share with your online community. BitMEX does not impose any restrictions on the number of referrals you can bring or how much you can earn through their program, making it a great way to earn extra money on the platform if you have a significant social reach. 

Claim benefits with the BMEX token: BMEX is BitMEX’s native token and is designed to benefit its holders in the longer term. BMEX has a total supply of 450 million tokens, and the exchange claims that the vast majority of those will be spent to award the holders and users and grow the BitMEX ecosystem. 

As for the benefits, you can stake BMEX tokens and earn interest. BMEX holders on BitMEX also get trading fee discounts and even get free withdrawals. 

By investing a little in BMEX tokens, you can get the advantage of making your trading experience cheaper in the longer term.

Detailed educational guides: BitMEX offers content guides for users who want to learn about the crypto industry and know more about the crucial concepts that could help them trade and invest smarter. 

BitMEX has a “Knowledge base” section available for everyone to access. It includes detailed and thorough guides starting with the basics of the exchange and moving all the way through the professional and advanced features like derivatives and spot. 

Premium security and bug bounty program: BitMEX claims that all of their services are governed by conservative, foolproof multilayered security measures. The platform also has a bug bounty program that encourages users to report problems regarding the platform. Their bug bounty program is affiliated with HackerOne, which offers rewards of up to $10,000 depending on the seriousness of the issue. 

Things I Don't Like About BitMEX

There are a few things about BitMEX that need to be addressed in order for them to provide their users with a fully functional experience. You can take a look below to find out the things that I don’t like about the platform:

Slow customer support: Despite having a robust trading exchange, BitMEX fails when it comes to efficient customer support. The only way you can contact the BitMEX support team is by filling out the form they provide or sending them an email. You are not provided with any live-chat option or a phone number that you can use to call them instantly.

These are the options that make communication easier, faster, and more efficient. With only old-school methods available at BitMEX, you may have to wait for hours to get a reply that could solve your problem.

Not available in the US: BitMEX does not provide services to users residing in the United States of America. BitMEX has also restricted users from some other jurisdictions, like Cuba, North Korea, Iran, Syria, and a few others. This restriction holds a lot of traders back from using the platform, including those in the US, which has some of the biggest and most developed crypto communities. 

BitMEX Fees

BitMEX Deposit Fees

There is no crypto deposit fee imposed by the platform. Users might be charged a fee from third-party payment merchants when using their services to purchase crypto assets.

BitMEX Trading Fees

The spot trading fee at BitMEX is as follows:

Spot traders can get additional discounts on their trading fees by simply holding BMEX tokens. With derivatives, they charge a standard trading fee. Their maker rebate is 0.01%, and the taker rebate is 0.075%. You can also get extra fee discounts for derivatives by increasing your trading volume or holding BMEX tokens.

BitMEX Fiat Withdrawal Fee

BitMEX does not support fiat withdrawals.

BitMEX Crypto Withdrawal Fee

BitMEX offers several free withdrawals to users who hold BMEX tokens. For standard users, a small withdrawal fee is charged at the time of withdrawals depending on the market conditions for that period. 

Pros and Cons of BitMEX

Pros
  • Buy and swap crypto assets instantly
  • Trade spot and derivatives
  • Advanced trading interface
  • Stake and earn money
  • Get benefits with the BMEX token
Cons
  • Substandard customer support
  • Not available in the US

Conclusion

BitMEX is a compact crypto package designed to provide a stable, professional, and user-friendly trading and investing experience to both users who are already experienced and those who are new to the Web 3.0 industry. The platform was started a few years back and they’ve worked to improve their services since then, with a focus on creating the ultimate trading experience, developing more investment opportunities, and improving their own ecosystem.

BitMEX can be an excellent choice for users who want to trade with advanced tools, buy crypto assets, and invest their cryptocurrencies to earn interest. Besides that, BitMEX has an excellent layout and great content guides, making it easier for everyone to access and use their services. If you reside in one of their areas of service, you can sign up on the platform within a few short minutes and enjoy a next-gen crypto experience.

BitMEX is not available for US residents, so if you are from the US, you can read our article on the best cryptocurrency exchanges in the USA. There is also a quick comparison table below to help you with your decision.

Comparison Table of the Best Crypto Exchanges in the USA

eToro
MEXC Global
Pionex
Coinmama
Uphold
Crypto Exchange
Crypto Exchange
eToro
MEXC Global
Pionex
Coinmama
Uphold
Fiat Currencies
Fiat Currencies
USD
USD, TWD, AED, PHP, AUD, JPY, CAD, EUR & more
USD, TWD
USD, EUR, AUD, CAD, GBP, JPY
USD, GBP, EUR, CHF, AUD, JPY & 21 more
Cryptocurrencies
Cryptocurrencies
BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA & 75 more
MEXC, BTC, ETH, EOS, BCH, LTC & 1,520+ more
BTC, ETH, LTC, SOL, DOT, TRX & 120+ more
BTC, ETH, ETC, UNI, LINK, LTC, BCH, DOGE, MATIC, EOS, AAVE, COMP, OMG, YFI, WBTC
BTC, ETH, ADA, DOGE, COMP, DOT & 125+ more
Deposit Methods
Deposit Methods
PayPal, Debit card, Credit card, Wire transfer, Online banking
Visa/Mastercard, Bank Cards, Bank Transfer, Apple Pay, Google Pay, Cryptocurrency
Credit card, Cryptocurrency
Credit card, Debit card, Fedwire, Apple Pay, Google Pay
Bank Transfer (ACH), Bank Transfer (SEPA), Debit/Credit Card, Wire Transfer, Faster Payments Service, SWIFT, Cryptocurrency
Trading Fees
Trading Fees
1%
0.2% for spot, 0.02%/0.06% for futures
0.05%
2.93% - 3.90% (depending on loyalty level)
Fees included in the spread

eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. "Virtual currencies are highly volatile. Your capital is at risk."

Frequently Asked Questions

 Is BitMEX a safe crypto exchange?

 Yes, BitMEX is a safe and trusted cryptocurrency exchange with significant security features that was launched in 2015 and is currently based in Seychelles.

Can US users use BitMEX?

No, BitMEX is not available for users residing in the US, probably due to the country’s regulations.

What cryptocurrencies does BitMEX support?

 BitMEX supports a variety of popular cryptocurrencies like XBT (BTC), ETH, APE, AXS, LINK, MATIC, UNI, and USDT. 

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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