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.
- 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
1. Bitcoin Fees for Deposits and Withdrawals
2. BitMEX transaction costs for purchasing and selling
3. Settlement fee
4. The Rate of Funding
III. What are the benefits and drawbacks of the BitMEX Exchange?
IV. BitMEX Exchange Overview
V. Trading instructions for BitMEX
- In comparison to today’s exchanges, I find BitMEX’s interface a little challenging, but the structure remains the same, including:
- 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.
- 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.”
- Total quantity: 200 (USD)
- Stop Price: 6600 (USD) (USD)
- Pull up by a factor of 100.
Conclusion
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