BitMEX (Bitcoin Mercantile Exchange) Review
BitMEX (Bitcoin Mercantile Exchange) has recently gained some popularity as an exchange for advanced cryptocurrency traders.
Offering up to 100x leverage contracts and shorting, you can up your potential gains (or losses) on the platform by taking on additional risk for each trade.
Unlike other exchanges, BitMEX only offers leveraged contracts that you buy and sell in Bitcoin. This means that, even if you_re trading altcoins, your profit and loss will be in Bitcoin. This platform is meant for traders, not investors who are looking to actually own the coins.
Note: BitMEX is currently unavailable for U.S. residents.
In the BitMEX review, we_ll cover:
How It Works
BitMEX Key Information
Site TypeCryptocurrency Futures Exchange
Company LocationHong Kong
Available CryptocurrenciesContracts for Bitcoin, Bitcoin Cash, Cardano, Ethereum, Litecoin, Ripple
Custo mer SupportGood
How It Works
At first glance, the BitMEX interface can be overwhelming. The platform constantly keeps the order books as well as executed trades up to date. You_ll notice right away that the platform has all the standard analysis data: candlestick and depth charts, technical indicators, and trading volume.
BitMEX offers two types of contracts: Futures Contracts and Perpetual Contracts. A Futures Contract is an agreement to buy or sell the underlying asset for an agreed price at a specific time in the future. It allows you to trade coins without having to ever actually own them.
A Perpetual Contract is similar but doesn_t have an expiration date. Trading these is similar to normal spot trading.
bitmex trade options
On BitMEX, you can make simple market and limit orders as well as set stop limits using Perpetual Contracts. If those terms confuse you, we recommend using an exchange more geared towards beginners, like Coinbase.
What makes BitMEX unique, though, are the advanced trading options it provides. Most notably, it supports leverage trading from as low as 2x all the way up to 100x your position. The amount of leverage varies from contract to contract, but the Daily Bitcoin / JPY Futures and Perpetual Bitcoin / USD have the highest leverage options available.
BitMEX trading fees range from -0.05% (a rebate) to 0.075% depending on whether you_re a maker or taker and which contracts you_re trading. There_s been some confusion in the community about these fees