BitMEX was founded in 2014 and is based in Hong Kong. However, it is worth noting that BitMEX is owned and operated by HDR Global Trading Ltd, which is registered in the Republic of Seychelles. BitMEX stands for ‘The Bitcoin Mercantile Exchange’. As BitMEX is a cryptocurrency trading platform, they are not regulated.
Main Tradable Cryptos
- Anonymous trading
- Coins stored in offline storage
- No U.S. clients
- No Fiat deposits
- Not user friendly
Creating an account with BitMEX is one of the easiest things to do. All you need is an active email address and your country of residence.
Aside from a live account, BitMEX also has a test website. You can use the test website similarly to a demo-account.
Unfortunately BitMEX does not accept US clients.
BitMEX works a bit differently than most cryptocurrency brokers.
Firstly, they do not accept any fiat currency deposits. They only accept deposits in Bitcoin. All your profits and losses will be registered in Bitcoin as well.
In order to use BitMEX you will need to own some Bitcoin already. You cannot purchase them through BitMEX. You can buy Bitcoin at any other exchange, such as Coinbase, CEX, Kraken, and more.
The minimum deposit is the equivalent of $1 in BTC.
Even though you cannot fund your account with fiat currencies you can still trade against a number of fiat currencies. Mainly USD, JPY and CNY.
The available cryptocurrencies for leveraged trading are as follows: Bitcoin, Ripple, Ethereum, Litecoin, Bitcoin Cash, Eos, and Cordana. For a broker that does not accept fiat currencies this is quite limited.
Aside from margin trading, BitMEX also offers future trading and swaps.
In terms of fees BitMEX uses maker and taker fees. Basically what this means is that you will get a different fee based on the kind of trade you make.
BitMEX has two platforms: the test platform and the live platform. These platforms are exactly the same. You can familiarise yourself with their platform by using their test website.
This is great because we think you will need it. BitMEX’s platform is definitely for the more advanced cryptocurrency trader.
For one, BitMEX uses XBT instead of BTC for Bitcoin which takes some getting used to. Add to this that BitMEX shows your profit and loss in BTC and things might get a bit confusing.
There’s a lot going on on the screen as well. Luckily, there is some customisation available! You can choose to remove whichever section you want.
On top of that you can maximise each section if you like.
BitMEX’s charts are great. TradingView provides the charts so there is a lot of customisation and functionality available.
BitMEX offers customer support through multiple channels. You can contact support through email, ticket systems and social media. Unfortunately there is no phone number or live chat available.
Generally support is quick to respond and very helpful.
The about section has a lot of information available and it needs it. Trading with BitMEX will be tough to get started with.
As mentioned earlier, everything uses Bitcoin. With all the different ways of trading available, you will need to familiarise yourself with how it all works before jumping in.
BitMEX will be the number one choice for traders who wish to remain anonymous. You do not need to provide any personal information, which makes BitMEX quite unique.
Aside from this, there are multiple ways offered to trade cryptocurrencies. The downside is that you cannot fund your account with fiat currencies.
Overall we would say that if staying anonymous is your main worry, BitMEX is the choice for you.
However, if you are a beginner with both trading and cryptocurrencies, we do not recommend BitMEX. BitMEX is simply too complicated for a first-time experience. This complexity means it can be very difficult for you to get used to the platform.
Below we have outlined the pros and cons for BitMEX. Have a read through and if you think you’d like to trade with this broker, you can sign up here.
We have other broker reviews available, so if you’d like to check out a few different ones, check out the menu to the right.
- You only need your e-mail address
- No U.S. clients
- Charts provided by TradingView
- Not for beginners
- Coins are kept in offline storage
- 2FA available
- Hand processed withdrawals provide an extra layer of security
- No regulation
- Multiple ways of trading cryptocurrencies
- No fiat deposits
- Limited cryptocurrency pairs compared to other brokers
- Extensive information available on the site
- Quick response and very helpful
- No live char or phone number