General Overview of the Product
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 US dollar, Japanese Yen, and Chinese Yuan. Besides this, it provides brokering of crypto currencies such as bitcoin and ethereum and many more. The customers benefit by conducting business on the site since assets have been proven to be very liquid thus increasing the chance of generating value for money.
Do I Recommend BitMEX?
Every online currency and crypto broker wish 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 maximally utilize the profits generated from the site. High liquidity ensures that the users to acquire assorted unique crypto currencies 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 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 future.
Fees Structure Charge on BitMEX
The site offers varied fees for different coins, with varied fee structure and leverage for different crypto currencies. 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 taker fee of 0.075%. The site offers 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 which informs its customers on 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 by the services offered by the site such as orders offered and high leverage fee. 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.
Can You Really Make Money On BitMEX?
With the ever-rising value of BTC as more people invest in online FIAT and crypto currencies, one is sure to make profits by brokering on BitMEX. The secret is buying of crypto currencies when demand is low and selling it when the demand skyrocket thus making high profits. Another way of making money on BitMEX is joining of its affiliate program where one gets a percentage of profits made or earn a commission.
What I Like About BitMEX
- The company has good liquidity meaning that the crypto currencies 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 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 crypto currencies. 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 which operate in a like manner as BitMEX which include Kraken, Polonix, Bittrex, eToro.
Final Opinion on BitMEX
On the whole exchange of FIAT and crypto currencies on BitMEX as noted above is a way of making profits by the way brokering. The site is among the many legit online bitcoin exchange sites, it having high leverage makes it the ultimate brokering site.
BitMEX at a Glance
Owners: HDR Global Trading Limited.