What is Bitmex? Is there a scam here?

BitMEX
If you’re a professional trader, exchanges like Binance, CoinEX, Kucoin, and Cryptopia won’t be able to match your demands due to a lack of orders and tools. Do you want to trade Bitcoin futures contracts but exclusively on stock exchanges in the United States? Sign up for a Bitmex account.

I. What exactly is BitMex?

BitMex is a Bitcoin and Bitcoin-based derivatives exchange. Other virtual currencies on BitMex, in addition to Bitcoin, are all derivative virtual currencies that inherit the value of existing virtual currencies; altcoin codes on BitMex have no inherent value, but they will all be ascribed to Bitcoin.

BitMex’s software enables traders to forecast bitcoin and altcoin prices and profit from them. This is similar to “betting” on a coin’s rise or decline, but unlike traditional exchanges, you don’t really purchase or sell coins for profit.

Apart from the normal ways of buying and selling (Buy/Sell), BitMex exchange allows you to trade margin (Long/Short) with leverage up to 100 times.

BitMex’s participation is comparable to Bitcoin futures on the CBOE and CME, two Wall Street exchanges. The sole benefit is that the BitMex contract has no expiration date, so there’s no risk of losing your investment.

The BitMex reference price will be derived from BitStamp in the United Kingdom and GDAX in the United States (the ratio is 50 – 50 percent ). BitMEX calculates the liquidation price of positions for traders using the Fair Price process, which is based on reference prices from two prominent exchanges in the world: Bitstamp and GDAX. This helps to prevent price manipulation on the exchange. So, whether trading at Poloniex or Bitfinex, you won’t have to worry about facing flash pump / dump scenarios to “kill margin.”

What distinguishes Bitmex from other cryptocurrency exchanges?

XBT will be used to convert the quantity of BTC (1 XBT = 1 BTC). It may be used to purchase and sell other cryptocurrencies as well as exchanges.

Bitmex’s current pricing is derived from two exchanges, BitStamp and GDAX (50 percent -50 percent), one of which is based in the United Kingdom and the other in the United States.

Bitcoin (BTC), Cardano (ADA), Bitcoin Cash (BCH), EOS, Ethereum (ETH), Litecoin (LTC), Tron (TRX), and Ripple (XRP) are presently supported by Bitmex (XRP).

What distinguishes Bitmex from the competition?

Factor of safety: The Bitmex team is highly concerned about security. They keep all of their cash in a multipurpose wallet that is only accessible if the majority of their partners agree. Cold wallets are also kept out of reach of prospective hackers. Before being sent out, all withdrawals are personally inspected by at least two Bitmex staff.

Low transaction charge: The transaction fee varies depending on the seller and buyer’s agreement, but it typically ranges from -0.05 percent to 0.075 percent.

Trading platform of high quality: The UI is attractive, and the graphing capabilities are simple to understand.

  • Bitmex accepts legal currencies for bitcoin trading, including the United States dollar (USD), the Japanese yen (JPY), and the Chinese yuan (CNY) (CNY)
  • Use a variety of languages: Currently, Bitmex supports five languages: English, Chinese, Japanese, Russian, and Korean.
The Basics of Margin Trading: With a massive 100x leverage, margin assistance is available.
  • Identity Verification is not required: You do not need to validate your account when trading on Bitmex, which is a benefit.
  • Customer assistance is available 24 hours a day, 7 days a week via a variety of channels, including live web chat, email, ticket booking, and social media platforms such as Facebook, Twitter, and Telegram.

II. Transaction costs on BitMEX

You must pay various costs at BitMEX in addition to withdrawal and deposit fees, such as:

1. Bitcoin Fees for Deposits and Withdrawals

Fees for deposits and BitMEX are frequently waived. Based on the Bitcoin transaction cost at the moment, a little amount will be removed. Because of the massive number of Bitcoin transactions in the market, the withdrawal cost is now relatively high.

2. BitMEX transaction costs for purchasing and selling

You will not have to pay the charge if you are the one who places the order. You pay 0.075 percent pahri if you are the match.

3. Settlement fee

When a fixed-term contract is agreed upon, a fee is levied. This fee will not be levied if you are a regular trader with a perpetual contract. The cost is normally 0 percent for LTC and 0.5 percent for BTC, with 0.25 percent for other currencies.

4. The Rate of Funding

This is the currency that traders Long and Short use to trade. The Long player must pay if the Funding Rates are positive, and vice versa. The funding will take place three times a day, each 8 hours apart.
The Funding Rate is a tool used by traders to encourage them to take positions on the opposite side of the majority. The index will be positive if the Long team is greater, and you will gain a commensurate amount if you start a Short position at this time.

