bitmex home
Unlike many other exchanges, BitMEX only accepts deposits through Bitcoin, which can then be used to purchase a variety of other cryptocurrencies. BitMEX specializes in sophisticated financial operations such as margin trading, which is done with leverage. Like many cryptocurrency exchanges, BitMEX is not currently regulated in any jurisdiction. However, it should be noted that BitMEX does not accept US based traders and will use IP checks to verify that users are not in the US. Although some US users have worked around this problem with the use of a VPN, US individuals are not recommended to sign up for the BitMEX service, especially as other exchanges are available to serve customers. Americans that operate within the American legal framework.
How to use BitMEX?
BitMEX allows users to exchange cryptocurrencies against a number of fiat currencies, namely the US dollar, Japanese yen, and Chinese yuan. BitMEX allows users to trade a number of different cryptocurrencies, namely Bitcoin, Bitcoin Cash, Dash, Ethereum, Ethereum Classic, Litecoin, Monero, Ripple, Tezos, and Zcash.
The BitMEX trading platform is very intuitive and easy to use for those familiar with similar markets. However, it is not for beginners. The interface looks a bit outdated compared to newer exchanges like Binance and Kucoin.
Once users have registered on the platform, they should click on Trade, and all trading instruments will be displayed below.
By clicking on the instrument in question, you open the order book, recent transactions and the order form on the left. The order book has three columns - the bid value of the underlying asset, the order quantity, and the total USD value of all orders, short and long.
The trading platform's widgets can be modified to suit the user's viewing preferences, giving them full control over what is displayed. It also has a built-in function to display the charts of TradingView. This offers a wide range of graphics tools and is considered an improvement over most products offered by most of its competitors.
bitmex interface
Once traded, all orders can be easily viewed in the interface of the trading platform. There are tabs where users can select their active Orders, view Stops that are in place, check Executed Orders (full or partial) and transaction history. In the Active Orders and Stops tabs, traders can cancel any order, by clicking on the “Cancel” button. Users also see all currently open positions, with an analysis whether they are black or red.
BitMEX uses a method called auto-dilution, which BitMEX uses to ensure that liquidated positions can be closed even in a volatile market. Automatic leverage means that if a position goes bankrupt with no liquidity available, the positive side of the position decreases, in order of profitability and leverage, the most leveraged position at the top of the list. Traders are always shown where they are in the queue for automatic leverage, if necessary.
Although the BitMEX platform is optimized for mobile, it only has an Android app (which is not official). There is no iOS app available at this time. However, it is recommended that users use it on the desktop if possible.
BitMEX offers a variety of command types for users:
Limit order (the order is executed if the given price is reached);
Market order (the order is executed at the current market price);
Stop limit order (like a stop order, but allows users to set the price of the order once the stop price is triggered);
Stop market order (itthis is a stop loss order that does not enter the order book, remains invisible until the market reaches the trigger);
Trailing Stop Order (this is similar to a Stop Market order, but here users set a trailing value which is used to place the order at the market);
Take Profit Limit Order (this order can be used, like a stop order, to set a target price on a position. In this case, it is about making gains rather than reducing losses);
Take Profit Market Order (same as previous type, but in this case the triggered order will be a market order, not a limit order)
The exchange offers margin trading in all cryptocurrencies displayed on the website. It also offers to negotiate futures and derivative products - swaps.
Futures and Swaps
A futures contract is a contract to buy or sell a given asset in the future at a predetermined price. On BitMEX, users can mine up to 100x on some contracts.
Perpetual swaps are similar to futures contracts, except that they do not have an expiration date or settlement. In addition, they trade close to the reference price of the underlying index, unlike futures contracts, which can differ significantly from the price of the index.
BitMEX also offers binary series contracts, which are prediction-based contracts that can only be settled at 0 or 100. Essentially, binary series contracts are a more complicated way to place a bet on a given event. . The only currently available binary serial betting instrument is linked to the next 1MB block on the Bitcoin blockchain. Binary Series contracts are traded without leverage, with a trading charge of 0%, a taker charge of 0.25%, and a settlement fee of 0.25%.
Leverage
BitMEX allows its traders to optimize their position on the platform. Leverage is the ability to place orders that are larger than the user's existing balance. This could lead to a higher profit compared to an order placed with only the balance of the wallet. Trading under such conditions is called “margin trading”.
There are two types of margin trading: Isolated and Cross Margin. The first allows the user to choose the amount of money in their wallet that should be used to maintain their position after an order is placed. However, the latter anticipates that all the money in the user's wallet can be used to maintain his position, and should therefore be treated with extreme caution.
bitmex futures and swap
The BitMEX platform allows users to adjust their leverage level using the leverage slider. A maximum leverage of 1: 100 is available (on Bitcoin and Bitcoin Cash). This is quite a bit of leverage for cryptocurrencies, with the average for other exchanges rarely exceeding 1:20.
The fees onBitMEX
For traditional futures trading, BitMEX has a simple fee schedule. As noted, in terms of the leverage offered, BitMEX offers up to 100% leverage, with the amount of leverage varying from product to product. However, it should be noted that trading at the highest level of leverage is sophisticated and aimed at professional investors who are familiar with speculative trading. The fees and leverage are as follows:BitMEX is clearly not a platform that is not aimed at the amateur investor. The interface is complex, so it can be very difficult for users to get used to the platform and even navigate the site. However, the platform offers a wide range of tools and once users experience the platform, they will appreciate the wide range of information it provides.