What is BitMEX?
You are here because you are not sure you can make good money with BitMEX.
This is a complete review of BitMEX exchange and everything you need to know using the BitMEX platform.
BitMEX is a Hong Kong-based Chinese online brokering business owned by HDR Global Trading Limited and founded by Arthur Hayes, Ben Delo, and Samuel Reed.
The online company provides an exchange of FIAT currencies which include the US dollar, Japanese Yen, and Chinese Yuan.
Besides this, it provides brokering of cryptocurrencies such as bitcoin and Ethereum and many more.
The customers benefit from conducting business on the site since assets have been proven to be very liquid thus increasing the chance of generating value for money. You will learn all about BitMex exchange and the following:
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BitMEX at a Glance
Owners: Arthur Hayes, Samuel Reed, and Ben Delo
Products: Cryptocurrency Exchange
Do I Recommend BitMEX?
Every online currency and crypto broker wishes to find a good deal of their money and assets.
If you are one of them, look no further as BitMEX is the place to go.
The site provides high leverage and advanced features which enables users to maximally utilize the profits generated from the site.
High liquidity ensures that the users to acquire assorted unique cryptocurrencies as well as FIAT currencies cheaply.
How to Use BitMEX
To conduct business on BitMEX one needs to be a registered member. Registration is quite an easy process. One needs to provide an email with a password for verification.
Once verified one could place orders on the ‘place order tab’ available on the site's dashboard.
Submission of an order will only be successful if there is enough balance which acts as a reserve for the initial and maintenance margin.
Therefore, it is prudent to make a bitcoin deposit before initiating the buying and selling process.
Payment Method Supported By BitMEX
BitMEX offers its users payment by bitcoin [BTC] only at the moment, FIAT currency transfers are not allowed although the company is working towards making this possible in the future.
Fees Structure Charge on BitMEX
The site offers varied fees for different coins, with varied fee structure and leverage for different cryptocurrencies.
Iceberg or hidden orders are charged 0.075% till the quantity offered is depleted. Zcash [ZEC] charges 0% maker-taker, 0.25% taker fee and 0.25% settlement fee.
Other coins charge 0.0025% rebate maker-taker, settlement fee of 0.050%, and a taker fee of 0.075%.
The site offers a high leverage fee than its competitors up to 100X thus there is a high chance of either making a profit or a loss.
Customer Support on BitMEX
BitMEX to cater to issues being raised by its customers created a knowledge base platform that informs its customers about the structure, activities, and general information on the site.
FAQ segment has poorly answered questions thus customers prefer to reach customer care on email, and ticket system as well as through social media.
Public Opinion on BitMEX
Basically, customers are satisfied with the services offered by the site such as orders offered and high leverage fees.
Although the site is hard to navigate for beginners once the users master how to use it, they report that it is realistic.
Major complaints are related to technical issues only. Otherwise, the company is legit.
How To Make Money On BitMEX
With the ever-rising value of BTC as more people invest in online FIAT and cryptocurrencies, one is sure to make profits by brokering on BitMEX.
The secret is buying cryptocurrencies when demand is low and selling it when the demand skyrocket thus making high profits.
Another way of making money on BitMEX is joining its affiliate program where one gets a percentage of profits made or earn a commission.
How BitMEX Makes Money?
BitMEX makes money from leverage offerings. The exchange site charges a % fee on every trade on the website.
They over 100x leverage on every value of the increased orders. The order TAKERS pay 0.025% on the BitMEX exchange platform.
The above increases the amount of fee charged hence more earnings for BitMEX.
The 0.025% fee charge is so small such that it without the offering of the leverage the exchange will be making a loss.
How Much is BitMEX Making?
Rumor has it that BitMEX is making a total daily trade of over $3B. Every business attracts a fee of 0.05%; that implies BitMEX is making over $1.5m daily from fee taken (I doubt this figure!). You must factor in the volatility of the trade and forex.
Crypto exchanges are profitable, at least to some extent. The challenge is in the building of a robust platform that is scam proof. The equipment and the resource to sustain crypto exchange is a huge one.
Other significant issues with the exchange are the several attack attempt they experience daily.
The crypto exchange must comply with the AML/KYC requirements, as laid down by the regulatory bodies. This depends on the country of domiciliation od the exchange.
What I Like About BitMEX
- The company has good liquidity meaning that the cryptocurrencies and FIAT currencies are easily available for exchange making trading and brokering easer.
- The site offers high leverage of up to 1 to 100X meaning that one can trade one unit even a hundred times consequently high chance of making a profit or going at a loss.
- Advanced features on the site allowing for best brokering deals and a chance of making profits high.
Issues with BitMEX
- The site's interface is very complicated to use and so hard to master. It will take some time before one can properly understand how the site works.
- The site is not good for new customers; beginners find it hard to conduct business on the site and make profits when they start brokering.
- The site has the highest withdrawal fee compared to other brokering sites.
Who Is BitMEX For?
BitMEX is an online brokering site offering services such as FIAT currency exchange as well as buy and sale of various cryptocurrencies.
Its target audience includes brokers all over the world who would like to make profits by the trading of bitcoins.
Alternatives to BitMEX
There are many online companies that operate in a like manner as BitMEX which includes Kraken, Polonix, Bittrex, eToro.
Is BitMEX Safe?
Yes, BitMEX is very safe for your use.
BitMEX is one of the best rated and the safest crypto exchange in the world, most notably for margin crypto trading.
The exchange is known for its vast daily volume, which is a confirmation of the trust the exchange members have in the company.
It is also good to know that they have not experienced any known hack, which is an implication of the high level of the security system the exchange has put in place to guide its asset safely.
Conclusion: How to Make Money on BitMEX
What do you think of BitMex Exchange? Do you think you can now make money with BitMEX?
On the whole exchange of FIAT and cryptocurrencies on BitMEX as noted above is a way of making profits by the way of brokering.
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