III. What are the benefits and drawbacks of the BitMEX Exchange?

Many individuals will discover about BitMEX’s benefits and drawbacks as they learn more about the exchange. The article contains some facts that you may use to help you decide whether or not to use this exchange.
BitMEX Exchange’s Benefits:
• Quick registration process with no identification verification.
• BitMEX has a smart operating mechanism that makes it highly simple and easy to use. • BitMEX offers a lot of innovative features that help users make transactions fast and correctly.
• BitMEX’s liquidity steps are relatively high, with a daily trading volume of up to 2 billion USD. • Low transaction fees, quick deposit, leverage up to X100.
• The floor’s support team is available 24 hours a day, 7 days a week to assist you with any queries or difficulties you may have.
Defect:
In addition to its benefits, the BitMEX Exchange has numerous drawbacks that effect consumers, including:
• The exchange’s withdrawal cost is highly appreciated because it is computed in Bitcoin; nevertheless, BitMEX does not currently enable payments and transactions in USDT.
Is BitMEX a rip-off?
BitMEX is now one of the top ten cryptocurrency exchanges in the world, with a daily trading volume of over 2 billion USD. BitMEX accepts crypto investing clients from all around the world.
BitMEX does not confirm whether or not it is defrauding people. Customers can be considerably more confidence if they look at the history of activities based on this exchange. Because BitMEX has been in operation for almost seven years.
When users join BitMEX, the procedure of safeguarding their margin is quite professional. The exchange keeps all of its customers’ BTC in a cold wallet, which keeps it off the internet and out of the hands of hackers.

IV. BitMEX Exchange Overview

On BitMEX, here are the instructions for withdrawing BTC from your wallet.
Go to Account -> Withdraw to withdraw BTC from BitMEX. You can also go to the following website: https://www.bitmex.com/app/withdraw
After you’ve entered all of your information, including:
Address of the final destination: Enter the wallet address you’d want to receive the funds to.
The amount of XBT you wish to withdraw (in XBT).
Token with two factors: 6 Google Authenticator numbers must be entered.
All you have to do now is select submit. Because the system will send you a withdrawal email (“Confirm Withdrawal”), remember to enter your email to confirm the transaction.
Note:
– The BitMEX transaction confirmation email has a 30-minute expiration date. If you do not click Confirm Withdrawal after this time, the withdrawal will be canceled.
– The transaction is checked and confirmed by the exchange personnel. This is what I was referring about earlier.

V. Trading instructions for BitMEX

Click Trade or go to https://www.bitmex.com/app/trade to access the Trade interface.
  • In comparison to today’s exchanges, I find BitMEX’s interface a little challenging, but the structure remains the same, including:
Recent Transactions: Trade orders that have recently been fulfilled
  • Chart: Buy/sell orders are being placed in the graph order book, which includes information such as buying/selling prices, buying/selling volumes, and the total USD amount of these orders.
  • Place Order: This is the section where you may place Buy/Sell (Long/Short) orders immediately on the floor. Below, Coin68 will explain how to set buy/sell orders.
The BitMEX exchange accepts a limited number of order types.
  • Market Order: Orders that are matched at the current market price.
  • Limit Orders: Match orders at the price you’d like to purchase and sell at.
  • Stop Limit Orders: Executing orders at the limit price or better when the criteria provided in “Set Sell Stop” are met.
  • Trailing Stop Order: A Stop Order is similar to a Stop Market Order, except the price to match the order will fluctuate with the market price.
  • Stop Market Order: Similar to Stop Limit Order, with the exception that when the condition you’ve established is met, Stop Limit is replaced with the current market price.
  • Take Profit Market Order: Profit is taken at the current market price.
  • Limit Order to Take Profit: Take profit at the price stated at “Limit.”
For instance, suppose you believe the price of XBT will decline from 6700 USD to 6600 USD, and you want to buy 200 USD worth of XBT with a 100x leverage.
Follow the steps outlined below:
  • Total quantity: 200 (USD)
  • Stop Price: 6600 (USD) (USD)
  • Pull up by a factor of 100.
Then, when the price drops to $6600 USD, click Buy, and the floor will automatically match the order. The only difference between sell and buy is the price you wish to sell for.

Conclusion

A large floor is where a lot of money may be made as well as a lot of money can be lost. I hope that the information presented may be of some assistance to you.

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